万洲国际(00288)涨超3%，截至发稿，涨3.35%，报7.72港元，成交额1.41亿港元。 消息面上，万洲国际发布截至2025年9月30日止9个月业绩，生物公允价值调整前，该集团取得收入 204.77亿美元，同比增加8.54%；公司拥有人应占利润11.68亿美元，同比增加8.05%；每股基本盈利9.1 美分。 建银国际指出，万洲国际2025年第三季度业绩强势，收入同比增7.9%，经营利润增长1.8%，销售强势 势头主要受惠于：猪肉销量增长10.2%，归因于中国市场销售渠道的有效拓展；包装肉品收入稳定增长 5.1%，受惠于美国和欧洲市场的价格上涨。综合经营毛利率压缩0.6个百分点，主要原因是：美国原材 料成本上涨等；中国包装肉类产品转向高性价比产品，从而更好满足消费者需求；欧洲生猪价格下跌拖 累上游业务的盈利能力。 ...

Summary of Industry and Company Insights from Conference Call Records Industry: Baijiu (Chinese Liquor) Key Points: - The overall performance of the baijiu industry in Q3 was under pressure, with most companies experiencing a decline in net profit, particularly those with significant revenue drops. [1][7] - Moutai maintained a stable performance with a 7% revenue increase, despite a drop in batch prices from 1,760 RMB to around 1,670 RMB, reflecting a more than 20% year-on-year decline. [1][10] - Wuliangye saw a significant revenue decline of 52% and a profit drop of 65%, indicating substantial pressure on its performance. [1][4] - Luzhou Laojiao performed better than expected, with effective strategies in place, although external environmental factors need to be monitored. [1][6] - The second-tier brand Fenjiu showed stable performance, with the Qinghua series growing by 9-10%, while Qinghua 30 experienced a decline of 20-30%. [1][5] - The overall baijiu sector is expected to continue adjustments in Q4 in preparation for the Spring Festival, which is a critical sales period. [1][8] Industry: Dairy Products Key Points: - The dairy sector faced weak terminal demand in Q3, with Yili's liquid milk revenue declining by 8.8%, while New Dairy achieved double-digit growth. [1][12] - The outlook for Q4 remains challenging, with expectations of continued pressure on liquid milk demand due to weak consumer confidence. [1][13] - New Dairy and Miaokelando are expected to maintain good growth through product innovation and market expansion. [1][13][14] Industry: Soft Drinks Key Points: - The soft drink industry showed stable performance in Q3, driven by strong travel demand and the introduction of new products. [1][15] - Dongpeng Beverage reported a 30.4% revenue increase, benefiting from new product launches, while competitors like Master Kong and Uni-President experienced revenue declines. [1][15][16] - Long-term growth prospects for Dongpeng and Nongfu Spring are viewed positively, while Master Kong and Uni-President are considered defensive dividend investment options. [1][18] Industry: Frozen Foods Key Points: - The frozen food sector is showing signs of stabilization, with demand not expected to worsen significantly. [1][20] - Leading companies are reducing expenditure, leading to some profit recovery, although growth rates remain modest. [1][20] - The industry is at a bottom turning point, with expectations for improvement in restaurant demand. [1][20] Industry: Snacks Key Points: - The snack sector saw slight revenue growth but at a slower pace, with rapid growth in bulk snack channels. [1][21] - New retail channels like Sam's Club are contributing significantly to revenue growth, despite some short-term impacts from public sentiment. [1][21] - The performance of key brands like Yanjin and Youyou has improved, indicating better operational efficiency and profitability. [1][25] Industry: Meat Products Key Points: - The meat product sector is considered a defensive dividend segment, with companies like Shuanghui Development and WH Group showing stable performance. [1][22] - Shuanghui's meat product sales remained steady, with a target of 30% growth in new channels for the upcoming year. [1][23] - WH Group's U.S. market performance was stable, with expectations for relatively stable pork prices in 2026. [1][24] Overall Market Performance Key Points: - The food and beverage sector has underperformed compared to the CSI 300 index, with a 5.5% decline as of October 31, 2025. [1][9] - The baijiu sector's valuation has decreased, with a forecasted P/E ratio of 18.9 times, lower than historical averages. [1][9] - Fund holdings in the baijiu sector have decreased, indicating potential for future capital inflow if demand improves. [1][9]

