Muyuan Foods' net profit attributable to shareholders last year was 15.487 billion yuan, down 13.39% year-on-year.

On the evening of March 27, listed pig farming company Muyuan Foods (002714.SZ) released its 2025 annual report.

In 2025, Muyuan Foods achieved an operating income of 144.145 billion yuan, an increase of 4.49% compared to the same period last year. The net profit attributable to shareholders of the listed company was 15.487 billion yuan, a decrease of 13.39% year-on-year. The net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, was 15.988 billion yuan, a decrease of 14.71% year-on-year. The basic earnings per share were 2.88 yuan, a decrease of 12.73% year-on-year.

Looking at the quarterly results, the net profit attributable to the parent company in the first quarter of 2025 was 4.491 billion yuan, in the second quarter 6.039 billion yuan, in the third quarter 4.249 billion yuan, and in the fourth quarter 0.708 billion yuan.

In 2025, Muyuan Foods sold 77.981 million live pigs, slaughtered 28.663 million pigs, and sold 3.23 million tons of pork products including fresh and frozen items. The slaughtering and meat business achieved an operating income of 45.228 billion yuan, an increase of 86.32% compared to the same period last year, and realized annual profitability for the first time in 2025.

Muyuan Foods reported that the total cost of pig farming was approximately 12 yuan/kg last year, a decrease of about 2 yuan/kg compared to the same period last year. By the end of 2025, total liabilities decreased by 17.1 billion yuan compared to the beginning of the year, and the debt-to-asset ratio decreased by 4.53 percentage points compared to the beginning of the year.

Muyuan Foods announced it plans to distribute a cash dividend of 4.27 yuan (including tax) for every 10 shares to all shareholders, with a total dividend amount of 2.435 billion yuan.

In addition, Muyuan Foods stated that overall, due to variations in the composition of various operating costs, the total cost of major raw materials such as wheat, corn, and soybean meal has accounted for about 55%-65% of operating costs in recent years. Therefore, fluctuations in the prices of these bulk agricultural products will have a significant impact on the company’s main business costs and net profits. The cyclical fluctuations in the market price of live pigs lead to cyclical fluctuations in the gross profit margin of the pig farming industry, and the company’s gross profit margin also shows a fluctuation trend consistent with the industry.

(Source: The Paper)