Muyuan Foodstuff Co., Ltd.

Muyuan Foodstuff Co., Ltd. is a China-based, fully vertically integrated hog producer headquartered in Nanyang, Henan Province, founded in 1992 and listed on the Shenzhen Stock Exchange (SZSE: 002714). The company generated RMB 144.15 billion (about US$20.2 billion) of revenue in 2025 and employs roughly 140,000 people.

Company Overview

Muyuan is the largest hog farming enterprise in the world by output. In 2025 it delivered a record 77.98 million market hogs and slaughtered 28.66 million head in its own slaughterhouses, while its meat business contributed RMB 45.23 billion of revenue, up 86% year-on-year. Unlike the conventional "company + farmer" contract model used by most Chinese pork producers, Muyuan insists on a 100% self-built, closed-production system: its own breeding pyramid, its own feed mills, its own multi-story intensive farms, its own slaughter plants, and its own cold-chain logistics.

This vertical integration gives Muyuan exceptional control over biosecurity, feed conversion and product quality, and has driven its fully-loaded cost to the industry's lowest level. The group operates more than 20 large automated slaughterhouses and several hundred intensive farms across Henan and surrounding provinces, making it a benchmark for industrial-scale pig production in China and globally.

Key Strengths

Muyuan's first strength is scale and self-sufficiency: owning breeding, feed, farming, slaughter and distribution removes every layer of third-party margin and quality variability. Its second strength is cost: 2025 net profit reached RMB 15.81 billion with production costs at industry-leading levels, demonstrating pricing power even in challenging markets. Third, its slaughter-and-meat expansion is transforming Muyuan from a live-hog seller into a branded pork and processed-meat platform, with fresh and chilled pork reaching retailers and foodservice customers across China.

The company also invests heavily in smart farming: automated feeding, environmental control, and digital herd-management systems support consistently high biosecurity and productivity, and its disease-control protocols proved crucial through the African swine fever period.

Challenges & Outlook

The fundamental challenge is pork-price cyclicality: after a strong 2025, the first half of 2026 saw a sharp domestic price correction that produced a RMB 6.08 billion temporary loss, illustrating the group's high operating leverage. Disease outbreaks and rising feed costs remain recurring risks, and the business remains concentrated in the China market.

Longer term, Muyuan's trajectory points toward further slaughter-capacity utilization, branded fresh-pork and prepared-food expansion, and gradual export optionality. With the world's largest self-owned hog asset base and industry-best cost structure, Muyuan is well positioned to consolidate China's fragmented pork industry as smaller producers exit the cycle.

Operationally, the company's management philosophy emphasizes extreme cost discipline and technology: its "air filtration + high-density" farm designs, proprietary feed formulas, anddigital herd-management systems have driven survival rates and weight gains to industry-leading levels. The 2025 slaughter-volume expansion - 28.66 million head processed, with the meat division's revenue jumping 86% to RMB 45.2 billion - is steadily converting Muyuan from a live-hog wholesaler into a branded protein company, and its chilled pork now reaches major supermarket chains and foodservice platforms across China. With roughly 140,000 employees and a land bank for further farm expansion, Muyuan retains the resources to keep consolidating the world's largest pork market.

VerityRank Score of 89/100