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Monthly hog sales results月度生猪销售数据
29 · 2024-01-05 → 2026-06-05
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Muyuan reports monthly hog sales volume, revenue, and average price, forming a continuous operational data stream.牧原每月公布生猪销售量、收入及均价，形成持续的经营数据流。
2024-01-05Muyuan Foodstuff announced December 2023 sales: 6.631 million hogs sold (6.578 million commercial, 36,000 piglets, 17,000 breeding), revenue RMB 10.319 billion; commercial hog average price RMB 13.42/kg, down 2.04% month-on-month. Full-year 2023 sales: 63.816 million hogs, revenue RMB 108.217 billion; breeding sow inventory 3.129 million head as of end-Dec 2023.牧原股份公告2023年12月销售生猪663.1万头（商品猪657.8万头，仔猪3.6万头，种猪1.7万头），销售收入103.19亿元；商品猪均价13.42元/公斤，环比下降2.04%。2023年全年销售生猪6381.6万头，销售收入1082.17亿元；截至2023年12月底能繁母猪存栏312.9万头。
2024-03-05Jan-Feb 2024 hog sales: 10.54 million head (10.371M commercial, 122K piglets, 48K breeding), revenue 16.635 billion yuan; average price 13.84 yuan/kg, up 3.13% from Dec 2023.2024年1-2月生猪销售简报：销售生猪1054万头（商品猪1037.1万头，仔猪12.2万头，种猪4.8万头），销售收入166.35亿元；商品猪销售均价13.84元/公斤，较2023年12月上升3.13%。
2024-04-08Muyuan Foodstuff reported March 2024 hog sales: 5.471 million head (4.937 million commercial hogs, 475,000 piglets, 59,000 breeding hogs), sales revenue RMB 9.075 billion. Average commercial hog price RMB 14.24/kg, up 2.89% vs Jan-Feb 2024. As of end-March, breeding sow inventory 3.142 million head.牧原股份披露3月生猪销售：销售生猪547.1万头（商品猪493.7万头，仔猪47.5万头，种猪5.9万头），销售收入90.75亿元。商品猪均价14.24元/公斤，较1-2月上升2.89%。截至3月底能繁母猪存栏314.2万头。
2024-05-06April 2024 hog sales: 5.45 million head, revenue 9.153 billion yuan, average selling price 14.80 yuan/kg, up 3.93% month-on-month.2024年4月生猪销售：545万头，销售收入91.53亿元，商品猪均价14.80元/公斤，环比上升3.93%。
2024-06-05May 2024 hog sales: 5.86 million head (4.912 million commercial hogs, 881,000 piglets, 66,000 breeding hogs), revenue RMB 10.45 billion; commercial hog average price RMB 15.52/kg, up 4.86% MoM.2024年5月生猪销售简报：销售生猪586万头（商品猪491.2万头，仔猪88.1万头，种猪6.6万头），销售收入104.50亿元；商品猪销售均价15.52元/公斤，环比上升4.86%。
2024-07-05June 2024 operating data: sold 5.068 million hogs (4.433 million commercial, 566,000 piglets, 70,000 breeding), revenue 10.710 billion yuan; commercial hog average price 17.73 yuan/kg, up 14.24% MoM; breeding sow herd 3.309 million head as of end-June.2024年6月经营数据：销售生猪506.8万头（商品猪443.3万头、仔猪56.6万头、种猪7.0万头），收入107.10亿元；商品猪均价17.73元/公斤，环比上升14.24%；截至6月底能繁母猪存栏330.9万头。
2024-08-05July 2024 hog sales: 6.158 million head (commercial 5.623 million, piglets 493,000, breeding 41,000), revenue 13.405 billion yuan; average commercial hog price 18.30 yuan/kg, +3.21% MoM.2024年7月销售生猪615.8万头（商品猪562.3万头、仔猪49.3万头、种猪4.1万头），销售收入134.05亿元；商品猪均价18.30元/公斤，环比上升3.21%。
2024-09-05August 2024 hog sales: 6.241 million head, revenue 14.024 billion yuan; commercial hog ASP 19.71 yuan/kg, up 7.70% MoM.2024年8月生猪销售简报：销售生猪624.1万头，销售收入140.24亿元；商品猪销售均价19.71元/公斤，环比上升7.70%。
2024-10-08September 2024 hog sales: 5.358 million head, revenue 11.899 billion yuan; Q3 total 17.756 million head; average commercial hog price 18.65 yuan/kg, down 5.38% MoM; breeding sow inventory 3.316 million head.2024年9月生猪销售：535.8万头，收入118.99亿元；第三季度共1775.6万头；商品猪均价18.65元/公斤，环比下降5.38%；能繁母猪存栏331.6万头。
2024-11-04October 2024 sales: 6.498 million hogs sold (6.252 million commercial, 0.234 million piglets, 0.011 million breeding), revenue 13.423 billion yuan; commercial hog avg price 17.17 yuan/kg, down 7.94% MoM; monthly sales record high for 2024.2024年10月销售简报：销售生猪649.8万头（商品猪625.2万头，仔猪23.4万头，种猪1.1万头），销售收入134.23亿元；商品猪均价17.17元/公斤，环比下降7.94%；单月销量创年内新高。
2024-12-05Muyuan Foodstuff sold 6.383 million hogs in Nov 2024, revenue RMB 12.068 billion; average price RMB 16.22/kg, down 5.53% MoM.牧原股份2024年11月销售生猪638.3万头，销售收入120.68亿元；商品猪均价16.22元/公斤，环比下降5.53%。
2025-01-06Dec 2024 sales: 8.578 million hogs (including 8.188 million commercial hogs, 360,000 piglets, 31,000 breeding hogs), revenue RMB 15.385 billion; average commercial hog price RMB 15.29/kg, down 5.73% MoM. Full-year 2024: 71.602 million hogs sold, revenue RMB 136.225 billion.2024年12月销售生猪857.8万头（商品猪818.8万头、仔猪36.0万头、种猪3.1万头），销售收入153.85亿元；商品猪均价15.29元/公斤，环比下降5.73%。2024年全年销售生猪7160.2万头，销售收入1362.25亿元。
2025-03-07Jan-Feb 2025 sales: 11.461 million commercial hogs (up 10.51% YoY), average price 14.76 yuan/kg (up 6.65%), revenue 20.422 billion yuan (up 24.38%); also sold 2.192 million piglets and 69,000 breeding hogs.2025年1-2月销售简报：商品猪1146.1万头（同比+10.51%），均价14.76元/公斤（同比+6.65%），收入204.22亿元（同比+24.38%）；另销售仔猪219.2万头、种猪6.9万头。
2025-04-07March 2025 sales: 6.935 million commercial hogs sold (+40.48% YoY), revenue 12.794 billion yuan (+49.26% YoY), average price 14.30 yuan/kg (+0.42% YoY). Q1 total: 18.395 million commercial hogs, 4.149 million piglets, 113,000 breeding hogs. Breeding sow inventory at end-March: 3.485 million head.2025年3月销售简报：销售商品猪693.5万头（同比+40.48%），收入127.94亿元（同比+49.26%），均价14.30元/公斤（同比+0.42%）。一季度累计销售商品猪1839.5万头、仔猪414.9万头、种猪11.3万头。3月末能繁母猪存栏348.5万头。
2025-05-07April 2025 sales: 6.573 million commercial hogs (up 51.80% YoY), average price 14.66 yuan/kg (down 0.95% YoY), revenue 12.595 billion yuan (up 53.42% YoY).2025年4月销售商品猪657.3万头（同比增51.80%），均价14.66元/公斤（同比降0.95%），收入125.95亿元（同比增53.42%）。
2025-06-05May 2025 sales: 6.406 million commercial hogs sold (up 30.42% YoY), average price 14.52 yuan/kg (down 6.44% YoY), revenue 12.258 billion yuan (up 26.93% YoY); also sold 1.339 million piglets and 29,000 breeding hogs.2025年5月销售简报：销售商品猪640.6万头（同比+30.42%），均价14.52元/公斤（同比-6.44%），收入122.58亿元（同比+26.93%）；另销售仔猪133.9万头、种猪2.9万头。
2025-07-07June 2025 sales: 7.019 million commercial hogs (up 58.35% YoY), including 2.194 million sold to subsidiary Muyuan Meat; average price 14.08 yuan/kg (down 20.59% YoY); revenue 12.799 billion yuan (up 27.65% YoY); also sold 1.323 million piglets and 25,000 breeding hogs.2025年6月销售商品猪701.9万头（同比增58.35%），其中向子公司牧原肉食品销售219.4万头；均价14.08元/公斤（同比降20.59%）；收入127.99亿元（同比增27.65%）；另销售仔猪132.3万头、种猪2.5万头。
2025-08-05Muyuan Foodstuff reported July 2025 sales: 6.355 million commercial hogs (up 13.02% YoY), average price 14.30 yuan/kg (down 21.86% YoY), revenue 11.639 billion yuan (down 10.41% YoY); plus 1.106 million piglets and 36,000 breeding hogs.牧原股份2025年7月销售简报：商品猪635.5万头（同比+13.02%），均价14.30元/公斤（同比-21.86%），收入116.39亿元（同比-10.41%）；仔猪110.6万头，种猪3.6万头。
2025-09-05August 2025 sales: 7.001 million commercial hogs sold (+27.10% YoY), average price 13.51 yuan/kg (-31.46% YoY), revenue 11.85 billion yuan (-12.30% YoY). Of these, 2.591 million hogs were sold to wholly-owned subsidiary Muyuan Meat Food.2025年8月销售简报：销售商品猪700.1万头（同比+27.10%），均价13.51元/公斤（同比-31.46%），销售收入118.5亿元（同比-12.30%）。其中向全资子公司牧原肉食品销售259.1万头。
2025-10-09September 2025 operating data: sold 5.573 million commercial hogs (+11.05% YoY), average price 12.88 yuan/kg (-30.94% YoY), revenue 9.066 billion yuan (-22.46% YoY); breeding sow inventory 3.305 million heads; 2025 piglet sales guidance raised from 8-12 million to 12-14.5 million heads.2025年9月经营数据：销售商品猪557.3万头（同比+11.05%），均价12.88元/公斤（同比-30.94%），收入90.66亿元（同比-22.46%）；能繁母猪存栏330.5万头；2025年仔猪出栏量指引从800-1200万头上调至1200-1450万头。
2025-11-05Muyuan Foodstuff announced October 2025 sales: 7.076 million commercial hogs (up 13.17% YoY), average price 11.55 yuan/kg (down 32.73% YoY), revenue 10.331 billion yuan (down 22.28% YoY).牧原股份公告2025年10月销售简报：销售商品猪707.6万头（同比+13.17%），均价11.55元/公斤（同比-32.73%），收入103.31亿元（同比-22.28%）。
2025-12-05November 2025 sales: 6.602 million commercial hogs sold (up 11.80% YoY), average selling price 11.56 yuan/kg (down 28.73% YoY), revenue 9.390 billion yuan (down 20.43% YoY).2025年11月销售简报：销售商品猪660.2万头（同比+11.80%），均价11.56元/公斤（同比-28.73%），收入93.90亿元（同比-20.43%）。
2026-01-05Muyuan Foodstuff announced December 2025 sales: 6.98M commercial hogs sold (-14.75% YoY), average price 11.41 yuan/kg (-25.38% YoY), revenue 9.667 billion yuan (-36.06% YoY).牧原股份公布2025年12月销售简报：销售商品猪698.0万头（同比-14.75%），均价11.41元/公斤（同比-25.38%），收入96.67亿元（同比-36.06%）。
2026-01-31January 2026 operating data: commercial hog sales 7.009 million head, revenue RMB 10.566 billion, average selling price RMB 12.57/kg, breeding cost reduced to RMB 11.7/kg, monthly breeding profit RMB 731 million.2026年1月经营数据：商品猪出栏700.9万头，销售收入105.66亿元，销售均价12.57元/公斤，养殖完全成本降至11.7元/公斤，单月养殖利润7.31亿元。
2026-03-05February 2026 sales: 4.603 million commercial hogs sold, average price RMB 11.59/kg (-18.72% YoY), revenue RMB 6.405 billion (-23.98% YoY).2026年2月销售商品猪460.3万头，均价11.59元/公斤（同比-18.72%），收入64.05亿元（同比-23.98%）。
2026-04-01Muyuan Foodstuff March 2026 sales: commercial hogs 6.406 million head, -2.5% MoM, +30.42% YoY; revenue 12.258 billion yuan, -2.7% MoM, +26.93% YoY; average price 14.52 yuan/kg, -1% MoM, -6.44% YoY.牧原股份2026年3月销售简报：商品猪640.6万头，环比-2.5%，同比+30.42%；收入122.58亿元，环比-2.7%，同比+26.93%；均价14.52元/公斤，环比-1%，同比-6.44%。
2026-04-08Muyuan March 2026 sales: commercial hogs 6.751 million head, -2.65% YoY; average price 9.91 yuan/kg, -30.70% YoY; revenue 8.606 billion yuan, -32.73% YoY; breeding sow inventory 3.129 million head as of end-March.牧原股份2026年3月销售简报：商品猪675.1万头，同比-2.65%；均价9.91元/公斤，同比-30.70%；收入86.06亿元，同比-32.73%；截至3月末能繁母猪存栏312.9万头。
2026-05-06April 2026 operating data: sold 7.143 million commercial hogs, average price 9.45 yuan/kg (-35.54% YoY), revenue 8.503 billion yuan (-32.49% YoY); slaughter subsidiary processed 2.989 million head.2026年4月经营数据：销售商品猪714.3万头，均价9.45元/公斤（同比-35.54%），收入85.03亿元（同比-32.49%）；屠宰子公司屠宰生猪298.9万头。
2026-06-05May 2026 operating data: commercial hog sales 6.883 million head (+7.43% YoY), average selling price 9.80 yuan/kg (-32.51% YoY), sales revenue 8.565 billion yuan (-30.13% YoY). Subsidiary Muyuan Meat slaughtered 3.01 million head.2026年5月经营数据：销售商品猪688.3万头（同比+7.43%），均价9.80元/公斤（同比-32.51%），销售收入85.65亿元（同比-30.13%）。子公司牧原肉食屠宰生猪301万头。
Capital structure and financing资本结构与融资
30 · 2024-01-09 → 2026-05-28
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Muyuan manages its debt, credit lines, bond issuances, and financing costs to maintain liquidity and support operations.牧原管理债务、授信额度、债券发行及融资成本，以维持流动性和支持运营。
2024-01-09Muyuan Foodstuff disclosed that as of Dec 31, 2023, total borrowings reached RMB 77.998 billion, an increase of RMB 18.703 billion from end-2022, accounting for 21.24% of end-2022 net assets (RMB 88.07 billion). New bank borrowings in 2023 were RMB 16.413 billion.牧原股份披露截至2023年12月31日借款余额为779.98亿元，较2022年末增加187.03亿元，占2022年末净资产（880.70亿元）的21.24%。2023年新增银行借款164.13亿元。
2024-02-25Muyuan Foodstuff states total bank credit lines exceed 95 billion yuan, with top banks (ABC, CCB, BOC) as strategic partners; breeding capacity at 80 million head/year, 2024 capex expected to remain low.牧原股份表示整体银行授信额度超950亿元，头部银行（农行、建行、中行）为战略客户；养殖产能8000万头/年，2024年资本开支预计保持低位。
2024-03-13Total credit line from banks exceeds 95 billion yuan, unused credit over 30 billion yuan; cash flow safe and stable.银行整体授信额度超过950亿元，未用信额度超过300亿元；现金流安全稳定。
2024-04-30Muyuan Foodstuff disclosed that its new loan interest rate has dropped to about 3.75%, with overall loan rate below 4%, maintaining low financing cost advantage.牧原股份披露新增贷款利率降至3.75%左右，整体贷款利率在4%以内，保持较低融资成本优势。
2024-05-17Short-term commercial paper (5 billion yuan) and medium-term notes (3 billion yuan) registered with NAFMII.超短期融资券（50亿元）和中期票据（30亿元）获交易商协会注册。
2024-05-27Responded to SZSE inquiry: cash reserves adequate, debt structure stable; 2023 interest-bearing debt 76.137 billion yuan, short-term debt 54.451 billion yuan.回复深交所问询函：货币资金充裕，债务结构稳健；2023年末有息负债761.37亿元，一年内到期有息负债544.51亿元。
2024-06-27China Chengxin International Credit Rating maintained AA+ rating for Muyuan and its convertible bonds, with stable outlook, citing industry leadership, cost advantage, and financing channels.中诚信国际维持牧原股份主体及牧原转债AA+信用评级，展望稳定，理由包括行业龙头地位、成本优势及融资渠道畅通。
2024-08-16Issued 2024 first tranche ultra-short-term commercial paper (24 Muyuan Food SCP001): 500 million yuan, 270-day tenor, coupon rate 2.5%, lead underwriter China CITIC Bank.发行2024年度第一期超短期融资券（24牧原食品SCP001）：金额5亿元，期限270天，票面利率2.5%，主承销商中信银行。
2024-09-06Current weighted average cost of outstanding loans is about 4%; large bank loan costs basically do not exceed 3.65%. Remaining bond approval quota of 7.5 billion yuan available for future issuance.当前存量贷款加权平均成本约4%，合作的大型银行贷款成本基本不超过3.65%。储备债券批文仍有75亿元，可择机发行。
2024-10-20Signed special loan contract with CITIC Bank Nanyang Branch: 2.4 billion yuan at 2.25% p.a. for share repurchase, term Oct 21 2024 to Oct 20 2025.与中信银行南阳分行签署专项贷款合同：24亿元，年利率2.25%，用于股份回购，期限2024年10月21日至2025年10月20日。
2024-11-26Board approved applying for total credit line up to 130 billion yuan from banks and financial institutions for 2025 (Jan 1 - Dec 31), to be submitted to shareholders' meeting.董事会审议通过2025年向银行等金融机构申请授信额度总计不超过1300亿元，尚需股东大会审议。
2024-11-26Board approved 2025 finance lease business up to 3 billion yuan, max term 12 years, to optimize debt structure and broaden financing channels.董事会同意2025年开展融资租赁业务，额度合计不超过30亿元，期限最长12年，用于优化债务结构和拓宽融资渠道。
2024-12-20Muyuan Foodstuff issued 2024 second green ultra-short-term commercial paper: RMB 500 million, 2.1% coupon, 210-day term, lead underwriter Bank of China.牧原股份发行2024年度第二期绿色超短期融资券：5亿元，利率2.1%，期限210天，主承销商中国银行。
2025-01-17Muyuan completed issuance of 2025 first tranche medium-term notes (MTN) of RMB 1 billion, with a 2-year term and coupon rate of 2.4%, lead underwriter China CITIC Bank.牧原股份完成发行2025年度第一期中期票据，规模10亿元，期限2年，利率2.4%，主承销商为中信银行。
2025-03-31Muyuan targets to reduce total debt by approximately 10 billion yuan in 2025.牧原股份2025年目标将整体负债规模降低100亿元左右。
2025-04-01Muyuan Foodstuff aims to reduce total debt by about 10 billion yuan in 2025, adjusting based on market conditions and operations.牧原股份计划2025年将整体负债规模降低约100亿元，将根据市场行情和经营情况调整。
2025-05-08Muyuan plans to issue 300 million yuan of 270-day technology innovation bonds, proceeds for working capital, lead underwriter CITIC Bank.牧原拟发行3亿元270天期科技创新债券，募集资金用于补充营运资金，主承销商为中信银行。
2025-05-12Muyuan successfully issued 300 million yuan of 2025 first tranche technology innovation bonds (SCP001), coupon rate 1.95%, 270-day term, funds received.牧原成功发行2025年第一期科技创新债券3亿元，利率1.95%，期限270天，资金已到账。
2025-06-11Muyuan issued the first science-and-tech bond (kechuang bond) in the hog breeding industry, under the 'technology board' policy, creating an 'agriculture-tech-finance' closed-loop model; it has invested over 20 billion yuan in R&D over the past five years.牧原股份发行生猪养殖行业首单科创债，依托“科技板”政策，打造“农业-科技-金融”闭环样板；近五年累计研发投入超过200亿元。
2025-06-17Muyuan plans to issue 5 billion yuan in corporate bonds (registered with the exchange), with proceeds fully used to repay interest-bearing debt; lead underwriters: CITIC Securities, Debon Securities, Minmetals Securities.牧原股份拟发行50亿元公司债券（已提交注册），募集资金全部用于偿还有息债务；承销商为中信证券、德邦证券、五矿证券。