Core Viewpoint - Jianyin International has slightly raised the target price for WH Group (00288) by 2.2% from HKD 9 to HKD 9.2, maintaining an "outperform" rating due to optimistic revenue prospects from effective expansion of sales channels in the Chinese market [1] Group 1: Financial Performance - WH Group reported a strong performance in Q3 2025, with revenue increasing by 7.9% year-on-year and operating profit growing by 1.8% [1] - The growth in sales was primarily driven by a 10.2% increase in pork sales, attributed to effective expansion of sales channels in the Chinese market [1] - Packaged meat revenue saw a stable growth of 5.1%, benefiting from price increases in the US and European markets [1] Group 2: Margin and Cost Analysis - The overall operating gross margin compressed by 0.6 percentage points, mainly due to rising raw material costs in the US and a shift in Chinese packaged meat products towards higher cost-performance products [1] - The decline in European pig prices negatively impacted the profitability of upstream operations [1] Group 3: Future Outlook - The company expects a 5.8% revenue growth in Q4, with a slight decrease in operating profit margin by 0.2 percentage points to 8.4%, influenced by accelerated marketing in China and increased costs in the US [2] - There is an expectation for gradual improvement in operating profit margins in FY 2026, primarily due to sales leverage [2]

Core Viewpoint - Jianyin International has slightly raised the target price for WH Group (00288) by 2.2% from HKD 9 to HKD 9.2, maintaining an "outperform" rating due to optimistic revenue prospects driven by effective expansion of sales channels in the Chinese market [1] Group 1: Financial Performance - WH Group's Q3 2025 performance showed strong results with a 7.9% year-on-year revenue increase and a 1.8% growth in operating profit, primarily driven by a 10.2% increase in pork sales attributed to effective sales channel expansion in China [1] - The revenue from packaged meat grew steadily by 5.1%, benefiting from price increases in the US and European markets [1] - The overall operating gross margin decreased by 0.6 percentage points, mainly due to rising raw material costs in the US and a shift in Chinese packaged meat products towards higher cost-performance products [1] Group 2: Future Outlook - The expansion of sales channels in China is identified as a key factor, with expected revenue growth of 5.8% in Q4 and a slight decrease in operating profit margin by 0.2 percentage points to 8.4% due to accelerated marketing and the introduction of more cost-effective products [2] - It is anticipated that the operating profit margin will gradually improve in FY 2026, primarily due to sales leverage [2]

Core Viewpoint - Citigroup's research report indicates that WH Group's operating profit for Q3 increased by 2% year-on-year, aligning with expectations, while EBITDA and net profit grew by 13% and 15% respectively, surpassing forecasts due to one-off items such as insurance compensation and litigation cost reversals [1] Financial Performance - Q3 operating profit increased by 2% year-on-year, meeting Citigroup's expectations [1] - EBITDA grew by 13% year-on-year, exceeding expectations [1] - Net profit rose by 15% year-on-year, also above forecasts [1] Market Outlook - The outlook for pork prices in the U.S. and China remains favorable for Q4 this year and next year [1] Profit Forecast Adjustments - Citigroup raised the net profit forecast for 2025 by 4% to reflect non-operating income [1] - The net profit forecasts for 2026 and 2027 were slightly increased by 0% to 1% [1] Investment Rating - Citigroup maintains a "Buy" rating for WH Group, with a target price raised from HKD 8.6 to HKD 8.7 [1] - The valuation is based on a projected P/E ratio of 7.6 times and a dividend yield of 6.6%, indicating continued attractiveness [1]

