上半年，牧原股份销售生猪4691万头，其中商品猪3839.4万头。同时，公司的养殖完全成本已经从年初 的13.1元/kg，降至6月份的12.1元/kg，7月份进一步降至11.8元/kg。 成本下降，是牧原股份盈利能力大幅提升的主要原因。此外，屠宰肉食业务盈利能力明显改善，也对公 司业绩增长产生了积极影响。 2025年中期，牧原股份拟派发红利约50亿元。加上11.1亿元股份回购金额，公司上半年合计斥资超61亿 元回购分红。 长江商报消息 ●长江商报记者 沈右荣 生猪价格稳定，"猪茅"牧原股份（002714.SZ）经营业绩"发威"。 根据半年报，2025年上半年，牧原股份实现的营业收入约765亿元，同比增长34.46%；归母净利润约 105亿元，同比增长近12倍。 不过，牧原股份财务依旧承压。截至2025年6月底，公司有息负债738.21亿元，上半年的财务费用超过 14亿元。 牧原股份仍然"淡定"。公司表示，上半年，负债总额下降56亿元，降负债目标已完成过半。 2025上半年净利猛增近12倍 牧原股份取得了历史上"第二好"的中期业绩。 8月20日晚，牧原股份披露2025年半年度业绩报告。上半年，公司实现营业收入7 ...

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国肉制品及副产品加工行业市场全景调查及投资前景评估 报告》 根据国家统计局数据显示：2025年6月中国鲜、冷藏肉产量为394万吨，同比增长16.3%；2025年1-6月中 国鲜、冷藏肉累计产量为2140.5万吨，累计增长11.8%。 上市企业：双汇发展（000895）,罗牛山（000735）,华英农业（002321）,新希望（000876）,唐人神 （002567）,益生股份（002458） ...

Core Viewpoint - The stock price of Muyuan Foods opened with an increase, rising over 8% during trading, following the release of its semi-annual report on August 20, 2025 [1] Financial Performance - In the first half of 2025, Muyuan Foods sold a total of 46.91 million pigs, including 38.39 million market pigs, 8.29 million piglets, and 0.225 million breeding pigs [1] - The company slaughtered 11.41 million pigs and sold 1.2736 million tons of fresh and frozen pork products [1] - Muyuan Foods achieved approximately 76.463 billion yuan in revenue, a year-on-year increase of 34.46% [1] - The revenue from slaughtering and meat processing reached approximately 19.345 billion yuan, up 93.83% year-on-year [1] - The net profit attributable to shareholders was approximately 10.53 billion yuan, a staggering increase of 1169.77% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 10.677 billion yuan, up 1115.32% year-on-year [1] - As of June 30, 2025, the company's asset-liability ratio was 56.06%, a decrease of 2.62 percentage points from the beginning of the year [1] Operational Insights - The company attributed its performance to technological innovation and management optimization, leading to steady improvements in key production indicators and a continuous reduction in internal cost variance [1] - The complete cost of pig farming has been decreasing monthly, reaching approximately 11.8 yuan/kg in July [1] Industry Strategy - In response to recent industry capacity regulation measures, Muyuan Foods stated it would take a leading role in capacity control to stabilize pig prices and promote healthy industry development [1] - The company plans to reduce the number of breeding sows to 3.3 million by the end of the year and will not consider adding new sows in the short term [1] - The average weight of pigs for slaughter is being managed down, with expectations to reach 120 kg by the end of the month [1] - The company has ceased sales of fattening pigs to secondary fattening customers and is cooperating with relevant departments to establish a control system to ensure all fattening pigs are directed to slaughterhouses [1]

A股市场今天上午整体进一步上行，上证指数盘中再度刷新最近10年新高。 数字货币概念掀起涨停潮 A股今日继续上行。概念板块方面，数字货币概念板块大涨，并掀起涨停潮，板块盘中涨幅一度超过5%，翠微股份（603123）、御银股份（002177）等 多股盘中涨停。 行业板块和赛道方面，若按照申万一级行业划分，农林牧渔板块领涨，板块盘中涨幅逼近2%。国投中鲁（600962）、平潭发展（000592）盘中触及涨 停，牧原股份（002714）盘中一度大涨近9%。 电力设备、机械设备、汽车、国防军工等板块上午表现相对较弱。 港股市场整体窄幅波动 港股市场今天上午窄幅波动，恒生指数整体在25000点上方波动。 恒生指数成份股中，中国联通、阿里健康、中国宏桥等股票盘中涨幅居前。 其他大幅波动的个股中，黄金珠宝股谢瑞麟再度大幅波动，盘中涨幅一度超过50%，该股在短短3个交易日的时间里自最低位最多翻了逾3倍。 谢瑞麟昨晚发布股价及成交量不寻常变动公告。公告称，公司董事会注意到公司股份自2025年8月19日起的交易价格及成交量出现不寻常波动。经作出就 本公司在有关情况的一切合理查询后，董事会确认，其并不知悉导致有关波动的任何原因，或须 ...