2025-06-23Muyuan targets to reduce total debt by about 10 billion yuan in 2025, adjusting based on market conditions and operations.牧原股份2025年目标将整体负债规模降低100亿元左右，将根据市场行情和自身经营情况进行调整。
2025-08-04Muyuan Foodstuff received CSRC approval to publicly issue corporate bonds to professional investors with a total face value of up to 5 billion yuan, valid for 24 months from July 25, 2025.牧原股份获得中国证监会批复，同意向专业投资者公开发行面值总额不超过50亿元的公司债券，批复自2025年7月25日起24个月内有效。
2025-08-26Muyuan Foodstuff completed its share repurchase program, having bought back 69.5865 million shares (1.27% of total equity) for a total of 3.0013 billion yuan; the company also reduced total liabilities by 5.6 billion yuan in H1 2025, halfway to its 10 billion yuan debt reduction target.牧原股份完成股份回购，累计回购6958.65万股（占总股本1.27%），成交总额30.01亿元；2025年上半年负债总额较年初下降56亿元，完成降负债100亿元目标过半。
2026-01-05Muyuan Foodstuff disclosed issuance of 2026 first tranche sci-tech innovation bonds: 500 million yuan, 2-year tenor, coupon range 1.5%-2.5%, lead underwriter CITIC Bank.牧原股份披露2026年度第一期科技创新债券发行文件：规模5亿元，期限2年，申购区间1.5%-2.5%，主承销商中信银行。
2026-01-12Muyuan Foodstuff completed issuance of 2026 first tranche sci-tech innovation MTN (26 Muyuan Foodstuff MTN001) at 2.23% coupon, 500 million yuan, 2-year, funds fully received on Jan 9.牧原股份完成2026年度第一期科技创新中期票据（26牧原食品MTN001(科创债)）发行，利率2.23%，规模5亿元，期限2年，1月9日资金全部到账。
2026-03-16Completes issuance of 2026 third tranche green sci-tech innovation bond (rural revitalization) of RMB 500 million at 1.98% coupon, 2-year term.完成2026年度第三期绿色科技创新债券（乡村振兴）发行，规模5亿元，利率1.98%，期限2年。
2026-04-16Muyuan issued 2026 third tranche ultra-short-term financing bonds (rural revitalization) of 1 billion yuan; funds fully received on April 17.牧原股份发行2026年度第三期超短期融资券（乡村振兴）10亿元，4月17日资金全部到账。
2026-04-20Muyuan completed interest payment on 2025 second tranche medium-term notes (500 million yuan, 2.30% rate) on April 18, 2026, paying 11.5 million yuan.牧原股份按期完成2025年度第二期中期票据（5亿元，利率2.30%）2026年付息，支付利息1150万元。
2026-05-132025 annual general meeting approved profit distribution (final dividend of 4.27 yuan per 10 shares, total ~2.435 billion yuan), 2026 interim dividend plan, H-share buyback authorization, and debt financing instrument authorization.2025年度股东会审议通过利润分配方案（每10股派4.27元，总额约24.35亿元）、2026年中期分红规划、H股回购授权及债务融资工具授权等9项议案。
2026-05-28China Chengxin International upgraded Muyuan's issuer credit rating from AA+ to AAAsti (Sci-Tech innovation entity) and 'Muyuan Convertible Bond' (9.543 billion yuan) to AAA, citing H-share listing net proceeds of 11.865 billion HKD and improved capital strength.中诚信国际将牧原股份主体信用等级由AA+上调至AAAsti（科创类主体），'牧原转债'（95.43亿元）评级同步升至AAA，主因H股发行净募118.65亿港元增强资本实力。
Cost reduction and production metrics成本下降与生产指标
62 · 2024-01-10 → 2026-06-23
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Muyuan tracks and guides its hog breeding cost (full cost, cash cost) and key production metrics (PSY, survival rate, daily gain, feed conversion).牧原跟踪并指引生猪养殖完全成本、现金成本及关键生产指标（PSY、存活率、日增重、料肉比）。
2024-01-10Muyuan Foodstuff stated in an investor survey that its Dec 2023 complete hog breeding cost was RMB 15.3/kg, up from prior months due to winter disease impact and increased prevention spending; cash cost was RMB 13.5/kg. The company has over RMB 30 billion in unused credit lines, and new bank loan costs in 2023 were below 4%.牧原股份在投资者调研中表示，2023年12月生猪养殖完全成本为15.3元/kg，因冬季疫病及防控投入增加环比上升；现金成本13.5元/kg。公司未用授信额度超300亿元，2023年新增银行贷款成本基本在4%以下。
2024-01-31Muyuan Foodstuff stated in an investor survey that its full-year 2023 average hog breeding cost was ~RMB 15.0/kg, down RMB 0.7/kg YoY. 2023 capital expenditure was RMB 16-17 billion; 2024 planned capex is ~RMB 8 billion. The company expects 2024 hog output to grow ~10% YoY, with breeding sow count of 3.129 million head at end-2023.牧原股份在投资者调研中表示，2023年全年生猪养殖平均完全成本约15.0元/kg，同比下降0.7元/kg。2023年资本开支160-170亿元，2024年预计约80亿元。预计2024年出栏量同比增长约10%，2023年底能繁母猪312.9万头。
2024-02-02Muyuan Foodstuff reports 2023 average full-cycle survival rate of 85%, daily weight gain ~800g; aims to further reduce costs via breeding, nutrition, health, and smart tech.牧原股份2023年平均全程成活率85%，日增重约800克；计划通过育种、营养、健康管理和智能化技术持续降本。
2024-02-25Muyuan Foodstuff expects 2024 hog supply to be lower than 2023, with cautious optimism on hog prices; 2023 average breeding cost was 15.0 yuan/kg, down from 15.7 yuan/kg in 2022.牧原股份预计2024年生猪供应量低于2023年，对猪价持谨慎乐观态度；2023年平均养殖成本15.0元/kg，较2022年15.7元/kg下降。
2024-03-08Jan-Feb 2024 average full cost of hog farming 15.8 yuan/kg; cost rise due to disease impact and Spring Festival holiday; expects cost to decline as disease wanes.2024年1-2月生猪养殖平均完全成本15.8元/公斤；成本上升因疫病影响和春节假期；预计随疫病减弱成本将下降。
2024-03-08Weaned piglet cost in Feb 2024 about 325 yuan/head; piglet sales price rose recently, sales volume increased.2024年2月断奶仔猪成本约325元/头；近期仔猪销售价格上涨，销量增加。
2024-03-12Current breeding sow herd stable at about 3.10 million head; fattening pig daily weight gain about 800g.近期能繁母猪数量稳定在310万头左右；育肥猪日增重约800g。
2024-03-162023 full-year average hog farming full cost about 15.0 yuan/kg, down from 15.7 yuan/kg in 2022; actual cost reduction excluding raw material price rise about 0.9 yuan/kg.2023年全年平均生猪养殖完全成本约15.0元/公斤，较2022年15.7元/公斤下降；剔除原料涨价因素实际降本约0.9元/公斤。
2024-03-30As of end-Feb 2024, hog inventory about 40 million head; Q1 commercial hog average slaughter weight 110-120 kg.截至2024年2月末，生猪存栏约4000万头；一季度商品猪销售均重110-120公斤。
2024-04-27Muyuan Foodstuff set 2024 cost target: full-year average complete cost RMB 14.5/kg, aiming to drop below RMB 14/kg in H2. March 2024 complete cost was RMB 15.1/kg.牧原股份设定2024年成本目标：全年平均完全成本14.5元/公斤，下半年降至14元/公斤以下。2024年3月完全成本为15.1元/公斤。
2024-04-30Muyuan Foodstuff disclosed that its 2023 PSY was about 26.4 and MSY about 23.5, with a rotational two-line breeding system based on US and Danish lines.牧原股份披露2023年PSY约26.4，MSY约23.5，育种体系以美系、丹系二元轮回为主。
2024-05-07Chairman Qin Yinglin stated Q1 2024 production cost declined month by month; full-year average cost target 14.5 yuan/kg, aiming to reduce below 14 yuan/kg by Q3 or Q4.董事长秦英林表示2024年一季度养殖成本逐月下降；全年平均成本目标14.5元/kg，希望三季度或四季度降至14元/kg以下。
2024-05-15April 2024 complete cost fell to 14.8 yuan/kg, down 0.3 yuan/kg from March; weaned piglet cost dropped to about 300 yuan/head; 30% of farms achieved cost below 14 yuan/kg.2024年4月完全成本降至14.8元/kg，环比下降0.3元/kg；断奶仔猪成本降至300元/头左右；30%场线成本低于14元/kg。
2024-05-22CFO Gao Tong stated at AGM: full-year 2024 average cost target lowered to 14 yuan/kg, year-end target 13 yuan/kg, aiming for lowest cost since ASF.首席财务官高瞳在股东大会上表示：2024年全年平均成本目标降至14元/kg，年底目标13元/kg，力争非瘟以来最低成本。
2024-06-06May 2024 complete cost of hog farming ~RMB 14.3/kg, down ~RMB 0.5/kg MoM; cost below RMB 14/kg lines accounted for ~45% of output; target year-end cost of RMB 13/kg.2024年5月生猪养殖完全成本约14.3元/公斤，环比下降约0.5元/公斤；成本14元/公斤以下的场线出栏量占比约45%；目标年底成本降至13元/公斤。
2024-06-13As of end-May 2024, total hog inventory was ~42 million head.截至2024年5月末，公司生猪存栏约4200万头。
2024-06-14Acknowledged that production indicators were hurt by severe winter disease impact and internal management issues (reduced disease prevention staff); will strengthen biosecurity and personnel management.承认生产指标受去年冬季行业疫病影响及内部管理问题（减少防疫人员）而下降；将加强生物安全防控和人员管理。
2024-06-28Confident in achieving year-end cost target of RMB 13/kg; some lines already below RMB 13/kg; will reduce debt and leverage on stable operations.有信心实现年底13元/公斤的成本目标；部分场线成本已降至13元/公斤以下；将在稳健经营基础上降低负债和杠杆。
2024-07-11Investor relations record: June 2024 complete breeding cost ~14 yuan/kg, down ~0.3 yuan/kg MoM; weaned piglet cost fell to ~270 yuan/head in June; full-cycle survival rate >84%, PSY >28. Expect further cost decline in H2.投资者关系记录：2024年6月生猪养殖完全成本接近14元/公斤，环比下降约0.3元/公斤；断奶仔猪成本降至约270元/头；全程成活率超84%，PSY超28。预计下半年成本进一步下降。
2024-07-29Announced 2023 profit distribution plan: no cash dividend, no bonus shares, no capital reserve increase. Also disclosed June 2024 newborn piglet count of approximately 8.4 million head.公布2023年度利润分配方案：不派发现金红利，不送红股，不以资本公积转增股本。同时披露2024年6月出生乳猪数量约840万头。
2024-08-02June 2024 hog breeding full cost approached 14 yuan/kg, down 1.8 yuan/kg from Jan-Feb average; weaned piglet cost fell to about 270 yuan/head; PSY rose above 28; survival rate exceeded 84%.2024年6月生猪养殖完全成本接近14元/公斤，较1-2月平均下降约1.8元/公斤；断奶仔猪成本降至约270元/头；PSY提升至28以上；全程成活率超过84%。
2024-08-06As of end-July 2024, total live hog inventory about 45 million head; monthly newborn piglets above 8 million head; overall survival rate about 84%.截至2024年7月末生猪存栏约4500万头；月度出生乳猪数量在800万头以上；全程成活率约84%。
2024-08-30July 2024 hog breeding full cost fell to about 13.8 yuan/kg, down 0.2 yuan/kg MoM; lines with cost below 13 yuan/kg accounted for about 20% of output.2024年7月生猪养殖完全成本降至约13.8元/公斤，环比下降0.2元/公斤；成本13元/公斤以下的场线出栏量占比约20%。
2024-09-06July 2024 complete cost of hog farming was 13.8 yuan/kg; year-end cost target is 13 yuan/kg. Cost reduction driven by production improvements and lower feed raw material prices.2024年7月生猪养殖完全成本为13.8元/公斤，年底成本目标为13元/公斤。成本下降来源于养殖生产成绩改善及前期饲料原材料价格下降。
2024-09-11August 2024 complete cost of hog farming was about 13.7 yuan/kg.2024年8月生猪养殖完全成本约13.7元/公斤。
2024-10-09August 2024 complete hog farming cost dropped to about 13.7 yuan/kg, down 2 yuan/kg from start of year; target to reach 13 yuan/kg by end of 2024.2024年8月生猪养殖完全成本降至约13.7元/公斤，较年初下降2元/公斤；目标年底降至13元/公斤。
2024-10-29September 2024 complete hog farming cost slightly below 13.7 yuan/kg; '600 yuan per head' cost reduction target half achieved; target 13 yuan/kg by end of 2024.2024年9月生猪养殖完全成本略低于13.7元/公斤；“头均600元”降本目标已实现一半；目标年底降至13元/公斤。
2024-11-05October 2024 complete cost of hog breeding fell to 13.3 yuan/kg; company confident in achieving year-end target of 13 yuan/kg due to falling feed costs and improving production metrics.2024年10月生猪养殖完全成本降至13.3元/公斤；公司有信心实现年底13元/公斤的成本目标，得益于饲料原料价格下降和生产指标改善。
2024-11-09October 2024 complete cost 13.3 yuan/kg, down ~0.4 yuan/kg MoM; feed price drop contributed 50%, production improvement and expense amortization contributed 50%. Full-cycle survival rate 85.5%, PSY near 30.2024年10月完全成本13.3元/公斤，环比下降约0.4元/公斤；饲料价格下降贡献50%，生产成绩改善和期间费用摊销下降贡献50%。全程成活率85.5%，PSY接近30。
2024-11-10Company adheres to independent breeding and value breeding, established unique轮回二元 breeding system; current breeding herd supports higher production performance.公司坚持自主育种、价值育种，建立独特的轮回二元育种体系；当前种猪体系可支撑更高生产业绩。
2024-11-29600 yuan cost reduction space: cost dropped from 16 yuan/kg (June 2022) to 13.3 yuan/kg (Oct 2024), over half achieved; 2024 full-year capex ~12 billion yuan, Q1-Q3 10.165 billion yuan; weighted average loan cost below 4%.600元降本空间：成本从2022年6月的16元/公斤降至2024年10月的13.3元/公斤，完成过半；2024年全年资本开支约120亿元，前三季度101.65亿元；存量贷款加权平均成本降至4%以下。
2024-12-12Muyuan Foodstuff announced Nov 2024 full cost of hog farming at about RMB 13.1/kg, down RMB 0.2/kg MoM.牧原股份披露2024年11月生猪养殖完全成本约13.1元/公斤，环比下降0.2元/公斤。
2024-12-21Muyuan Foodstuff expects 2025 hog output to grow; aims to reduce full cost to RMB 12/kg stagewise, with best farms already below RMB 12/kg.牧原股份预计2025年出栏量增长，目标阶段性成本降至12元/公斤，优秀场线已低于12元/公斤。
2025-01-08Muyuan disclosed that its full cost of hog breeding was about RMB 13/kg in Dec 2024, and aims to reach RMB 12/kg on a phased basis in 2025, assuming no feed raw material price fluctuations.牧原股份披露2024年12月生猪养殖完全成本约13元/公斤，并希望在2025年阶段性达到12元/公斤的成本目标（不考虑饲料原材料价格波动）。
2025-02-20Muyuan disclosed that its January 2025 pig farming cost was ~13.1 yuan/kg, and it targets to reach 12 yuan/kg in 2025 if feed prices remain stable; 2024 cost fell from 15.8 yuan/kg in Jan to 13 yuan/kg in Dec.牧原股份披露2025年1月生猪养殖完全成本约13.1元/公斤，目标在饲料价格稳定下阶段性达到12元/公斤；2024年成本从年初15.8元/公斤降至12月13元/公斤。
2025-03-17Feb 2025 complete hog production cost was approximately 12.9 yuan/kg.2025年2月生猪养殖完全成本约12.9元/公斤。
2025-03-192024 full-year hog production cost fell from 15.8 yuan/kg in Jan-Feb to 13 yuan/kg in Dec; full-year average ~14 yuan/kg. Feb 2025 cost further dropped to 12.9 yuan/kg. Target to reach 12 yuan/kg in 2025.2024年生猪养殖完全成本从1-2月的15.8元/公斤降至12月的13元/公斤，全年约14元/公斤；2025年2月进一步降至12.9元/公斤；目标2025年阶段性达到12元/公斤。
2025-04-08March 2025 breeding cost dropped to ~12.5 yuan/kg (down ~3.1% MoM). Full-year 2025 cost target: average 12 yuan/kg. Hog inventory at end-March: ~46 million head.2025年3月生猪养殖完全成本降至约12.5元/公斤（环比下降约3.1%）。2025年全年成本目标为平均12元/公斤。3月末生猪存栏约4600万头。
2025-04-24Q1 2025 hog sales: 22.657 million head (commercial hogs 18.395 million, piglets 4.149 million, breeding hogs 113,000). Slaughter volume: 5.32 million head (+81% YoY). Breeding cost in March: 12.5 yuan/kg.2025年一季度销售生猪2265.7万头（商品猪1839.5万头、仔猪414.9万头、种猪11.3万头）。屠宰生猪532万头（同比+81%）。3月养殖完全成本12.5元/公斤。
2025-05-13Muyuan disclosed April 2025 hog breeding full cost at about 12.4 yuan/kg, pig inventory over 45 million head as of end-April.牧原披露2025年4月生猪养殖完全成本约12.4元/公斤，截至4月末生猪存栏量4500万头以上。
2025-05-16Muyuan AGM revealed April breeding cost reached 12.4 yuan/kg; '600 yuan per head' cost reduction target two-thirds achieved; full-year 2025 target 12 yuan/kg.牧原股东大会透露4月养殖成本达12.4元/公斤，“头均600元”降本目标已完成三分之二，2025年全年目标12元/公斤。
2025-05-30Muyuan disclosed April 2025 breeding full cost ~12.4 yuan/kg, survival rate 83%, PSY 28, daily weight gain 830g, feed conversion ratio 2.8; 30% of lines below 12 yuan/kg.牧原披露2025年4月养殖完全成本约12.4元/公斤，全程成活率83%，PSY 28，日增重830g，料肉比2.8；30%场线成本低于12元/公斤。
2025-06-10In May 2025, Muyuan's daily weight gain from weaning to market was about 690g, and feed conversion ratio was about 2.55.2025年5月，牧原股份断奶到上市的日增重在690g左右，料肉比在2.55左右。
2025-06-16Muyuan's 2025 cost target is an annual average of 12 yuan/kg; it will improve through health management, breeding, nutrition, and smart applications.牧原股份2025年成本目标为全年平均12元/kg，将通过健康管理、种猪育种、营养配方、智能化应用等方面持续降本增效。
2025-06-22In May 2025, Muyuan's cost per hog dropped to about 12.2 yuan/kg, down nearly 0.2 yuan/kg month-on-month; the company sees potential to reach '10 yuan era' cost level.2025年5月牧原股份头均养殖成本降至12.2元/公斤左右，环比下降接近0.2元/公斤；公司认为未来养殖成本有望进入“10元时代”。
2025-07-09June 2025 fully-loaded breeding cost fell below 12.1 yuan/kg, down from 13.1 yuan/kg at start of year; company targets year-end cost near 11 yuan/kg and full-year average of 12 yuan/kg.2025年6月生猪养殖完全成本降至12.1元/公斤以下，较年初13.1元/公斤持续下降；公司目标年底成本接近11元/公斤，全年平均12元/公斤。
2025-07-30Muyuan disclosed that its June 2025 full-cycle survival rate was about 86%, weaning-to-market survival rate about 92%, and feed cost accounts for 55-60% of total breeding cost.牧原股份披露2025年6月全程成活率约86%，断奶到上市成活率约92%，饲料成本占养殖完全成本的55-60%。
2025-08-11Muyuan Foodstuff disclosed that its total pig breeding cost in July 2025 was approximately 11.8 yuan/kg.牧原股份披露2025年7月生猪养殖完全成本约为11.8元/公斤。
