牧原股份2025年年度报告

牧 原 食 品 股 份 有 限 公 司M U Y U A N F O O D S C O . , LT D . 股份代號: 002714.SZ 02714.HK（於中華人民共和國註冊成立的股份有限公司） 2458344269101107110113115116118120122124276 (FCG, HKFCG) 33191920 18 H 1617 2714002714 www.muyuanfoods.com 1526 2920 2025 20257,798.12,866.3128.9%1,441.45158.12 2025BAF20262A+H 2025 60 605.880.8832.4% 12.7671 2026 243,535.53743,764.9348.03% 1 202571,9732.4%20253,9612.9%42,9670.5% 202551% 20255,93858.96% 2 20252025202410202514.449.2%2019312024183 3 202194,100202433,90092%2025610723 1121 202520252025123,9611162.9%101.6% 4 2025202573% 5 202555%-65%2025 202320252024112025223202531202510152024 201919,116202541,137201935.13%202557.16% 20257,798.12,866.33231,4414.5%15816.5%45286.3%2025 2025202512kg2kg 2025 202520252070202598.8% 202520258SDGESG 2025(WPE) 20251714.5380.8520 2025BAFH20262 20252025202520255,000 202532025 2025CMG(2023-2024) 30 1 CMACNAS XGPS 711711 2 0 2 5( G F S I )FSSC22000ChinaGAP5140China GAP 10HACCPISO9001104117ISO140017ISO450015231ISO22000 2 30 3 4 1992 1 30 2 ++ 3 4 2019 20252,8662024129%2025 1 202571,9735,93858.96% 2 3 1 2 (1) (2) 3 20232025 4 5 6 7 20252026 20257,798.1 20267,5008,100 2025144,145.02024137,946.94.5% •2024136,229.32.9%2025140,207.2 •202424,273.686.3%202545,227.6•20241,879.7138.8%20254,488.7 2024109,319.08.4%2025118,461.1 202428,627.910.3%202525,683.9202420.8%202517.8% •202420.9%202517.3%202416.32202513.50 •20241.0%20252.7%(i)(ii)(iii)202443.2%202598.8%(iv) •20240.4%20253.3%(i)(ii) 20241,095.718.2%20251,294.6 20243,331.717.7%20253,922.4 20241,747.25.7%20251,648.2 20242,975.417.4%20252,457.8 2024-28.693.4%2025-1.9 202418,925.016.5%202515,811.8 2025 20251231 (1)(2)100%(3)100%(4)100%(5)100% 2024123145,257.72025123141,155.4202412318,797.5202512317,733.42025123120,076.0 2024123112,844.62025123112,778.1 EBITDA EBITDAEBITDA 202437,543.119.9%202530,056.2202413,246.245.3%20257,244.820259,528.9202412,380.7202425,228.79.3%202522,878.0202566.5 202512312,601.3202412317,073.3 202420251231 202412,380.720259,528.9 202420251231 20251231127,550 61200912 199219952023220221220206202472022420258 201482017102018122017520212 198962020320242 (CEO) 4920091220188 2014720101201652017820171120171020171220256 1998200072000720091220114201441999720203 49202452000720203 199632000720075201152009220094200972015420244 1997620097 60200912 199520086201582016820206 19887202412 (CEO) 57202512202241995720007200072022420203202512 53202312 (1117.HK)20217(2370.HK)20223(1317.HK)20243(2228.HK)20245202410202552025520197 200712018920189201962019620258TeamwayInternational Group Holdings Limited (1239.HK) 1995(HKICPA)(ACCA)(CIA) 5320217 20217(300790.SZ)20231(003028.SZ)202412024820115201482018620206201922024920151220259201911202452021720244(002782.SZ)(603377.SH) 199472006620096200822013720241020252 6920219 2016220188201992020620251220211020241020256 2010320156(000561.SZ)2015420215(6066.HK601066.SH)20158201812(300023.SZ)2015920209(601991.SH)2016520188(000627.SZ)20161020205(000570.SZ)2019820259(300110.SZ)20191220247(601369.SH)202092025112024820254(600928.SH)20189202451982720004 2018520191119977 61 49 49 20261 2017720233 201912026327(CEO) 20203 200772007720202200912202032007620203 20203 2015201572018320183202032023320146 20203202332017122018102021220102010720203 2010620108 201472020320254 2021220122012112014720017201211(2611.HK601211.SH)2020820251220255A 19977200172014320203 202032026320185201220127202032012 20203 202112011201172015620156201982019820203202112023720214202642021220235202311 20116 20203202332023620192011120194(002726.SZ)20071 2025520142014720213202132025520211202372021122025122022320253202362023720233202332022122022122014620173 20251231 HC1 H202626 C3H202626 (i)(ii) 202553.09D H202626 20251231 C.2.1 A.2.1 20251231 a) b) c) d)e) 3.10(1)3.10(2)3.10A 3.13 (1) (2)(3)(4) C.1.420251231 20251231 3.213.23C.4D.33.10(2)3.21 a) b)c)d)e) 20251231 3.25E.1 a)b)c)d) e)f)g)h) 5(6) B.313.92 a)b)c)d)e)f) a)b)c)d)e)f) 2026 a)b) c)d)e)f)g) 2025(ESG) 4060 62 41-50251-60461-702 3311 323 8 165 25%36%422%28,257 (i) (ii)(iii)(iv)(v)(vi)(vii)(viii) ••••••3.13• B.2.2 •• 2025123120251231(ESG) 20251231 20252025: 3.29H2026263.2920263.29 10%1051010%59010% 1%102 +86 0377-65239559 +86 0377-66100053 myzqb@muyuanfoods.com H1617H • • ••• •(www.muyuanfoods.com)• ••• H2026313 32024-202640% 20251231 (i)(ii) 1 107123293225 2025820252024109.3220258195,002,294,529.06202547.50%202510 2025 1 04.2720263222,435,355,283.04 AH2025500,229.4020252025743,764.93 202520252026520202652120265212026519H161720266222026521H H 273,951,400H20263536,271,700H2026310 20263132026MuyuanFoods Co.,Ltd.Muyuan Foods Group Co., Ltd. 20251231 2025(ESG) 55%-65% 24 (i)5.6%20243.2%)17.4%202412.6% (ii)2025123111,938.08.3%20249.0%2.4%20243.8% 5% 20251231 202512311 202512315,462,771,148 (1)69,586,523AA1.27% (2)273,951,400H202631036,271,700H 35 2025