Core Viewpoint - The company Muyuan Foods Co., Ltd. has re-submitted its application for an IPO on the Hong Kong Stock Exchange after its initial submission expired, aiming for dual listing in both A-shares and H-shares markets [1][3]. Group 1: Company Overview - Muyuan Foods is the largest pig farming enterprise in China, having been listed on the A-share market since 2014 [1]. - As of November 28, 2025, the A-share price was CNY 50.75, reflecting a 1.7% increase [1][2]. - The company has maintained its position as the world's largest pig producer since 2021, with a global market share of 5.6% as of 2024 [4][6]. Group 2: Financial Performance - Revenue figures for Muyuan Foods from 2022 to 2024 were CNY 1248.26 billion, CNY 1108.61 billion, and CNY 1379.47 billion, respectively [5]. - In the first half of 2025, the company reported revenue of CNY 764.63 billion and a net profit of CNY 107.9 billion, with a gross margin increase from 7.7% in the first half of 2024 to 19.0% in the first half of 2025 [5]. Group 3: Strategic Initiatives - The IPO funds are intended for expanding overseas markets, enhancing R&D across the entire industry chain, and focusing on breeding, smart farming, nutritional management, and biosecurity [6]. - The company aims to leverage growth opportunities in emerging markets where per capita meat consumption is still low, such as Vietnam, the Philippines, and Thailand [6]. Group 4: Shareholding and Leadership - The direct controlling shareholder is Muyuan Industrial Group Co., Ltd., holding 15.54% of shares, while the chairman and president, Qin Yinglin, holds 20.86 billion shares [5]. - Qin Yinglin and his wife are ranked as the richest individuals in Henan province with a wealth of CNY 187 billion [6]. Group 5: Debt and Financial Risks - The company has shown significant changes in its debt structure, with net current liabilities reaching CNY 155.89 billion, CNY 310.76 billion, CNY 241.58 billion, and CNY 166.37 billion from 2022 to mid-2025 [8]. - The company acknowledges potential liquidity risks due to its past net current liabilities and the impact of external factors on its biological assets [8].

Core Viewpoint - The article discusses the recent actions of Muyuan Foods Co., Ltd., the largest pig farming company in China, as it re-applies for an IPO on the Hong Kong Stock Exchange after a previous application expired. The company aims to achieve dual listing in both A-shares and H-shares, which could enhance its market presence and capital access. Group 1: Company Overview - Muyuan Foods was listed on the A-share market in 2014 and has maintained a strong market position, being the world's largest in terms of pig production and sales since 2021, with a global market share of 5.6% as of 2024 [5][3] - The company's main business includes the entire pig farming industry chain, covering feed processing, breeding, and slaughtering, with the pig farming segment accounting for 98.7% of total revenue in the first half of 2025 [5][3] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was reported at 1248.26 billion, 1108.61 billion, and 1379.47 billion respectively, with a notable recovery in 2025 as the revenue for the first half reached 764.63 billion [5][3] - The net profit for the first half of 2025 was 107.9 billion, with a significant increase in gross margin from 7.7% in the first half of 2024 to 19.0% in the first half of 2025, attributed to improved profitability in the pig farming business [5][3] Group 3: Shareholding and Management - The direct controlling shareholder of Muyuan Foods is Muyuan Industrial Group Co., Ltd., holding a 15.54% stake. The chairman and president, Qin Yinglin, directly holds 20.86 billion shares and has a reported salary of 3.722 million for 2025 [6][3] - Qin Yinglin and his wife collectively own 54.91% of the company, and they were ranked 16th on the 2025 Hurun Rich List with a wealth of 187 billion [6][8] Group 4: Market Expansion and Strategy - Muyuan Foods plans to use the funds from the IPO to expand into overseas markets and enhance its research and development across the entire industry chain, focusing on breeding, smart farming, nutritional management, and biosecurity [10][3] - The company recognizes the potential for growth in emerging markets, particularly in Southeast Asia, where per capita meat consumption remains low compared to developed countries [10][3] Group 5: Financial Risks - The company has shown a significant increase in net current liabilities, reaching 155.89 billion, 310.76 billion, 241.58 billion, and 166.37 billion from 2022 to mid-2025, primarily due to short-term borrowings and payables, indicating potential liquidity risks [10][3] - Muyuan Foods holds substantial biological assets, with a book value of 81.67 billion for productive biological assets and 302.21 billion for consumable biological assets as of mid-2025, which are susceptible to market price fluctuations and other uncontrollable factors [10][3]