2025-09-08Muyuan disclosed that its August 2025 hog breeding full cost was below 11.7 yuan/kg. The company also stated that its slaughter and meat business capacity utilization and operations have improved significantly, and it will focus on increasing the proportion of cut meat and improving sales channel structure.牧原股份披露2025年8月生猪养殖完全成本低于11.7元/公斤。公司表示屠宰肉食业务产能利用率及经营状况明显改善，下一步将提升分割品占比、改善销售渠道结构。
2025-10-13September 2025 total hog production cost was about 11.6 yuan/kg, down from 13.1 yuan/kg at the start of the year; target to reach 11 yuan/kg by year-end.2025年9月生猪养殖完全成本约11.6元/公斤，较年初13.1元/公斤下降；目标年底降至11元/公斤。
2025-10-31Production indicators improved: weaning-to-market survival rate 93%, full-cycle survival rate ~87%, PSY ~29, fattening daily gain ~880g, feed conversion ratio ~2.64; cost below 12 yuan/kg accounted for over 80% of output, best line cost at 10.5 yuan/kg.生产指标改善：断奶到上市成活率93%，全程成活率约87%，PSY约29，肥猪日增重约880g，料肉比约2.64；成本12元/公斤以下的场线出栏量占比超80%，最优场线成本10.5元/公斤。
2025-11-03Muyuan Foodstuff disclosed that its September 2025 complete pig farming cost was about 11.6 yuan/kg, with the best internal line at 10.5 yuan/kg.牧原股份披露2025年9月生猪养殖完全成本约11.6元/kg，内部最优秀场线成本10.5元/kg。
2025-11-25Muyuan Foodstuff stated that its October 2025 complete pig farming cost was about 11.3 yuan/kg, down nearly 0.3 yuan/kg month-on-month, driven by improved production performance and lower period expense amortization.牧原股份表示2025年10月生猪养殖完全成本约11.3元/kg，环比下降近0.3元/kg，源于生产成绩改善与期间费用摊销下降。
2025-11-28Muyuan Foodstuff disclosed in its investor relations activity that its weaned piglet cost dropped from about 270 yuan/head at the start of 2025 to 230-240 yuan/head recently, as PSY and other indicators improved.牧原股份在投资者关系活动中披露，断奶仔猪成本从年初270元/头降至近期230-240元/头，PSY等指标提升。
2026-01-26Muyuan Foodstuff stated on investor platform that its Dec 2025 full cost of hog breeding was ~11.6 yuan/kg, with non-cash costs (depreciation/amortization) accounting for ~10% of cost structure.牧原股份在互动平台表示，2025年12月生猪养殖完全成本约11.6元/公斤，折旧摊销等非现金成本占比约10%。
2026-03-09Average pig farming cost for Jan-Feb 2026 is around RMB 12/kg; company focuses on health management to further reduce costs.2026年1-2月平均生猪养殖成本约12元/公斤；公司将持续聚焦健康管理以进一步降本。
2026-03-272025 full-year pig farming cost approximately RMB 12/kg, down RMB 2/kg YoY; 2026 target cost below RMB 11.5/kg.2025年全年生猪养殖完全成本约12元/公斤，同比降2元/公斤；2026年目标成本降至11.5元/公斤以下。
2026-04-10Muyuan stated on investor platform that March 2026 hog breeding full cost was about 11.6 yuan/kg.牧原股份在互动平台表示，2026年3月生猪养殖完全成本约11.6元/公斤。
2026-04-22Muyuan stated at Q1 2026 results call that March cost fell to 11.6 yuan/kg; expects further cost decline in Q2; overseas hog production expected this year.牧原股份在一季报交流会上表示3月成本降至11.6元/公斤，预计二季度成本进一步下降；今年海外将有生猪出栏。
2026-04-28Muyuan targets 2026 average cost below 11.5 yuan/kg; international business expects to land breeding capacity in Vietnam.牧原股份2026年目标平均成本降至11.5元/公斤以下；国际化业务有望在越南落地养殖产能。
2026-05-132025 annual meeting: pig breeding full cost ~12 yuan/kg (down 2 yuan/kg YoY); 600 yuan per-head cost-reduction space more than half achieved; target cost below 10 yuan/kg; 2026 capex controlled within 10 billion yuan.2025年度股东会：生猪养殖完全成本约12元/公斤（同比降2元/公斤）；600元头均降本空间已完成过半；目标成本降至10元/公斤以下；2026年资本开支控制在100亿元以内。
2026-06-23At a media briefing, Chief Legal Officer Yuan Hebin stated that the cost-reduction target of 600 yuan per pig set in 2022 had achieved a reduction of 323 yuan per head as of end-May.在媒体说明会上，首席法务官袁合宾表示，2022年确定的“每头猪平均600元”降本目标，截至5月底已实现降本323元/头。
Slaughter and meat business屠宰与肉食业务
21 · 2024-01-10 → 2026-06-23
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Muyuan expands its slaughter capacity, improves utilization, and works toward profitability in the downstream meat segment.牧原扩大屠宰产能、提升利用率，并推动下游肉食板块扭亏。
2024-01-10Muyuan Foodstuff disclosed that its slaughter and meat business slaughtered over 13 million hogs in 2023, up ~80% YoY, with capacity utilization above 40%; per-head slaughter loss narrowed significantly from 2022 but the segment remained loss-making due to low utilization at new Northeast plants.牧原股份披露屠宰肉食板块2023年全年屠宰生猪超1300万头，同比增长约80%，产能利用率达40%以上；头均屠宰亏损较2022年明显改善，但因东北新厂利用率低仍处于亏损状态。
2024-01-31Muyuan Foodstuff disclosed that its slaughter segment slaughtered 13.26 million hogs in 2023, up 80% YoY, with capacity utilization rising from 25% to 46%; per-head slaughter loss narrowed from ~RMB 120 in 2022 to ~RMB 70 in 2023. The segment has not yet turned profitable.牧原股份披露2023年屠宰生猪1326万头，同比增长80%，产能利用率从25%提升至46%；头均屠宰亏损从2022年的约120元降至2023年的约70元，屠宰业务尚未实现盈利。
2024-02-02Muyuan Foodstuff's slaughter and meat business has set up over 60 service stations across 20 provincial regions, with chain supermarkets and new retail accounting for ~15% of clients.牧原股份屠宰肉食业务在全国20个省级行政区设立60余个服务站，连锁商超和新零售客户占比约15%。
2024-03-0810 slaughter plants in operation with combined capacity of 29 million head/year; future slaughter capacity will match breeding capacity in dense areas.已投产10家屠宰厂，产能合计2900万头/年；未来屠宰产能将匹配养殖密集区域。
2024-05-1710 slaughter plants in operation with combined capacity of 29 million head/year; 2023 slaughter capacity utilization rate 46%.已投产10家屠宰厂，产能合计2900万头/年；2023年屠宰产能利用率46%。
2024-06-13Slaughter volume changes mainly driven by downstream market demand; 29 million head slaughter capacity underutilized; will improve operational efficiency and channel development.屠宰量级变化主要受下游市场需求影响；2900万头屠宰产能利用率低；将提升运营效率和渠道建设。
2024-07-11Investor relations record: 2024 H1 hog slaughtering volume 5.41 million head; slaughtering capacity 29 million head/year, utilization rate ~37%; slaughtering segment not yet profitable. Full-year 2024 hog sales guidance 66-72 million head.投资者关系记录：2024年上半年屠宰生猪541万头，屠宰产能2900万头/年，产能利用率约37%，屠宰板块尚未盈利；2024年全年生猪出栏区间6600万-7200万头。
2024-08-02Slaughter and meat business revenue 9.981 billion yuan in H1 2024, gross margin -0.42%, loss of about 500 million yuan; 10 slaughter plants in operation with capacity 29 million head/year.2024年上半年屠宰肉食业务收入99.81亿元，毛利率-0.42%，亏损约5亿元；共投产10家屠宰厂，产能2900万头/年。
2024-09-13Jan-Aug 2024 total hog slaughter 44.786 million head; full-year slaughter guidance 66-72 million head. Slaughtering volume Jan-Aug 7.11 million head.2024年1-8月共计出栏生猪4478.6万头，全年预计出栏6600-7200万头。1-8月屠宰生猪711万头。
2024-10-29Q1-Q3 2024 slaughtering business: 7.97 million head slaughtered, capacity utilization 37%, loss about 650 million yuan; Q3 loss narrowed significantly.2024年前三季度屠宰业务：共计屠宰生猪797万头，产能利用率37%，亏损约6.5亿元；第三季度减亏明显。
2024-12-21Muyuan Foodstuff targets to achieve monthly breakeven in slaughtering business in Dec 2024; Nov capacity utilization exceeded 50%.牧原股份力争2024年12月实现屠宰肉食业务单月扭亏为盈；11月产能利用率超50%。
2025-03-192024 hog sales: 71.602 million head (including 65.477 million commercial hogs, 5.659 million piglets, 465,000 breeding hogs); slaughter volume 12.5244 million head; slaughter and meat revenue 24.274 billion yuan (up 11.03% YoY).2024年销售生猪7160.2万头（商品猪6547.7万头、仔猪565.9万头、种猪46.5万头）；屠宰生猪1252.44万头；屠宰肉食业务收入242.74亿元（同比+11.03%）。
2025-05-06Muyuan's slaughter and meat business posted a slight loss in Q1 2025; capacity utilization improved but product mix needs optimization.牧原股份2025年一季度屠宰肉食业务微亏，产能利用率提升但产品结构仍需优化。
2025-05-30Muyuan's slaughter and meat business capacity utilization exceeded 70% in 2025, with significant YoY improvement due to channel expansion and internal operations.牧原2025年屠宰肉食业务产能利用率超过70%，同比明显改善，得益于渠道开拓和内部运营提升。
2025-06-16Muyuan's slaughter and meat processing segment: in May, it slaughtered 2.05 million hogs (capacity utilization near 85%); the company will focus on improving operational efficiency of existing plants.牧原股份屠宰肉食板块：5月屠宰205万头（产能利用率接近85%），将继续以抓经营为工作重点，提升已投产屠宰厂运营效率。
2025-08-20Muyuan Foodstuff reported H1 2025 hog sales of 46.91 million head (including 38.394 million commercial hogs, 8.291 million piglets, 225,000 breeding hogs); slaughtered 11.4148 million hogs; June total cost below 12.1 yuan/kg.牧原股份2025年上半年销售生猪4691万头（商品猪3839.4万头、仔猪829.1万头、种猪22.5万头）；屠宰生猪1141.48万头；6月完全成本低于12.1元/公斤。
2025-10-30Slaughter and meat business achieved quarterly profitability in Q3 2025 for the first time in recent years; Jan-Sep 2025 slaughtered 19.16 million hogs (+140% YoY), capacity utilization rate 88%.屠宰肉食业务在2025年第三季度实现单季盈利，为近年最佳；2025年1-9月共计屠宰生猪1916万头（同比+140%），产能利用率88%。
2026-03-272025 full-year hog sales: 77.981 million commercial hogs; slaughtering 28.663 million head (+128.9% YoY); slaughter and meat business revenue RMB 45.228 billion (+86.32% YoY), first annual profit.2025年全年销售商品猪7798.1万头；屠宰生猪2866.3万头（同比+128.9%）；屠宰肉食业务收入452.28亿元（同比+86.32%），首次年度盈利。
2026-04-21Muyuan Q1 2026 slaughter: 8.279 million head, +55.6% YoY; capacity utilization over 100%; slaughter and meat segment profitable with ~20 yuan profit per head.牧原股份2026年一季度屠宰生猪827.9万头，同比+55.6%；产能利用率超100%；屠宰肉食板块盈利，头均盈利接近20元。
2026-05-132025 annual meeting: slaughter and meat business achieved first full-year profitability in 2025; capacity utilization rate reached 98.8%.2025年度股东会：屠宰肉食业务2025年首次实现年度盈利，全年产能利用率达98.8%。
2026-06-23Qin Muyuan, head of slaughter and meat business, said at a media briefing that the meat segment achieved profitability in both Q1 and Q2, with slaughter volume expected to grow 20% year-on-year in 2026.屠宰肉食负责人秦牧原在媒体说明会上表示，肉食板块一季度和二季度均实现盈利，预计2026年全年屠宰量同比增长20%。
Share buyback and insider purchases股份回购与内部人增持
17 · 2024-01-10 → 2026-06-25
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Muyuan and its controlling shareholders execute share buybacks and insider purchase plans to support stock price and employee incentives.牧原及控股股东实施股份回购和内部人增持计划，以支撑股价和员工激励。
2024-01-10Muyuan Foodstuff announced progress of insider share purchase plan: directors, supervisors, senior management and core personnel have cumulatively purchased 25.439 million shares for RMB 1.0146 billion (plan target RMB 1.0-1.2 billion).牧原股份公告部分董监高及核心人员增持计划进展：累计增持2543.9万股，增持金额10.146亿元（计划合计10-12亿元）。
2024-01-19Muyuan Foodstuff announced completion of insider share purchase plan: total 30.4393 million shares bought for RMB 1.199 billion. Additionally, controlling shareholder Muyuan Group and Qin Muyuan (son of actual controllers) cumulatively purchased 546,600 shares for RMB 20.0128 million, with the plan still ongoing.牧原股份公告部分董监高及核心人员增持计划实施完成，合计增持3043.93万股，金额11.99亿元。控股股东牧原集团及实控人之子秦牧原累计增持54.66万股，金额2001.28万元，计划仍在进行中。
2024-04-19Muyuan Group and Qin Muyuan completed share buyback: total 22.9009 million shares (0.419% of total equity) for RMB 845.0678 million, within the previously announced plan of RMB 500 million to RMB 1 billion.牧原集团及秦牧原完成增持计划：合计增持2290.09万股（占总股本0.419%），增持金额8.45亿元，此前计划增持5-10亿元。
2024-09-26Announced share buyback plan: 3-4 billion yuan, price cap 58.60 yuan/share, for employee stock ownership or equity incentive plans. Represents 0.94%-1.25% of total shares.公告股份回购方案：回购金额30-40亿元，价格上限58.60元/股，用于员工持股计划或股权激励，占总股本0.94%-1.25%。
2024-10-09Board approved share buyback plan: 3.0-4.0 billion yuan, price cap 58.60 yuan/share, for employee stock ownership or equity incentive plans.董事会批准股份回购方案：金额30-40亿元，价格上限58.60元/股，用于员工持股计划或股权激励。
2024-10-18First share buyback executed: 2.4038 million shares (0.04% of total), total consideration 100 million yuan.首次实施股份回购：240.38万股（占总股本0.04%），成交总额1亿元。
2024-11-04Share buyback progress: as of Oct 31, 2024, repurchased 2.4038 million shares (0.04% of total) for ~100 million yuan; plan approved on Sep 25 for 3-4 billion yuan buyback at ≤58.60 yuan/share, for employee stock ownership or equity incentive.股份回购进展：截至2024年10月31日，累计回购240.38万股（占总股本0.04%），成交总额约1亿元；9月25日批准回购计划，金额30-40亿元，价格上限58.60元/股，用于员工持股或股权激励。
2024-12-02Muyuan Foodstuff disclosed share buyback progress: as of Nov 30, 2024, repurchased 12.0916 million shares (0.22% of total) for RMB 499.97 million.牧原股份披露截至2024年11月30日回购进展：累计回购1209.16万股（占总股本0.22%），成交总额约5亿元。
2025-01-02As of Dec 31, 2024, Muyuan repurchased 24.446 million shares (0.45% of total equity) for RMB 1 billion via centralized bidding, as part of a RMB 3-4 billion buyback plan for employee stock ownership/equity incentives.截至2024年12月31日，牧原股份以集中竞价方式累计回购2444.6万股（占总股本0.45%），成交总额10亿元，属于30-40亿元回购计划的一部分，用于员工持股或股权激励。
2025-02-05Muyuan Foodstuff repurchased 31.247 million shares (0.57% of total equity) via centralized bidding as of Jan 31, 2025, with total consideration of 1.25 billion yuan.截至2025年1月31日，牧原股份通过集中竞价方式累计回购3124.7万股（占总股本0.57%），成交总额12.5亿元。
2025-04-08Share buyback progress: as of March 31, 2025, 31.247 million shares repurchased (0.57% of total), total amount ~1.25 billion yuan. Company will accelerate buyback.股份回购进展：截至2025年3月31日，累计回购3124.7万股（占总股本0.57%），成交总额约12.5亿元。公司将加快实施回购。
2025-05-07As of April 30, 2025, Muyuan repurchased 52.54 million shares (0.96% of total) for 2.11 billion yuan, price range 36.16-42.96 yuan/share.截至2025年4月30日，牧原累计回购5254万股（占总股本0.96%），总额21.1亿元，价格区间36.16-42.96元/股。
2025-06-03As of May 31, 2025, Muyuan had repurchased 52.54 million shares (0.96% of total shares) for a total of 2.11 billion yuan, with highest price 42.96 yuan/share and lowest 36.16 yuan/share.截至2025年5月31日，牧原股份累计回购5254万股（占总股本0.96%），总金额21.1亿元，最高成交价42.96元/股，最低36.16元/股。
2025-07-01As of June 30, 2025, Muyuan repurchased 52.542 million shares (0.96% of total share capital) via centralized竞价, with total consideration of 2.1097 billion yuan, under a 3-4 billion yuan buyback plan for employee stock ownership/equity incentives.截至2025年6月30日，牧原股份通过集中竞价方式累计回购5254.20万股（占总股本0.96%），成交总额21.097亿元，用于员工持股或股权激励，回购计划总额30-40亿元。
2025-08-01Muyuan Foodstuff repurchased 53.6312 million shares (0.98% of total equity) via centralized竞价 as of July 31, 2025, under a plan to repurchase A-shares for 3-4 billion yuan at up to 58.60 yuan/share for employee stock ownership or equity incentives.牧原股份截至2025年7月31日以集中竞价方式累计回购5363.12万股（占总股本0.98%），计划以30-40亿元回购A股，价格上限58.60元/股，用于员工持股或股权激励。
2026-06-25Board approved an H-share buyback plan with a total amount of not less than 3 billion HKD and not more than 5 billion HKD, funded by自有资金 or self-raised funds.董事会审议通过H股回购方案，回购总金额不低于3亿港元且不超过5亿港元，资金来源为自有资金或自筹资金。
2026-06-25Twelve directors and senior executives, including Chairman Cao Zhinian, plan to increase their A-share holdings by a total of no less than 400 million yuan and no more than 500 million yuan within 6 months starting June 26, 2026.包括董事长曹治年在内的12名董事和高级管理人员计划自2026年6月26日起6个月内增持公司A股，合计增持金额不低于4亿元且不超过5亿元。
Environmental projects and approvals环保项目与审批
2 · 2024-01-10 → 2024-02-22
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Muyuan receives environmental approvals for manure treatment, dead livestock disposal, and farm expansion projects.牧原获得粪污处理、病死畜禽处理及养殖场扩建等环保项目批复。
2024-01-10Muyuan Foodstuff's indirect subsidiary Qixian Muyuan Farming Co., Ltd. received environmental approval in principle for its livestock manure treatment area Phase 1 project, with total investment of RMB 9.397 million.牧原股份间接控股子公司杞县牧原农牧有限公司畜禽粪污处置区1区项目环评审批获原则同意，总投资额939.7万元。
