万洲国际主要产品包括肉制品和猪肉产品，合计收入贡献超过90%，主要市场为中国、欧洲以及北美地区，其中收入对中国及美国市场依赖较大，由于全球 消费疲软，加上中美贸易摩擦，业绩受到了影响。 2025年Q1，欧洲肉制品市场继续保持增长，销量上升9.9%，然而受中国及北美下滑拖累，整体业务收入下滑2%；而猪肉业务在周期需求带动下，三大市场 均实现了增长，整体业务收入增长14.2%，带动总收入恢复增长6%。由于收入结构变化，肉制品利润下滑，但猪肉实现了扭亏为盈，驱动经营利润提升 19%。 基本面受阻，收入增长停滞，盈利大幅波动，万洲国际（00288）市值却逆势上涨，这背后逻辑是什么？ 智通财经APP了解到，万洲国际近日发布季报显示，以生物公允价值调整后计，实现收入65.54亿美元，同比增长6%，股东净利润3.8亿美元，同比下滑 18.3%。而在过去三年（2022-2024），该公司业绩疲软，收入呈下滑趋势，股东净利润则大幅波动，且利润率较低，2025年Q1为5.8%。 然而，在业绩调整的这三年，该公司市值却连年上升，2022-2024年市值升了48.7%，2025年初至今不到两个季度再升23%，市值累计提升了418.3 ...

据公告和该行估算：1)肉制品：1Q25销量同比近-17.4%、有所承压，吨利近4700元+/吨同比-5.2%。2) 屠宰：1Q25屠宰量同比+11.8%，头均利润同比+11.6%，该行预估主因公司增加客户和网点覆盖且竞争 趋缓。3)养殖：养殖业务主要计入在其他分部中，1Q25公司其他分部同比减亏1.4亿元，该行预估主因 公司养殖可控制的成本指标改善。 智通财经APP获悉，中金发布研报称，保持万洲国际(00288)2025/2026年归母净利润16.14/16.83亿美 元，当前股价对应7.1/6.8倍2025/26年P/E。维持跑赢行业评级，该行保持目标价8.56港元/股，对应约 8.8/8.5倍2025/26年P/E，较当前股价有约23.9%的上行空间。 中金主要观点如下： 1Q25业绩略超市场预期 1Q25收入65.54亿美元，同比+6.0%;经营利润5.98亿美元，同比+19.4%;核心归母净利润(剔除生物资产价 值变动)3.64亿美元，同比+20.9%。其中中国/美国/欧洲营业利润分别同比-14.3/+72.8/-10.2%。1Q25利润 表现略超市场预期，该行估计主要与美国养殖业务盈利同比改善有关。 ...

1 2025 First Quarter Results 0 Disclaimer • This presentation and the accompanying slides (the "Presentation") have been prepared by WH Group Limited ("WH Group" or the "Company") solely for information purposes. • This Presentation does not constitute or form part of and should not be construed as, an offer or invitation to acquire, purchase or subscribe for any securities of the Company nor is it calculated to invite any such offer or invitation nor shall it constitute any offer or sale of such securities ...

智通财经4月29日电，万洲国际第一季度营收65.5亿美元，同比增长6%；公允价值调整前净利润3.64亿 美元，同比增长21%。期间的平均生猪价格上升14.1%至每公斤1.44美元，而本期间的平均猪肉价值则 上升5.9%至2.09美元。 万洲国际第一季度公允价值调整前净利润3.64亿美元 同比增长21% ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 WH Group Limited 萬洲國際有限公司 （於開曼群島註冊成立的有限公司） （股份代號：288） 截至二零二五年三月三十一日止三個月 未經審核季度業績公告 萬洲國際有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （統稱「本集團」）截至二零二五年三月三十一日止三個月（「本期間」）未經審核的綜合業 績。本公司自願發出本公告，以加強良好企業管治，並進一步提升本公司的透明度和問 責性。 摘要 | | | | 截至三月三十一日止三個月 | | | --- | --- | --- | --- | --- | | | | | 二零二五年 | 二零二四年 | | 肉製品銷量 （千公噸） | | | 714 | 786 | | 豬肉銷量 （千公噸） | | | 982 | 941 | | | | 截至三月三十一日止三個月 | | | | | 二零二五年 | | | 二零二四年 | ...

