New Hope Liuhe Co., Ltd.

New Hope Liuhe takes ninth place on both the Animal Feed Brand Authority Index and the Animal Feed Owned-Capacity Index with revenue of RMB 106.856 billion, about US$15.0 billion, and feed sales of 29.74 million tonnes in 2025. The Fortune Global 500 name in this corporate family belongs to New Hope Holding Group, the unlisted parent, which placed 426th on the 2025 list; membership belongs to whichever entity files the consolidated accounts and does not descend to the listed operating company, so the score here rests on the subsidiary's own accounts, which fall below the US$32.2 billion entry line. What is being assessed is a mill network of more than 240 plants, a 71.14 percent feed concentration and a withdrawal from hog farming that is still under way.

Industry Position

New Hope Liuhe operates 240-plus feed mills with annualised capacity above 33 million tonnes, spread over more than ten countries and 300-plus production workshops. Feed sales of 29.74 million tonnes in 2025 place the company in the first rank of Chinese manufacturers, behind Haid's 32.08 million tonnes and ahead of the integrated producers whose tonnage never reaches an outside customer.

Ninth place is a verdict on relative scale inside a table that rewards owned capacity, where 45 percent of the weight goes to manufacturing strength and 25 percent to core category productivity. Revenue of RMB 106.856 billion, about US$15.0 billion, is less than half of what the 2025 Fortune Global 500 required, and a parent's 426th place cannot be transferred: a register position belongs to the entity that files the accounts.

Competitive Advantages

The overseas franchise is the clearest advantage, with 6.38 million tonnes sold outside China, up 21 percent, and top-four positions in Indonesia, Vietnam and Egypt. Those markets are still adding compound feed volume while Chinese consumption flattens, and localised rations compete there on performance rather than on the strength of the parent's name.

Formulation mobility is the second. Near-infrared testing of incoming material, enclosed grinding and pelleting and multi-stage contamination control support several thousand lines that can be switched to a low-protein, low-soybean-meal recipe within days. When meal prices move, that flexibility protects margin without repricing feed to farmers who can change supplier.

Strategic Expansion

Expansion is concentrated outside China, where capacity can be added against demand that is still growing rather than against a market in which the leading manufacturers already set the price. Production entities in nearly 20 countries give the group room to keep adding mills in places where its top-four position is already established.

The larger strategic move runs the other way. Heavy-asset hog farming is being reduced and external capital brought into those assets, releasing cash and removing depreciation from a group that wants to be assessed as a feed manufacturer. The direction is the reverse of Muyuan's, which is deepening the integration New Hope is unwinding.

Risks & Outlook

The domestic hog downturn has lasted long enough to test group cash flow, and it has to end before the feed business can be read on its own numbers. Feed sold to independent farms is a thin-margin, working-capital-heavy trade in which 71.14 percent of revenue carries a smaller share of profit, and input costs are set in markets the company does not control.

Overlapping and undersized mills are being merged and upgraded rather than replaced, which keeps capital spending down but also limits how fast capacity can be pointed at export demand. The 85 assumes the withdrawal from hog farming is completed without the mill network losing momentum while it happens. VerityRank Score of 85/100.