Group 1 - The core viewpoint of the news highlights the significant growth in the agricultural sector, particularly in pig farming and slaughtering businesses, as evidenced by the impressive financial results of Muyuan Foods [3][4] - Muyuan Foods reported a revenue of approximately RMB 81.2 billion for the first half of 2025, marking a year-on-year increase of 187%, with a net profit of RMB 15.24 billion, up 1170.8% [3][4] - The company sold 38.39 million pigs in the first half of 2025, a 32.5% increase year-on-year, capturing about 10.5% of the domestic market share [4] Group 2 - The growth in Muyuan Foods' performance is attributed to the rapid expansion of its pig farming and slaughtering operations, with slaughtering volume increasing by 110.8% year-on-year [4] - The company aims to reduce its pig farming costs to an average of RMB 12 per kg by the end of 2025, with current costs showing a downward trend [4] - Regulatory policies in the pig farming sector are tightening, which may lead to short-term price pressures but are expected to stabilize the market in the long run, benefiting the industry [5]

Core Viewpoint - The company Muyuan Foods (牧原股份) reported significant growth in its financial performance for the first half of 2025, with substantial increases in revenue and net profit, indicating strong operational efficiency and market demand for its products [2][4]. Financial Performance - The company achieved operating revenue of 764.63 billion yuan, a year-on-year increase of 34.46% [3]. - Net profit attributable to shareholders reached 10.53 billion yuan, reflecting a remarkable growth of 1169.77% compared to the same period last year [3]. - Basic earnings per share were 1.96 yuan, up 1206.67% year-on-year [3]. - The net cash flow from operating activities was 17.35 billion yuan, an increase of 12.13% [3]. - The weighted average return on equity rose to 13.79%, up 12.49 percentage points from the previous year [3]. Production and Sales - In the first half of 2025, the company sold 46.91 million pigs, including 38.39 million market pigs and 8.29 million piglets [2][4]. - The company slaughtered 11.41 million pigs, a year-on-year increase of 110.87% [2]. - The total sales of fresh and frozen pork products reached 127.36 thousand tons [2]. Cost Management and Future Plans - The company reported a decrease in pig farming costs, with the complete cost in June 2025 being below 12.1 yuan/kg [4]. - Plans to achieve an average cost target of 12 yuan/kg for the year through technological innovation and refined management practices were outlined [4]. - Muyuan Foods is expanding its international presence, having established a subsidiary in Vietnam and submitted an application for H-share listing in Hong Kong [4]. Dividend and Share Buyback - The company announced a mid-term dividend plan, proposing a cash dividend of 9.32 yuan per 10 shares, totaling approximately 5 billion yuan, which represents 47.50% of the net profit attributable to shareholders for the first half of 2025 [4][5]. - The total amount for cash dividends and share buybacks in the first half of 2025 was 6.11 billion yuan, accounting for 58.04% of the net profit [5]. Market Position - As of August 20, 2025, the company's stock price was 47.5 yuan per share, with a total market capitalization of 259.5 billion yuan [6].

Core Viewpoint - The article highlights the strong financial performance of Muyuan Foods (牧原股份) in the first half of 2025, showcasing significant growth in revenue and net profit, alongside strategic initiatives for market expansion and cost management [1][3]. Financial Performance - The company achieved operating revenue of 764.63 billion yuan, a year-on-year increase of 34.46% [2] - Net profit attributable to shareholders reached 105.3 billion yuan, reflecting a staggering growth of 1169.77% compared to the previous year [1][2] - Basic earnings per share were reported at 1.96 yuan, up 1206.67% year-on-year [1][2] - The net cash flow from operating activities was 17.35 billion yuan, an increase of 12.13% [2] - The weighted average return on equity rose to 13.79%, up 12.49 percentage points from the previous year [2] Business Operations - In the first half of 2025, the company sold 46.91 million pigs, including 38.39 million market pigs and 0.83 million piglets [3] - The company slaughtered 11.41 million pigs, a year-on-year increase of 110.87% [3] - The total sales of fresh and frozen pork products reached 127.36 thousand tons [3] - The company aims to reduce breeding costs, targeting an average cost of 12 yuan/kg for the year [3] Market Expansion - Muyuan Foods is actively exploring overseas markets, having established a subsidiary in Vietnam and submitted an application for H-share listing in Hong Kong [3] Dividend and Share Buyback - The company proposed a cash dividend of 9.32 yuan per 10 shares, totaling approximately 5 billion yuan, which represents 47.50% of the net profit for the first half of 2025 [4] - In the first half of 2025, the total amount for cash dividends and share buybacks was 6.11 billion yuan, accounting for 58.04% of the net profit [4] Stock Performance - As of August 20, 2025, the stock price of Muyuan Foods was 47.5 yuan per share, with a total market capitalization of 259.5 billion yuan [5][6]

