Muyuan Foods (002714) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached ¥76.46 billion, up 34.46% year-over-year, with net profit attributable to shareholders at ¥10.53 billion, surging 1,169.77% from the prior year period.

• Sales volume of live pigs was 46.91 million heads, with slaughter volume at 11.41 million heads, and fresh/frozen pork sales at 1.27 million tons.

• Slaughter and meat business revenue grew 93.83% year-over-year, and the company’s cost per kg for pig farming dropped below ¥12.1 by June 2025.

• Cash flow from operating activities increased 12.13% year-over-year to ¥17.35 billion.

Financial highlights

• Operating income: ¥76.46 billion, up 34.46% year-over-year.

• Net profit attributable to shareholders: ¥10.53 billion, up 1,169.77% year-over-year.

• Basic EPS: ¥1.96, up from ¥0.15; ROE: 13.79%, up 12.49 percentage points.

• Total assets at period end: ¥186.45 billion; net assets attributable to shareholders: ¥78.44 billion.

• Cash and cash equivalents at period end: ¥16.40 billion.

Outlook and guidance

• The company targets an average annual pig farming cost of ¥12/kg for 2025.

• Plans to further improve production efficiency, expand slaughter/meat business, and continue digital and intelligent upgrades.

• Ongoing international expansion, including a new subsidiary in Vietnam and an H-share listing application in Hong Kong.