香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 MUYUAN FOODS CO., LTD. 牧原食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向牧原食品股份有限公司（「本公司」，連同其子公司為「本集團」）、本公司的聯席 保薦人、整體協調人、顧問或承銷團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長登記的本公 司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士刊發。 (a) 本文件僅向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件所載 的資料作出任何投資決定； ( ...

Core Viewpoint - The report highlights the strong financial performance of Muyuan Foods in Q3 2025, with significant revenue and profit growth, driven by improved production efficiency and cost management [1][3][4]. Financial Performance - For the first nine months of 2025, Muyuan Foods achieved a revenue of 111.79 billion yuan, a year-on-year increase of 15.52%, and a net profit attributable to shareholders of 14.78 billion yuan, up 41.01% [1]. - In Q3 alone, the company reported a revenue of 35.33 billion yuan and a net profit of 4.25 billion yuan [1]. - The net cash flow from operating activities for the first three quarters was 28.58 billion yuan, with cash and cash equivalents increasing by 2.08 billion yuan to 19.04 billion yuan [1]. - Total liabilities decreased by 9.80 billion yuan since the beginning of the year, with a debt-to-asset ratio of 55.50%, down 3.18 percentage points [1][3]. Cost Management - The cost of pig farming has decreased from 13.1 yuan/kg at the beginning of the year to 11.6 yuan/kg by September, contributing to improved financial results [3][4]. - The company aims to further reduce the debt-to-asset ratio below 50% while maintaining a cautious operational strategy to ensure cash flow safety [3]. Production Efficiency - The survival rate of piglets from weaning to market reached 93%, with overall survival rates around 87% and an average daily weight gain of 880 grams for fattening pigs [4]. - Improvements in production metrics are attributed to enhanced herd health management and optimized personnel management practices [4][6]. Slaughtering and Meat Processing - Muyuan Foods slaughtered 19.16 million pigs in the first nine months of 2025, a 140% increase year-on-year, with a capacity utilization rate of 88% [6]. - The slaughtering and meat processing segment achieved profitability in Q3, driven by increased capacity utilization and improved sales capabilities [7]. International Expansion - The company is actively pursuing internationalization, having initiated a Hong Kong stock issuance plan and signed strategic cooperation agreements with Charoen Pokphand Group and BAF Vietnam Agricultural Corporation [10][12]. - The collaboration with BAF aims to establish a high-tech pig farming project in Vietnam, with an expected annual output of 1.6 million quality pigs [12][14].