2024-02-22Muyuan Foodstuff's indirect subsidiary Qixian Muyuan receives approval for expansion of dead livestock harmless treatment center, total investment 2.3 million yuan.牧原股份间接控股子公司杞县牧原病死畜禽无害化处理中心扩建项目环评获批，总投资230万元。
New energy and solar power新能源与光伏发电
5 · 2024-01-25 → 2025-08-06
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Muyuan establishes solar power subsidiaries and deploys rooftop PV on hog houses for self-consumption and grid feed.牧原成立光伏子公司，在猪舍屋顶部署分布式光伏用于自用和余电上网。
2024-01-25Muyuan Foodstuff indirectly wholly-owned subsidiary Guangxi Muyuan Photovoltaic Power Generation Co., Ltd. was established with registered capital of RMB 50 million, covering solar power technology services, battery manufacturing, etc. The company stated it will build distributed PV facilities on hog houses and plant roofs for self-consumption and surplus grid feed, not a cross-industry expansion.牧原股份间接全资控股的广西牧原光伏发电有限公司成立，注册资本5000万元，经营范围包括太阳能发电技术服务、电池制造等。公司表示将利用猪舍和厂房屋顶建设分布式光伏，自发自用余电上网，并非跨界经营。
2024-11-25As of end-2023, 41 farms installed rooftop distributed PV with cumulative capacity 207.9 MW, for self-use and surplus grid feed to reduce electricity costs.截至2023年末，41个养殖场建设屋顶分布式光伏，累计装机量207.9MW，用于自用和余电上网，降低用电成本。
2025-01-09Muyuan established Zhongmou Muyuan Guang New Energy Co., Ltd., with registered capital of RMB 5 million, wholly owned indirectly, covering solar power generation, wind power technology services, and biomass energy technology services.牧原股份成立中牟县牧光新能源有限公司，注册资本500万元，由牧原间接全资持股，经营范围包括太阳能发电、风力发电技术服务、生物质能技术服务等。
2025-05-29Muyuan co-founded Xingtai Longyuan New Energy Co., Ltd. with Zhejiang Longneng Electric Power, registered capital 1 million yuan, for solar power and related services.牧原与浙江龙能电力共同设立邢台珑原新能源有限公司，注册资本100万元，从事太阳能发电等业务。
2025-08-06Muyuan Foodstuff's subsidiary Henan Muyuan New Energy and Henan Zhongyu Green New Energy jointly established Henan Zhongyu Green Muyuan New Energy Co., Ltd. with registered capital of 30 million yuan, engaged in wind and solar power generation.牧原股份旗下河南牧原新能源与河南中豫格林新能源共同成立河南中豫格林牧光新能源有限公司，注册资本3000万元，从事风力、太阳能发电业务。
Annual and quarterly financial results年度与季度财务业绩
16 · 2024-01-30 → 2026-04-21
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Muyuan releases its annual and quarterly financial reports, showing revenue, profit/loss, and key operating metrics.牧原发布年度和季度财务报告，展示收入、盈亏及关键经营指标。
2024-01-30Muyuan Foodstuff issued a 2023 profit warning: expected net loss of RMB 3.8-4.6 billion (vs profit of RMB 14.933 billion in 2022), attributable net loss of RMB 3.9-4.7 billion, mainly due to a sharp decline in hog prices. The company also plans to provision for impairment on certain consumable biological assets.牧原股份发布2023年业绩预告：预计净利润亏损38-46亿元（上年同期盈利149.33亿元），归母净利润亏损39-47亿元，主要因生猪价格大幅下降，并拟对部分消耗性生物资产计提减值准备。
2024-02-01Muyuan Foodstuff expects 2023 net loss of 3.9-4.7 billion yuan, first annual loss since listing in 2014, due to a 20% drop in hog prices.牧原股份预计2023年归母净亏损39-47亿元，自2014年上市以来首次年度亏损，因生猪价格同比下降约20%。
2024-04-26Muyuan Foodstuff reported 2023 annual results: revenue RMB 110.861 billion, down 11.19% YoY; net loss of RMB 4.263 billion, turning from profit of RMB 13.266 billion in 2022. Live hog sales 63.816 million head, slaughter 13.26 million head. Full-year average complete cost ~RMB 15/kg, down RMB 0.7/kg YoY. 2024 guidance: hog sales 66-72 million head.牧原股份发布2023年年报：营业收入1108.61亿元，同比下降11.19%；净亏损42.63亿元，上年同期盈利132.66亿元。销售生猪6381.6万头，屠宰1326万头。全年平均完全成本约15元/公斤，同比下降0.7元/公斤。2024年预计出栏6600-7200万头。
2024-04-26Muyuan Foodstuff reported Q1 2024 results: revenue RMB 26.272 billion, up 8.57% YoY; net loss of RMB 2.379 billion, widening from loss of RMB 1.198 billion in Q1 2023. Cumulative hog sales 16.011 million head, up 15.6% YoY.牧原股份发布2024年一季报：营业收入262.72亿元，同比增长8.57%；净亏损23.79亿元，去年同期亏损11.98亿元。累计销售生猪1601.1万头，同比增长15.6%。
2024-05-06Muyuan Foodstuff released 2023 annual report: revenue 110.861 billion yuan, net loss 4.263 billion yuan, sold 63.816 million hogs, average cost 15 yuan/kg, down 0.7 yuan/kg from 2022.牧原股份发布2023年年报：营收1108.61亿元，净亏损42.63亿元，销售生猪6381.6万头，完全成本15元/kg，较2022年下降0.7元/kg。
2024-08-02Muyuan Foodstuff released 2024 semi-annual report: revenue 56.866 billion yuan, +9.63% YoY; net profit attributable to parent 829 million yuan, turning from loss of 2.779 billion yuan in same period last year to profit.牧原股份发布2024年半年度报告：营业收入568.66亿元，同比增长9.63%；归母净利润8.29亿元，同比扭亏为盈（去年同期亏损27.79亿元）。
2024-10-29Q3 2024 report: revenue 96.775 billion yuan (+16.64% YoY), net profit 10.481 billion yuan (+668.90% YoY); Q3 net profit 9.652 billion yuan (+930.20% YoY).2024年三季报：前三季度营收967.75亿元（同比+16.64%），净利润104.81亿元（同比+668.90%）；第三季度净利润96.52亿元（同比+930.20%）。
2025-03-192024 annual results: revenue 137.947 billion yuan (up 24.43% YoY), net profit attributable to shareholders 17.881 billion yuan (swing to profit from loss of 4.263 billion yuan in 2023), EPS 3.30 yuan; proposed cash dividend of 5.72 yuan per 10 shares.2024年年报：营收1379.47亿元（同比+24.43%），归母净利润178.81亿元（扭亏为盈，2023年亏损42.63亿元），每股收益3.30元；拟每10股派发现金红利5.72元。
2025-04-082024 annual results: revenue 137.947 billion yuan (+24.43% YoY), net profit 17.881 billion yuan (turnaround from loss), hog sales 71.602 million head, slaughter 12.5244 million head. Full-year breeding cost ~14 yuan/kg, year-end ~13 yuan/kg. 1,764 authorized patents. Solar power generated 205 million kWh in 2024.2024年年报：营收1379.47亿元（同比+24.43%），净利润178.81亿元（扭亏为盈），销售生猪7160.2万头，屠宰1252.44万头。全年养殖完全成本约14元/公斤，年末降至约13元/公斤。累计授权专利1764项。2024年光伏发电2.05亿度。
2025-04-24Q1 2025 results: revenue 36.061 billion yuan (+37.26% YoY), net profit attributable to shareholders 4.491 billion yuan (turnaround from loss of 2.379 billion yuan in Q1 2024). Operating cash flow 7.506 billion yuan (+48.14% YoY).2025年一季报：营收360.61亿元（同比+37.26%），归母净利润44.91亿元（上年同期亏损23.79亿元），同比扭亏为盈。经营活动现金流净额75.06亿元（同比+48.14%）。
2025-08-20Muyuan Foodstuff reported H1 2025 results: revenue 76.463 billion yuan (up 34.46% YoY), net profit attributable to shareholders 10.53 billion yuan (up 1169.77% YoY); proposed cash dividend of 9.32 yuan per 10 shares, total 5.002 billion yuan (47.5% of H1 net profit).牧原股份2025年上半年业绩：营收764.63亿元（同比+34.46%），归母净利润105.3亿元（同比+1169.77%）；拟每10股派发现金红利9.32元，分红总额50.02亿元（占上半年净利润47.5%）。
2025-10-30Q3 2025 results: revenue 35.327 billion yuan (-11.48% YoY), net profit 4.249 billion yuan (-55.98% YoY); first 9 months revenue 111.79 billion yuan (+15.52% YoY), net profit 14.779 billion yuan (+41.01% YoY).2025年第三季度业绩：营收353.27亿元（同比-11.48%），净利润42.49亿元（同比-55.98%）；前三季度营收1117.9亿元（同比+15.52%），净利润147.79亿元（同比+41.01%）。
2026-01-15Muyuan Foodstuff released 2025 annual earnings forecast: net profit attributable to shareholders 14.7-15.7 billion yuan, down 12.20%-17.79% YoY; full-year average hog price ~13.5 yuan/kg, down ~17.3% YoY.牧原股份发布2025年度业绩预告：归母净利润147-157亿元，同比下降12.20%-17.79%；全年商品猪均价约13.5元/公斤，同比下降约17.3%。
2026-03-272025 annual results: revenue RMB 144.145 billion (+4.49% YoY), net profit RMB 15.487 billion (-13.39% YoY); proposes dividend of RMB 4.27 per 10 shares, total RMB 2.435 billion.2025年年报：营收1441.45亿元（同比+4.49%），净利润154.87亿元（同比-13.39%）；拟每10股派4.27元，分红总额24.35亿元。
2026-04-01Muyuan Foodstuff 2025 annual report: revenue 144.145 billion yuan, +4.49% YoY; net profit 15.487 billion yuan, -13.39% YoY; hog sales 77.981 million head, +8.91% YoY; slaughter volume 28.663 million head, +128.9% YoY; slaughter and meat product revenue +86.32% YoY; capacity utilization rate 98.8%; average cost ~12 yuan/kg, -2 yuan/kg YoY.牧原股份2025年年报：营收1441.45亿元，同比+4.49%；净利润154.87亿元，同比-13.39%；生猪出栏7798.1万头，同比+8.91%；屠宰量2866.3万头，同比+128.9%；屠宰肉食营收同比+86.32%；产能利用率98.8%；完全成本约12元/公斤，同比降2元/公斤。
2026-04-21Muyuan 2026 Q1 results: revenue 29.894 billion yuan, -17.10% YoY; net loss 1.215 billion yuan vs profit 4.491 billion yuan a year ago; sold 18.362 million commercial hogs; March cost 11.6 yuan/kg; debt ratio 50.73%, -3.42pp from end-2025.牧原股份2026年一季报：营收298.94亿元，同比-17.10%；净亏损12.15亿元，上年同期盈利44.91亿元；销售商品猪1836.2万头；3月成本11.6元/公斤；资产负债率50.73%，较年初降3.42个百分点。
Production & Sales Guidance产销指引
6 · 2024-02-01 → 2025-06-23
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Annual hog sales guidance, capacity utilization, and output forecasts.年度生猪销售指引、产能利用率和产量预测。
2024-02-01Muyuan Foodstuff sold 63.816 million hogs in 2023, revenue 108.217 billion yuan; slaughtered 13.26 million hogs, up 80% YoY, capacity utilization rose from 25% to 46%.牧原股份2023年销售生猪6381.6万头，销售收入1082.17亿元；屠宰生猪1326万头，同比增长80%，产能利用率从25%提升至46%。
2024-11-142024 full-year hog sales guidance: 66-72 million head; annual production capacity 80.86 million head; breeding sow inventory 3.316 million head as of end-Q3.2024年全年生猪出栏区间预计6600-7200万头；年产能8086万头；三季度末能繁母猪存栏331.6万头。
2024-11-29Company expects 2025 hog output to grow moderately; existing capacity of 80.86 million head/year can support higher output with efficiency gains.公司预计2025年出栏量稳健增长；现有产能8086万头/年，通过效率提升可实现更高出栏。
2025-03-192025 production guidance: commercial hogs 72-78 million head (up 10-19% YoY), piglets 8-12 million head (up 41-112% YoY), total ~80-90 million head.2025年出栏计划：商品猪7200-7800万头（同比+10%-19%），仔猪800-1200万头（同比+41%-112%），合计约8000-9000万头。
2025-04-082025 guidance: commercial hog sales 72-79 million head, piglet sales 8-12 million head. Breeding cost target: full-year average 12 yuan/kg. Slaughter capacity utilization target: above 60%.2025年经营目标：预计出栏商品猪7200万-7900万头，仔猪800万-1200万头。全年成本目标平均12元/公斤。屠宰产能利用率目标保持在60%以上。
2025-06-23Muyuan guided 2025 commercial hog shipments of 72-78 million head and piglet shipments of 8-12 million head.牧原股份预计2025年出栏商品猪7200万-7800万头，仔猪800万-1200万头。
Capacity expansion and capex产能扩张与资本开支
19 · 2024-02-02 → 2026-03-29
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Muyuan plans and executes capital expenditure for hog farming and slaughter capacity, while managing overall capex levels.牧原规划并执行生猪养殖和屠宰产能的资本开支，同时管控整体资本开支水平。
2024-02-02Muyuan Foodstuff discloses hog breeding capacity of about 80 million head/year as of end-2023.牧原股份披露截至2023年底生猪养殖产能约8000万头/年。
2024-05-16Indirect subsidiary Guannan Muyuan Meat Food Co., Ltd. received environmental approval for a 500 million yuan hog slaughtering construction project.间接控股子公司灌南牧原肉食品有限公司生猪屠宰建设项目环评获批，总投资5亿元。
2024-05-22Designed hog production capacity 80 million head/year, completed farms can support 100 million head/year; 30% of sow capacity still unused.设计生猪产能8000万头/年，已建成猪场可支撑1亿头/年出栏；母猪产能仍有30%未利用。
2024-05-31Annual maintenance capital expenditure for fixed assets estimated at 2-3 billion yuan; future capex to be controlled at low level as capacity construction completes.每年固定资产维护、维修及升级改造费用预计20-30亿元；未来资本开支将控制在较低水平。
2024-06-13Designed hog farming capacity is ~80 million head/year; ongoing pig house upgrades (e.g., adding fans) to improve utilization efficiency.当前生猪养殖产能设计规模约8000万头/年；持续对猪舍进行升级改造（如加装风机）以提高利用效率。
2024-06-142024 full-year capex guidance ~RMB 10 billion: RMB 3 billion for maintenance/renovation, remainder for settlement of completed projects and slaughter capacity construction.预计2024年全年资本开支约100亿元：其中30亿元用于维修改造，剩余部分用于已完工项目结算及屠宰产能建设。
2024-09-06As of end-June 2024, hog farming capacity reached 80.48 million head/year; slaughtering capacity reached 29 million head/year. Land reserves exist for farming; some slaughter projects under construction/planning.截至2024年6月末，生猪养殖产能达8048万头/年，屠宰产能达2900万头/年。养殖板块仍有土地储备，屠宰板块有部分在建及规划项目。
2024-10-302024 full-year capital expenditure expected around 12 billion yuan; Q3 capex increased for winter disease prevention equipment upgrades.2024年全年资本开支预计约120亿元；第三季度资本开支环比增长，用于冬季疫病防控设备升级改造。
2024-11-26Terminated seven募投 projects (e.g., Youjiang 180k-head, Hongtong 150k-head, etc.) with remaining raised funds 576.82 million yuan permanently补充流动资金 for daily operations.终止右江18万头、洪洞15万头等七个募投项目后续投入，剩余募集资金5.77亿元永久补充流动资金。
2024-12-23Muyuan Foodstuff announced change of part of raised funds use for 'Muyuan Convertible Bond', triggering additional put option.牧原股份公告变更部分“牧原转债”募集资金用途，触发附加回售条款。
2025-03-04Muyuan's indirect subsidiary Jiangsu Guannan Muyuan农牧 Co., Ltd. received environmental approval for its Guannan No.7 pig farm expansion project, with total investment of 26 million yuan.牧原股份间接控股子公司江苏灌南牧原农牧有限公司灌南七场生猪养殖扩建项目环评获批，总投资2600万元。
2025-03-192024 year-end: breeding capacity ~81 million head/year; 10 slaughter plants in operation with capacity 29 million head/year; all slaughter hogs sourced from own farms.2024年末：养殖产能约8100万头/年；投产10家屠宰厂，屠宰产能2900万头/年；所有屠宰生猪均来自自有养殖场。
2025-03-202025 capital expenditure budget of 9 billion yuan, including 3 billion for pig barn upgrades and 4-5 billion for Zhengzhou industrial park and breeding platform construction.预计2025年资本开支金额为90亿元，其中猪舍升级改造30亿元，郑州产业园及育种平台建设40-50亿元。
2025-05-06Muyuan disclosed pig production capacity of about 81 million head/year as of end-2024, mainly in Henan, Shandong, Anhui, and Northeast China.牧原披露截至2024年末生猪养殖产能约8100万头/年，主要分布在河南、山东、安徽及东北地区。
2025-08-21Muyuan Foodstuff announced it will reduce its breeding sow herd to 3.3 million by end-2025, in response to national production capacity regulation; it will also lower slaughter weight to 120 kg and stop selling fattening hogs to secondary fattening customers.牧原股份响应国家产能调控，计划2025年底将能繁母猪存栏降至330万头；同时降低出栏均重至120公斤，并全面停止向二次育肥客户销售育肥猪。
2025-10-13Responding to national production capacity regulation, reduced breeding sow inventory to 3.305 million heads by end-Sept, orderly culled low-efficiency sows; no new sows in near term; lowered slaughter weight to 120 kg by end-Aug; stopped selling hogs to secondary fattening customers.响应国家产能调控，9月末能繁母猪存栏降至330.5万头，有序淘汰低产低效母猪；短期内不新增母猪；8月末出栏均重降至120公斤；停止向二次育肥客户售猪。
2025-12-01Muyuan responded that it has reduced its breeding sow herd to 3.305 million heads by end-September, culled low-efficiency sows, lowered fattening pig sale weight to 120 kg, and will not add new sows in the short term under national production capacity regulation.牧原股份回应称已调减能繁母猪存栏至9月末330.5万头，淘汰低效母猪，育肥猪销售均重降至120kg，在产能调控方案下短期内不考虑新增母猪。
2026-01-19Muyuan Foodstuff stated on investor platform that it reduced breeding sow inventory to 3.232 million head by end-Dec 2025, in response to national production capacity adjustment policy.牧原股份在互动平台表示，响应国家产能调控政策，2025年12月末能繁母猪存栏降至323.2万头。
2026-03-29Plans capital expenditure of RMB 1-1.5 billion for slaughtering new projects and capacity expansion in 2026.2026年计划在屠宰端资本开支中分配10亿至15亿元用于新建项目与产能提升。
Strategic partnerships and joint ventures战略合作与合资企业
6 · 2024-02-02 → 2025-09-10
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Muyuan forms partnerships and JVs for pork food parks, veterinary medicine, and animal health products.牧原就猪肉食品产业园、兽药及动物保健品等建立合作与合资企业。
