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。 於二零二五年十月二十八日交易時段後（香港時間），雙匯發展刊發其截至二零二五年 九月三十日止九個月的季度報告。 河南雙匯投資發展股份有限公司（「雙匯發展」）為一家於中華人民共和國註冊成立的公 司，其股份於深圳證券交易所（「深交所」）上市。於本公告日期，萬洲國際有限公司（「本 公司」）間接擁有雙匯發展約70.33%的股權。於二零二五年十月二十八日，雙匯發展向深 交所上報其截至二零二五年九月三十日止九個月的季度報告（「雙匯發展季度報告」）。需 要注意的是，載於雙匯發展季度報告的未經審核綜合財務業績乃按照中國企業會計準則 編製，而本公司則按照國際財務報告準則會計準則編製其綜合財務業績。因此，該報告 所呈報的雙匯發展業績有別於本公司綜合財務報表（已包括若干為遵守國際財務報告準 則會計準則所作出之調整）所載的雙匯發展業績。 – 1 – 雙匯發展截至二零二五年九月三十日止九個月的業績概要 （於開曼群島註冊成立的有限公司 ...

Financial Performance - The company's revenue for the first three quarters of 2025 reached $20477 million, an increase of 8.5% year-over-year[12] - EBITDA for the first three quarters of 2025 was $2496 million, up 10.7% compared to the same period in 2024[12] - Operating profit for the first three quarters of 2025 amounted to $1926 million, representing a 7.3% increase year-over-year[12] - Profit attributable to owners of the company for the first three quarters of 2025 was $1168 million, an 8.0% increase compared to the first three quarters of 2024[12] - Basic earnings per share for the first three quarters of 2025 were $0.091, an 8.0% increase year-over-year[12] Operational Data - Packaged meat sales volume for the first three quarters of 2025 was 2231 thousand metric tons, a decrease of 2.2% year-over-year[11] - Pork sales volume for the first three quarters of 2025 was 2967 thousand metric tons, an increase of 8.4% year-over-year[11] - The number of slaughtered hogs in China increased by 1.8% to 530 million heads in the first three quarters of 2025[25] - The number of slaughtered hogs in the U.S decreased by 1.3% to 81.7 million heads in Jan-Aug 2025[25] Market Overview - In the first three quarters of 2025, the average hog price in China was RMB 15.1 per kg, a decrease of 10.7% year-over-year[25] - In the U.S, the average hog price was $1.60 per kg, up 13.2% year-over-year[25]

Core Viewpoint - Wan Zhou International (00288.HK) reported a mixed performance with a decline in meat product sales but an increase in pork sales, achieving revenue growth amid challenging international conditions [1] Financial Performance - For the nine months ending September 30, 2025, the company experienced a 2.2% decrease in meat product sales while pork sales increased by 8.4% [1] - The company generated revenue of $20.477 billion, reflecting an 8.5% year-on-year growth [1] - Operating profit reached $1.926 billion, up 7.3% compared to the previous year [1] - Profit attributable to shareholders before biological fair value adjustments was $1.168 billion, marking an 8.0% increase year-on-year [1] Strategic Focus - The company plans to continue focusing on its core meat product business while adapting to market changes in China through product and channel transformation [1] - In the U.S., the company aims to mitigate rising cost pressures while maintaining high profitability [1] - In Europe, the strategy includes expanding scale to enhance profit contributions [1] Operational Improvements - The company intends to strengthen its pork business by improving key performance indicators in pig farming, enhancing operational efficiency in pork processing, and increasing the added value of pork products [1] Market Environment - The company acknowledges that political and trade uncertainties will continue to impact global business operations [1] - The strategic approach will emphasize "industrialization, diversification, internationalization, and digitalization" to adapt to changes and leverage advantages for stable performance and higher returns for shareholders [1]

Core Insights - The company reported a revenue of $20.477 billion for the nine months ending September 30, 2025, representing an 8.54% year-on-year increase [1] - Profit attributable to shareholders reached $1.168 billion, up 8.05% year-on-year, with basic earnings per share at 9.1 cents [1] Revenue and Sales Performance - The sales volume of meat products decreased by 2.2%, with a 5.6% decline in China due to insufficient demand, while North America remained stable and Europe saw a 3.5% increase due to contributions from newly acquired businesses [1] - Total revenue from meat products increased by 3.3%, with a 6.6% decrease in China, a 5.7% increase in North America due to higher prices, and an 11.8% increase in Europe driven by sales growth and price hikes [1] Operating Profit Analysis - Operating profit from meat products fell by 5.2%, with a 4.8% decrease in China due to declining sales and rising costs, which outweighed the benefits from lower raw material costs [1] - In North America, operating profit declined by 6.8% due to rising raw material costs and reduced employee tax credits, while Europe saw a 5.7% increase in operating profit due to increased sales [1] Pork Segment Performance - Pork sales volume increased by 8.4%, with growth of 13.4% in China, 5.1% in North America, and 8.2% in Europe [2] - The increase in pork sales, along with higher grain sales, led to a 12.0% rise in pork revenue [2] - Operating profit for pork surged by 75.6%, primarily due to the North American hog farming business turning profitable, although operating profit in China fell by 14.6% due to intense market competition [2] - In Europe, operating profit decreased by 22.0% due to falling hog prices, which reduced the overall profitability of the vertically integrated pork supply chain [2]

