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 on WH Group 1. **3Q25 Performance Expectations**: WH Group's operating profit (OP) is expected to grow steadily by 2% year-over-year (yoy) in 3Q25, driven by strong packaged meat sales despite a decline in fresh meat profits due to hog price impacts and competition [1][2] 2. **China Business Outlook**: The China segment is projected to achieve approximately 2% yoy OP growth, with packaged meat unit profit estimated at Rmb5,003/ton, benefiting from declining hog prices [1] 3. **4Q25 Projections**: Anticipated OP growth could accelerate to 6% yoy in 4Q25, primarily due to a strong performance in China, expected to grow by 12% yoy, with packaged meat leading at 9% OP growth [2] 4. **Profit Adjustments**: WH Group's net profits attributable to shareholders have been raised by about 2% for 2025-2027, while Shuanghui's profits were trimmed by 2% due to upstream business challenges [3] 5. **Price Target**: The 12-month price target for WH Group is set at HK$9.0 per share, down from HK$9.4, maintaining a "Buy" rating [3] Key Points on Shuanghui 1. **Performance Expectations**: Shuanghui's revenue is projected to decline slightly, with a 2% decrease in operating profit anticipated due to challenges in the upstream business [3][10] 2. **Price Target**: The 12-month price target for Shuanghui is Rmb24.8, reflecting a neutral outlook based on fair valuation [10][13] 3. **Revenue Trends**: Shuanghui's revenues from meat products are expected to decrease, with fresh and frozen pork revenues projected to stabilize around Rmb24,813 million in FY2025 [12] Financial Metrics - **WH Group Financials**: - Revenue for FY2025 is estimated at $28.078 billion, with an underlying EBIT of $2.583 billion [11] - EBITDA is projected to be $3.237 billion for FY2025 [11] - **Shuanghui Financials**: - Total revenue for FY2025 is expected to be Rmb62,743 million, with operating profit around Rmb6,527 million [12] Risks and Considerations 1. **Market Risks**: Potential volatility in live hog prices and higher corn prices could pressure margins for both WH Group and Shuanghui [15][16] 2. **Competition**: Intensity of competition in the packaged meat sector could impact profitability [13][16] 3. **Food Safety Issues**: Any food safety concerns could negatively affect consumer trust and financial performance [16] Conclusion - WH Group is positioned for steady growth in the packaged meat sector, while Shuanghui faces challenges in its upstream business. Both companies are navigating a competitive landscape with potential risks related to market volatility and food safety.

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10月3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 5,000,00 ...

格隆汇10月2日丨万洲国际(00288.HK)公告，公司将于2025年10月28日(星期二)举行董事会会议，藉以 (其中包括)考虑及批准公司及其附属公司截至2025年9月30日止9个月的未经审核综合业绩。 ...

主席 萬隆 (股份代號：288) 董事會會議日期 萬洲國際有限公司（「本公司」）董事會（「董事會」）謹此公佈，本公司將 於二零二五年十月二十八日（星期二）舉行董事會會議，藉以（其中包括）考 慮及批准本公司及其附屬公司截至二零二五年九月三十日止九個月的未經審核 綜合業績。 承董事會命 萬洲國際有限公司 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。 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） 香港，二零二五年十月二日 於本公告日期，本公司執行董事為萬隆先生、郭麗軍先生、萬宏偉先生及馬相傑先 生；本公司非執行董事為焦樹閣先生；及本公司獨立非執行董事為黃明先生、劉展 天先生及周暉女士。 ...

Core Viewpoint - UBS reports that WH Group (00288) announced a special dividend of HKD 0.3 per share, with the ex-dividend date set for October 6. The bank believes this dividend distribution aligns with market expectations, as all proceeds from the secondary offering of Smithfield will be distributed as a special dividend. UBS maintains a "Buy" rating for WH Group with a target price of HKD 8.5 [1] Group 1 - WH Group announced a special dividend of HKD 0.3 per share [1] - The ex-dividend date is October 6 [1] - UBS views the dividend distribution as meeting market expectations [1] Group 2 - All proceeds from the Smithfield secondary offering will be distributed as a special dividend [1] - UBS has assigned a "Buy" rating to WH Group [1] - The target price set by UBS for WH Group is HKD 8.5 [1]

Core Viewpoint - UBS reports that WH Group (00288) has announced a special dividend of HKD 0.3 per share, with the ex-dividend date set for October 6. The bank believes this dividend distribution meets market expectations, as all proceeds from the secondary offering of Smithfield will be distributed as a special dividend. UBS maintains a "Buy" rating on WH Group with a target price of HKD 8.5 [1] Group 1 - WH Group announced a special dividend of HKD 0.3 per share [1] - The ex-dividend date is October 6 [1] - UBS views the dividend distribution as aligning with market expectations [1] Group 2 - All proceeds from the Smithfield secondary offering will be distributed as a special dividend [1] - UBS has assigned a "Buy" rating to WH Group [1] - The target price set by UBS for WH Group is HKD 8.5 [1]

万洲国际(00288)发布公告，将于2025年10月22日派发特别股息每股0.3港元。 ...

智通财经APP讯，万洲国际(00288)发布公告，将于2025年10月22日派发特别股息每股0.3港元。 ...

EF001 免責聲明 | 公告全部或任何部份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。 | 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，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 萬洲國際有限公司 | | 股份代號 | 00288 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 宣派及派付特別股息及暫停辦理股份過戶登記手續 | | 公告日期 | 2025年9月22日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 其他 | | 特别股息 | | | 股息性質 | 特別股息 | | 財政年末 | 不適用 | | 宣派股息的報告期末 | 不適用 | | 宣派股息 | 每 股 0.3 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.3 HKD | | 匯率 | 1 HKD : 1 HKD | | 除淨日 | 20 ...

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） 宣派及派付特別股息 及 暫停辦理股東登記手續 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。 – 1 – 時三十分將所有過戶表格連同相關股票送達本公司的香港股份過戶登記分處香港中 央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓1712至1716 號舖，辦理登記。 承董事會命 茲提述萬洲國際有限公司（「本公司」）日期為二零二五年九月十日之公告，內容有關 與建議宣派及派付特別股息相關之本公司董事會（「董事會」）決議案日期。 宣派及派付特別股息 作為對本公司股東（「股東」）持續支持之回報，董事會欣然宣佈，董事會於二零二五 年九月二十二日（星期一）通過決議案，董事會已向股東宣派每股本公司普通股特別 股息0.3港元（「特別股息」）。特別股息將於二零二五年十月二十二日（星期三）或前 後以現金派付予於二零二五年十月十三日（星期一）（「記錄日 ...