2024-02-02Muyuan Foodstuff's parent group Muyuan Group deepens cooperation with Guoquan Shihui (锅圈食汇) to build the Guoquan-Muyuan pork food park in Nanyang.牧原集团与锅圈食汇深化合作，在南阳共建锅圈牧原猪肉食品园区。
2024-04-10Chairman Qin Yinglin stated at a conference that Muyuan has a breeding sow supply capacity of 30 million head after 20 years of breeding innovation, and has attracted over 3,800 upstream/downstream enterprises to Henan. It partners with Qianhong Pharmaceutical to produce heparin sodium from hog by-products, with annual output value of RMB 5 billion.董事长秦英林在会议上表示，经过20年创新育种，牧原具备3000万头种猪供应能力；聚合产业链上下游3800多家企业入驻河南；与千红制药合作利用猪副产品生产肝素钠，年产值达50亿元。
2024-07-02Muyuan Foods and Topigs Norsvin broke ground on a nucleus pig farm in Liangzhou, Gansu. Total investment 136 million yuan, covering about 200 mu, with planned 1,200 sows and annual output of 30,000 breeding pigs, using Muyuan's latest design and smart equipment combined with Topigs Norsvin's genetics.牧原股份与托佩克公司在甘肃凉州开工建设种猪核心场，总投资1.36亿元，占地约200亩，规划存栏母猪1200头，年出栏种猪3万头，采用牧原最新设计及智能设备，结合托佩克优质种源。
2024-08-31Joint venture Henan Lianmu Veterinary Medicine Co., Ltd. (with Lianbang Pharmaceutical) expected to start production in first half of 2025.与联邦制药合资的河南联牧兽药有限公司预计2025年上半年正式投产。
2025-03-03Muyuan's joint-venture animal health companies Zhongmu Muyuan Animal Pharmaceutical Co., Ltd. and Henan Lianmu Veterinary Pharmaceutical Co., Ltd. are progressing as planned, expected to start production by June 2025 to reduce procurement costs.牧原股份参股的动保企业中牧牧原动物药业有限公司和河南联牧兽药有限公司项目正在推进，预计2025年6月投产以降低采购成本。
2025-09-10Muyuan Foodstuff signed a deep cooperation framework agreement with Adisseo (安迪苏), focusing on animal nutrition, healthy breeding, and sustainable development, aiming to collaborate on innovation and resource integration.牧原股份与安迪苏签署深度合作框架协议，聚焦动物营养、健康养殖与可持续发展等领域，进行协同创新与资源整合。
Synthetic biology and feed technology合成生物学与饲料技术
9 · 2024-02-08 → 2025-11-03
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Muyuan invests in synthetic biology to produce amino acids, reduce soybean meal usage, and lower feed costs.牧原投资合成生物学以生产氨基酸，减少豆粕用量，降低饲料成本。
2024-02-08Muyuan Foodstuff and Westlake University jointly establish Muyuan Laboratory to build a 100-billion-yuan synthetic biology industry; self-built biological agent project, Zhongmu Muyuan, and Lianmu Pharmaceutical have started construction, with expected annual output value exceeding 6 billion yuan.牧原股份与西湖大学联合成立牧原实验室，打造千亿级合成生物产业；自建生物制剂项目、中牧牧原和联牧制药均已开工，预计年产值超60亿元。
2024-02-25Muyuan Foodstuff explains synthetic biology project aims to reduce soybean meal usage via fermented amino acids, lowering feed costs and reducing soybean import dependence.牧原股份解释合成生物项目旨在利用发酵氨基酸降低豆粕用量，降低饲料成本并减少大豆进口依赖。
2024-04-17Muyuan Foodstuff disclosed that its subsidiary Henan Muyuan Anliang Synthetic Biology Technology Co., Ltd. started construction of a 30,000-ton/year synthetic biology product project on Dec 19, 2023, with trial production expected in H2 2024, focusing on soybean meal reduction and bio-based products.牧原股份披露子公司河南牧元安粮合成生物技术有限公司年产3万吨合成生物产品项目已于2023年12月19日开工，预计2024年下半年试生产，聚焦豆粕减量替代。
2024-05-06Muyuan added 'synthetic biology' concept; joint venture Henan Muyuan Anliang Synthetic Biotechnology Co., Ltd. with Element Drive (Hangzhou) Biotech starts 30,000-ton synthetic bio product project, trial production expected H2 2024.牧原股份新增“合成生物”概念；与元素驱动（杭州）生物科技合资成立河南牧元安粮合成生物技术有限公司，年产3万吨合成生物产品项目已开工，预计2024年下半年试生产。
2024-05-17Synthetic bio subsidiary Henan Muyuan Anliang expected to start trial production in H2 2024, focusing on soybean meal reduction and bio-based products.合成生物子公司河南牧元安粮预计2024年下半年开始试生产，聚焦豆粕减量替代和生物基产品。
2024-11-18Henan Muyuan Anliang Synthetic Biotechnology Co., Ltd. 30,000-ton synthetic biology project progressing on schedule, expected to start trial production by end of 2024; focuses on soybean meal reduction and bio-based products.河南牧元安粮合成生物技术有限公司年产3万吨合成生物产品项目有序推进，预计2024年底试生产；聚焦豆粕减量替代和其他生物基产品。
2025-02-18Muyuan confirmed that its subsidiary Henan Muyuan Anliang Synthetic Biology Technology Co., Ltd. has commenced production of a 30,000-tonne-per-annum synthetic biology product project.牧原股份确认子公司河南牧元安粮合成生物技术有限公司年产3万吨合成生物产品项目已投产。
2025-06-23Muyuan's synthetic biology project Phase 1 (annual capacity 30,000 tons of amino acids) has been put into production; the company promotes low-soybean-meal diet formulation technology.牧原股份合成生物项目一期年产3万吨氨基酸项目已投产；公司推广低豆日粮配置技术。
2025-11-03Muyuan Foodstuff stated that its soybean meal usage ratio is about 7% in 2025, and it will continue to apply low-soybean-meal technology using biosynthetic amino acids to reduce soybean import dependence.牧原股份表示2025年豆粕用量占比约7%，将持续应用低豆日粮技术，以生物合成氨基酸替代豆粕，降低大豆进口依赖。
Disease control and biosecurity疫病防控与生物安全
2 · 2024-02-29 → 2024-12-23
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Muyuan addresses winter disease impact, African swine fever prevention, and biosecurity measures.牧原应对冬季疫病影响、非洲猪瘟防控及生物安全措施。
2024-02-29Muyuan Foodstuff states winter disease impact on hog herd has stabilized; it has established prevention and control pathways for major diseases including African swine fever, with air filtration and independent ventilation devices.牧原股份表示冬季疫病对猪群影响已趋稳；已打通包括非洲猪瘟在内的主要疾病防控路径，配备空气过滤及独立通风装置。
2024-12-23Muyuan Foodstuff disclosed that winter 2024 epidemic has not materially impacted operations; effective prevention measures implemented.牧原股份披露2024年冬季疫病未对生产经营造成重大影响，防控措施有效执行。
Technology and AI deployment技术与人工智能部署
7 · 2024-03-08 → 2026-06-01
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Muyuan develops and deploys smart farming technologies, AI models, and intelligent systems for pig farming.牧原开发并部署智能养殖技术、AI大模型及智能化系统用于生猪养殖。
2024-03-08Intelligent environmental control and intelligent pipe chain coverage reached over 90%; continues to increase R&D in smart and digital technologies.智能环控、智能管链覆盖率已达90%以上；将继续加大智能化、数字化研发投入。
2024-06-21Has developed an intelligent feeding system that provides feed and water based on pig demand, collects intake data, and adjusts nutrition formulas; will continue to integrate AI and frontier tech into pig farming.已研发智能饲喂系统，根据猪群需求提供饲料和饮水，自动收集采食量数据并调整营养配方；将持续将AI等前沿技术应用于养猪场景。
2024-09-29Filed multiple trademark applications including 'AI Pig Vision', 'Pig Vision', 'Muyuan Zhilian' in classes for scientific instruments, medical horticulture, advertising sales.申请注册多枚商标，包括“AI猪视界”“猪视界”“牧原智联”，国际分类为科学仪器、医疗园艺、广告销售等。
2025-02-10Muyuan disclosed it applies AI, big data, and IoT in pig farming, including smart environmental control, feeding, inspection, sound monitoring, needle-free injectors, and disease prediction.牧原股份披露将人工智能、大数据、物联网应用于养猪生产，包括智能环控、智能饲喂、智能巡检、声音监控、无针注射器及疾病预测等功能。
2026-03-04Chairman Qin Yinglin proposes building a 'pig farming large model' using AI to upgrade the pig industry, covering breeding, disease control, and nutrition.董事长秦英林提出利用人工智能构建‘养猪大模型’，覆盖育种、疾病防控、营养等领域，推动养猪业智能化升级。
2026-05-132025 annual meeting: AI large-model call volume surged; pig-raising large model built to generate diagnostic reports for each farm and batch, improving production and management.2025年度股东会：AI大模型调用量爆发式增长；构建养猪大模型，为每个猪场和批次生成诊断报告，提升生产与管理。
2026-06-01Muyuan Foods signed a strategic cooperation agreement with Alibaba Cloud to jointly build a large-scale pig farming model, based on Alibaba Cloud's Qianwen model, with 'Muyuan AI Xiaomu' already applied in over 1,000 pig farms.牧原股份与阿里云签署战略合作协议，共建养猪大模型，基于阿里云千问大模型打造的“牧原AI小牧”已在1000多个猪场应用。
Share lock-up expiry and unlock股份锁定期届满与解禁
4 · 2024-03-11 → 2024-12-19
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Restricted shares from equity incentive plans become eligible for trading.股权激励计划中的限售股获得上市流通资格。
2024-03-11Board meeting approved repurchase and cancellation of 1.0614 million restricted shares (0.0194% of total) at 29.534 yuan/share plus interest, due to 133 grantees leaving.董事会审议通过回购注销106.14万股限制性股票（占总股本0.0194%），回购价29.534元/股加利息，因133名激励对象离职。
2024-03-2525.1531 million restricted shares (0.46% of total) became eligible for trading, from equity incentive plan.2515.31万股限售股份（占总股本0.46%）解禁上市，为股权激励限售股份。
2024-06-20150 million restricted shares (2.75% of total shares) held by controlling shareholder Muyuan Industrial Group to be unlocked and tradable from June 24, 2024; controlling shareholder currently has no plan to sell.控股股东牧原实业集团有限公司持有的1.5亿股限售股（占总股本2.75%）于2024年6月24日解禁上市流通；控股股东目前无减持计划。
2024-12-19Muyuan Foodstuff completed cancellation of 2,590,619 restricted shares (0.0474% of total) at repurchase price of RMB 29.534/share plus interest, total payment RMB 76.99 million.牧原股份完成注销259.06万股限制性股票（占总股本0.0474%），回购价29.534元/股加利息，总支付7699万元。
Business strategy and market outlook业务战略与市场展望
6 · 2024-03-12 → 2025-11-03
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Muyuan clarifies its business strategy, including no entry into organic pork, central kitchen, or deep-processed meat, and provides market outlook.牧原明确业务战略，包括不进入有机猪肉、中央厨房或深加工肉制品，并提供市场展望。
2024-03-12Company has no plans for central kitchen business; will focus on breeding and slaughtering main business.公司没有中央厨房业务规划；将深耕养殖及屠宰主业。
2024-04-09Muyuan Foodstuff stated in investor Q&A that it has no plan to enter the high-end organic pork market.牧原股份在投资者互动平台表示，公司没有布局高端有机猪肉市场的计划。
2024-04-17Muyuan Foodstuff stated in investor Q&A that it expects 2024 hog prices to be better than 2023, with supply likely lower and demand improving.牧原股份在投资者互动平台表示，预计2024年猪价表现好于去年，供给端下降，需求端向好。
2024-05-15Company expects Q2 2024 hog market supply-demand to improve, full-year hog price to be better than 2023.公司预计2024年二季度生猪市场供需关系改善，全年猪价水平将好于去年。
2024-08-30Company expects H2 2024 hog supply to remain tight due to earlier capacity reduction, and is optimistic about hog market price remaining at a good level.公司预计2024年下半年生猪供应仍偏紧，对后续生猪市场价格较为乐观，预计维持在较好水平。
2025-11-03Muyuan Foodstuff stated on the investor interaction platform that it has no plans to expand into deep-processed meat products (e.g., premium sausages, ham), and will focus on its core business, explore overseas development, and assist farmers.牧原股份在投资者互动平台表示，没有向肉制品深加工业务拓展的计划，未来聚焦主业，探索海外发展、联农助农等业务。
Share pledges and releases股份质押与解除
18 · 2024-03-19 → 2026-01-07
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Controlling shareholders and related parties pledge and release shares for financing purposes.控股股东及相关方为融资目的进行股份质押和解押操作。
2024-03-19Controlling shareholder Qin Yinglin pledged 49 million shares (0.9% of total) to Yunnan International Trust Co., Ltd.控股股东秦英林向云南国际信托有限公司质押4900万股（占总股本0.9%）。
2024-03-29Shareholders Qin Yinglin and Muyuan Industrial Group pledged 102 million shares (1.87% of total) to Huatai Securities (Shanghai) Asset Management and Southwest Securities.股东秦英林、牧原实业集团向华泰证券(上海)资管、西南证券合计质押1.02亿股（占总股本1.87%）。
2024-04-24Shareholder Qin Yinglin pledged 10.71 million shares (0.20% of total equity) to Guotai Junan Securities for financing, and simultaneously released 10.71 million shares from pledge.股东秦英林向国泰君安证券质押1071万股（占总股本0.20%），同时解除质押1071万股。
2024-08-05Shareholder Muyuan Industrial Group pledged 82.66 million shares (1.51% of total) to CITIC Securities for financing; also released some pledges.股东牧原实业集团向中信证券质押8266万股（占总股本1.51%），用于融资；同时解除部分质押。
2024-08-16Shareholder Muyuan Industrial Group pledged 47.5 million shares (0.87% of total) to Caitong Securities Asset Management.股东牧原实业集团向财通证券资产管理有限公司质押4750万股（占总股本0.87%）。
2024-08-28Controlling shareholder Qin Yinglin released pledge of 34.496 million shares (0.63% of total); remaining pledged shares 198 million shares (3.63% of total).控股股东秦英林解除质押3449.6万股（占总股本0.63%）；剩余质押股份1.98亿股（占总股本3.63%）。
2024-09-06Shareholder Muyuan Group released a pledge of 4.92 million shares (0.58% of its holdings) to Ping An Securities on 2024-09-05.股东牧原集团于2024年9月5日向平安证券解除质押492万股（占其所持股份0.58%）。
2024-12-04Muyuan Group, shareholder of Muyuan Foodstuff, released pledge of 12.87 million shares (1.52% of its holding) to China CITIC Bank Nanyang Branch on Dec 3, 2024.牧原集团解除质押1287万股（占其持股1.52%），质权人中信银行南阳分行，2024年12月3日解除。
2025-01-24Shareholder Qin Yinglin extended pledge on 14.5 million shares (0.70% of his holdings) and released pledge on 26.39 million shares (1.26% of his holdings); cumulative pledged shares stood at 400 million (13.27% of his total holdings).股东秦英林办理1450万股质押展期（占其持股0.70%）及2639万股解除质押（占其持股1.26%）；累计质押股份4亿股，占其持股总数的13.27%。
2025-03-06Shareholder Qin Yinglin released a pledge of 58.06 million shares, representing 2.78% of his holdings and 1.06% of total share capital.股东秦英林解除质押5806万股，占其所持股份的2.78%，占公司总股本的1.06%。
2025-03-25Shareholder Qin Yinglin released a pledge of 49 million shares (2.35% of his holdings, 0.90% of total share capital) to Yunnan International Trust Co., Ltd.股东秦英林解除质押4900万股（占其所持股份2.35%，占总股本0.90%），质权人为云南国际信托有限公司。
2025-05-28Muyuan Group, a shareholder, released pledge of 12.83 million shares (1.51% of its holdings); cumulative pledged shares 237 million, 27.91% of its holdings.股东牧原集团解除质押1283万股（占其所持1.51%）；累计质押2.37亿股，占其所持27.91%。
2025-06-27Shareholder Muyuan Group pledged 47.5 million shares (0.87% of total) to Caitong Securities Asset Management for financing, and simultaneously released the same number of shares from pledge.股东牧原集团将4750万股（占总股本0.87%）质押给财通证券资产管理有限公司用于融资，同时解除质押相同数量股份。
2025-08-05Muyuan Group, a shareholder of Muyuan Foodstuff, extended the pledge of 82.66 million shares (1.51% of total equity) to CITIC Securities, with new expiry on August 1, 2027, for financing purposes.牧原股份股东牧原集团将8266万股（占总股本1.51%）股权质押展期至2027年8月1日，质权人为中信证券，用于融资。
2025-08-06Shareholder Qin Yinglin released 14.5 million shares from pledge (0.27% of total equity); as of disclosure, he and his concert parties had 237 million shares pledged (7.87% of their holdings, 4.34% of total equity).股东秦英林解除质押1450万股（占总股本0.27%）；截至公告日，其及一致行动人累计质押2.37亿股（占持股7.87%，占总股本4.34%）。
2025-11-13Muyuan Group, a shareholder of Muyuan Foodstuff, released 64.2 million shares from pledge (7.56% of its holdings, 1.18% of total shares), with the pledgee being China CITIC Bank Nanyang Branch.牧原股份股东牧原集团解除质押6420万股（占其所持股份7.56%，占总股本1.18%），质权人为中信银行南阳分行。
2025-12-10Muyuan's controlling shareholder Muyuan Industrial Group released a pledge of 42.518 million shares (5.01% of its holdings, 0.78% of total share capital) to Zhongyuan Bank Nanyang Branch on December 10, 2025; remaining pledged shares dropped to 47.5 million shares (1.58% of its holdings, 0.87% of total).牧原股份控股股东牧原实业于2025年12月10日解除质押4251.8万股（占其持股5.01%，占总股本0.78%）给中原银行南阳分行；剩余质押股份降至4750万股（占其持股1.58%，占总股本0.87%）。