WH Group (00288) Q1 2025 Earnings Call April 29, 2025 04:00 AM ET Company Participants None - Executive Conference Call Participants None - Analyst Moderator Dear analysts and investors, good evening, everyone. Welcome to today's earning call of Double H Group for the first quarter of twenty twenty five. This is CEO and President of Double H Group, Goli Jun. Attending today's earnings call include senior management of Double H Group and our subsidiaries, Shanhui Development, Smithfield Foods as well as Morl ...

WH Group (00288) Q1 2025 Earnings Call April 29, 2025 04:00 AM ET Speaker0 Dear analysts and investors, good evening, everyone. Welcome to today's earning call of Double H Group for the first quarter of twenty twenty five. This is CEO and President of Double H Group, Goli Jun. Attending today's earnings call include senior management of Double H Group and our subsidiaries, Shanhui Development, Smithfield Foods as well as Morlini Foods. They are Chairman and Executive Director of Double H Group, Chairman, Wa ...

SZSE: 000895 NASDAQ: SFD 年報 2024 年報 目錄 | 公司資料 | 2 | | --- | --- | | 業績摘要 | 4 | | 主席報告 | 5 | | 董事及高級管理層履歷 | 8 | | 業務回顧 | 14 | | 財務回顧 | 21 | | 企業管治報告 | 31 | | 董事會報告 | 45 | | 獨立核數師報告 | 56 | | 綜合損益及其他全面收益表 | 61 | | 綜合財務狀況表 | 63 | | 綜合權益變動表 | 65 | | 綜合現金流量表 | 67 | | 綜合財務報表附註 | 70 | | 五年摘要 | 186 | | 詞彙 | 187 | 公司資料 公司法定名稱 萬洲國際有限公司 上市地點及股份代號 本公司股份於二零一四年八月五日在聯交所主板上市 股份代號：288 公司網站 www.wh-group.com 董事 執行董事 萬隆先生（主席） 郭麗軍先生（行政總裁） 萬宏偉先生（副主席） 馬相傑先生（雙匯發展總裁） Charles Shane SMITH先生 （史密斯菲爾德總裁兼行政總裁， 自二零二五年一月二十八日起辭任董事） 非執行董事 焦樹閣 ...

