Muyuan’s slaughter and meat business achieved its first full-year profit in 2025, with revenue rising 86.32% to CNY 45.23 billion (USD 6.30 billion). The company slaughtered about 28.66 million hogs during the year, reaching 98.8% capacity utilisation. Muyuan expects further growth in 2026, supported by expanded sales channels, better product mix, and stronger integration between farming and slaughter operations.
Muyuan’s slaughter and meat business moved into annual profitability for the first time in 2025, with revenue reaching CNY 45.23 billion (USD 6.30 billion) (USD 6.30 billion), up 86.32% year-on-year, according to the company’s 2025 annual report released on March 27.
During 2025, Muyuan slaughtered about 28.66 million hogs, up 129% from a year earlier, while annual capacity utilisation reached 98.8%.
Speaking during an earnings call on March 27, the company said the result showed that its slaughter and meat business had moved beyond the start-up phase and entered a new stage of development, driven by capacity ramp-up, channel expansion, and operational optimisation. Muyuan expects slaughter volumes to continue growing in 2026, and said profitability should improve further as sales channels and the product mix are optimised.
The company did not disclose the exact profit figure. Its annual report showed the segment’s gross margin reached 2.67% last year, up 1.65 percentage points from a year earlier, although that remained well below the 17.29% gross margin of its hog-farming business.
Muyuan entered the slaughter and meat business in 2019. It now has meat subsidiaries in 26 counties across 11 provinces, with 10 slaughterhouses already in operation and combined annual slaughter capacity of 29 million head. All of those plants have obtained HACCP and ISO9001 certification. In addition, 4 have been certified as national standardised slaughter plants, and 1 has obtained registration certification to supply chilled pork to Hong Kong.
The company said that in 2025 it shifted its attention from farming efficiency and disease resistance to a deeper push on pork quality. Through breeding technology, it has worked to produce premium pork belly with richer lean layers, while also introducing more refined cuts so consumers at different price points can find products that better match their needs.
At the same time, Muyuan continued to expand its sales channels and build a nationwide pork sales network. By the end of 2025, its slaughter and meat business had established more than 70 sales branches across 20 provincial-level regions.
Muyuan also said it kept optimising both its customer mix and product mix, while increasing research and development investment in digital and intelligent technologies to improve production efficiency and operating capability. The slaughter and meat business was profitable in both the third and fourth quarters of 2025.
In Muyuan’s view, a model based on raising and slaughtering its own hogs makes food safety transparent, controllable, and traceable throughout the entire process, helping safeguard product quality and safety. The company added that the slaughter and meat business also creates synergies with hog production, as feedback from the consumer end can guide breeding and production decisions upstream. In that way, tighter coordination between farming and slaughter can lift product value and help deliver more high-quality pork to consumers.
The company also said the hog slaughter and meat sector is moving through a rapid consolidation phase as regulation becomes stricter and consumer demand for higher-quality products continues to rise. In that environment, Muyuan believes a vertically integrated chain from upstream farming to end sales, with full-process control to ensure product safety and quality, combined with ongoing technology and process upgrades to improve production efficiency and environmental performance and meet stricter regulatory requirements, and more targeted and diversified product development, can create a core advantage that is difficult to replicate and provide a solid base for long-term growth.
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