Muyuan Foods (SZ:002714)2025-04-09 01:08Group 1: Company Performance - The company reported a 24.43% increase in revenue and a 519.42% increase in profit for the year 2024, primarily due to higher sales volume and prices of live pigs, along with a decrease in breeding costs [6][9]. - As of March 2025, the company has a breeding sow inventory of 3.485 million heads [6][8]. - The average cost of pig farming in March 2025 is approximately 12.5 CNY/kg, with a target to reduce it to an average of 12 CNY/kg for the year 2025 [8][12]. Group 2: Market Strategy and Competitiveness - The company emphasizes a focus on operational management and innovation to maintain a cost advantage and ensure stable long-term performance [10][11]. - The company plans to increase its breeding sow numbers based on external market conditions to ensure stable growth [13]. - The company aims to enhance its breeding efficiency and genetic optimization through increased R&D investment [11]. Group 3: Investor Relations and Shareholder Returns - The company has revised its shareholder return plan, increasing the annual cash dividend distribution from at least 20% to 40% of the distributable profit [10][12]. - The company has repurchased shares worth nearly 2 billion CNY and plans to continue this practice to stabilize investor confidence [6][10]. - The company is committed to maintaining a sustainable cash dividend policy while enhancing shareholder returns [10][12]. Group 4: Industry Outlook and Challenges - The company acknowledges the cyclical nature of the pig industry and focuses on internal management rather than predicting market trends [6][10]. - The company is exploring overseas markets, particularly in Vietnam, to expand its business and improve operational capabilities [7][13]. - The company recognizes the impact of feed prices on overall costs, with feed costs accounting for approximately 55%-65% of total operating costs [8][10].