Muyuan Foods Co., Ltd. (02714) saw its shares drop more than 6% following the release of its annual results, hitting an intraday low of HK$38.34, a record low since listing. As of press time, the stock was down 5.46% at HK$39.12, with a turnover of HK$143 million. The company reported annual revenue of RMB 144.145 billion, a slight increase of 4.49% year-on-year, while net profit attributable to shareholders fell 13.39% to RMB 15.487 billion. Revenue from slaughtering and meat processing operations surged 86.32% to RMB 45.228 billion, accounting for 31.4% of total revenue and achieving profitability for the first time in 2025. Muyuan attributed the decline in net profit primarily to lower hog prices. According to data from the Ministry of Agriculture and Rural Affairs, the average live hog price for 2025 fell 9.2% year-on-year to RMB 14.44 per kilogram, the lowest level since 2019. It was estimated that the average profit per hog sold in 2025 was RMB 31, down RMB 183 compared to 2024.