Muyuan Foods (002714) 和讯网·2025-04-25 05:18Core Insights - In 2024, the company reported total revenue of 137.947 billion yuan, a year-on-year increase of 24.43%, and a net profit attributable to shareholders of 17.881 billion yuan, a significant year-on-year increase of 519.42%, marking a substantial turnaround [1] - For Q1 2025, the company achieved revenue of 36.061 billion yuan, a year-on-year increase of 37.26%, and a net profit attributable to shareholders of 4.491 billion yuan, with net cash flow from operating activities reaching 7.506 billion yuan, up 48.14% year-on-year [1] Business Performance - In the pig farming segment, the company sold 22.658 million pigs in Q1 2025, including 18.395 million market pigs, 4.149 million piglets, and 113,000 breeding pigs, with a breeding sow inventory of 3.485 million [1] - In the meat processing segment, the company slaughtered 5.32 million pigs, a year-on-year increase of 81%, with capacity utilization rising from 40% to 73%, indicating operational improvement [1] Cost Management and Efficiency - The company has been focusing on cost reduction, achieving a full survival rate of approximately 82% in Q1 2025, with an average daily weight gain of 810 grams for fattening pigs and a pigs per sow per year (PSY) of approximately 28 [1] - The cost of raising pigs is controlled within 11 yuan per kilogram for excellent farms, with about one-third of farms reporting costs below 12 yuan per kilogram in March, and the overall cost of pig farming decreasing to 12.5 yuan per kilogram by March [1] Strategic Initiatives - The company plans to strengthen sales capabilities, optimize customer and product structures, enhance management capabilities, and increase profitability in the meat processing business [1] - The company intends to issue H-shares for listing in Hong Kong as part of its internationalization strategy, with a focus on exploring diverse development models in overseas markets [1]