Group 1 - The core announcement is that WH Group (万洲国际) has disclosed a secondary offering of 16 million shares of Smithfield Foods, a subsidiary, by its major shareholder SFDS UK Holdings Limited [1] - SFDS UK intends to grant underwriters a 30-day option to purchase up to an additional 2.4 million shares at the public offering price, excluding underwriting discounts and commissions [1] - Smithfield Foods will not sell any shares in the offering and will not receive any proceeds from the sale of shares by SFDS UK [1] Group 2 - Morgan Stanley, BofA Securities, and Barclays are acting as joint book-running managers for the proposed offering [1] - The offering will be made only by means of a prospectus, with a preliminary prospectus available for free on the SEC's EDGAR website when it becomes available [1]

Core Viewpoint - WH Group Limited, through its indirect non-wholly owned subsidiary Smithfield Foods, announced a secondary offering of 16 million shares of Smithfield common stock, which will be sold by its major shareholder SFDS UK Holdings Limited [1] Group 1 - The secondary offering will allow SFDS UK to sell 16 million shares of Smithfield common stock [1] - SFDS UK plans to grant underwriters a 30-day option to purchase up to an additional 2.4 million shares at the public offering price, less underwriting discounts and commissions [1] - Smithfield Foods will not sell any shares in the offering and will not receive any proceeds from the sale of shares by SFDS UK [1] Group 2 - Morgan Stanley, BofA Securities, and Barclays are acting as joint book-running managers for the proposed offering [1] - The offering will be made only by means of a prospectus, with a preliminary prospectus available for free on the SEC's EDGAR website when it becomes available [1]

Group 1 - The core announcement is that Smithfield Foods, an indirect non-wholly owned subsidiary of the company, is initiating a secondary offering of 16 million shares of common stock [1] - SFDSUK Holdings Limited, the main shareholder, plans to grant underwriters a 30-day option to purchase up to an additional 2.4 million shares at the public offering price, excluding underwriting discounts and commissions [1] - Smithfield Foods will not sell any shares in the offering and will not receive any proceeds from the sale of shares by SFDSUK, including any proceeds from the underwriters' exercise of the option to purchase additional shares [1]

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 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 史密斯菲爾德二次發行 於二零二五年九月三日（紐約時間），史密斯菲爾德食品有限公司（「史密斯菲爾 德」，為本公司的間接非全資附屬公司）公佈啟動二次發行，16,000,000股史密斯菲 爾德普通股將由史密斯菲爾德的主要股東SFDS UK Holdings Limited（「SFDS UK」，為本公司的間接全資附屬公司）出售（「史密斯菲爾德二次發行」）。此外， SFDS UK（售股股東）擬向包銷商授予30天購股權，以公開發售價（扣除包銷折扣及 – 1 – 本公告僅供參考，並不構成亦不擬作為在香港、美國或其他地方收購、購買或認購 證券的邀請或要約，或出售證券的要約或招攬購買證券的任何要約。有關該等證券 的註冊聲明（包括招股章程）已向美國證券交易委員會（「證交會」）提交，惟尚未生 效。於註冊聲明生效前，不得出售該等證券，亦不得接受購買要約。本公告及其所 載任何內容概不構成任何合約或承諾的基礎。該要約或邀請將僅以招股 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 萬洲國際有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00288 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.0001 | USD | | 5,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.0001 | USD | | 5,000,000 | 本月底法定/註冊股本總額： USD 5,000,000 ...

