Reporting from Epoch Times on March 29, 2026:
Muyuan Food Co., Ltd. (Muyuan), released its financial report on March 28, showing a 4.49% year-on-year increase in operating income in 2025, reaching a net profit of 15.812 billion yuan, a decrease of 16.45%. Despite the increase in revenue, Muyuan did not see a corresponding increase in profits due to the continued downturn in the Chinese hog market.
According to the “2025 Annual Report” released by Muyuan on the 28th, the company achieved an operating income of 144.145 billion yuan, representing a 4.49% increase from the previous year. The net profit was 15.812 billion yuan, a decrease of 16.45%. In addition, the net profit attributable to shareholders of the listed company was 15.487 billion yuan, a decrease of 13.39%, with an adjusted net profit of 15.988 billion yuan, down 14.71%. The basic earnings per share were 2.88 yuan, a decline of 12.73%.
The report detailed the earnings for each quarter of 2025: 44.91 billion yuan in the first quarter, 60.39 billion yuan in the second quarter, 42.49 billion yuan in the third quarter, and 7.08 billion yuan in the fourth quarter, showing a downward trend.
Industry experts indicated that the Chinese hog industry has been struggling with declining prices, with the hog market experiencing a downward trend throughout 2025, making it challenging for pig enterprises to achieve profitability.
Zhu Zengyong, an analyst at Zhuochuang Information specializing in hogs, pointed out to “Time Finance” that the continuous decline in hog prices led to the industry entering a loss phase from mid-September 2025. The average profit per hog dropped from a profit of 309.71 yuan per head in January to a loss of 184.95 yuan per head in December 2025. “In 2025, the market saw excess supply of hogs due to the production capacity release, but limited demand side support has set the tone for low hog prices,” said Zhu Zengyong.
According to monitoring data from the Ministry of Agriculture and Rural Affairs, the average annual live pig price in 2025 was 14.44 yuan/kg, a 9.2% decrease compared to the previous year, marking a new low since 2019. The estimated average profit per slaughtered pig for the year was 31 yuan, a reduction of 183 yuan from 2024.
As the industry enters 2026, there is still no sign of a turnaround in hog farming. Hog prices continue to decline, with the national average price for lean hogs hitting a historic low of 9.71 yuan/kg on March 23. Additionally, the main live hog futures contract fell to 9,815 yuan/ton on March 27, marking a historic low since its launch in January 2021.
Data from the Ministry of Agriculture and Rural Affairs monitoring 500 county-level trading markets and collection points showed that in the third week of March 2026, the price per kg of piglets dropped by 2.6% compared to the previous week, with a year-on-year decline of 30%; the price per kg of live hogs dropped by 2.9% weekly and 28% annually, while the price per kg of pork decreased by 2.1% weekly and 16.5% annually.
Analysts cited by Chinese media on March 28 attributed the continued decline in pork prices to a combination of factors. Firstly, the high supply of live pigs has kept market prices sensitive to shifts in supply and demand. Secondly, pork consumption tends to decline during the off-season. Lastly, the low market sentiment is accelerating the selling of live pigs.
Looking ahead, Zhu Zengyong from the Beijing Institute of Animal Husbandry and Veterinary Sciences at the Chinese Academy of Agricultural Sciences believes that the current pressure on hog supply will persist. He predicts that pork prices may remain low in the first half of the year, with a potential improvement in the supply-demand relationship in the latter half of the year.