Core Viewpoint - Muyuan Foods Co., Ltd. (牧原股份) has submitted an application to list on the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1][27]. Company Overview - Muyuan Foods is a technology-driven leader in the pork industry, operating a vertically integrated business model that covers the entire pork production chain, including breeding, farming, feed production, and slaughtering [3]. - The company operates through two main business segments: pig farming (selling market pigs, piglets, and breeding pigs) and slaughtering (including the sale of carcasses, cuts, and by-products) [3]. - Major products include live pigs and fresh or frozen meat products, ensuring transparency, quality control, and traceability throughout the production process [3]. Financial Performance - Revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, was recorded at RMB 124.83 billion, RMB 110.86 billion, RMB 137.95 billion, and RMB 76.46 billion, respectively [5]. - Net profit for the same periods was RMB 14.93 billion, a loss of RMB 4.17 billion, RMB 18.93 billion, and RMB 10.79 billion [6]. - Gross profit margins were 17.5%, 3.1%, 19.1%, and 19% for the respective years [8]. Market Position - According to Frost & Sullivan, Muyuan Foods is the largest pig farming enterprise globally by production capacity and output, with a market share increasing from 2.6% in 2021 to 5.6% in 2024 [4]. - The company entered the slaughtering business in 2019, and by 2024, it ranked fifth globally and first in China in terms of slaughter volume [4]. Industry Overview - Global pork consumption has been on the rise, with a compound annual growth rate (CAGR) of 4.9% from 2020 to 2024, reaching 115.3 million tons in 2024 [10]. - China's pork consumption is stabilizing, with an expected volume of 58.2 million tons in 2024, and is projected to fluctuate around 59 million tons from 2025 to 2029 [10]. - The number of breeding sows in China decreased from 41.6 million in 2020 to 40.8 million in 2024, while the output of pigs is expected to reach approximately 707.3 million by 2029 [13]. Pricing Trends - The average market price of pigs in China has shown significant fluctuations due to supply and demand dynamics, with prices peaking at RMB 33.9 per kilogram in 2020 and dropping to RMB 15.1 per kilogram in 2023 [19].

Company Overview - Muyuan Foods Co., Ltd. is a technology-driven leading pork enterprise and a pioneer in smart pig farming, operating a vertically integrated business model covering the entire pork industry chain from breeding to slaughter [3][4] - The company operates through two main business segments: pig farming and meat processing, with its primary products being live pigs and fresh or frozen meat products [3][4] - As of June 30, 2025, the company has established over 1,000 pig farms across 23 provinces in China [3] Financial Performance - The company reported revenues of RMB 124.83 billion, RMB 110.86 billion, RMB 137.95 billion, and RMB 76.46 billion for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5] - Net profits for the same periods were RMB 14.93 billion, a loss of RMB 4.17 billion, RMB 18.93 billion, and RMB 10.79 billion [6] - The gross profit margins were 17.5%, 3.1%, 19.1%, and 19% for the respective years [8] Market Position - According to Frost & Sullivan, Muyuan Foods is the largest pig farming enterprise globally by production capacity and output, with a market share increase from 2.6% in 2021 to 5.6% in 2024 [4] - The company entered the meat processing business in 2019, and by 2024, it ranked fifth globally and first in China in terms of slaughter volume [4] Industry Overview - Global pork consumption is on the rise, with a compound annual growth rate (CAGR) of 4.9% from 2020 to 2024, reaching 115.3 million tons in 2024 [10] - China is the largest pork producer and consumer, with pork consumption stabilizing around 58.2 million tons in 2024 [10] - The number of breeding sows in China decreased from 41.6 million in 2020 to 40.8 million in 2024, while the pig output is expected to grow at a CAGR of 7.5% from 2020 to 2024 [13] Shareholding Structure - As of November 20, 2025, the controlling shareholders, including Qin Yinglin and Qian Ying, collectively hold approximately 54.91% of the total share capital and control 55.62% of the voting rights [24]

Company Overview - Muyuan Foods Co., Ltd. (referred to as "the Company") has submitted an application to list on the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] - The Company is a technology-driven leader in the pork industry, operating a vertically integrated business model that covers the entire pork production chain, including breeding, farming, feed production, and slaughtering [3][4] - The Company's main products include live pigs (commercial pigs, piglets, and breeding pigs) and fresh and frozen meat products, ensuring food safety and quality control through a fully transparent production process [3] Financial Performance - The Company recorded revenues of RMB 124.83 billion, RMB 110.86 billion, RMB 137.95 billion, and RMB 76.46 billion for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5] - Net profits for the same periods were RMB 14.93 billion, a loss of RMB 4.17 billion, RMB 18.93 billion, and RMB 10.79 billion [6] - The gross profit margins were 17.5%, 3.1%, 19.1%, and 19% for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [8] Market Position - According to Frost & Sullivan, the Company is the largest pig farming enterprise globally by production capacity and output, with a market share increase from 2.6% in 2021 to 5.6% in 2024 [4] - The Company's slaughtering and meat business ranked fifth globally and first in China by the number of pigs slaughtered in 2024, with the highest compound annual growth rate in revenue among large Chinese competitors from 2021 to 2024 [4] Industry Overview - Global pork consumption has been on the rise, with a compound annual growth rate of 4.9% from 2020 to 2024, reaching 115.3 million tons in 2024 [10] - China is the largest pork producer and consumer, with pork consumption stabilizing around 58.2 million tons in 2024 and expected to fluctuate around 59 million tons from 2025 to 2029 [10] - The number of breeding sows in China decreased from 41.6 million in 2020 to 40.8 million in 2024, while the output of pigs is projected to grow at a compound annual growth rate of 7.5% from 2020 to 2024 [13] Shareholding Structure - As of November 20, 2025, the controlling shareholders, including Mr. Qin Yinglin, Ms. Qian Ying, and Muyuan Group, collectively hold approximately 54.91% of the total share capital and control 55.62% of the voting rights [25]