On August 24, MUYUAN (02714.HK) fell 3.09% in regular trading to HK$32.66, with turnover of HK$12.35 million, extending post-earnings weakness following the release of its H1 results on August 20.

The company reported H1 revenue of 59.41 billion yuan, down 22.3% year-over-year, and swung to a net loss attributable to shareholders of 6.08 billion yuan from a profit of 10.53 billion yuan a year earlier. Overall gross margin turned negative to -1.6% from 20.5%, while operating cash flow deteriorated to -2.224 billion yuan. The hog business, which saw revenue decline 30.5% due to average selling prices dropping approximately 28% year-over-year, was the primary drag. Short-term borrowings rose to 47.25 billion yuan, up roughly 6.1 billion from year-start. Management indicated plans to reduce breeding sow inventory below 3 million head by end of September, while expressing expectations for a gradual recovery in hog prices in the second half and into next year.

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