牧原股份(002714) - 002714牧原股份调研活动信息20250530

Group 1: Production and Operational Performance - The complete cost of pig farming in April 2025 was approximately 12.4 CNY/kg, with a survival rate of around 83% and a PSY of about 28 [4] - About 30% of the farms had a complete cost below 12 CNY/kg, with some excellent farms managing to keep costs under 11 CNY/kg [4] - The average daily weight gain for fattening pigs was around 830g, and the feed-to-meat ratio during the fattening phase was approximately 2.8 [4] Group 2: Slaughter and Meat Business Performance - The capacity utilization rate for the slaughter and meat business exceeded 70%, showing significant year-on-year improvement [5] - The improvement is attributed to the expansion of sales channels and enhanced internal operational capabilities [5] - Future efforts will focus on improving operational efficiency, enhancing product segmentation, and better understanding consumer demands to boost profitability [5] Group 3: Hong Kong Stock Issuance Considerations - The Hong Kong stock issuance is a key step in the company's global strategy, aiming to leverage technical advantages and cost control capabilities [6] - The funds raised will be used for global expansion, R&D investments, and to supplement working capital [6] - The company aims to attract more international and long-term investors to optimize its shareholder structure [6] Group 4: Issuance Timeline and Planning - The company submitted its application for H-share listing on May 27, 2025, and is awaiting approvals from relevant regulatory bodies [7] - The issuance timing and scale will be determined based on market conditions and investor acceptance [7] - The project is progressing smoothly, with updates to be provided in accordance with legal requirements [8] Group 5: Future Development Plans - From 2018 to 2020, the company experienced rapid growth, transitioning to high-quality development in 2021 [9] - Future plans include focusing on core business, exploring growth opportunities through industry connections, and advancing international strategies [9] - The company aims to enhance production performance and utilize existing capacity effectively [9]