Summary of WH Group and Shuanghui Earnings Call Industry Overview - **Industry**: China Consumer Staples, specifically focusing on pork production and packaged meat - **Companies**: WH Group and Shuanghui Key Highlights from the Earnings Call Financial Performance - WH Group's 3Q25 operating profit (OP) increased by 4% year-over-year (yoy), surpassing Goldman Sachs' estimate of 2% yoy growth, driven by improved performance in China and the US [1][2] - In China, packaged meat profits rose by 8% yoy, with unit profit reaching Rmb5,200 per ton, although fresh meat faced increased pressure [1][2] - The US operations showed better-than-expected results in hog production and packaged meat, with a projected operating profit of US$302 million for packaged meat in 4Q25 [2] Management Insights - **China Operations**: - Management observed a larger-than-expected drop in hog prices in 3Q25, anticipating continued declines into 4Q25 and FY26, which could stabilize packaged meat unit profits at Rmb4,700 in 2025 and 2026 [2] - Fresh meat is expected to face headwinds due to tariffs, while hog production profits are projected to improve in 2026 compared to a loss in 3Q25 [2] - **US Operations**: - Hog production strength is expected to offset near-term input cost pressures, with management projecting a positive outlook into FY26 [2] - For FY25, adjusted EBIT guidance for packaged meat is set at US$1,091 million, with overall adjusted EBIT expected to be US$1,305 million [2] - **European Operations**: - Hog prices in Europe are expected to decline further into 4Q25, with management remaining optimistic about cost savings and vertical integration benefits in hog and poultry production [2][14] Adjustments and Projections - Following the earnings results, WH Group's 2025E underlying net income (NI) was fine-tuned upwards by 2.2%, while 2026E/27E NI was revised down slightly [3][19] - The 12-month target price (TP) for WH Group was lowered to HK$8.9 from HK$9.0, reflecting a narrowing of net asset value (NAV) discounts from 35% to 28% [3][19] - Shuanghui's 2025-27E net profit projections were increased by 0.7-0.9% due to a better outlook for packaged meat unit profits, with a new TP of Rmb25 [3][20] Market Dynamics - Management noted significant sales volume growth in new channels, with expectations of 40% yoy growth in 4Q25 and FY25 [2][13] - The company plans to increase investments in marketing and new channels to drive sales volume expansion [2][13] - Fresh meat profit per head is expected to improve in 4Q25, with management focusing on stabilizing unit profits amid market competition [2][13] Risks and Considerations - Fresh meat profits are under pressure due to tariffs and market competition, which may impact overall profitability [2][13] - Rising raw material costs and cautious consumer spending in the US could pose challenges for packaged meat revenue growth [2][13] Conclusion WH Group and Shuanghui are navigating a complex market environment with varying performance across regions. The management's focus on cost control, marketing investments, and adapting to market dynamics will be crucial for sustaining growth and profitability in the coming quarters.

智通财经APP讯，万洲国际(00288)发布公告，该公司附属史密斯菲尔德截至2025年9月28日止9个月取得 销售收入113.04亿美元，同比增加10.93%;史密斯菲尔德应占净利润6.6亿美元，同比减少11.88%。 ...

Core Viewpoint - WH Group's subsidiary Smithfield reported a sales revenue of $11.304 billion for the nine months ending September 28, 2025, representing a year-on-year increase of 10.93%. However, the net profit attributable to Smithfield was $660 million, reflecting a year-on-year decrease of 11.88% [1]. Group 1 - Smithfield's sales revenue for the nine-month period reached $11.304 billion [1] - Year-on-year sales revenue growth was 10.93% [1] - Net profit attributable to Smithfield was $660 million [1] Group 2 - Year-on-year decrease in net profit was 11.88% [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） 史密斯菲爾德食品有限公司 截至二零二五年九月二十八日止九個月的 未經審核財務業績 於二零二五年十月二十八日交易時段後（香港時間），史密斯菲爾德刊發其截至二零二 五年九月二十八日止九個月的季度報告。 史密斯菲爾德食品有限公司（「史密斯菲爾德」）為一家於美利堅合眾國（「美國」）弗吉尼亞 州註冊成立的公司，其股份自二零二五年一月二十八日（紐約時間）在納斯達克全球精選 市場上市。於本公告日期，萬洲國際有限公司（「本公司」）間接擁有史密斯菲爾德約87.0% 的股權。於二零二五年十月二十八日，史密斯菲爾德向美國證券交易委員會上報其截至 二零二五年九月二十八日止九個月的季度報告（「史密斯菲爾德季度報告」）。需要注意的 是，載於史密斯菲爾德季度報告的未經審核綜合財務業績乃按照美國的公認會計原則編 製，而本公司則按照 ...

Core Insights - The core viewpoint of the article highlights the performance of Wan Zhou International's subsidiary, Shuanghui Development, in the first nine months of the year, showcasing growth in various financial metrics compared to the same period in 2024 [1] Financial Performance - Shuanghui Development's meat export volume reached 2.49 million tons, an increase of 5.9% compared to the same period in 2024 [1] - The total operating revenue amounted to RMB 44.653 billion, reflecting a growth of 1.2% year-on-year [1] - The total profit was reported at RMB 5.191 billion, which is a 1.3% increase from the previous year [1] - The net profit attributable to shareholders of Shuanghui Development was RMB 3.959 billion, marking a rise of 4.1% compared to the same period in 2024 [1]