HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Pre-IPO Ridge Outdoor International (PHIP Updates) - Some Points Worth the Attention

Muyuan Foods (2714.HK) - Thoughts on IPO Pricing and Valuation Outlook

Pre-IPO Shenzhen Mindray Bio-Medical Electronics (A/H Listing) - The Headwinds Still Exist

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

Pre-IPO Muyuan Foods - Optimistic Performance Ensures the Future Growth Prospects

Pre-IPO Eastroc Beverage Group - The Outlook Is Not Optimistic, with More Valuation Decline Ahead

Pre-IPO Jingze Biopharmaceutical (Hefei) - The Concerns and the Outlook

Equity Capital Markets

<ul>
<li>25Q3 performance was disappointing. Compared with 2024 and 25H1, MUYUAN's growth momentum was slowing down, which was mainly due to the decrease in the market selling prices of finished hogs.</li>
<li>Strong cost control is the key factor to achieve higher profitability/margins than peers, which will partially mitigate the impact of price fluctuations, but cannot offset sharp decline in hog prices.</li>
<li>We think valuation of MUYUAN could be higher than <a href="https://www.smartkarma.com/entities/wens-foodstuff-group-co-ltd" target="_blank" data-smartkarma-citation="entities:22859:1" rel="noopener">Wens Foodstuff</a>. P/E of 12-15x is a comfortable range. Based on 2025 net profit forecast, market value is RMB216-270 billion.</li>
</ul>


25Q3 performance was disappointing. Compared with 2024 and 25H1, MUYUAN's growth momentum was slowing down, which was mainly due to the decrease in the market selling prices of finished hogs.
Strong cost control is the key factor to achieve higher profitability/margins than peers, which will partially mitigate the impact of price fluctuations, but cannot offset sharp decline in hog prices.
We think valuation of MUYUAN could be higher than Wens Foodstuff. P/E of 12-15x is a comfortable range. Based on 2025 net profit forecast, market value is RMB216-270 billion.


Wens Foodstuff Group Co., Ltd. (300498 CH)

Pre-IPO Muyuan Foods (A/H Listing) PHIP Updates - Some Points Worth the Attention

Muyuan Foods Co

Pre-IPO Muyuan Foods (A/H Listing) PHIP Updates - Some Points Worth the Attention