Group 1 - The core viewpoint of the articles highlights the current challenges in the pig farming industry, including an oversupply of pigs leading to a decline in prices, prompting government intervention to stabilize the market [1][2][3] - The National Development and Reform Commission has observed a drop in the national average pig-to-grain price ratio to below 6:1, entering a warning zone, which has led to plans for central frozen pork reserves [1][2] - The Ministry of Agriculture and Rural Affairs is implementing measures to reduce the breeding sow population by approximately 1 million to control production and stabilize prices, with effects expected in about 10 months [1][2][3] Group 2 - Major pig farming companies are responding to government policies by reducing the number of breeding sows and controlling the weight of pigs at slaughter, with companies like Muyuan, Wens, and New Hope reporting a decrease in average slaughter weights [3][4] - Sales data from July shows mixed results, with some companies experiencing a decline in sales volume while others saw slight increases in average selling prices [3][4] - The overall trend in the industry indicates a cautious approach to production, with companies adjusting their strategies to align with government directives aimed at stabilizing the market [3][4] Group 3 - The industry is expected to face significant supply pressure in the latter half of 2025, with a potential increase in pig prices as low-efficiency production capacity is phased out [5] - Recent reports indicate that the average price of pigs has decreased to 13.55 yuan per kilogram, reflecting ongoing supply challenges and weak demand [5] - Companies like DeKang Agriculture and COFCO Jiajia Kang have reported their sales figures, with DeKang selling 780,200 pigs in July and COFCO reporting 427,000 pigs, indicating the scale of operations in the current market [6]

Core Viewpoint - The recent increase in pork supply due to seasonal factors and prior pig fattening has led to a slight decline in pig prices, prompting the government to implement measures to stabilize the market [1][2]. Industry Overview - The National Development and Reform Commission has reported that the average pig-to-grain price ratio has fallen below 6:1, entering a warning zone, which has led to the decision to store frozen pork to stabilize prices [1]. - The Ministry of Agriculture and Rural Affairs has indicated that the current pig production capacity is temporarily high, necessitating a reduction of approximately 1 million breeding sows to prevent significant price fluctuations [2][3]. Production Adjustments - The industry is responding to government guidance by reducing the number of breeding sows, which directly impacts the supply of market pigs in the following months [2][3]. - Major companies are adjusting their production strategies, with some reporting a decrease in average slaughter weights and sales volumes in July [3][4]. Sales and Pricing Trends - In July, leading companies such as Muyuan, Wens Foodstuffs, and New Hope reported average sales prices for pigs ranging from 14.30 to 14.58 CNY/kg, with slight month-on-month increases [3]. - However, the sales volume for these companies showed a mixed trend, with some experiencing declines in the number of pigs sold compared to previous months [3][4]. Future Outlook - Analysts predict that the supply of pigs will tighten in the coming quarters, potentially leading to an upward adjustment in pork prices as the industry works through excess capacity [5]. - The impact of current policies is expected to manifest more significantly in 2026, with a potential increase in the price baseline for pork [5]. Company Performance - Dekang Agriculture reported sales of 780,200 pigs in July 2025, with a revenue of 1.427 billion CNY, while the average selling price for pork decreased slightly from the previous month [6]. - COFCO Joycome announced a total of 427,000 pigs sold in June 2025, with a cumulative total of 2.898 million pigs for the year, indicating a stable performance in the fresh pork market [6]. - WH Group's projected core net profits for 2025 and 2026 are estimated at 1.614 and 1.683 billion USD, respectively, with a target price of 8.56 HKD per share, suggesting a favorable outlook for the company [6].

Core Viewpoint - The report from Credit Lyonnais indicates that WH Group (00288) is expected to see a 10.4% year-on-year increase in operating profit for the first half of 2025, with an operating profit margin improvement of 1.4 percentage points. Sales revenue is projected to grow by 8.9%, marking the best performance since the second half of 2020 [1] Group 1 - The increase in operating profit is significantly driven by the rise in pork prices in the US and Mexico, with profit per ton reaching historical highs [1] - The second quarter of 2025 is expected to show positive growth in the sales volume of packaged meat products [1] - Credit Lyonnais maintains a "highly confident outperform" rating for WH Group and raises the target price to HKD 9.26 [1] Group 2 - In the Chinese market, there is optimism regarding the company's specialized category management, expansion into low-penetration areas, and reforms in the sales channels for packaged meat products [1] - Management has raised the operating profit guidance for the US business in 2025, anticipating continued improvement in the sales volume of packaged meat products in China [1]

