Muyuan Foods Posts 9.32 Billion Yuan Net Loss for First Three Quarters of 2026

The swing from a 14.8 billion yuan profit to a 9.3 billion yuan loss in a single year shows how brutally cyclical hog farming remains, with the company's own explanation pointing squarely at lower hog prices rather than any operational breakdown. For a producer of Muyuan's scale, that sensitivity to the price cycle is the core risk, and the third-quarter loss suggests the downcycle had not yet bottomed as of the reporting period. Whether hog prices recover, and how much of the revenue decline is price versus volume, is the open question.