China’s leading pig farming enterprise, Muyuan Food Group Co., Ltd. (Muyuan Stock) announced on August 21, 2026, that its net profit attributable to the parent company in the first half of 2026 was a loss of 6.078 billion yuan, a decrease of 157.72% year-on-year. Muyuan Stock stated that the main reason for the loss was a significant drop in the selling price of live pigs compared to the previous year.
In its “2026 Interim Report” released on the 21st, Muyuan Stock revealed that in the first half of 2026, its operating income was 59.41 billion yuan, a 22.3% decrease from the previous year’s 76.462 billion yuan. It recorded a net loss attributable to the parent company of -60.78 billion yuan, a sharp decline from the 105.3 billion yuan profit in the same period last year, marking a 157.72% decrease. The net profit, after deducting non-recurring gains and losses attributable to the shareholders of the listed company, was -58.95 billion yuan, down 155.22% compared to the profit of 106.77 billion yuan in the same period last year.
The report attributed the losses to the significant decrease in the selling price of live pigs compared to the previous year. It stated that in the first half of 2026, the price of live pigs reached its peak in January, fluctuated downward, hit bottom in April, and remained at low levels thereafter. Overall, the pig farming industry experienced deep losses in the first half of the year.
Data showed that in 2025, Muyuan Stock achieved operating income of 144.145 billion yuan, an increase of 4.49% year-on-year, while the net profit attributable to the parent company was 15.487 billion yuan, a 13.39% decrease. In the first quarter of 2026, the company’s operating income was 29.894 billion yuan, down 17.1% year-on-year, with a net loss of 1.215 billion yuan, a decrease of 127.05%.
In the fourth quarter of 2025, China’s live pig prices continued to decline, falling below 14 yuan/kg. Around October 2025, the entire industry fell below the comprehensive breeding cost line and entered a state of losses.
Entering 2026, live pig prices rapidly bottomed out, hitting new lows in many years. In mid-March, prices dropped below 10.3 yuan/kg, and by mid-April, in some provinces, prices even fell below 8 yuan/kg. The national average price hit a new low in nearly 17 years (since 2009). Listed pig companies suffered losses across the board in the first quarter.
Currently, mainland China’s live pig prices are still fluctuating narrowly around 10-12 yuan/kg.
Muyuan Food Group Co., Ltd. was founded in 1992 and is headquartered in Nanyang City, Henan Province. The company’s main business includes feed processing, pig breeding, pig farming, and slaughter and processing, forming an integrated pork industry chain.
In 2014, Muyuan Stock was listed on the Shenzhen Stock Exchange. On February 6, 2026, the company was listed on the Hong Kong Stock Exchange, becoming the first A+H pig farming enterprise in China (A+H refers to stocks listed on both the mainland A-share market and the Hong Kong H-share market). On February 25, 2026, the board of directors approved the change of the company’s name to Muyuan Food Group Co., Ltd.
As of August 30th, the closing price of Muyuan Stock on the A-share market was 39.82 yuan per share, with a total market value of 2121.74 billion yuan.