Muyuan Foods Group 牧原股份
11 significant filings since 29 May 2026: 3 on share issue, 2 on new listing and 2 on major holder buying, and 4 other kinds. The latest, on 21 Aug 2026: 关于公司及控股子公司担保进展的公告. On 11 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to fall by 152.83% to 162.09% from the same period a year earlier.
自 29 May 2026 起有 11 份重大公告：share issue 3 份、new listing 2 份、major holder buying 2 份，另有 4 类。最新一份（21 Aug 2026）：关于公司及控股子公司担保进展的公告。11 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期下降 152.83% 至 162.09%。
As of 25 Sep 2026 截至2026年9月25日
Muyuan Foods Group 牧原股份 is a livestock farming company listed on the Shenzhen Stock Exchange since 28 Jan 2014. It reported revenue of RMB144.14bn in 2025, up 4.5% from 2024, but attributable net profit fell 13.4% to RMB15.49bn. Profit quality was strong, with operating cash flow at 1.90x net profit. However, the first half of 2026 showed a sharp downturn: a pre-announced net loss of RMB6.08bn, a decline of over 150% from the prior year's profit. Liquidity risk is present, with a current ratio of 0.79. A recent filing disclosed the release of pledged shares by a shareholder. The company reported an annual profit in 2025 but faces near-term pressure from declining earnings and weak short-term liquidity.
牧原股份是一家养殖业公司，于2014年1月28日在深圳证券交易所上市。2025年营业收入为1,441.45亿元，同比增长4.5%；归属于母公司股东的净利润为154.87亿元，同比下降13.4%。盈利质量良好，经营现金流与净利润之比达1.90倍。但2026年上半年业绩显著下滑，预告归母净利润亏损60.78亿元，同比由盈转亏，降幅超150%。流动性方面存在风险，流动比率为0.79。近期有一份公告披露股东解除股权质押。公司2025年实现盈利，但短期面临盈利下滑与短期偿债能力偏弱的压力。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Current ratio below 1: current liabilities exceed current assets 流动比率低于1：流动负债超过流动资产 | Current liabilities exceed current assets. 流动负债超过流动资产。 | With a current ratio of 0.79, the company has less current assets than current liabilities, which may impair its ability to meet short-term obligations without asset liquidation or external financing. 流动比率为0.79，表明公司流动资产少于流动负债，可能影响其偿还短期债务的能力，除非通过资产变现或外部融资。 |
| Pre-announced profit fall of more than 50% 预告净利润降幅超过50% | Pre-announced attributable net profit fell more than 50%. 预告归属于母公司股东的净利润下降超过50%。 | The company pre-announced a net loss of RMB6.08bn for the first half of 2026, a decline of 157.7% from the prior year's profit, indicating a sharp deterioration in profitability. 公司预告2026年上半年归母净利润亏损60.78亿元，较上年同期利润下降157.7%，显示盈利能力急剧恶化。 |
- Next interim report's attributable net profit
下一期中期报告的归母净利润 - Next filing on share pledges or freezes
下一份关于股份质押或冻结的公告 - Change in receivable days
应收账款周转天数的变化 - Change in inventory days
存货周转天数的变化 - Next update on liabilities to assets
资产负债率的最新数据 - Operating cash flow per share in the next period
下一期间的每股经营现金流
- Company: Muyuan Foods Group 牧原股份, Shenzhen Stock Exchange 002714; industry Livestock Farming; listed 28 Jan 2014.
公司：牧原股份，深圳证券交易所 002714；行业：养殖业；上市日期：2014年1月28日。 - Close on 24 Sep 2026 RMB40.48; close on 24 Sep 2025 RMB53.96, RMB52.45 in today's terms; one-year change, adjusted for distributions and share changes -22.8%.
2026年9月24日收盘价40.48元；2025年9月24日收盘价53.96元（前复权52.45元）；一年涨跌幅（复权）-22.8%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB32.36 to RMB53.22.
52周区间（前复权）32.36元至53.22元。 - Market capitalisation RMB233.69bn; P/E TTM not meaningful (loss-making); price to book 2.95x.
总市值2,336.91亿元；市盈率（TTM）不适用（亏损）；市净率2.95倍。 - Revenue 2025 RMB144.14bn; 2024 RMB137.95bn; change +4.5%.
营业收入2025年1,441.45亿元；2024年1,379.47亿元；同比+4.5%。 - Attributable net profit 2025 RMB15.49bn; 2024 RMB17.88bn; change -13.4%.
归属于母公司股东的净利润2025年154.87亿元；2024年178.81亿元；同比-13.4%。 - Net profit excluding non-recurring items, 2025 change -14.7%.
2025年扣除非经常性损益后的净利润同比-14.7%。 - Basic EPS 2025 RMB2.88; 2024 RMB3.30.
基本每股收益2025年2.88元；2024年3.30元。 - Operating cash flow per share 2025 RMB5.50; 2024 RMB6.87; operating cash flow to net profit 1.90x.
每股经营现金流2025年5.50元；2024年6.87元；经营现金流与净利润之比1.90倍。 - 2025 gross margin 17.8%; net margin 11.0%; ROE 20.6%.
2025年毛利率17.8%；净利率11.0%；净资产收益率20.6%。 - At 30 Jun 2026: liabilities to assets 54.2%; current ratio 0.79; quick ratio 0.28; receivable days 2; inventory days 113.
截至2026年6月30日：资产负债率54.2%；流动比率0.79；速动比率0.28；应收账款周转天数2；存货周转天数113。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB59.41bn, change -22.3%; attributable net profit -RMB6.08bn, change -157.7% (from a profit to a loss); operating cash flow per share -RMB0.39.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入594.10亿元，同比-22.3%；归母净利润-60.78亿元，同比-157.7%（由盈转亏）；每股经营现金流-0.39元。 - Pre-announcement of 11 Jul 2026 for the period to 30 Jun 2026: attributable net profit change -164% to -154%.
2026年7月11日发布的截至2026年6月30日业绩预告：归母净利润同比-164%至-154%。 - In the 12 months to 25 Sep 2026: 1 distinct filing classed critical, high or as a lift; by class: 1 filing classed Pledge Released. One filing can fall in more than one class, and several filings can concern one matter, such as the notice and the result of one auction.
截至2026年9月25日的近12个月：被归为重大、较高级别或解除类的公告共1份；按类别：归为解除质押的公告1份。同一公告可属多个类别，同一事项亦可有多份公告，例如同一拍卖的提示公告与结果公告。 - 7 Jan 2026, Pledge Released (medium): filing titled 《关于股东股权解除质押的公告》.
2026年1月7日，解除质押：公告《关于股东股权解除质押的公告》。 - Ownership: actual controller 秦英林,钱瑛; controlling shareholder 牧原实业集团有限公司; largest holder at 30 Jun 2026: 秦英林, 36.14%.
股权：实际控制人：秦英林,钱瑛；控股股东：牧原实业集团有限公司；2026年6月30日第一大股东：秦英林，持股36.14%。 - Latest distribution: ex-date 27 May 2026, cash RMB0.43 per share.
最近一次分配：除权除息日2026年5月27日，每股现金0.43元。 - Aurelian Grade D, score 36.3 of 100, graded within a peer group of 22 companies in its industry; no rank among peers is given.
金源评级D，得分36.3（满分100），于行业同业22家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。