2026-01-07Muyuan Industrial Group, a shareholder of Muyuan Foodstuff, fully released 47.5 million pledged shares (5.6% of its holdings), leaving zero pledged shares for the controlling shareholder and its concert parties.牧原股份股东牧原实业集团解除质押4750万股（占其持股5.6%），控股股东及其一致行动人质押股份清零。
Legal disputes and regulatory inquiries法律纠纷与监管问询
11 · 2024-03-27 → 2026-05-14
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Muyuan faces lawsuits (defamation, construction disputes, customer claims) and responds to regulatory inquiries from the stock exchange.牧原面临诽谤、施工合同、客户索赔等诉讼，并回应交易所监管问询。
2024-03-27In lawsuits against online defamation, one blogger convicted of picking quarrels and provoking trouble, sentenced to 1 year imprisonment; other 6 cases resulted in apologies and compensation up to 220,000 yuan.针对网络造谣诉讼：一名主播构成寻衅滋事罪，判处有期徒刑一年；其余6起判决赔礼道歉并赔偿最高22万元。
2024-05-12Shenzhen Stock Exchange issued inquiry letter on 2023 annual report, focusing on liquidity risk, high cash and debt coexistence, debt structure, and related-party transactions.深交所对2023年年报下发问询函，关注流动性风险、存贷双高、债务结构及关联交易等问题。
2024-05-24New lawsuit filed on May 13: construction contract dispute (case no. (2024) Su 09 Min Zhong 2918) at Yancheng Intermediate People's Court, Jiangsu.5月13日新增法院诉讼：建设工程施工合同纠纷（案号(2024)苏09民终2918号），江苏省盐城市中级人民法院。
2025-01-24Muyuan responded to a lawsuit filed by customer Chang Xianyun, who alleged that pregnant sows purchased from Muyuan's Wolong Muyuan farm caused a PRRS outbreak killing over 3,000 pigs; Muyuan denied liability, stating all procedures were legal and the farm had no PRRS outbreak.牧原股份回应客户常先云起诉，称其从卧龙牧原1场购买的怀孕母猪导致蓝耳病爆发致3000多头猪死亡；牧原否认责任，称全流程合法合规，该场无蓝耳病疫情。
2025-02-18Customer Chang Xianyun filed a civil lawsuit against Muyuan in Neixiang County Court, claiming virus-infected breeding sows caused 3,000+ pig deaths and seeking ~6.8 million yuan compensation; also reported Muyuan to CSRC, SZSE, and MARA for alleged quarantine certificate forgery and illegal self-made vaccines.客户常先云向内乡县法院起诉牧原，指控其销售带毒种猪导致3000多头猪死亡，索赔约680万元；并向证监会、深交所、农业农村部举报牧原涉嫌检疫证明造假及违法自制疫苗。
2025-02-19Muyuan issued a statement denying media reports that MARA and CSRC had launched investigations into the customer complaint; stated it had not received any investigation notice and had reported the false reports to police.牧原股份发布声明，否认媒体报道称农业农村部、证监会已对其客户举报启动调查，称未收到任何调查通知，并已就不实报道向公安机关报案。
2025-05-12Muyuan subsidiary Wolong Muyuan won lawsuit against customer Chang Xianyun; court ruled pigs were healthy, plaintiff's farm already had virus, dismissed claim.牧原子公司卧龙牧原在与客户常先云的诉讼中胜诉，法院认定生猪健康，原告场区已存在病毒，驳回诉讼请求。
2025-07-26A subsidiary, Laohekou Muyuan, faces an environmental public interest lawsuit filed by an environmental NGO at Wuhan Maritime Court, alleging water pollution from pig farms; the NGO has filed three similar lawsuits against Muyuan subsidiaries in the past two years.牧原股份子公司老河口牧原农牧有限公司被环保公益组织提起环境污染民事公益诉讼，指控生猪养殖场污染水体；该组织过去两年已对牧原子公司提起三次类似诉讼。
2026-04-01Nanyang Cyberspace Administration and public security bureau ordered accounts spreading false information about Muyuan to delete posts; Muyuan guided to protect legal rights.南阳市委网信办联合公安部门责令发布牧原虚假不实信息的账号删除内容，并指导企业依法维权。
2026-04-24Muyuan as plaintiff in contract dispute case (2026) Yu 1325 Min Chu No. 747, defendant Sheng Guirong, trial at Neixiang County People's Court on June 10, 2026.牧原股份作为原告涉及合同纠纷案（2026）豫1325民初747号，被告盛桂荣，内乡县人民法院2026年6月10日开庭。
2026-05-14Subsidiary Le'an Muyuan placed under investigation for wastewater leakage into river during water-fertilizer return operation; multiple prior environmental penalties since 2022.子公司乐安牧原因水肥还田作业渗漏致污水流入河道被立案调查；此前自2022年起多次因废水排放受罚。
Breeding System & Genetics育种体系与遗传
3 · 2024-04-17 → 2025-07-23
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Independent breeding system, rotational two-line breeding, and genetic platform.独立育种体系、轮回二元育种及遗传平台。
2024-04-17Muyuan Foodstuff stated in investor Q&A that its sows are all produced under the rotational two-line breeding system, and it has no plan to switch to standard two-line sows for Duroc three-way crossbreeding.牧原股份在投资者互动平台表示，当前母猪均为轮回二元育种体系所生产，没有转为标准二元母猪与杜洛克配种做三元育肥猪的计划。
2025-06-10Muyuan stated it has practiced independent breeding for over 20 years, no longer relies on imported breeding hogs, and its own breeding hogs fully meet internal demand.牧原股份表示坚持自主育种20余年，已摆脱对进口种猪的依赖，当前种猪能够满足自身发展需求。
2025-07-23Muyuan is building a 6-billion-yuan super-healthy breeding pig selection platform to break through genetic breeding limits, using AI for performance testing to improve feed conversion and reduce costs.牧原股份正在建设60亿元的超健康种猪选育平台，旨在突破遗传学育种局限，利用AI进行生产性能测定，改善料肉比并降低成本。
Executive & Governance高管与治理
4 · 2024-04-26 → 2026-06-06
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Board meetings, auditor appointment, chairman activities, and governance changes.董事会会议、审计师任命、董事长活动及治理变更。
2024-04-26Muyuan Foodstuff appointed KPMG Huazhen as 2024 auditor for one year, replacing previous auditor.牧原股份聘任毕马威华振为2024年度审计机构，聘期一年。
2025-02-17Muyuan Chairman Qin Yinglin attended the national private enterprise symposium in Beijing as a representative of the agricultural sector.牧原股份董事长秦英林作为农业领域代表参加在京召开的民营企业座谈会。
2026-03-27Board meeting scheduled for March 27 to consider 2025 annual results and final dividend.董事会会议定于2026年3月27日举行，审议2025年全年业绩及末期股息。
2026-06-06Founder Qin Yinglin, as lifetime honorary chairman, met with Liu Yongxing, chairman of Dongfang Hope Group, for the first time since stepping down.创始人秦英林以终身荣誉董事长身份首次公开亮相，接待东方希望集团董事长刘永行一行。
Executive and board changes高管与董事会变动
13 · 2024-05-10 → 2026-06-23
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Muyuan experiences changes in its board of directors, senior management, and legal representative.牧原经历董事会、高级管理层及法定代表人变更。
2024-05-10Non-independent director Ram Charan resigned for personal reasons; board nominated Yang Ruihua (VP, spouse of director Cao Zhinian) as candidate for non-independent director.非独立董事Ram Charan因个人原因辞职；董事会提名杨瑞华（副总裁，董事曹治年配偶）为非独立董事候选人。
2024-11-26Board meeting approved non-independent director election proposal; 2024 first extraordinary general meeting scheduled for Dec 12, 2024.董事会审议通过非独立董事换届选举议案；2024年第一次临时股东大会定于2024年12月12日召开。
2024-12-12Muyuan Foodstuff held 2024 first extraordinary general meeting; elected new board: Qin Yinglin as chairman, Cao Zhinian as vice chairman; appointed Qin Yinglin as president.牧原股份召开2024年第一次临时股东大会，选举秦英林为董事长、曹治年为副董事长，聘任秦英林为总裁。
2025-04-21Chief Intelligence Officer (CAIO) Zhang Yuliang resigned due to job change, effective upon delivery of resignation report. He will remain in other positions within the company.首席智能官（CAIO）张玉良因工作变动辞任，辞任报告送达董事会时生效。辞任后仍在公司担任其他职务。
2025-05-23Muyuan board appointed Niu Min as Chief Veterinary Officer (CVO).牧原董事会聘任牛旻为公司首席兽医师（CVO）。
2025-06-19Chairman Qin Yinglin resigned as legal representative of Muyuan (to serve as chairman of Hangzhou Westlake Education Foundation), but remains chairman and president; vice chairman Cao Zhinian was elected as the new legal representative.董事长秦英林辞去牧原股份法定代表人职务（拟任杭州市西湖教育基金会理事长），仍任董事长兼总裁；副董事长曹治年被选为新法定代表人。
2025-07-07Muyuan changed its legal representative from Qin Yinglin to Cao Zhinian, as Qin resigned to take another position; Cao was elected vice chairman and new legal representative.牧原股份法定代表人由秦英林变更为曹治年，秦英林因即将担任其他职务辞任，曹治年被选举为副董事长并担任新法定代表人。
2025-12-25Muyuan elected Su Danglin as a worker-representative director on the fifth board of directors, increasing board size from 7 to 8 members.牧原股份选举苏党林为第五届董事会职工代表董事，董事会成员由7名增至8名。
2026-01-05Muyuan Foodstuff appointed Gao Tong (born 1994, former finance department manager) as CFO, effective from board meeting on Jan 5, 2026.牧原股份聘任高曈（1994年出生，原财务部经理）为首席财务官（CFO），自2026年1月5日董事会起生效。
2026-03-27Wang Zhiyuan resigns as general manager of development and construction due to job change.王志远因工作变动辞去公司发展建设总经理职务。
2026-04-21Muyuan appointed Wang Hanbin as securities affairs representative, assisting board secretary, effective from board approval.牧原股份聘任王翰斌为公司证券事务代表，协助董事会秘书履行职责。
2026-06-01Founder Qin Yinglin resigned as chairman and president due to retirement age; appointed as lifetime honorary chairman and president of Muyuan Pig Research Institute. Cao Zhinian elected as new chairman; Gao Tong appointed as president and CFO; Qin Muyuan nominated as non-independent director.创始人秦英林因到退休年龄辞任董事长、总裁；被聘任为终身荣誉董事长并担任牧原养猪研究院院长。曹治年当选新任董事长；高曈被聘任为总裁及财务负责人；秦牧原被提名为非独立董事。
2026-06-23Temporary shareholders' meeting approved the appointment of Gao Tong and Qin Muyuan as executive directors, increasing the board from 8 to 9 seats.临时股东会审议通过选举高曈、秦牧原为执行董事，董事会席位由8名增至9名。
Herd Inventory & Breeding Sows存栏与能繁母猪
10 · 2024-06-06 → 2025-11-25
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Updates on breeding sow herd, live hog inventory, and capacity adjustments.能繁母猪存栏、生猪存栏及产能调整更新。
2024-06-06Plans to moderately increase the number of breeding sows to improve sow house utilization efficiency; does not predict hog prices to adjust production pace.计划适当提升能繁母猪数量，提高母猪舍利用效率；不通过预测猪价调整生产节奏。
2024-07-11Investor relations record: as of end-June 2024, breeding sow herd 3.309 million head; H1 hog sales 32.388 million head, up 7% YoY. Company optimistic about H2 hog market prices.投资者关系记录：截至2024年6月底能繁母猪存栏330.9万头；上半年销售生猪3238.8万头，同比增长7%。公司对下半年生猪市场价格较为乐观。
2024-08-022024 H1 hog sales volume 32.388 million head, +7% YoY; slaughter volume 5.415 million head; breeding sow inventory 3.309 million head as of end-June; hog breeding capacity 80.48 million head/year.2024年上半年生猪销售3238.8万头，同比增长7%；屠宰生猪541.5万头；截至6月末能繁母猪存栏330.9万头；生猪养殖产能8048万头/年。
2024-12-25Muyuan Foodstuff disclosed hog inventory of about 49 million head as of end-Nov 2024.牧原股份披露截至2024年11月末生猪存栏量约4900万头。
2025-01-06As of end-Dec 2024, Muyuan's breeding sow herd stood at 3.512 million head.截至2024年12月底，牧原股份能繁母猪存栏为351.2万头。
2025-01-13As of end-Dec 2024, Muyuan's live hog inventory was over 47 million head, down from earlier due to increased sales to meet pre-Spring Festival demand.截至2024年12月末，牧原股份生猪存栏量在4700万头以上，因春节前加大销售量而有所下降。
2025-03-17As of end-Feb 2025, hog inventory exceeded 47 million head.截至2025年2月末，生猪存栏量在4700万头以上。
2025-06-10As of end-May 2025, Muyuan's live hog inventory exceeded 45 million head.截至2025年5月末，牧原股份生猪存栏量在4500万头以上。
2025-07-07H1 2025 cumulative sales: 38.394 million commercial hogs, 8.291 million piglets, 225,000 breeding hogs; as of end-June, breeding sow herd stood at 3.431 million head; total hog inventory over 44 million head.2025年上半年累计销售商品猪3839.4万头、仔猪829.1万头、种猪22.5万头；截至6月末能繁母猪存栏343.1万头；生猪存栏量4400万头以上。
2025-11-25Muyuan Foodstuff disclosed that as of end-September 2025, its breeding sow inventory was 3.305 million head.牧原股份披露截至2025年9月末能繁母猪存栏为330.5万头。
Financial Performance & Turnaround财务业绩与扭亏
5 · 2024-07-10 → 2025-07-09
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Quarterly and annual profit forecasts, turnaround from losses, and key drivers.季度和年度盈利预测、扭亏为盈及关键驱动因素。
2024-07-10Announced 2024 H1 net profit attributable to shareholders of 700-900 million yuan, reversing a loss of 2.779 billion yuan in H1 2023; net profit 900 million-1.1 billion yuan. Turnaround driven by higher hog sales volume, higher average selling price, and lower breeding costs.发布2024年上半年业绩预告，归母净利润7亿-9亿元，上年同期亏损27.79亿元；净利润9亿-11亿元。扭亏为盈主要因生猪出栏量、销售均价上升及养殖成本下降。
2024-10-09Q1-Q3 2024 net profit forecast: 10.0-11.0 billion yuan, turning from a loss of 1.842 billion yuan YoY; Q3 net profit 9.0-10.0 billion yuan, up 860.63%-967.36% YoY.2024年前三季度业绩预告：净利润100-110亿元，同比扭亏（上年同期亏损18.42亿元）；第三季度净利润90-100亿元，同比增长860.63%-967.36%。
2025-01-08FY2024 guidance: net profit attributable to shareholders RMB 17-18 billion (vs loss of RMB 4.263 billion in FY2023), turning profitable; net profit RMB 18-19 billion; driven by higher hog sales volume, higher average selling price, and lower breeding costs.2024年度业绩预告：归母净利润170-180亿元（上年同期亏损42.63亿元），扭亏为盈；净利润180-190亿元；主因生猪出栏量、销售均价上升及养殖成本下降。
2025-04-08Q1 2025 earnings forecast: net profit attributable to shareholders 4.3-4.8 billion yuan (turnaround from loss of 2.379 billion yuan in Q1 2024). Driven by higher hog sales volume, higher average selling price, and lower breeding cost.2025年一季度业绩预告：归母净利润43亿-48亿元（上年同期亏损23.79亿元），同比扭亏为盈。主因生猪出栏量、销售均价同比上升，养殖成本同比下降。
2025-07-09Muyuan guided H1 2025 net profit of 10.5-11.0 billion yuan (up 924.6%-973.39% YoY) and attributable net profit of 10.2-10.7 billion yuan (up 1129.97%-1190.26% YoY), driven by higher hog sales volume and lower breeding costs.牧原股份预计2025年上半年净利润105-110亿元（同比增924.6%-973.39%），归母净利润102-107亿元（同比增1129.97%-1190.26%），主因生猪出栏量上升及养殖成本下降。
Other Corporate Actions其他公司行动
2 · 2024-07-10 → 2024-11-26
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Terminated finance company plan, idle fund investment, and investor relations.终止财务公司计划、闲置资金投资及投资者关系。
2024-07-10Board approved using up to 500 million yuan of idle raised funds to invest in principal-guaranteed wealth management products with maturity ≤12 months, effective for 12 months.董事会审议通过使用不超过5亿元闲置募集资金投资安全性高、流动性好的保本理财产品，期限12个月以内，有效期12个月。
2024-11-26Terminated plan to jointly establish a finance company with Muyuan Industrial Group; no actual investment made, no impact on operations.终止与牧原实业集团合资设立财务公司事项；尚未实际投入，不影响经营。
Risk Management & External Factors风险管理与外部因素
2 · 2024-07-12 → 2026-04-02
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Weather impact, market stabilization policies, and operational resilience.天气影响、市场稳定政策及运营韧性。
2024-07-12Responded to investor that current heavy rain has not materially impacted production and operations; farm sites were designed to consider extreme weather like typhoons and rainstorms.回复投资者称当前暴雨天气对公司生产经营未造成重大影响；场区设计时已考虑台风、暴雨等极端天气。
2026-04-02Ministry of Commerce, NDRC, and Ministry of Finance initiated central reserve frozen pork purchase to stabilize market; Muyuan stock rose over 4%.商务部、国家发改委、财政部开展中央储备冻猪肉收储工作；牧原股份股价涨超4%。
New subsidiaries and capital increases新设子公司与增资
11 · 2024-07-24 → 2026-06-23
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Muyuan establishes new subsidiaries for feed, biotechnology, trade, and agriculture, and increases capital in existing subsidiaries.牧原新设饲料、生物科技、贸易、农业等子公司，并对现有子公司增资。
2024-07-24Wholly-owned subsidiary Zhengzhou Modern Agriculture Co., Ltd. established with registered capital 200 million yuan, covering feed production, livestock breeding, slaughtering, and related services.全资子公司郑州现代农牧有限公司成立，注册资本2亿元，经营范围包括饲料生产、牲畜饲养、生猪屠宰等。
2024-08-18Established wholly-owned subsidiary Liaoning Fuxin Yuenong Feed Co., Ltd. with registered capital 20 million yuan, engaged in feed production and sales.出资2000万元设立全资子公司辽宁阜新悦农饲料有限公司，从事饲料生产及销售。
