Core Viewpoint - Muyuan Foods (002714.SZ) is steadily advancing its "A+H" listing plan, with the H-share IPO seen as a crucial step in its internationalization strategy and future overseas business development [2][3]. Group 1: Internationalization Strategy - Muyuan Foods has submitted its H-share listing application to the China Securities Regulatory Commission (CSRC) three weeks after filing its prospectus [2]. - The company aims to leverage its technology and management expertise in Southeast Asia, starting with a subsidiary in Vietnam and a strategic partnership with local pig farming company BAF in 2024 [3]. - The Southeast Asian market presents significant opportunities for investment in equipment and research, particularly in disease prevention and control [4]. Group 2: Cost Management and Efficiency - The company targets an average breeding cost of 12 RMB/kg by 2025, with current costs having decreased to approximately 12.2 RMB/kg as of May [8]. - Muyuan Foods acknowledges a gap in health management investments compared to international standards, with its current PSY (Pigs Weaned per Sow per Year) at around 28, while the international average is 34 [9]. - The company plans to enhance cost efficiency through health management, breeding, nutrition, and smart applications, aiming for a "10 RMB era" in the near future [9]. Group 3: Financial Structure Optimization - As of the end of Q1 2025, Muyuan Foods' capital debt ratio stood at 59.2%, showing a slight increase from the end of the previous year [11]. - The company maintains its goal of reducing total debt by 10 billion RMB, addressing the high proportion of short-term debt due to the nature of its assets [12]. - Future capital expenditures are expected to decline, with a long-term target debt ratio of over 40% [12].

当前公司海外业务团队正在熟悉当地市场及产业发展状况，公司会根据未来战略发展需求制定不同国家 和地区的业务发展方式及目标。 2024年，公司与越南本土养殖公司BAF达成合作协议，为其提供养猪技术服务方案、硬件支持、人员培 训等，致力于提升越南当地生猪养殖企业的养殖水平和管理能力。 人民财讯3月20日电，牧原股份3与19日在2024年年度报告交流会上表示，当前，越南及周边东南亚国家 的生猪养殖行业从业者对于非瘟防控、猪场改造、硬件升级、生物安全防控体系等需求较为迫切，这也 成为公司海外业务开展的切入点。 ...