牧原股份上半年实现净利超百亿，拟每10股派9.32元。 尽管今年上半年生猪价格整体呈现下行走势，但基于成本优势，养殖龙头牧原股份（002714）依然实现了百亿规模的盈利。 此外，2025年1月至6月牧原股份回购金额为11.1亿元，公司2025年上半年现金分红和股份回购总额为61.12亿元，占公司2025年半年度归母净利润的 58.04%。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 76.462.752.679.74 | 56.866.110.089.83 | 34.46% | | 归属于上市公司股东的净利 | 10,530,051,098.42 | 829,288,208.44 | 1.169.77% | | 润(元) | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 10,676,851,630.80 | 878,524,246.17 | 1,115.32% | | (元) | | | | | 经营活动产生的现金流量净 | 17.350.809.939.40 | 15.473.830.28 ...

报告期内，牧原股份共销售生猪4691万头，其中商品猪3839.4万头，仔猪829.1万头，种猪22.5万头；共 计屠宰生猪1141.48万头，完成鲜、冻品猪肉销售127.36万吨，屠宰、肉食业务实现营业收入193.45亿 元。 牧原股份同日披露的2025年半年度利润分配方案显示，拟以未来实施分配方案时股权登记日的总股本为 基数，向全体股东每10股派发现金红利9.32元（含税，暂以2025年8月19日总股本扣除公司已回购股份 计算），分红总额50.02亿元（含税），占公司2025年半年度归属于母公司股东的净利润的47.50%。 2025年上半年，牧原股份共实现营业收入764.63亿元，较上年同期增加34.46%。归属于上市公司股东的 净利润为105.3亿元，同比增长1169.77%。归属于上市公司股东的扣除非经常性损益的净利润为106.77 亿元，同比增长1115.32%。实现经营活动产生的现金流量净额173.51亿元，较上年同期增长12.13%。 2025年6月末，牧原股份资产负债率为56.06%，较年初下降2.62个百分点。 牧原股份表示，上半年，公司生产成绩持续改善，生猪养殖成本逐月下降，6月生猪养殖完全 ...

Core Viewpoint - The article highlights the rise of consumer companies from Henan, particularly focusing on the IPO of Muyuan Foods, which aims for a dual listing in Hong Kong and mainland China, showcasing the entrepreneurial spirit and market insights of local entrepreneurs [2][11]. Group 1: Muyuan Foods Overview - Muyuan Foods, known as the "King of Pigs" in China, has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a dual listing [2]. - The company was founded by Qin Yinglin, who started with 22 piglets and has grown to an annual output of over 70 million pigs, achieving a market capitalization of over 220 billion yuan [2][4]. - Muyuan Foods has established itself as a leader in the pork industry, with a focus on a technology-driven model that encompasses the entire supply chain from breeding to processing [7]. Group 2: Financial Performance - In 2022, Muyuan Foods reported revenues of 124.83 billion yuan, which decreased to 110.86 billion yuan in 2023, with a projected increase to 137.95 billion yuan in 2024 [8]. - The company faced losses in 2023 due to a downturn in the pig cycle, with net profits of 149.33 billion yuan in 2022, a loss of 4.168 billion yuan in 2023, and a projected profit of 1.8925 billion yuan in 2024 [8]. Group 3: Business Model and Strategy - Muyuan Foods employs a self-breeding and self-raising integrated model, differing from the common "company + farmer" approach, which requires significant capital investment [5]. - The company has been expanding its international presence, including a strategic partnership with BAF Vietnam to enhance its global operations [9]. Group 4: Consumer Market in Henan - Henan has produced several successful consumer brands, including Mixue Ice City and Pop Mart, driven by local entrepreneurs who understand consumer needs and market dynamics [11][12]. - The region's agricultural advantages and a large population have fostered a robust consumer market, with a significant portion of consumption occurring in rural areas [12]. - Entrepreneurs from Henan are characterized by their practical approach to business, focusing on cost efficiency and grassroots market insights [12][13].