Credit Brief — Muyuan Foods Co.,Ltd. (牧原股份)
002714.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 曹治年
- Registered address: 河南省南阳市内乡县灌涨镇水田村
- Office address: 河南省南阳市卧龙区龙升工业园区
- Controlling shareholder: 秦英林
- Actual controller: 秦英林
- Employees: 127,550
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 20,793.5 | 19,429.1 | 16,951.6 | 13,862.4 | 16,546.6 |
| Trading financial assets | 3.0 | 21.2 | 2.9 | 1.6 | 1,005.4 |
| Accounts receivable | 176.6 | 167.8 | 231.2 | 588.6 | 552.9 |
| Other receivables | 492.8 | 175.5 | 90.6 | 118.5 | 308.9 |
| Inventories | 38,251.7 | 41,930.8 | 41,969.8 | 37,177.4 | 38,297.9 |
| Long-term equity investments | 581.8 | 718.7 | 903.7 | 1,024.1 | 996.7 |
| Fixed assets | 106,358.7 | 112,150.5 | 106,751.4 | 100,634.1 | 96,767.9 |
| Construction in progress | 7,441.3 | 2,308.3 | 2,018.2 | 2,488.7 | 2,379.7 |
| Intangible assets | 952.4 | 1,155.2 | 1,186.6 | 1,245.2 | 1,294.3 |
| Total assets | 192,947.6 | 195,404.6 | 187,648.7 | 171,741.1 | 175,063.1 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 29,165.4 | 46,929.0 | 45,257.7 | 41,155.4 | 47,252.3 |
| Notes payable | 3,157.1 | 2,513.9 | 2,723.7 | 714.3 | 281.7 |
| Accounts payable | 25,186.2 | 23,463.0 | 17,993.0 | 12,613.3 | 12,122.1 |
| Contract liabilities | 849.7 | 571.0 | 599.5 | 1,106.5 | 1,250.9 |
| Other payables | 8,311.2 | 11,092.4 | 8,348.2 | 5,516.6 | 2,984.4 |
| Current portion of non-current liabilities | 9,691.7 | 8,651.2 | 8,204.6 | 7,485.6 | 9,580.0 |
| Long-term borrowings | 10,646.4 | 9,863.5 | 8,797.5 | 7,733.4 | 4,643.1 |
| Bonds payable | 8,921.3 | 9,206.8 | 9,465.5 | 11,695.1 | 11,296.8 |
| Total liabilities | 104,877.2 | 121,367.9 | 110,112.5 | 92,999.1 | 94,847.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 5,472.3 | 5,465.4 | 5,462.8 | 5,462.8 | 5,773.0 |
| Capital reserve | 17,631.3 | 17,691.5 | 13,729.4 | 13,038.6 | 23,737.0 |
| Retained earnings | 47,787.9 | 39,279.5 | 52,271.4 | 59,428.5 | 50,916.1 |
| Equity attributable to owners of the parent | 71,783.4 | 62,828.1 | 72,031.8 | 77,689.2 | 80,186.6 |
| Minority interests | 16,287.0 | 11,208.6 | 5,504.5 | 1,052.7 | 28.6 |
| Total equity | 88,070.4 | 74,036.7 | 77,536.2 | 78,742.0 | 80,215.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 124,826.2 | 110,860.7 | 137,946.9 | 144,145.0 | 59,410.3 |
| Cost of sales | 102,987.1 | 107,414.8 | 111,666.5 | 118,461.1 | 60,346.4 |
| Selling expenses | 758.7 | 982.6 | 1,095.7 | 1,294.6 | 660.4 |
| Administrative expenses | 4,201.4 | 3,876.3 | 3,331.7 | 3,922.4 | 1,761.2 |
| Finance costs | 2,907.7 | 3,054.1 | 2,975.4 | 2,457.8 | 1,119.6 |
| Investment income | 46.9 | -6.4 | 99.6 | 102.2 | 40.1 |
| Operating profit | 14,853.7 | -3,731.9 | 20,010.5 | 16,894.2 | -5,385.3 |
| Profit before tax | 14,930.0 | -4,170.1 | 18,896.5 | 15,809.9 | -5,664.3 |
| Net profit | 14,933.4 | -4,167.9 | 18,925.0 | 15,811.8 | -6,084.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.80x | 0.67x | 0.72x | 0.78x | 0.79x |
| Quick ratio | 0.31x | 0.23x | 0.23x | 0.25x | 0.28x |
| Debt-to-asset ratio | 54.4% | 62.1% | 58.7% | 54.2% | 54.2% |
| Total debt / EBITDA | 2.29x | 10.60x | 2.42x | 2.67x | 31.11x |
| EBITDA interest coverage | 8.77x | 2.31x | 9.96x | 10.39x | 2.09x |
| Gross margin | 17.5% | 3.1% | 19.1% | 17.8% | -1.6% |
| Net margin | 12.0% | -3.8% | 13.7% | 11.0% | -10.2% |
| Return on equity (ROE) | 17.0% | -5.6% | 24.4% | 20.1% | -7.6% |
| Revenue growth | — | -11.2% | 24.4% | 4.5% | -58.8% |
| Net profit growth | — | -127.9% | 554.1% | -16.5% | -138.5% |
| Receivable days | 1 | 1 | 1 | 1 | 3 |
| Cash received / revenue | 102.1% | 101.9% | 101.2% | 103.3% | 104.1% |
| Operating CF / net profit | 1.54x | -2.37x | 1.98x | 1.90x | 0.37x |
| Free cash flow | 5,021.5 | 5,536.2 | 22,641.0 | 36,484.2 | -19,728.1 |
Mechanical risk flags
- ⚠ Current ratio: 0.78 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.25 (level: high, reference threshold: <0.5)
- ⚠ Debt-to-asset ratio: 0.54 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -4,133.9 vs -1,364.4 CNY mn (deviation 66.99%, severity mid)
Sources: 2023年年度报告.pdf p.144 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.135 「货币资金」. CF-statement figure below the balance-sheet movement by 2,769.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -931.8 vs -2,477.5 CNY mn (deviation 62.39%, severity mid)
Sources: 2024年年度报告.pdf p.138 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.129 「货币资金」. CF-statement figure above the balance-sheet movement by 1,545.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -66.5 vs -3,089.2 CNY mn (deviation 97.85%, severity mid)
Sources: 2025年年度报告.pdf p.119 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.110 「货币资金」. CF-statement figure above the balance-sheet movement by 3,022.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 851.1 vs 2,684.2 CNY mn (deviation 68.29%, severity mid)
Sources: 2026年半年度报告.pdf p.68 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.58 「货币资金」. CF-statement figure below the balance-sheet movement by 1,833.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 13,862.4 | 2025年年度报告.pdf | 110 | 货币资金 | 13862397618.88 (元) |
| Total assets | 2025 | 171,741.1 | 2025年年度报告.pdf | 111 | 资产总计 | 171741086702.08 (元) |
| Accounts receivable | 2025 | 588.6 | 2025年年度报告.pdf | 110 | 应收账款 | 588644078.0 (元) |
| Fixed assets | 2025 | 100,634.1 | 2025年年度报告.pdf | 111 | 固定资产 | 100634104612.66 (元) |
| Short-term borrowings | 2025 | 41,155.4 | 2025年年度报告.pdf | 111 | 短期借款 | 41155376669.3 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.