Analysis of Changes in Average Slaughter Weight of Hogs by Muyuan Foods

Based on the information I collected, below is a detailed analysis of changes in the average slaughter weight of hogs by Muyuan Foods (002714.SZ):

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Time Node	Average Slaughter Weight	Month-over-Month Change	Data Source
December 2025	119 kg	Down 4 kg	Calculated from revenue and sales price [1]
November 2025	Approximately 123 kg	-	Calculated data
Early Q4 2025	126.41 kg	-	Monthly declining trend [2]
End of 2025	121.38 kg	Down approximately 5 kg from early Q4	Monthly declining trend [2]

Year	Average Slaughter Weight	Change Characteristics
2021	Approximately 120 kg	Benchmark level
2023	Increased slightly	Adjusted sales structure based on market demand, with the proportion of commercial hogs increasing [3]
2024	Close to 125 kg	Maintained at a high level [4]
2025	119-128 kg	Proactively reduced, decreasing from 128 kg to 119 kg [5]

In June 2025, the Ministry of Agriculture and Rural Affairs and major production provinces explicitly required the industry to adjust the inventory of breeding sows to 39.5 million head, and put forward policy guidance to

[2].

• Muyuan Foods reduced the average slaughter weight of commercial hogs from 128 kg to 119 kg
• The target is to control the average weight at around
  120 kg
  [5]
• This adjustment is like installing a “flood release valve” for the market, avoiding a price crash caused by concentrated slaughter

Indicator	Effect
Feed Consumption	Reduced by 15 kg per head
Cost Savings	Approximately RMB 80 per head
Short-term Supply Pressure	Effectively reduced

The planned slaughter structure of Muyuan Foods changed significantly in 2025:

• Commercial Hogs
  : 72-78 million head (accounting for approximately 80%)
• Piglets
  : 8-12 million head (growth rate: 41.4%-112.1%) [6]

Since the average weight of piglets is much lower than that of commercial hogs, the increase in the proportion of piglet slaughter will also affect the overall average weight level.

In December 2025, the average slaughter weight of hogs by listed companies as a whole decreased by approximately 1.9% month-over-month, and the reduction range of Muyuan Foods was slightly higher than the industry average [7].

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In 2025, the average slaughter weight of hogs by Muyuan Foods showed a

, gradually decreasing from 128 kg at the start of the year to 119 kg at the end of the year, a drop of approximately 9 kg. This change is a strategic measure by the company to proactively adjust its production capacity structure, respond to policy guidance, and cope with fluctuations in the hog price cycle. By reducing the average slaughter weight, the company has achieved the following:

1. Reduced short-term market supply pressure
2. Cost savings of approximately RMB 80 per head
3. Coordinated with the reduction in breeding sow inventory (from 3.43 million head to 3.232 million head)

This “weight regulation method” reflects the flexible response capability of Muyuan Foods as an industry leader in cycle management. It is expected that the company will maintain an average slaughter weight of around

in the future.

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[1] GF Securities - Muyuan Foods (002714): 2025 Commercial Hog Slaughter Volume Up 19% YoY (January 11, 2026)
[2] iFind - “Pig King” Muyuan Foods Sold 6.38 Million More Hogs, but Revenue Decreased by RMB 3.4 Billion (January 6, 2026)
[3] China Chengxin International - 2024 Annual Tracking Rating Report for Muyuan Foodstuff Co., Ltd. (June 27, 2024)
[4] Sina Finance - Agriculture, Forestry, Animal Husbandry and Fishery Industry: How to View 2024 Slaughter Data of Hog Companies (January 20, 2025)
[5] Guangdong Provincial Association of Animal Husbandry and Veterinary Medicine - Muyuan’s “Combination Punch” for Production Capacity Regulation: From 3.43 Million to 3.3 Million Head (2025)
[6] Securities Times - A Year of Counterattack: Muyuan Foods Reverses the Hog Cycle (March 21, 2025)
[7] Sina Finance App - Agriculture, Forestry, Animal Husbandry and Fishery Industry Data (January 20, 2025)