Industry Notes

Industry Notes / Hogs and Muyuan / Chapter 1 of 4 · Bar

Muyuan: full cost about 11.6, cash cost about 10

In a low-price trough, lose less first

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RMB / kg
Full cost
11.6
Cash cost
10

In March 2026 Muyuan’s full cost was about RMB 11.6/kg and cash cost about RMB 10/kg. National slaughter share is already around one tenth. In a trough, compare the cost cushion and cash, not slaughter-growth slogans.

Source：牧原股份公开披露与业绩交流（2026-03 完全成本约 11.6 元/kg；现金成本约 10 元/kg）

Research notes, not investment advice.