Recently, Muyuan Foods Co., Ltd. (002714.SZ) announced that in order to further promote its internationalization strategy and build an international capital operation platform, the company plans to issue overseas-listed foreign-funded shares (H-shares) and be listed on the main board of the Hong Kong Stock Exchange. At present, the relevant proposals have been approved by the company's board of directors and the supervisory board.
Muyuan, a Chinese pig breeding enterprise, was founded in 1992 and was listed on the Shenzhen Stock Exchange in January 2014. It has now formed a pork industry chain integrating feed processing, pig breeding, pig raising, and slaughtering and processing.
In 2024, Muyuan achieved an operating income of CNY 137.947 billion, a year-on-year increase of 24.43%. Its net profit attributable to shareholders reached CNY 17.881 billion, turning losses into profits compared with a loss of CNY 4.168 billion in the previous year, with a year-on-year increase of 519.42%. Through measures such as optimizing feed formulas and improving management efficiency, Muyuan reduced the complete cost of pig breeding to CNY 12.5 per kilogram in March. The target for 2025 is an annual average of CNY 12 per kilogram.
In recent years, Muyuan has expanded into overseas markets through means such as technology output and joint venture factory construction. In September 2024, Muyuan reached a strategic cooperation with Vietnam's agricultural company BAF, providing it with technical services such as pig farm design and biosecurity. In March 2025, its subsidiary Ruigu International established a wholly-owned subsidiary in Ho Chi Minh City, Vietnam, further deepening its presence in the Southeast Asian market.
Southeast Asia has become a key target for Muyuan due to its strong demand for pork. Among them, Vietnam is a Southeast Asian country with a relatively high proportion of pork in meat consumption. Pork production accounts for about 60% of the total livestock meat production in Vietnam. The annual demand for live pigs is about 45 million to 50 million head, and its pork consumption ranks among the top five globally.
In the past two years, affected by the continuous African swine fever epidemic, pork prices in the Vietnamese live pig market have risen sharply. Since the first quarter of 2024, pork prices in Vietnam have maintained an upward trend, currently at VDN 80000 per kilogram (CNY 23 per kilogram).
A person in charge of Muyuan said that the company's overseas business is still in the exploration stage at present. The company has established an overseas business team, which will conduct a full investigation of the overseas market, explore development opportunities, and carry out overseas development with its own advantages and capabilities.