Muyuan Foods 2025 Annual Report: First Year of Profitable Slaughter and Meat Processing, Entering a New Development Stage

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On the evening of March 27, Muyuan Foods (stock code: 002714) officially released its annual report for 2025. In the face of the downward pressure on hog prices in the industry, the company achieved steady revenue growth and continuous optimization of its financial structure through extreme cost control, full industry chain collaboration, and prudent management. For the first time, the slaughtering and meat business realized annual profit, with total cash dividends exceeding 7.4 billion yuan to reward shareholders, and completed the H-share listing to embark on a new international journey, submitting an annual report that showcases both anti-cyclical resilience and high-quality developmental vitality.

The report shows that in 2025, Muyuan Foods achieved operating revenue of 144.145 billion yuan, a year-on-year increase of 4.49%; net profit was 15.812 billion yuan, a year-on-year decrease of 16.45%, with profit fluctuations mainly affected by the decline in hog market prices. Despite industry cyclicality pressures, the company maintained a solid operational foundation relying on scale advantages and cost optimization, supplying 77.981 million live pigs throughout the year and providing 7.09 million tons of pork to meet the consumption needs of over 100 million people, continuously enhancing its capability to ensure livelihoods.

Cost further declines, core barriers in breeding continuously strengthened.

In 2025, the total cost of pig breeding for Muyuan Foods fell to 12 yuan/kg, a significant decrease of about 2 yuan/kg compared to the same period last year, with excellent farm costs controlled below 11 yuan/kg, leading the industry in cost competitiveness. The company continues to enhance the survival rate and operational efficiency of live pigs through breeding upgrades, smart farming, standardized meticulous management, and personnel empowerment, solidifying its core advantages to navigate the pig cycle. Muyuan Foods stated that it will continue to drive cost reduction through technological innovation, replicate and promote efficient farm experiences, further solidifying its long-term development foundation.

Muyuan livestock building breeding complex.

New breakthroughs in the industry chain, slaughtering and meat business welcomes annual profit for the first time.

As the company’s second growth curve, Muyuan’s slaughtering and meat business achieved a milestone breakthrough in 2025, with consecutive profits in the third and fourth quarters, realizing annual profit for the first time. Throughout the year, the company slaughtered 28.663 million pigs and sold 3.23 million tons of fresh and frozen pork products, achieving operating revenue of 45.228 billion yuan, a year-on-year increase of 86.32%.

The company creates high-quality pork products through breeding improvements, implements precise segmentation to meet diverse consumer needs, and accelerates national channel layout. As of the end of 2025, it has established over 70 sales branches in 20 provincial administrative regions, improving efficiency through digital operations. Looking ahead to 2026, the company’s slaughter volume is expected to continue growing, and with the optimization of channels and product structure, profitability will further be released.

Financial structure optimization, excessive debt reduction, and strong cash flow.

During the reporting period, Muyuan Foods continuously promoted cost reduction and efficiency enhancement, exceeding the annual debt reduction target. By the end of 2025, the company’s asset-liability ratio was 54.15%, down 4.53 percentage points from the beginning of the year; total liabilities decreased by 17.1 billion yuan from the beginning of the year, significantly optimizing the financial structure.

At the same time, the company’s cash flow generation capability is outstanding, with net cash flow from operating activities reaching 30.056 billion yuan for the year. Relying on a self-breeding and self-raising model, non-cash costs such as depreciation account for about 10%, allowing for a net cash inflow even in the low price range of pigs, forming a cycle resilience of “account pressure, cash stability.” The company has entered a phase of large-scale construction completion and cash flow harvesting, with reduced capital expenditure laying a solid foundation for continued returns to shareholders.

High dividend ratio rewards shareholders, with total annual dividends nearing half of net profit.

Adhering to sharing development results with shareholders, Muyuan Foods has increased its dividend efforts in 2025. In the first half of the year, a cash dividend of 5.002 billion yuan was implemented; this annual report discloses a profit distribution plan, proposing a cash dividend of 4.27 yuan (tax included) for every 10 shares distributed to all shareholders, totaling 2.435 billion yuan (tax included). If the plan is approved by the shareholder meeting, the total cash dividend for 2025 will reach 7.438 billion yuan (tax included), accounting for 48.03% of the net profit attributable to the parent company, demonstrating a long-term stable investor return philosophy.

Internationalization accelerates, A+H listing opens up new global space.

While deeply cultivating the domestic market, Muyuan Foods accelerates its global layout. In 2025, the company reached cooperation with Vietnam’s BAF and Thailand’s Charoen Pokphand Group, focusing on the Southeast Asian market to export technology and management experience. In February 2026, the company was listed on the Hong Kong Stock Exchange, becoming the first domestic pig farming enterprise to be listed in both A and H shares, optimizing the shareholder structure and improving governance levels by leveraging international capital markets, empowering the global pig industry with technology and equipment, and opening up new growth spaces.

Standing at a new development node, Muyuan Foods will continue to focus on breeding technology innovation and efficiency enhancement, strengthen the slaughtering and meat industry chain, optimize financial and dividend policies, deepen global layout, and create greater value for shareholders while promoting the high-quality development of China’s pig industry.

(This article does not constitute any investment advice; the information disclosure content is subject to the company’s announcements. Investors operate at their own risk based on this information.)

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