Core Viewpoint - The report from Credit Lyonnais indicates that WH Group (00288) is expected to see a 10.4% year-on-year increase in operating profit for the first half of 2025, with an operating profit margin improvement of 1.4 percentage points [1] Financial Performance - Sales revenue is projected to grow by 8.9% year-on-year, marking the best performance since the second half of 2020 [1] - The operating profit per ton has reached a historical high, driven by rising pork prices in the U.S. and Mexico [1] Business Segments - The packaging meat products segment in the U.S. is expected to show positive growth in sales volume for the second quarter of 2025 [1] - In the Chinese market, the company is optimistic about its specialized category management, expansion into low-penetration areas, and reforms in packaging meat product sales channels [1] Management Guidance - The management has raised the operating profit guidance for the U.S. business for 2025 [1] - It is anticipated that the sales volume of packaging meat products in China will continue to improve [1]

Summary of WH Group and Shuanghui Conference Call Industry Overview - **Industry**: China Consumer Staples, specifically focusing on the pork and packaged meat sectors Key Points and Arguments 1. Packaged Meat Outlook - Positive outlook for packaged meat in 2H25, driven by stronger demand in China and Europe, while the US market remains steady [1][2] - Management expects higher year-over-year (yoy) growth in volume and operating profit for the China business (Shuanghui) in the second half of the year, supported by favorable hog prices and lower raw material costs [2] 2. Poultry and Hog Production - The company is nearing breakeven/profitability in its poultry and hog production business in China [1] - US hog production profit forecast raised to $105 million for the full year, up from the higher end of the previous guidance of $100 million [1][2] 3. Slaughtering Business Improvement - Improvement in the slaughtering business in China, with strong volume growth despite lower unit profit [1] - Management anticipates lower hog production costs in China to align with industry averages, projecting all-in costs around RMB 14/kg by 4Q25 [2] 4. Strategic Focus and Shareholder Returns - WH Group is committed to shareholder returns, increasing the payout ratio to no less than 50%, up from 30% previously [1] - Long-term focus includes optimizing the pork supply chain, investing in core packaged meat business, diversifying meat products, and automating production processes [9] 5. Sales Channel Dynamics - Traditional sales channels (supermarkets, agricultural wholesale) saw a 13% yoy sales decline in 1H25, while new channels (snack discounters) achieved over 20% yoy growth [2][8] - New products, such as Spicy Sichuan Pepper Chicken Sausage, are gaining traction, contributing approximately 10% to total sales volume in 1H25 [8] 6. Financial Projections and Valuation - Adjustments made to WH Group's 2025-27E EPS by +0-2% and target price raised to HK$9.4 from HK$8.6, reflecting a narrowing NAV discount from 35% to 28% [10][11] - Shuanghui's 25-27E NP increased by 0.3-0.4%, with a target price of RMB 25.3 based on a 17X 2025 P/E [12][19] 7. Risks and Challenges - Key risks include competition in packaged meat, demand fluctuations for fresh pork, and potential food safety issues that could impact consumer trust [19][21] - Volatility in live hog prices and higher corn prices could pressure margins for Shuanghui's pork and packaged meat segments [21][20] 8. Market Position and Future Outlook - WH Group's strategy includes focusing on cost-saving measures and disciplined pricing to enhance profitability in international markets, particularly the US and Europe [2] - The company anticipates robust growth in the pet food industry in the US, leveraging synergies from raw materials and existing clients [8] Additional Important Information - Management's commitment to continuous improvement in operational efficiency and product offerings is evident, with a focus on high-value products and innovative marketing strategies [2][8] - The overall sentiment from the management indicates a strong belief in the company's ability to navigate market challenges and capitalize on growth opportunities in the consumer staples sector [1][2]