On September 10, MUYUAN fell 3.35% in regular trading, trading at HKD 38.08/share, with turnover of approximately HKD 38.72 million. The broader Packaged Foods & Meats sector traded weak, with WH GROUP down 3.38% and DEKON AGR down 2.40%.

On the news front, CITIC Securities published a research report on September 10 warning that hog prices in the second half are expected to remain in a range below the cost line, while listed pig farming companies saw losses deepen quarter over quarter in Q2, with the sector's aggregate debt-to-asset ratio climbing to 65.11%, up 2.74 percentage points sequentially, intensifying capital pressure. The report noted that April's average hog price fell to RMB 9.32/kg, a ten-year low, and prices remain subdued. The company previously disclosed a first-half net loss of RMB 6.078 billion, with revenue declining 22.3% year over year. August operating data showed average selling prices of RMB 10.30/kg, down 23.76% YoY, while monthly sales revenue fell 21.9% to RMB 9.254 billion. On a positive note, some brokers anticipate accelerated capacity culling to set the stage for a hog price recovery in the next year.

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