Core Viewpoint - The support from the central government for the private economy is clear and firm, boosting confidence and motivation for entrepreneurship in the industry [2] Group 1: Company Development - The company, founded in 1992, has grown from 22 piglets to the world's largest pig farming enterprise, with an annual output of 70 million pigs [2] - The company emphasizes aligning its development with national needs, particularly in supporting the country's food security strategy by promoting grain-saving actions in livestock farming [2] - The company has adopted innovative breeding techniques, reducing reliance on imported breeding stock and achieving cost reduction and efficiency improvement [2] Group 2: Technological Innovations - The company has implemented advanced air filtration systems in pig farms, which not only prevent diseases but also address environmental concerns related to odor [3] - A digital farming model has been established, where waste from pig farming is converted into organic fertilizer and biogas, promoting a circular economy [3] Group 3: Industry Collaboration - The company is working to professionalize pig farming by providing breeding stock, feed, and technical support to small farmers, thus creating a shared prosperity model [4][5] - The company plans to supply 10 million discounted piglets to support 6,300 farming households this year [5] Group 4: Legal and Regulatory Environment - The implementation of the Private Economy Promotion Law is seen as a positive step towards creating a better business environment, with the company committed to legal and responsible operations as it grows [5]

Core Viewpoint - The private economy is a driving force for China's modernization and a cornerstone for high-quality development, with financial support for the real economy, especially agriculture, being emphasized in recent policies [2]. Group 1: Company Initiatives - Muyuan Foods, a leader in the pig farming industry, has actively participated in the bond market's "Technology Board" initiative, showcasing a model for real enterprises to engage in capital markets [2][3]. - The company issued its first technology innovation bond on May 9, 2023, with a scale of 300 million yuan, a term of 270 days, and a coupon rate of 1.95%, which was well-received by investors [3][5]. - The issuance of the technology bond is significant as it marks the first of its kind for a pig farming enterprise, creating a model for an "agriculture-technology-finance" closed-loop system [3][4]. Group 2: Financial and Regulatory Support - The bond issuance process was expedited by the trading association, which opened a "green channel" for compliance review and issuance, reflecting regulatory support for agricultural technology innovation [4]. - The main underwriter, CITIC Bank, established a dedicated service team to facilitate the bond issuance, resulting in a lower financing cost for the company [5]. Group 3: Technological Innovation - Muyuan Foods has invested over 20 billion yuan in research and development over the past five years, focusing on various technologies related to breeding, feed nutrition, health management, and smart farming [6]. - The company has developed smart farming equipment that optimizes feed allocation and environmental control, significantly enhancing production efficiency and reducing costs [6][7]. - As of May 2025, the total cost of pig farming for Muyuan is projected to drop to approximately 12.2 yuan per kilogram, the lowest in recent years, indicating successful cost management through innovation [7]. Group 4: Future Outlook - Muyuan Foods aims to explore multiple financing channels to support its innovative development needs and continue advancing in smart farming, green energy, and digital agriculture [8]. - The company is committed to enhancing its creditworthiness and sustainable development to ensure successful financing in the future [7].