On August 21, MUYUAN declined 3.32% in regular trading, trading at HK$34.32/share, with turnover of HK$34.355 million. The stock retreated a day after releasing its H1 interim results.

The company reported H1 revenue of 59.41 billion yuan, down 22.3% year-over-year, with a net loss attributable to shareholders of 6.078 billion yuan, compared to a profit of 10.53 billion yuan in the prior-year period. Gross margin swung to negative 1.6% from positive 20.5%, while operating cash flow turned negative at -2.224 billion yuan. The hog segment bore the brunt, with average selling prices falling approximately 28% year-over-year to around 10.4 yuan/kg, pushing hog business revenue down 30.5% to 52.43 billion yuan. The company sold 38.615 million commercial hogs in H1, with June complete breeding cost at approximately 11.7 yuan/kg. Management indicated pig prices may see a reasonable, stable recovery from H2 through the following year, while the slaughter and meat segment grew 14.04% year-over-year to 22.061 billion yuan.

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