Muyuan Foods Co., Ltd. (002714.SZ) has submitted its listing application to the Hong Kong Stock Exchange's main board, with Morgan Stanley, CITIC Securities, and Goldman Sachs serving as joint sponsors.
As a technology-driven pork industry leader, Muyuan operates a vertically integrated business model covering the entire hog industry chain, including breeding, farming, feed production, and slaughtering. The company operates through two main business segments: hog farming (selling commercial hogs, piglets, and breeding stock) and slaughtering/meat products (including fresh, frozen, and by-products).
Commercial hog sales accounted for 92.8%-96.5% of total revenue from 2022 to the first half of 2025. With over 1,000 farms across 23 Chinese provinces, Muyuan has been the world's largest hog producer by capacity and output since 2021, capturing 5.6% global market share in 2024.
The company expanded into slaughtering in 2019, becoming China's top and the world's fifth-largest processor by volume in 2024. Financials show revenue fluctuations from RMB124.8 billion (2022) to RMB137.9 billion (2024), with net profits swinging between RMB14.9 billion (2022) and losses in 2023. Gross margins ranged from 3.1% to 19.1%, heavily influenced by hog price volatility.
China remains the world's largest pork producer and consumer, with 58.2 million tons consumed in 2024. The domestic hog market shows cyclical pricing patterns, peaking at RMB33.9/kg in 2020 before dropping to RMB15.1/kg in 2023 due to supply recovery.
The controlling shareholder group holds 54.91% equity. Professional advisors include KPMG as auditor and Frost & Sullivan as industry consultant.
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