Group 1 - The company reported a revenue of $20.477 billion for the nine months ending September 30, 2025, representing an 8.54% year-on-year increase [1] - Profit attributable to shareholders reached $1.168 billion, up 8.05% year-on-year, with basic earnings per share at 9.1 cents [1] - The overall sales volume of meat products decreased by 2.2%, with a 5.6% decline in China, stable sales in North America, and a 3.5% increase in Europe due to new acquisitions [1] Group 2 - Pork sales volume increased by 8.4%, driven by growth of 13.4% in China, 5.1% in North America, and 8.2% in Europe [2] - Pork revenue rose by 12.0%, supported by increased sales and grain sales [2] - Operating profit for pork surged by 75.6%, primarily due to the North American hog farming business turning profitable, although it fell by 14.6% in China due to intense market competition and decreased by 22.0% in Europe due to falling hog prices [2]

Financial Performance - Revenue increased by 8.5% to $20,477 million compared to $18,866 million in the previous year[4] - Operating profit rose by 7.3% to $1,926 million from $1,795 million year-on-year[4] - Profit attributable to the company's owners increased by 8.0% to $1,168 million, with basic earnings per share rising to 9.10 cents from 8.43 cents[4] - Total assets increased to $22,014 million from $19,841 million year-on-year[3] Sales and Market Trends - Total meat product sales volume decreased by 2.2%, while pork sales volume increased by 8.4%[3] - In North America, pork sales volume increased by 5.1%, contributing to a 12.0% rise in pork revenue[11] - Average pig prices in China fell by 10.7% to RMB 15.1 per kg, while in the US, prices rose by 13.2% to $1.60 per kg[6] Strategic Focus and Goals - The company plans to focus on core meat products and improve operational efficiency in pork processing[13] - The company aims to enhance profitability through key performance indicators in pig farming and increasing the added value of pork products[13] Corporate Governance and Leadership - The executive directors include Mr. Wan Long, Mr. Guo Lijun, Mr. Wan Hongwei, and Mr. Ma Xiangjie, highlighting the leadership team[14] - The non-executive director is Mr. Jiao Shuge, which may indicate governance structure[14] - Independent non-executive directors include Mr. Huang Ming, Mr. Liu Zhantian, and Ms. Zhou Hui, ensuring independent oversight[14] Financial Review and Future Outlook - The financial data for the nine months ending September 30, 2025, has not been audited but has been reviewed by the Board's Audit Committee[14] - The announcement date is October 28, 2025, indicating the timeliness of the financial review[14] - The financial performance summary is pending further details, suggesting a focus on future disclosures[14] - Future outlook and performance guidance are not mentioned, suggesting uncertainty in projections[14] Operational Insights - No specific user data or performance metrics were provided in the document, indicating a lack of detailed operational insights[14] - There are no updates on new product or technology developments, indicating a potential area for future announcements[14] - Market expansion and acquisition strategies are not discussed, which may reflect current strategic priorities[14] Corporate Actions - The company completed a secondary offering of Smithfield Foods, raising approximately $505 million[12]

Group 1 - Southbound funds increased their holdings in WH Group Limited (00288.HK) by 1,500 shares on October 17, 2025 [1] - Over the past 5 trading days, there has been a cumulative net increase of 12,134,500 shares held by southbound funds [1] - In the last 20 trading days, the total net increase in holdings by southbound funds reached 57,603,300 shares [1] Group 2 - As of now, southbound funds hold 552 million shares of WH Group Limited, accounting for 4.29% of the company's total issued ordinary shares [1] - The company operates primarily in the pork business through three segments: meat products, pork, and others [2] - The meat products segment is involved in the production, wholesale, and retail of both chilled and frozen meat products [2]

Core Viewpoint - Wan Zhou International (00288.HK) experienced a decline of over 4% in its stock price, indicating potential market concerns or negative sentiment surrounding the company [2] Company Summary - The stock price of Wan Zhou International fell by 4.05%, reaching 7.34 HKD per share [2] - The trading volume for the company was reported at 183 million HKD [2]

消息面上，10月13日，生猪期货主力合约2511收盘下跌2.88%，报11125元/吨，续创历史新低，年内累 计下跌21%，较去年高点下跌逾40%。猪肉现货价格目前已跌破11元/公斤。市场人士分析，尽管近月来 供给端持续推进去产能，但效果尚不及预期，市场供需失衡的矛盾依旧，猪价下行走势预计难有改观。 值得注意的是，万洲国际上月宣布派发特别股息每股0.3港元。瑞银发布研报称，此次派息符合市场预 期，所有来自史密斯菲尔德(Smithfield)二次公开发售的所得款项均以特别股息形式派发。此外，万洲国 际拟于10月28日举行董事会会议以审批三季度业绩。 万洲国际(00288)再跌超4%，截至发稿，跌4.05%，报7.34港元，成交额1.83亿港元。 ...

Core Viewpoint - Wan Zhou International (00288) has seen a decline of over 4%, currently trading at 7.34 HKD with a transaction volume of 183 million HKD, amid falling pig prices and market supply-demand imbalances [1] Group 1: Market Conditions - On October 13, the main contract for live pig futures closed down 2.88% at 11,125 RMB/ton, marking a historical low and a cumulative decline of 21% for the year, with prices down over 40% from last year's peak [1] - Current pork spot prices have fallen below 11 RMB/kg, indicating ongoing challenges in the market [1] - Despite efforts to reduce production capacity, the supply-demand imbalance in the market remains unresolved, suggesting that the downward trend in pig prices is unlikely to change in the near term [1] Group 2: Company Actions - Wan Zhou International announced a special dividend of 0.3 HKD per share last month, which aligns with market expectations [1] - All proceeds from the secondary public offering of Smithfield will be distributed as special dividends [1] - The company plans to hold a board meeting on October 28 to approve its third-quarter performance [1]