牧原股份一季度净利同比涨288.79%，屠宰肉食业务微亏

Core Viewpoint - In the first quarter of 2025, Muyuan Foods reported significant growth in revenue and net profit, indicating strong operational performance and effective cost management strategies [1][2]. Financial Performance - The company achieved operating revenue of 36.06 billion yuan, a year-on-year increase of 37.26% [2]. - The net profit attributable to shareholders reached 4.49 billion yuan, marking a substantial year-on-year growth of 288.79% [2]. - The net cash flow from operating activities was 7.51 billion yuan, up 48.14% compared to the previous year [2]. - Basic earnings per share were 0.83 yuan, compared to a loss of 0.44 yuan in the same period last year [2]. Livestock Business - Muyuan Foods sold 22.658 million pigs in the first quarter, including 18.395 million market pigs, 4.149 million piglets, and 113,000 breeding pigs [3]. - The company reported a decrease in breeding costs, with costs dropping to 12.5 yuan/kg by March 2025, and aims to maintain costs below 11 yuan/kg in the future [3]. Meat Processing Business - The company processed 5.32 million pigs in the first quarter, representing an 81% increase year-on-year [4]. - Despite the growth in processing volume, the meat processing segment experienced slight losses due to customer and product structure issues [4]. Debt and Financial Strategy - Short-term borrowings increased from 45.26 billion yuan to 52.35 billion yuan, a rise of 15.67% [4]. - The company plans to reduce its overall debt by approximately 10 billion yuan this year, depending on market conditions [4]. International Expansion - Muyuan Foods announced plans to list in Hong Kong to enhance its international capital operations and attract global talent [5][6]. - The company aims to leverage its technological expertise in pig farming to improve the competitiveness of the local industries in various countries [6].