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🇭🇰 港交所MUYUANCodex · 实盘不做把握 5/10
北京时间·🕒 发布 20:08:00时区推断·⟳ 抓取 20:09:19·⚡ 决策 08-05 22:43:28 +2h34m·82.8 天前

牧原股份披露7月商品猪均价同比降25.59%、销售收入同比降23.56%

7月商品猪销量同比增长4.82%仍未抵消价格下行,商品猪销售收入88.97亿元同比下降23.56%,确认核心养殖收入继续承压。

📄 原文MUYUAN↗ 原文
SALES BULLETIN - JULY 2026
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 牧原股份(002714.SZ)
7月销售收入和均价同比大降确认经营承压,但半年度亏损和低猪价已在7月10日充分披露,且7月均价和收入环比改善,隔夜直接做空edge不足。
不做 牧原食品(02714.HK)
H股同受7月销售数据拖累,但公告是例行月度经营披露,负面逻辑已有旧闻基础且短线预期差不够强,不开新仓。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

🔎 新鲜度:最早出现 2026-08-05 · 扩散 low · price-in 风险 medium ↗ ↗ ↗

消息传播链

  1. 2026-08-05 20:08 HK官方确认/否认HKEX一手源原文 ↗
    港交所披露牧原股份7月销售简报,披露时间在港股和A股收盘后,本公告尚未被连续交易价格反应。
    市场反应:公告前当日收盘02714.HK跌0.70%,002714.SZ涨0.89%,不包含本次盘后公告反应。
  2. 2026-08-06官方确认/否认巨潮资讯一手源原文 ↗
    内部KB命中A股同一《2026年7月份销售简报》,说明A/H两地披露的是同一具体月度经营数据。

关键理由

  • 7月商品猪销量同比增长4.82%仍未抵消价格下行,商品猪销售收入88.97亿元同比下降23.56%,确认核心养殖收入继续承压。
  • 7月商品猪均价10.64元/公斤同比下降25.59%,与7月10日半年度预亏57亿–67亿元的低猪价逻辑一致,新增事实偏负但不是全新利空。
  • 7月均价较6月9.69元/公斤环比回升,销售收入也较6月75.00亿元环比改善,削弱隔夜直接做空的风险收益比。

主要风险

  • 低猪价和上半年亏损已提前广泛披露,7月销售简报属于例行月度数据,短线做空可能缺乏预期差。
  • 若8月至9月猪价继续反弹或公司降本、屠宰业务改善被市场强调,负面月度数据的压制期可能很短。

反向证据

  • 做空前查反向 · 来源 web · 日期 2026-07-11 · 影响 weakens
    媒体报道显示公司成本下降、屠宰业务延续盈利,且行业人士预期9月猪价回升;这些因素削弱但不否定7月同比下滑的短期负面。
    检索:牧原股份 2026年7月 猪价 反弹 成本 屠宰业务 回购 原文 ↗
  • 做空前查反向 · 来源 kb_search · 日期 2026-07-10 · 影响 weakens
    KB显示低猪价导致半年度预亏已在7月10日被多家媒体和公告传播,本次7月销售简报的预期差有限。
    检索:牧原食品 2026年7月 销售简报 生猪 销售收入 均价 10.64 8,897 原文 ↗
  • 做空前查反向 · 来源 stock_quote · 日期 2026-08-05 · 影响 none
    公告前A股当日上涨0.89%、H股下跌0.70%,近20日未见针对本次7月销售简报的明确提前同向重定价。
    检索:002714.SZ 02714.HK stock_quote full
工具调用 · 历史记录,结果未知(3 种)
  • search_processed_events · 结果未知
  • stock_quote · 结果未知
  • kb_search · 结果未知

原文全文

展开原文 · 3,687 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

# MUYUAN FOODS GROUP CO., LTD. 牧原食品集團股份有限公司

(A joint stock company incorporated in the People’s Republic of China with limited liability)

(Stock code: 2714)

## SALES BULLETIN – JULY 2026

In accordance with the Shenzhen Stock Exchange Listed Company Self-Regulation Guidelines No.3 – Industry Information Disclosure* (《深圳證券交易所上市公司自律監管指引第 3 號-行業 信息披露》), Muyuan Foods Group Co., Ltd. (the “Company”) publishes its sales bulletin for July 2026 as follows:

#### SALES OVERVIEW – JULY 2026

In July 2026, the Company sold approximately 6.66 million finished hogs, representing a year-on-year increase of 4.82%. The average selling price of finished hogs was approximately RMB10.64 per kilogram, representing a year-on-year decrease of 25.59%. The sales revenue from finished hogs amounted to approximately RMB8,897 million, representing a year-on-year decrease of 23.56%. The relatively large year-on-year decreases in selling price and sales revenue of finished hogs were mainly due to fluctuations in hog market conditions.

Month

Sales volume of finished hogs (million heads)

Current month Cumulative

Sales revenue of finished hogs (RMB million)

Current month Cumulative

Average selling price

of finished

hogs (RMB/kg)

Current month

January 2026 7.01 7.01 10,566 10,566 12.57 February 2026 4.60 11.61 6,405 16,971 11.59 March 2026 6.75 18.36 8,606 25,577 9.91 April 2026 7.14 25.51 8,503 34,080 9.45 May 2026 6.88 32.39 8,565 42,645 9.80 June 2026 6.23 38.62 7,500 50,145 9.69 July 2026 6.66 45.28 8,897 59,042 10.64

Note:

Any discrepancies between the monthly figures and the cumulative totals in the table above are due to rounding.

In July 2026, Muyuan Meat Co., Ltd. (牧原肉食品有限公司), a wholly-owned subsidiary of the Company, and its subsidiaries slaughtered 2.763 million heads of hogs.

#### RISK WARNING

- (1) Significant fluctuations in hog market prices (whether decreases or increases) may have a material impact on the Company’s operating results. If hog market prices decline significantly in the future, the Company’s results of operations may be adversely affected.
- (2) The risk of fluctuations in hog market prices is a systemic risk inherent in the hog production industry and represents an objective and uncontrollable external risk faced by all hog producers.
- (3) Animal diseases are a major risk faced by the livestock industry and may have a material impact on the Company’s operating results.


The aforementioned data is unaudited and may differ from the data in the Company’s periodic reports. Such data is provided for investors’ reference only and should be subject to such data disclosed in the Company’s periodic reports.

Shareholders and potential investors are advised to pay attention to investment risks, and exercise caution when dealing in the securities of the Company.

By order of the Board Muyuan Foods Group Co., Ltd. Mr. Cao Zhinian

### Chairman of the Board

Nanyang, Henan Province, PRC August 5, 2026

### As at the date of this announcement, the Board comprises (i) Mr. CAO Zhinian, Ms. YANG Ruihua, Mr. GAO Tong and Mr. QIN Muyuan as executive Directors; (ii) Ms. QIAN Ying and Mr. SU Danglin as non-executive Directors; and (iii) Mr. CHOW Ming Sang, Mr. YAN Lei and Mr. FENG Genfu as independent non-executive Directors.

* For identification purpose only

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