Huatai Securities Research Report pointed out that on June 4, Muyuan Co., Ltd. attended the 2025 mid-term strategy meeting. At the meeting, the company discussed that the number of pigs released from January to April continued to increase year-on-year, and that the total cost of breeding continued to improve markedly. In April, it had dropped to 12.4 yuan/kg. At the same time, the single-head gain strategy had some results. The company has submitted an application for the issuance of H shares, and the project is in progress. Its debut in the international capital market may help the company gradually expand its global commercial footprint in the future. I believe that although pig prices have been in a downward cycle since this year, the decline is slow and the breeding industry is still in profit margin. I am optimistic that the company's leading breeding costs+single-head gain space will gradually increase its ability to realize profits under its advantage. Maintain a “buy” rating.

Huatai Securities Research Report pointed out that on June 4, Muyuan Co., Ltd. attended the 2025 mid-term strategy meeting. At the meeting, the company explained that the number of pigs released from January to April continued to increase year-on-year, and that the total cost of breeding continued to improve markedly. In April, it had dropped to 12.4 yuan/kg. At the same time, the single-head gain strategy had some results. The company has submitted an application for the issuance of H shares, and the project is in progress. Its debut in the international capital market may help the company gradually expand its global commercial footprint in the future. I believe that although pig prices have been in a downward cycle since this year, the decline is slow and the breeding industry is still in profit margin. I am optimistic that the company's leading breeding costs+single-head gain space will gradually increase its ability to realize profits under its advantage. Maintain a “buy” rating.