Financial Performance - WH Group Limited reported a revenue of $25,941 million for the year ending December 31, 2024, a decrease of 1.1% compared to $26,236 million in 2023[3][16]. - The company experienced a 3.0% decline in meat product sales, totaling 3,100 thousand tons, and a 4.9% decrease in pork sales, totaling 3,765 thousand tons[2][4]. - Operating profit increased by 63.4% to $2,404 million, up from $1,471 million in the previous year[4][16]. - Profit attributable to the company's owners rose to $1,471 million, a 142.7% increase from $606 million in 2023[4][16]. - Basic earnings per share increased to 11.47 cents, compared to 4.72 cents in the previous year, reflecting a significant growth[4][16]. - Total revenue for the year ended December 31, 2024, was $25,941 million, a slight decrease of 1.1% compared to $26,236 million in 2023[82]. - Gross profit increased to $5,200 million, up 1.7% from $5,125 million in the previous year[82]. - Net profit for the year was $1,853 million, representing a significant increase of 115.1% from $860 million in 2023[84]. - Operating cash flow for the year was $2,519 million, an increase of 55.7% compared to $1,617 million in 2023[89]. Revenue Breakdown - In 2024, the company's revenue decreased by 1.1% to $25.941 billion, primarily due to a decline in meat products and pork sales, partially offset by price increases[17]. - Revenue from meat products was $13,655 million, up from $13,523 million in 2023, indicating an increase of about 1%[98]. - Revenue from pork decreased to $10,343 million from $10,810 million, reflecting a decline of approximately 4.3%[98]. - In China, total segment revenue was $9,359 million, with a segment profit of $943 million[103]. - North America generated total segment revenue of $17,065 million, with a segment profit of $1,187 million[103]. - Europe contributed total segment revenue of $4,508 million, with a segment profit of $274 million[103]. Operational Efficiency - The company's total assets return rate improved to 9.5% in 2024, up from 4.4% in 2023, indicating enhanced operational efficiency[29]. - The current ratio increased to 1.9 in 2024, reflecting improved liquidity compared to 1.6 in 2023[29]. - The company recorded an operating profit of $356 million in the pork segment, a turnaround from an operating loss of $480 million in 2023, primarily due to improved performance in North America[25]. - The company has significantly improved its pork business performance in the U.S., driven by favorable market conditions compared to 2023 and a series of operational reforms in pig farming[79]. Dividends and Shareholder Returns - The company declared a special dividend of HKD 0.18 per share in addition to the interim and final dividends[4]. - The company plans to distribute a special cash dividend of HKD 0.18 per share, totaling approximately HKD 23.09 billion (about $2.97 billion) to shareholders[46]. - The board proposed a final dividend of HKD 0.40 per share for the year ending December 31, 2024, pending shareholder approval, resulting in a total dividend of HKD 0.50 per share for the year, compared to HKD 0.30 per share in 2023[135]. - The interim dividend of HKD 0.10 per share was paid on September 25, 2024, contributing to the total dividend amount[135]. Capital Expenditures and Investments - Capital expenditures for 2024 are projected at $707 million, a decrease of 12.5% from $812 million in 2023[50]. - The company completed the purchase of a high-end dry sausage production facility in Tennessee in July 2024, aimed at enhancing its value-added meat products business[59]. - The acquisition of Argal Alimentación, S.A. was completed in March 2024, with the company holding a 50.1% stake[61]. - The company established Murphy Family Farms LLC, expected to produce approximately 3.2 million pigs annually for its U.S. pork business[56]. Financial Position and Liquidity - As of December 31, 2024, the company had cash and bank balances of $2.055 billion, up from $1.156 billion in 2023[33]. - The company's net cash inflow from operating activities for 2024 was $2.519 billion, an increase from $1.617 billion in 2023, primarily due to significant profit growth[36]. - The total outstanding loans as of December 31, 2024, amounted to $3.330 billion, compared to $3.252 billion in 2023[41]. - The company's liquidity ratio as of December 31, 2024, was 1.9, an increase from 1.6 in 2023[33]. - The financial cost for 2024 decreased by 13.0% to $147 million, with an average interest rate on outstanding loans of 2.95%[48]. Sustainability and Corporate Responsibility - The company is committed to sustainable development, continuously monitoring greenhouse gas emissions across its operations and enhancing energy efficiency[72]. - The company has been recognized as a component of the Hang Seng Sustainable Development Index and received an A+ rating, reflecting its performance in sustainability[73]. Market Strategy and Future Outlook - The company aims to achieve substantial profit growth in 2024, with meat products being the core business and expected to deliver the best operational performance in history[79]. - The company will continue to implement the "two adjustments and one control" strategy, focusing on structural adjustments, price adjustments, and cost control to enhance competitiveness in the meat products sector[79]. - The company plans to adapt to geopolitical risks and macroeconomic changes by optimizing its supply chain and advancing diversification efforts[79]. - The company is focused on expanding its market network and enhancing its competitive advantages to ensure steady growth in its meat products business[79].

Group 1 - The core point of the article is that WH Group has announced the latest information regarding the proposed spin-off and independent listing of Smithfield Foods, which has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol "SFD" [1] - The offering of Smithfield is expected to commence when market conditions permit and is subject to the SEC declaring the registration statement effective [1] - As of the date of the announcement, the number and amount of Smithfield shares to be offered and sold in the offering have not yet been determined [1]