2024-09-23Wholly-owned subsidiary Muyuan Meat Food Co., Ltd. increased registered capital from 2.5 billion yuan to 3 billion yuan.全资子公司牧原肉食品有限公司注册资本由25亿元增至30亿元。
2025-01-08Muyuan established Neixiang Muyuan Hechuang Biotechnology Co., Ltd., with registered capital of RMB 5 million, wholly owned indirectly, covering bio-feed R&D, feed sales, and bio-based materials manufacturing.牧原股份成立内乡县牧原合创生物科技有限公司，注册资本500万元，由牧原间接全资持股，经营范围包括生物饲料研发、饲料销售、生物基材料制造等。
2025-02-05Muyuan Foodstuff wholly-owned subsidiary Nanyang Wolong Yuenong Feed Co., Ltd. established with registered capital of 10 million yuan, engaging in feed production and sales.牧原股份全资子公司南阳市卧龙区悦农饲料有限公司成立，注册资本1000万元，从事饲料生产与销售。
2025-02-18Muyuan indirectly wholly-owned subsidiary Shanxi Chengrui Trade Co., Ltd. established with registered capital of 20 million yuan, covering grain purchase, storage, feed sales, and dairy production.牧原股份间接全资子公司山西诚瑞贸易有限公司成立，注册资本2000万元，经营范围包括粮食收购、仓储、饲料销售及乳制品生产。
2025-04-29Subsidiary Fangcheng Muyuan and others jointly established Fangcheng Yushengyuan Agriculture and Animal Husbandry Co., Ltd. with registered capital of 50 million yuan, covering renewable resource processing and goods import/export.牧原股份全资子公司方城牧原农牧等共同出资设立方城县裕盛源农牧有限公司，注册资本5000万元，经营范围包括再生资源加工、货物进出口等。
2025-05-25Muyuan invested 500 million yuan to establish wholly-owned subsidiary Zhengzhou Modern Agriculture Co., Ltd., engaged in livestock breeding and related businesses.牧原出资5亿元成立全资子公司郑州现代农牧有限公司，从事牲畜饲养及相关业务。
2025-08-21Muyuan Foodstuff's subsidiary Dengzhou Muyuan and others jointly established Dengzhou Suihe Zhiyuan Agriculture Co., Ltd. with registered capital of 50 million yuan, covering renewable resource recycling and processing.牧原股份旗下邓州市牧原养殖等共同成立邓州市穰禾志原农牧有限公司，注册资本5000万元，经营范围包括再生资源回收与加工。
2026-05-09Established Guangdong Hengqin Muyuan Modern Agricultural Technology Co., Ltd., wholly owned by Muyuan, with registered capital of 500 million yuan, covering AI software development and intelligent robot R&D.成立全资子公司广东横琴牧原现代农牧科技有限公司，注册资本5亿元，经营范围包括人工智能基础软件开发、智能机器人研发等。
2026-06-23Muyuan Meat Food Co., Ltd., a wholly-owned subsidiary, increased its registered capital from 3 billion yuan to 4 billion yuan, an increase of about 33%.全资子公司牧原肉食品有限公司注册资本由30亿元增至40亿元，增幅约33%。
Debt & Balance Sheet债务与资产负债表
3 · 2024-08-02 → 2026-05-13
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Asset-liability ratio, debt reduction targets, and balance sheet updates.资产负债率、降债目标及资产负债表更新。
2024-08-02End-June 2024 balance sheet: total assets 191.598 billion yuan, total liabilities 118.423 billion yuan, asset-liability ratio 61.81%, down 1.78 pct from end-Q1; cash 20.36 billion yuan.2024年6月末总资产1915.98亿元，总负债1184.23亿元，资产负债率61.81%，较一季度末下降1.78个百分点；货币资金203.60亿元。
2025-10-31As of end-Q3 2025, asset-liability ratio was 55.50%, down 3.18 percentage points from year-start; total liabilities decreased by about 9.8 billion yuan from year-start, exceeding the annual debt reduction target.截至2025年三季度末，资产负债率55.50%，较年初下降3.18个百分点；负债总额较年初减少约98亿元，超额完成年度降负债目标。
2026-05-132025 annual meeting: asset-liability ratio target to gradually reduce below 50%; 2025 year-end ratio was 54.15% (down 4.53 ppt from start of year); total debt reduced by 17.1 billion yuan.2025年度股东会：目标将资产负债率逐步降至50%以下；2025年末资产负债率54.15%（较年初降4.53个百分点），负债总额减少171亿元。
Hedging and derivatives program套期保值与衍生品计划
4 · 2024-09-11 → 2025-12-09
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Muyuan approves commodity futures hedging and financial derivatives trading to manage price, FX, and interest rate risks.牧原批准商品期货套期保值和金融衍生品交易，以管理价格、汇率和利率风险。
2024-09-11Current live hog futures business scale is relatively small overall.公司目前生猪期货业务整体规模较小。
2024-11-26Board approved financial derivatives trading up to 3 billion yuan (margin/ premium ≤300 million yuan) for 2025 to hedge FX and interest rate risks.董事会同意2025年开展金额不超过30亿元的金融衍生品交易，保证金和权利金上限不超过3亿元，用于规避汇率和利率风险。
2024-11-26Board approved commodity futures hedging (corn, soybean meal, live hogs) with margin/premium cap of 800 million yuan for 2025, using自有资金.董事会同意2025年开展玉米、豆粕、生猪等商品期货套期保值，保证金和权利金上限8亿元，使用自有资金。
2025-12-09Muyuan's board approved conducting commodity futures hedging in corn, soybean meal, and live hogs, and financial derivatives trading (including forwards, swaps, options, interest rate swaps) to manage price, exchange rate and interest rate risks.牧原股份董事会批准开展玉米、豆粕、生猪等商品期货套期保值业务及金融衍生品交易（包括远期结售汇、外汇掉期、期权、利率掉期等），以管理价格、汇率和利率风险。
Piglet sales and pricing strategy仔猪销售与定价策略
2 · 2024-09-14 → 2025-07-09
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Muyuan implements a unified piglet pricing scheme and increases piglet sales volume.牧原实施统一的仔猪定价方案并增加仔猪销售量。
2024-09-14New piglet sales scheme: for Sep 2024 - Feb 2025, 6kg piglet price unified at 370 yuan/head nationwide; for 11 provinces (e.g. Guangdong, Guangxi, Jiangxi) as Region 1, price 400 yuan/head.新的仔猪销售方案：2024年9月-2025年2月，全国6kg仔猪统一售价370元/头；两广江西等11省为大区1，售价400元/头。
2025-07-09Muyuan expects 2025 piglet sales of 8-12 million head, citing large market demand and cost advantage in piglet production.牧原股份预计2025年出栏仔猪800万-1200万头，称仔猪市场需求规模大且公司具有成本优势。
Overseas expansion (Vietnam & Southeast Asia)海外扩张（越南与东南亚）
12 · 2024-09-18 → 2026-05-14
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Muyuan expands internationally by partnering with BAF Vietnam, establishing a Vietnam subsidiary, and exploring Southeast Asian markets.牧原通过与越南BAF合作、设立越南子公司及探索东南亚市场进行国际化扩张。
2024-09-18Signed strategic cooperation agreement with BAF Vietnam Agriculture Joint Stock Company: Muyuan will provide pig farm design/construction, biosafety, environmental solutions and technical services, and promote AI application in the breeding chain.与BAF越南农业股份公司签订战略合作协议：牧原将为BAF提供猪场设计和建设、生物安全、环保解决方案和技术服务，并推进人工智能在养殖产业链中的应用。
2024-12-10Muyuan Foodstuff signed strategic cooperation agreement with BAF Vietnam Agriculture JSC in Sep 2024 to provide pig farm design, biosecurity and environmental solutions.牧原股份2024年9月与BAF越南农业股份公司签订战略合作协议，提供猪场设计、生物安全及环保解决方案。
2025-03-20Overseas business: in 2024, Muyuan signed a cooperation agreement with Vietnamese local farming company BAF to provide pig farming technical services, hardware support, and personnel training.海外业务：2024年与越南本土养殖公司BAF达成合作协议，为其提供养猪技术服务方案、硬件支持和人员培训。
2025-03-22Muyuan established a wholly-owned overseas subsidiary Vietnam Muyuan Co., Ltd. through its subsidiary Ruigu International, with registered capital of $150,000, and completed registration.牧原股份通过全资子公司瑞谷国际农产有限公司投资设立越南牧原有限公司，注册资本15万美元，已完成注册登记。
2025-04-08International cooperation: signed strategic agreement with Vietnam's BAF Agricultural Joint Stock Company in September 2024 to provide pig farm design, construction, biosecurity, and environmental solutions and technical services.国际合作：2024年9月与越南BAF农业股份公司签订战略合作协议，为其提供猪场设计和建设、生物安全、环保等方面的解决方案和技术服务。
2025-05-16Muyuan subsidiary Ruigu International established Vietnam Muyuan Co., Ltd. to provide pig farming technical services and smart equipment; cooperated with Vietnam's BAF.牧原子公司瑞谷国际设立越南牧原有限公司，提供养猪技术服务和智能设备；与越南BAF公司合作。
2025-06-22Muyuan executives stated at the Pig Festival that the H-share listing is likely to be completed in Q4 2025; the company also disclosed a cooperation agreement with Vietnamese farming company BAF signed in 2024.牧原股份高管在养猪节上表示港股发行大概率在四季度落地；并披露2024年与越南养殖公司BAF达成合作协议。
2025-07-14Muyuan's subsidiary Ruigu International Agriculture invested to set up a wholly-owned Vietnam subsidiary (Muyuan Vietnam Co., Ltd.) in Ho Chi Minh City, with registered capital of $150,000, to provide technical services and smart farming equipment.牧原股份子公司瑞谷国际农产在越南胡志明市投资设立境外全资子公司越南牧原有限公司，注册资本15万美元，主营生猪养殖技术服务和智能化养殖设备。
2025-08-21Muyuan Foodstuff established an overseas business team, is exploring markets including Vietnam (via subsidiary Vietnam Muyuan Co., Ltd. set up in March 2025), and plans to expand internationally through light-asset models, new capacity, and M&A.牧原股份已成立海外业务团队，正在考察海外市场（包括2025年3月在越南设立子公司越南牧原有限公司），计划通过轻资产、新建产能和收并购等方式开展国际业务。
2025-10-13Cooperation with BAF Vietnam Agriculture Joint Stock Company on multi-story hog farming project is progressing steadily.与BAF越南农业股份公司合作建设的楼房养殖项目正在稳步推进中。
2026-03-272026 sales guidance: 75 million to 81 million commercial hogs; slaughter volume expected to grow; overseas target to establish production capacity in Vietnam.2026年销售指引：商品猪7500万至8100万头；屠宰量预计增长；海外目标在越南落地养殖产能。
2026-05-14Overseas expansion: Vietnam joint venture and self-built projects progressing, with a joint venture pig farm recently operational; teams sent to Philippines and other countries for business model exploration.海外扩张：越南合资及自建项目有序推进，近期已有合资猪场投产；已派团队在菲律宾等多个国家进行业务模式探索。
Charitable donations慈善捐赠
4 · 2024-09-27 → 2025-12-09
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Muyuan and its chairman make significant donations to the Westlake Education Foundation and other charitable causes.牧原及其董事长向西湖教育基金会及其他慈善事业进行大额捐赠。
2024-09-27Voluntary donation of 100 million yuan to Hangzhou Westlake Education Foundation: 60 million for Westlake University (talent, discipline, infrastructure, research); 40 million for Nanyang Westlake Muyuan Synthetic Biology Research Institute.自愿向杭州市西湖教育基金会捐赠1亿元：6000万元用于西湖大学人才建设、学科建设等；4000万元用于南阳市西湖牧原合成生物研究院建设发展。
2025-10-30Voluntarily donated 100 million yuan to Hangzhou Xihu Education Foundation: 60 million for Westlake University talent and discipline development, 40 million for Nanyang Xihu Muyuan Synthetic Biology Research Institute.自愿向杭州市西湖教育基金会捐赠1亿元：其中6000万元用于西湖大学人才建设等，4000万元用于南阳市西湖牧原合成生物研究院的建设发展。
2025-11-07Muyuan Foodstuff and its chairman Qin Yinglin made a 100 million yuan donation to the Westlake Education Foundation, bringing total donations to 1.2 billion yuan (including stock and cash).牧原股份及董事长秦英林向西湖教育基金会再捐1亿元，捐赠总额达12亿元（含股票及现金）。
2025-12-09Muyuan plans to donate 15 million yuan of its own funds to Henan Muyuan Agricultural Development Charity Foundation for rural revitalization, poverty alleviation, rural education, and agricultural innovation projects; the donation constitutes a related-party transaction.牧原股份拟以自有资金向河南省牧原农业发展公益基金会捐赠1500万元，用于乡村振兴、扶贫济困、农村教育及农业创新项目；该捐赠构成关联交易。
Subsidiaries & Joint Ventures子公司与合资企业
2 · 2024-10-25 → 2025-07-30
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Establishment of subsidiaries, joint ventures, and related operations.子公司设立、合资企业及相关运营。
2024-10-25Wholly-owned subsidiary Henan Xinghua Biotechnology received兽药 GMP certificate and production license for cell suspension culture inactivated virus vaccines.全资子公司河南兴华生物技术有限公司获得兽药GMP证书和生产许可证，生产范围为细胞悬浮培养病毒灭活疫苗。
2025-07-30Muyuan and Dengzhou Suihe Agriculture jointly established Dengzhou Zhiyuan Agriculture Co., Ltd., with registered capital of 50 million yuan, covering livestock breeding and renewable resource processing.牧原股份与邓州市穰禾农牧有限公司共同成立邓州市志原农牧有限公司，注册资本5000万元，经营范围包括牲畜饲养和再生资源加工。
Dividend policy and shareholder returns分红政策与股东回报
8 · 2024-10-29 → 2026-04-02
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Muyuan announces and implements cash dividends, and updates its shareholder return plan.牧原宣布并实施现金分红，更新股东回报规划。
2024-10-29Proposed Q1-Q3 2024 dividend: 8.31 yuan per 10 shares, total 4.505 billion yuan, 40.06% of net profit.2024年前三季度利润分配预案：每10股派发现金红利8.31元，分红总额45.05亿元，占净利润40.06%。
2024-10-29Revised future three-year (2024-2026) shareholder dividend return plan, raising cash dividend ratio.修订未来三年（2024-2026年）股东分红回报规划，提高现金分红比例。
2024-12-13Muyuan Foodstuff's 2024 first three quarters profit distribution plan approved: RMB 8.31 cash dividend per 10 shares, total RMB 4.505 billion, 40.06% of net profit.牧原股份2024年前三季度利润分配方案获批：每10股派8.31元，总额45.05亿元，占净利润40.06%。
2024-12-23Muyuan Foodstuff announced 2024 first three quarters cash dividend record date Dec 27, ex-dividend date Dec 30; RMB 8.34793 per 10 shares.牧原股份2024年前三季度现金分红股权登记日12月27日，除权除息日12月30日；每10股派8.34793元。
2025-03-192024 annual dividend plan: cash dividend of 5.72 yuan per 10 shares, total ~3.083 billion yuan; plus interim dividends and share buybacks, total payout 8.588 billion yuan, 45.38% of net profit. Also proposed 2025 interim dividend plan.2024年度利润分配方案：每10股派5.72元，分红总额约30.83亿元；加上前三季度分红和股份回购，总分红额85.88亿元，占净利润45.38%；同时提出2025年中期分红规划。
2025-05-16Muyuan 2024 AGM approved profit distribution: 5.72 yuan per 10 shares, total 3.083 billion yuan; full-year cash dividend 7.588 billion yuan, 45.38% of net profit.牧原2024年度股东大会通过利润分配方案：每10股派5.72元，总额30.83亿元；全年现金分红75.88亿元，占净利润45.38%。
2025-10-09Announced 2025 semi-annual cash dividend: 9.275214 yuan per 10 shares (pre-tax), total 5.002 billion yuan (pre-tax), based on 5.393 billion shares; ex-dividend date Oct 16, 2025.宣布2025年中期现金分红：每10股派9.275214元（含税），总额50.02亿元（含税），以53.93亿股为基数；除权除息日2025年10月16日。
2026-04-02Muyuan 2025 cash dividend proposal: total 7.438 billion yuan (including tax), 48.03% of net profit; slaughter and meat business achieved first annual profit in 2025.牧原股份2025年现金分红预案：总额74.38亿元（含税），占净利润48.03%；屠宰肉食业务2025年首次实现年度盈利。
Related-party transactions and guarantees关联交易与担保
6 · 2024-11-26 → 2025-12-09
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Muyuan discloses and approves related-party transactions and provides guarantees for subsidiaries' procurement.牧原披露并审批关联交易，为子公司采购提供担保。
2024-11-262025 related-party transaction estimates: purchase of goods 3.175 billion yuan,接受劳务 2.6 billion yuan, sales 410 million yuan; actual 2024 Jan-Oct amounts: 1.123 billion, 1.239 billion, 1.671 billion respectively.2025年度日常关联交易预计：采购商品31.75亿元，接受劳务26亿元，销售产品4.1亿元；2024年1-10月实际发生额分别为11.23亿元、12.39亿元、16.71亿元。
2025-04-24Board approved proposal to increase 2025 daily related-party transaction estimates with Zhejiang Junengbao Oil Trading Co., Ltd. and Henan Junengbao Energy Trading Co., Ltd.董事会审议通过增加与关联方浙江聚能宝油品贸易有限公司、河南聚能宝能源贸易有限公司2025年度日常关联交易预计金额的议案。
2025-04-24Board approved proposal to borrow up to 5 billion yuan from related party Muyuan Industrial Group for production and development, replacing the expiring 10 billion yuan facility.董事会审议通过向关联方牧原实业集团申请借款额度不超过50亿元用于生产经营，替代即将到期的100亿元借款额度。
2025-12-09Muyuan's board approved providing up to 8.746 billion yuan in guarantees for feed raw material procurement contracts signed by subsidiaries with suppliers including SDIC Agricultural Products Supply Chain (Beijing) Co., Ltd., valid until December 31, 2026.牧原股份董事会批准为子公司与国投农产品供应链（北京）有限公司等供应商签订的饲料原料采购合同提供不超过87.46亿元的担保，有效期至2026年12月31日。
2025-12-09Muyuan's board approved providing up to 19 billion yuan in total guarantee quotas for its consolidated subsidiaries and associates for the full year 2026, including 3 billion for entities with debt ratio >70%, 14 billion for those <70%, and 2 billion for associates.牧原股份董事会批准2026年度为合并报表范围内子公司及参股公司提供不超过190亿元的担保额度，其中为资产负债率超70%对象提供30亿元、低于70%对象140亿元、参股公司20亿元。
