牧原股份所属申万行业为：农林牧渔-养殖业-生猪养殖。所属概念板块包括：猪肉概念、生态农业、合 成生物、乡村振兴、基金重仓等。 截至9月30日，牧原股份股东户数18.56万，较上期减少11.19%；人均流通股20534股，较上期增加 12.60%。2025年1月-9月，牧原股份实现营业收入1117.90亿元，同比增长15.52%；归母净利润147.79亿 元，同比增长41.01%。 分红方面，牧原股份A股上市后累计派现265.76亿元。近三年，累计派现165.94亿元。 机构持仓方面，截止2025年9月30日，牧原股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.83亿股，相比上期增加3369.99万股。华泰柏瑞沪深300ETF（510300）位居第七大流通 股东，持股4655.42万股，相比上期减少210.32万股。汇添富中证主要消费ETF（159928）位居第九大流 通股东，持股3452.69万股，为新进股东。易方达沪深300ETF（510310）位居第十大流通股东，持股 3361.68万股，相比上期减少106.36万股。华夏沪深300ETF（510330）退出十大流通股东之列。 责任编 ...

Core Viewpoint - Muyuansheng's strong performance in the pig farming industry is highlighted by its leading revenue and net profit figures, alongside effective cost management strategies and capacity optimization efforts [2][6][7]. Group 1: Company Overview - Muyuansheng was established in July 2000 and listed on the Shenzhen Stock Exchange in January 2014, focusing on pig farming and breeding with a comprehensive and intelligent farming model [1]. - The company operates primarily in pig breeding and sales, with additional involvement in pig slaughtering and related products [1]. Group 2: Financial Performance - For Q3 2025, Muyuansheng reported revenue of 1117.9 billion, ranking first among 12 companies in the industry, with a net profit of 151.12 billion, also the highest in the sector [2]. - The main revenue sources include pig sales at 754.46 billion (98.68%) and slaughtering and meat products at 193.45 billion (25.30%) [2]. Group 3: Financial Ratios - As of Q3 2025, Muyuansheng's debt-to-asset ratio was 55.50%, lower than the industry average of 57.82%, indicating strong solvency [3]. - The gross profit margin for the same period was 18.73%, surpassing the industry average of 14.00% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.19% to 185,600, while the average number of shares held per shareholder increased by 12.60% to 20,500 [5]. Group 5: Production and Cost Management - In September 2025, Muyuansheng sold 557.3 million pigs, a year-on-year increase of 11.05%, with a total of 57.32 million pigs sold from January to September, up 27.0% [6]. - The company aims to reduce the breeding cost to 11.0 yuan/kg by the end of the year, with a current cost of 11.6 yuan/kg [6][7]. Group 6: Future Outlook - Muyuansheng's projected revenues for 2025, 2026, and 2027 are 1446.10 billion, 1554.93 billion, and 1606.91 billion, respectively, with net profits expected to be 184.71 billion, 249.16 billion, and 300.57 billion [6][7].

Core Insights - On October 22, Muyuan Foods Co., Ltd. experienced a 1.54% decline in stock price with a trading volume of 1.786 billion yuan, indicating market volatility [1] - The company reported a net financing purchase of 89.38 million yuan on the same day, with a total financing and securities balance of 4.946 billion yuan as of October 22 [1] - Muyuan Foods' financing balance is currently at 4.929 billion yuan, representing 1.85% of its market capitalization, which is below the 20th percentile level over the past year, indicating a low financing level [1] Financing and Securities - On October 22, Muyuan Foods had a financing purchase of 208 million yuan, while the financing balance stood at 4.929 billion yuan [1] - The company repaid 1.19 billion yuan in financing, resulting in a net financing purchase of 89.38 million yuan [1] - In terms of securities lending, 16,600 shares were repaid, and 12,100 shares were sold, with a selling amount of 589,300 yuan, indicating a higher securities lending balance compared to the past year [1] Company Overview - Muyuan Foods, established on July 13, 2000, and listed on January 28, 2014, is located in Nanyang, Henan Province [1] - The company's main business involves pig farming and sales, with revenue composition as follows: 98.68% from pig farming, 25.30% from slaughtering and meat products, 1.63% from feed raw materials, and 0.49% from other sources [1] Financial Performance - As of June 30, Muyuan Foods had 209,000 shareholders, a decrease of 25.13% from the previous period, while the average circulating shares per person increased by 33.57% to 18,236 shares [2] - For the first half of 2025, the company achieved a revenue of 76.463 billion yuan, a year-on-year increase of 34.46%, and a net profit attributable to shareholders of 10.530 billion yuan, reflecting a significant year-on-year growth of 1169.77% [2] Dividend Distribution - Since its A-share listing, Muyuan Foods has distributed a total of 26.576 billion yuan in dividends, with 16.594 billion yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder with 149 million shares, an increase of 20.471 million shares from the previous period [3] - Other notable institutional shareholders include Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and Huaxia CSI 300 ETF, with varying increases in their holdings [3]

Core Insights - The stock price of Muyuan Foods Co., Ltd. decreased by 2.05% on October 15, trading at 52.60 CNY per share with a market capitalization of 287.34 billion CNY [1] - The company has seen a year-to-date stock price increase of 38.87%, but a slight decline of 0.75% over the last five trading days and 3.63% over the last twenty days [1] Financial Performance - For the first half of 2025, Muyuan Foods reported a revenue of 76.463 billion CNY, representing a year-on-year growth of 34.46% [2] - The net profit attributable to shareholders for the same period was 10.530 billion CNY, showing a significant year-on-year increase of 1169.77% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Muyuan Foods was 209,000, a decrease of 25.13% from the previous period [2] - The average number of circulating shares per shareholder increased by 33.57% to 18,236 shares [2] Dividend Distribution - Since its A-share listing, Muyuan Foods has distributed a total of 26.576 billion CNY in dividends, with 16.594 billion CNY distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 149 million shares, an increase of 20.4715 million shares from the previous period [3] - Various ETFs, including Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, have increased their holdings in Muyuan Foods, indicating growing institutional interest [3]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 764.63 billion yuan, a year-on-year growth of 34.46%, and net profit of 105.3 billion yuan, a staggering increase of 1169.77% [1][4]. Financial Performance - Revenue for the first half of 2025 was 76,462.75 million yuan, compared to 56,866.11 million yuan in the same period last year, reflecting a growth of 34.46% [2]. - Operating costs increased to 61,920.83 million yuan, up 18.03% from 52,463.82 million yuan [2]. - The company’s gross profit margin improved, with the breeding business achieving a gross margin of 18.72%, an increase of 10.59 percentage points year-on-year [4]. Business Segments - The breeding business generated 754.46 billion yuan in revenue, a 34.68% increase year-on-year, while the slaughtering and meat business saw revenue rise by 93.83% to 193.45 billion yuan [4][5]. - The company sold 46.91 million pigs in the first half of 2025, including 38.39 million commercial pigs and 8.29 million piglets [5]. Cash Flow and Investments - The net cash flow from operating activities was 17.35 billion yuan, a 12.13% increase from the previous year [3]. - Research and development expenses amounted to 921.06 million yuan, reflecting a 5.19% increase year-on-year [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 208,952, a decline of 25.13% from the previous quarter [6]. - The average shareholding per person increased to 18,200 shares, up 33.57% from the last period [7]. Market Performance - The company's stock closed at 47.5 yuan per share on August 20, 2025, with a market capitalization of 259.5 billion yuan [8].