September 2026
Largest Agriculture Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Muyuan Foods, Qinghai Salt Lake Industry, Wens Foodstuff Group, Tongwei and China Modern Dairy Hldgs.
 | Muyuan Foods Co Ltd is a hog producer in China and operates an integrated model, stretching from feed processing, swine medicine development, and sow breeding, to hog raising and slaughtering. The Company is engaged in the farming, sales, and slaughter of pigs. Its main products include finished pigs, piglets, and breeding pigs, as well as pork products such as pork carcasses and pork cuts. | $6 | -18% | $36B | $44B | 2.1x | 8.9x | ||
| Qinghai Salt Lake Industry Co Ltd operates in the dry inland Qarhan Salt Lake in Qinghai province. It is engaged in salt lake resource extraction and potash production. The company is engaged in the manufacture of chemical raw materials and chemical products. The company's main products include potassium chloride and lithium carbonate. | $4 | +20% | $19B | $15B | 6.4x | 12.3x | ||
| Wens Foodstuff Group Co Ltd operates as a livestock and poultry farming company in China. The company offers fresh meat products and processed products, including chicken, pig, duck, milk, egg, cooked chicken, deep-sea fish, sheep, pigeons, and other products. It also provides raw milk and finished milk, such as pasteurized milk, fermented milk, sterilized milk, milk-containing beverages, and other various categories of products. | $2 | -14% | $15B | $19B | 1.2x | 10.8x | ||
| Tongwei is the world's largest polysilicon producer and a leading solar cell and module supplier. The solar business contributed more than 60% of revenue in 2024. In addition, Tongwei runs a feed and food business, which made up 35% of revenue in 2024. | $2 | -47% | $7.4B | $19B | 1.5x | 41.6x | ||
| China Modern Dairy Holdings is a Chinese dairy farming company headquartered in Anhui that raises dairy cattle and produces raw milk. Its business operates large-scale farms supplying milk to dairy processors rather than relying principally on purchases from small independent farms. Activities include cattle breeding, feeding, animal health management, milk production and the management of farm operating systems. The first farm began full operations in 2007, and the company had expanded to sixteen large-scale farms by 2011. Its commercial relationships have included a long-term supply agreement with Mengniu Dairy for the purchase of its raw milk production. Farm productivity depends on feed purchasing, breeding practices, disease prevention and milk quality controls. The company earns revenue primarily from sales of milk produced by its herds and has developed additional dairy products and farming-related activities. | $0 | -- | $1.5B | $4.4B | 2.3x | 21.8x | ||
| YuanShengTai Dairy Farm is a Chinese dairy farming group listed on the Hong Kong Stock Exchange under stock code 1431 and headquartered in Qiqihar, Heilongjiang Province. Incorporated in Bermuda, it produces and sells raw cow's milk from 11 large-scale farms, ten in Heilongjiang and one in Jilin, each with capacity for 1,960 to 30,000 cows on a combined site of about 9.7 million square metres. At the end of 2025 its herd numbered 105,583 dairy cows, including 50,164 mature milking cows, and it employed 2,268 people. The company sells almost all its milk to large dairy processors: China Feihe and Inner Mongolia Yili together accounted for about 97.9% of revenue in 2025. Sales volume rose 12.7% to 638,607 tonnes in 2025, taking revenue to RMB2.73 billion with a net profit of RMB552.5 million. It says its milk surpasses the EU raw-milk quality standard, allowing it to sell at premium prices. The group sold its raw goat milk business in June 2024 and began selling beef cattle in 2025; its farms include Gannan Oumei, Kedong Oumei, Kedong YST and Zhenlai farms. | $0 | -- | $179M | $59M | 0.1x | 0.5x | ||
| Median | $2 | -16% | $11B | $17B | 1.8x | 11.6x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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