2025-12-09Muyuan's board approved the company's 2026 daily related-party transaction estimates with parent Muyuan Industrial Group and its subsidiaries.牧原股份董事会审议通过2026年度与控股股东牧原实业集团及其子公司的日常关联交易预计议案。
Shareholding changes and stock connect持股变动与互联互通
12 · 2024-12-12 → 2026-06-05
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Institutional investors and controlling parties adjust their shareholdings; Muyuan shares are added to Stock Connect programs.机构投资者和控股方调整持股；牧原股份被纳入港股通标的。
2024-12-12Muyuan Foodstuff's controlling shareholder and concert parties increased shareholding ratio from 54.56% to 55.72% due to stock purchases, share buybacks and restricted stock cancellations.牧原股份控股股东及一致行动人持股比例由54.56%增至55.72%，因增持、回购及限制性股票注销。
2025-04-23Controlling shareholder and its concert parties' shareholding ratio increased from 55.72% to 56.01% due to share buybacks, restricted stock cancellations, and convertible bond conversions from Dec 12, 2024 to Apr 22, 2025.2024年12月12日至2025年4月22日，因回购股份、回购注销限制性股票及可转债转股，控股股东及一致行动人持股比例由55.72%增至56.01%。
2026-02-16Fidelity Funds increased its stake in Muyuan Foodstuff (02714.HK) by 426,500 shares at HKD 39.2506 per share, totaling approximately HKD 16.74 million; holding rose to 6.03%.富达基金增持牧原股份（02714.HK）42.65万股，每股均价39.2506港元，总金额约1674万港元；持股比例升至6.03%。
2026-03-04Pandanus Partners L.P. increases stake in Muyuan by 1.061 million H-shares at HKD 40.9985 each, raising holding to 10.25%.Pandanus Partners L.P.以每股40.9985港元增持牧原股份106.1万股H股，持股比例升至10.25%。
2026-03-06Muyuan shares added to Shenzhen-Hong Kong Stock Connect southbound list effective March 6.牧原股份被调入深港通下港股通标的名单，自2026年3月6日起生效。
2026-03-09Muyuan shares added to Shanghai-Hong Kong Stock Connect southbound list effective next trading day.牧原股份被调入沪港通下港股通标的名单，自下一港股通交易日起生效。
2026-03-11Shareholder deposits shares into Goldman Sachs (Asia) Securities, with custody market value of HKD 1.671 billion, representing 11.69% of total.股东将股票存入高盛(亚洲)证券，存仓市值16.71亿港元，占比11.69%。
2026-03-12Morgan Stanley increases stake by 1.20418 million H-shares at HKD 46.5469 each, raising holding to 13.16%.摩根士丹利以每股46.5469港元增持120.418万股H股，持股比例升至13.16%。
2026-03-12JPMorgan Chase increases stake by 523,500 H-shares at HKD 43.7619 each, raising holding to 11.05%.摩根大通以每股43.7619港元增持52.35万股H股，持股比例升至11.05%。
2026-03-20Pandanus Associates Inc. reduces stake by 1.275 million H-shares at HKD 45.579 each, holding drops to 8.86%.Pandanus Associates Inc.以每股45.579港元减持127.5万股H股，持股比例降至8.86%。
2026-03-26FIL Limited increases stake by 646,000 H-shares at HKD 41.6367 each, raising holding to 9.18%.FIL Limited以每股41.6367港元增持64.6万股H股，持股比例升至9.18%。
2026-06-05FIDELITY FUNDS increased its stake in Muyuan's H-shares by 568,900 shares at an average price of 35.2701 HKD per share, raising its holding from 4.92% to 5.10%.FIDELITY FUNDS在场内以每股均价35.2701港元增持牧原H股56.89万股，持股比例由4.92%升至5.10%。
Convertible bond adjustments可转债转股价调整
3 · 2024-12-19 → 2026-03-05
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Muyuan adjusts the conversion price of its convertible bonds due to share cancellations, dividends, and H-share over-allotment.牧原因股份注销、分红及H股超额配售调整可转债转股价格。
2024-12-19Muyuan Foodstuff adjusted 'Muyuan Convertible Bond' conversion price from RMB 46.55 to 46.56 per share effective Dec 20, 2024 due to share cancellation.牧原股份因股份注销调整“牧原转债”转股价格由46.55元/股至46.56元/股，2024年12月20日生效。
2024-12-23Muyuan Foodstuff adjusted 'Muyuan Convertible Bond' conversion price from RMB 46.56 to 45.74 per share effective Dec 30, 2024 due to cash dividend.牧原股份因现金分红调整“牧原转债”转股价格由46.56元/股至45.74元/股，2024年12月30日生效。
2026-03-05Due to H-share over-allotment, conversion price of 'Muyuan Convertible Bond' adjusted from RMB 43.80 to RMB 43.74 per share, effective March 10.因H股超额配股权行使，‘牧原转债’转股价格由43.80元/股下调至43.74元/股，3月10日起生效。
Capital & Equity Events资本与股权事件
4 · 2025-01-22 → 2026-03-10
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Share issuance, capital changes, H-share listing, and convertible bonds.股份发行、资本变更、H股上市及可转债。
2025-01-22Muyuan changed its registered capital from approximately RMB 5.26 billion to approximately RMB 5.46 billion, as per industrial and commercial registration update.牧原股份注册资本由约52.6亿元增至约54.6亿元，完成工商变更登记。
2025-04-24Board approved revision of the Company's Articles of Association and related procedural rules for H-share listing, effective upon listing on HKEX.董事会审议通过修订H股发行上市后适用的《公司章程（草案）》及相关议事规则，于H股在港交所挂牌上市之日起生效。
2026-03-05Partially exercises over-allotment option for 36.2717 million H-shares at HKD 39 each, raising net proceeds of approximately HKD 1.395 billion; shares to list on March 10.部分行使超额配股权，发行3627.17万股H股，每股39港元，募资净额约13.95亿港元，3月10日上市。
2026-03-10Issues 195 A-shares upon conversion of convertible bonds; issues 36.2717 million H-shares upon partial exercise of over-allotment option.因可转债转股发行195股A股；因超额配股权部分行使发行3627.17万股H股。
Hong Kong listing (H-share IPO)香港上市（H股IPO）
22 · 2025-03-10 → 2026-01-29
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Muyuan pursues a secondary listing on the Hong Kong Stock Exchange to raise funds for international expansion and R&D.牧原寻求在香港联交所二次上市，为国际扩张和研发筹集资金。
2025-03-10Market sources report Muyuan is considering a Hong Kong secondary listing to raise at least $1 billion, seeking banks for a potential 2025 offering.市场消息称牧原股份正考虑在香港二次上市，筹资至少10亿美元，正在物色银行，最早可能在今年进行。
2025-03-11Muyuan responded to HK listing rumors, stating that a Hong Kong stock issuance is a major matter and will be disclosed through official channels; investors should refer to formal announcements.牧原股份回应赴港上市传闻，称港股发行属于重大事项，将通过法定信息披露媒体公告，请以正式公告为准。
2025-04-15Board approved proposal to issue H-shares and list on the Main Board of Hong Kong Stock Exchange. Issue size: up to 8% of post-issue total shares (plus up to 15% over-allotment). Proceeds for internationalization, R&D, and operations. Subject to shareholder and regulatory approvals.董事会审议通过发行H股并在香港联交所主板上市的议案。发行规模不超过发行后总股本的8%（另可超额配售15%），募集资金用于国际化战略、研发创新及公司运营。尚需股东大会及监管机构批准。
2025-05-06Muyuan Foodstuff plans to list on Hong Kong Stock Exchange to promote international strategy, broaden financing channels, and enhance brand influence.牧原股份计划赴港上市，以推进国际化战略、拓宽融资渠道、提升品牌影响力。
2025-05-16Muyuan hired CITIC Securities, Goldman Sachs, and Morgan Stanley as joint sponsors for Hong Kong IPO; size and timing may change.牧原已聘请中信证券、高盛和摩根士丹利为香港IPO联席保荐人，规模和时间可能变化。
2025-05-27Muyuan officially submitted H-share listing application to Hong Kong Stock Exchange, with joint sponsors Morgan Stanley, CITIC Securities, Goldman Sachs.牧原正式向港交所提交H股上市申请，联席保荐人为摩根士丹利、中信证券、高盛。
2025-06-01Muyuan Foodstuff submitted a listing application to the Hong Kong Stock Exchange on May 27, planning to issue H-shares not exceeding 8% of total post-issuance share capital (with a 15% over-allotment option), with proceeds for internationalization, R&D, and operations.牧原股份于5月27日向香港联交所提交上市申请，计划发行不超过发行后总股本8%的H股（含15%超额配售权），募集资金用于国际化、研发及运营。
2025-06-16Muyuan's H-share listing filing materials were received by the China Securities Regulatory Commission (CSRC); the company had submitted the application to HKEX on May 27.牧原股份H股发行上市备案申请材料获中国证监会接收；公司已于5月27日向港交所递交申请。
2025-07-11China Securities Regulatory Commission (CSRC) issued supplementary filing requirements for Muyuan's Hong Kong IPO (filed on May 27, 2025), asking for details on foreign investment negative list compliance, use of proceeds for global expansion, and overseas subsidiary regulatory procedures.中国证监会对牧原股份港股上市（2025年5月27日递交申请）出具补充材料要求，涉及外商投资负面清单合规性、全球扩张募资用途及境外子公司监管程序。
2025-07-11Muyuan's board secretary Qin Jun stated that the Hong Kong listing is a key part of the company's internationalization strategy, aiming to enhance brand, access new financing, and support expansion in Southeast Asia.牧原股份董秘秦军表示，赴港上市是国际化战略的重要一环，旨在提升品牌知名度、获得新融资平台，并支持东南亚市场拓展。
2025-08-21Muyuan Foodstuff stated that its Hong Kong listing is progressing orderly; proceeds will be used for global expansion and R&D, not for domestic capacity addition.牧原股份表示港股发行有序推进，募集资金用于拓展全球商业版图及研发投入，不会用于国内新增产能建设。
2025-09-01Muyuan Foodstuff submitted its H-share listing application to the Hong Kong Stock Exchange on May 27, 2025, and filed recordal materials with the CSRC in June, which have been accepted. The listing is still subject to approvals from the SFC, HKEX, and CSRC.牧原股份于2025年5月27日向香港联交所递交H股上市申请，并于6月向中国证监会报送备案材料且已获接收。上市仍需取得香港证监会、联交所及中国证监会等批准。
2025-10-31H-share listing project is currently in the CSRC (China Securities Regulatory Commission) filing stage and progressing as planned.港股上市项目目前处于中国证监会备案环节，正在按流程推进。
2025-11-27Muyuan Foodstuff received the CSRC filing notice for its H-share listing on the Hong Kong Stock Exchange, planning to issue up to 546,276,700 ordinary shares.牧原股份收到中国证监会境外发行上市备案通知书，拟发行不超过546,276,700股H股并在港交所上市。
2025-11-28Muyuan Foodstuff updated and resubmitted its H-share listing application to the Hong Kong Stock Exchange, with joint sponsors Morgan Stanley, Goldman Sachs, and CITIC Securities.牧原股份向港交所更新并重新递交H股上市申请，联席保荐人为摩根士丹利、高盛、中信证券。
2025-12-01Muyuan Foodstuff updated its prospectus and refiled for H-share listing on the Hong Kong Stock Exchange, with joint sponsors Morgan Stanley, CITIC Securities and Goldman Sachs; it plans to issue up to 546 million H-shares (8% of pre-issue total share capital) for smart farming, breeding R&D, and overseas farming/slaughter base construction.牧原食品更新招股书并重新递交港交所H股上市申请，联席保荐人为摩根士丹利、中信证券和高盛；拟发行不超过5.46亿股H股（占发行前总股本8%），募集资金用于智能养殖与育种技术研发、海外养殖及屠宰基地建设。
2025-12-04Hong Kong Stock Exchange Listing Committee held a hearing on Muyuan's H-share listing application; the sponsor received a letter stating the committee has reviewed the application but it does not constitute formal approval.香港联交所上市委员会举行上市聆讯审议牧原股份H股发行上市申请；保荐人收到信函指出上市委员会已审阅申请，但不构成正式批准。
2026-01-16Muyuan Foodstuff passed the Hong Kong Stock Exchange listing hearing for H-share IPO, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors.牧原股份通过港交所上市聆讯，联席保荐人为摩根士丹利、中信证券和高盛。
2026-01-20Muyuan Foodstuff board approved the H-share global offering and listing on HKEX, including issuance of prospectus and related procedures.牧原股份董事会审议通过H股全球发售及在香港联交所上市相关事宜的议案。
2026-01-29Muyuan Foodstuff launched H-share IPO subscription: 274 million shares global offering, max price HK$39/share, net proceeds ~HK$10.46 billion (if no over-allotment), listing expected Feb 6, 2026.牧原股份启动H股招股：全球发售2.74亿股，发售价上限39港元/股，募资净额约104.6亿港元（未行使超额配股权），预计2026年2月6日上市。
2026-01-29Muyuan Foodstuff secured cornerstone investors for H-share IPO including Charoen Pokphand Foods, Yihai Kerry, Sinochem Hong Kong, Fidelity, RBC, Gaoyi, Ping An Life, Dajia Life, UBS AM, with total subscription ~HK$5.342 billion.牧原股份H股IPO引入正大集团、丰益、中化香港、富达基金、RBC、高毅、平安人寿、大家人寿、UBS AM等基石投资者，合计认购约53.42亿港元。
2026-01-29Muyuan Foodstuff disclosed H-share IPO proceeds allocation: ~60% for overseas expansion (including Vietnam and SE Asia), ~30% for R&D in breeding, smart farming, nutrition, biosecurity, ~10% for working capital.牧原股份披露H股IPO募资用途：约60%用于海外拓展（包括越南等东南亚），约30%用于育种、智能养殖、营养管理、生物安全研发，约10%用于营运资金。
Feed technology and raw materials饲料技术与原料
1 · 2025-05-06
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Muyuan develops low-soybean-meal diets and adjusts feed formulas to reduce costs and import dependence.牧原研发低豆粕日粮并调整饲料配方以降低成本和进口依赖。
2025-05-06Muyuan stated low-soybean meal diet has no adverse effect on pig growth, meat quality, or feed efficiency, and can flexibly adjust formula.牧原表示低豆日粮对生猪生长、肉质和饲料报酬无不良影响，可灵活调整配方。
Employee Incentives员工激励
1 · 2025-08-23
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Employee stock ownership plan covering core employees.覆盖核心员工的员工持股计划。
2025-08-23Muyuan Foodstuff released a 2025 employee stock ownership plan draft, covering up to 5,437 core employees, using repurchased shares; performance targets based on 2022-2024 average revenue: 2025 revenue no less than 112% of base.牧原股份发布2025年员工持股计划草案，拟以回购股份激励不超过5437名核心员工；业绩考核以2022-2024年平均营收为基数，2025年营收不低于基数的112%。
Product R&D (Snowflake pork)产品研发（雪花猪肉）
2 · 2025-10-13 → 2025-12-08
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Muyuan's premium marbled pork (Snowflake pork) project remains in R&D stage.牧原的高端雪花猪肉项目仍处于研发阶段。
2025-10-13Snowflake pork (premium pork) project is still in R&D stage, not yet in mass stable production.雪花猪肉项目仍在研发阶段，未实现批量稳定生产。
2025-12-08Muyuan stated on investor interactive platform that its 'snowflake pork' (marbled pork) project is still in R&D stage and has not achieved stable mass production.牧原股份在投资者互动平台表示，雪花猪肉项目仍在研发阶段，未实现批量稳定生产。
Company name and governance changes公司名称与治理变更
5 · 2025-12-09 → 2026-06-17
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Muyuan changes its company name and adjusts its corporate governance structure, including board composition and supervisory board abolition.牧原变更公司名称并调整公司治理结构，包括董事会组成和监事会撤销。
2025-12-09Muyuan's board approved amending the company's articles of association to adjust the board from 7 to 8 directors, with the audit committee assuming the监事会 (supervisory board) functions, and abolishing the supervisory board rules.牧原股份董事会审议通过修订公司章程，将董事会由7名董事调整为8名，由审计委员会承接监事会职权，废止监事会议事规则。
2026-02-25Muyuan Foodstuff Co., Ltd. board approved renaming to Muyuan Foodstuff Group Co., Ltd. to support internationalization and group management; subject to shareholder and regulatory approval.牧原食品股份有限公司董事会批准更名为牧原食品集团股份有限公司，以支持国际化战略和集团化管理；尚需股东会和监管部门批准。
2026-03-13First extraordinary general meeting approves company name change and amendment to Articles of Association with over 99.9% approval.2026年第一次临时股东会以超过99.9%同意率通过公司名称变更及《公司章程》修订议案。
2026-05-22Company name officially changed from 'Muyuan Foodstuff Co., Ltd.' to 'Muyuan Foodstuff Group Co., Ltd.' to align with internationalization strategy and group management needs.公司名称正式由'牧原食品股份有限公司'变更为'牧原食品集团股份有限公司'，以顺应国际化发展战略和集团化管理需求。
2026-06-17Company's registered name in Hong Kong changed from 'Muyuan Foods Co., Ltd.' to 'Muyuan Foods Group Co., Ltd.', and Chinese name from '牧原食品股份有限公司' to '牧原食品集团股份有限公司'.公司在香港注册的英文名称由“Muyuan Foods Co., Ltd.”变更为“Muyuan Foods Group Co., Ltd.”，中文名称由“牧原食品股份有限公司”变更为“牧原食品集团股份有限公司”。
Credit rating and ESG信用评级与ESG
1 · 2026-04-10
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Muyuan receives credit rating upgrades and publishes its ESG report with third-party verification.牧原获得信用评级上调，并发布经第三方验证的ESG报告。
2026-04-10Muyuan released 2025 ESG report, first time with third-party verification, following Shenzhen and Hong Kong exchange disclosure standards; invested 6 billion yuan in super-healthy breeding platform.牧原股份发布2025年度ESG报告，首次引入第三方审验，遵循深港交所双重标准；投资60亿元打造超健康种猪选育平台。
