Muyuan Foods (002714) H2 2025 earnings summary

Executive summary

• Achieved annual sales of 77.98 million commercial pigs and slaughtered 28.66 million pigs, up 128.9% year-over-year.

• Revenue reached ¥144.145 billion, up 4.49% year-over-year; net profit was ¥15.812 billion, down 13.39% year-over-year due to lower pig prices.

• Slaughter and meat business revenue grew 86.32% year-over-year, achieving annual profitability for the first time.

• International expansion advanced with strategic partnerships in Vietnam and Thailand; listed on the Hong Kong Stock Exchange in February 2026.

• Significant progress in cost reduction, with full-year pig farming cost at ¥12/kg, down ¥2/kg year-over-year.

Financial highlights

• Operating income: ¥144.145 billion, up 4.49% year-over-year.

• Net profit attributable to shareholders: ¥15.487 billion, down 13.39% year-over-year.

• Basic EPS: ¥2.88; diluted EPS: ¥2.84.

• Gross margin for pig farming: 17.29%; for slaughter/meat: 2.67%.

• Operating cash flow: ¥30.06 billion, down 19.94% year-over-year.

• Total assets: ¥171.74 billion; net assets attributable to shareholders: ¥77.69 billion.

• Asset-liability ratio: 54.15%, down 4.53 percentage points from previous year.

Outlook and guidance

• 2026 sales target: 75–81 million commercial pigs.

• Focus on technology-driven cost reduction, quality breeding, and international expansion.

• Continued investment in smart farming, digital transformation, and green, low-carbon initiatives.

• Proposed cash dividend of ¥2.44 billion, with total annual dividends accounting for 48.03% of net profit.