Group 1 - The company plans to leverage the advantages of the Wan Zhou International platform to integrate global resources [1] - The company aims to strengthen technology introduction, communication, and cooperation [1] - The company is focused on expanding both domestic and international markets to promote stable development [1]

SZSE: 000895 NASDAQ: SFD 中期報告 INTERIM REPORT SZSE: 000895 NASDAQ: SFD INTERIM REPORT 2025 中期報告 | 目錄 | 公司資料 | 2 | | --- | --- | --- | | | 業績摘要 | 4 | | | 管理層討論與分析 | 5 | | | 獨立審閱報告 | 20 | | | 簡明綜合損益及其他全面收益表 | 21 | | | 簡明綜合財務狀況表 | 23 | | | 簡明綜合權益變動表 | 25 | | | 簡明綜合現金流量表 | 27 | | | 中期簡明綜合財務資料附註 | 29 | | | 其他資料 | 57 | | | 詞彙 | 64 | 萬洲國際有限公司 2025年中期報告 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 獨立非執行董事 黃明先生 劉展天先生 周暉女士 公司秘書 周豪先生 審核委員會 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） ...

Summary of WH Group (0288.HK) Conference Call Company Overview - **Company**: WH Group (0288.HK) - **Industry**: Consumer Staples, specifically in the packaged meat sector Key Points and Arguments 1. **Special Dividend Announcement**: WH Group proposed a special dividend after selling 22.46 million shares in Smithfield Foods (SFD) for US$23.25 per share, generating proceeds of US$522 million, which is 3.73% of WH Group's market cap as of September 10 [1] 2. **Shareholder Returns**: WH Group is highlighted as a key player in the consumer staples sector with a recurring dividend yield exceeding 6%. The company is expected to have net cash by 2026, improving its capacity for shareholder returns [2] 3. **Earnings Growth**: The company anticipates a 7% year-over-year growth in operating profit for 2025, supported by a recovery in cyclical earnings and a more optimized business structure [2] 4. **Dividend Payments**: In 2023, WH Group paid a cash dividend of HK$0.5 per share and a special dividend of HK$0.18, totaling US$325 million, which reflects its commitment to returning value to shareholders [2] 5. **Valuation and Price Target**: WH Group's share price has increased by 42% year-to-date, yet it remains attractive with a valuation of 9x 2025E PE and a recurring dividend yield of over 6% [3] 6. **Market Position**: WH Group is trading at a 14% discount to the combined market cap of its stakes in Shuanghui and SFD, indicating potential upside [3] 7. **Price Target**: The 12-month price target for WH Group is set at HK$9.40, representing a potential upside of 10.2% from the current price of HK$8.53 [13] 8. **Risks**: Key downside risks include: - **US Business**: Economic slowdown affecting consumer spending, shifts in consumption trends, and margin pressures from increased costs and regulations [10] - **China Business**: Volatility in live hog prices and inflation risks in commodities like corn and soybean [11] - **Food Safety Issues**: Any food safety incidents could significantly impact consumer trust and financial performance [11] Additional Important Information - **Financial Metrics**: WH Group's dividend payout ratio is projected to increase from 51% in 2024 to 62% in 2025, with a dividend yield of 5.9% in 2024 and 6.4% in 2025 [7] - **Free Cash Flow (FCF)**: The FCF yield is expected to be 13.2% in 2024 and 13.3% in 2025, indicating strong cash generation capabilities [7] - **Analyst Ratings**: Goldman Sachs maintains a "Buy" rating on WH Group, reflecting confidence in its growth prospects and shareholder return strategy [3] This summary encapsulates the essential insights from the WH Group conference call, focusing on its financial performance, shareholder returns, market positioning, and associated risks.

（於開曼群島註冊成立的有限公司） （股份代號：288） 內幕消息 有關建議宣派特別股息之 董事會決議案日期 本公告乃由萬洲國際有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則（「上市規則」）第13.09(2)及13.43條以及香港法例第571章證券及期貨條例第XIVA 部項下之內幕消息條文（定義見上市規則）作出。 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 本公司董事會（「董事會」）謹此宣佈，於其附屬公司史密斯菲爾德食品有限公司（「史 密斯菲爾德」）經史密斯菲爾德的主要股東SFDS UK Holdings Limited於二零二五 年九月完成其若干普通股股份的二次發行後，董事會正考慮向本公司股東宣派及派 付特別股息（「特別股息」）。倘董事會決定進行，則宣派特別股息將於二零二五年九 月二十二日（星期一）或前後經董事會決議案採納。 倘相關董事會決議案獲董事會採納，則本公司將會根據上市規則 ...

Group 1: Anti-Dumping Measures - The Ministry of Commerce has announced preliminary findings of anti-dumping investigations on imported pork and related products from the EU, confirming dumping and substantial damage to the domestic industry [1] - Temporary anti-dumping measures will be implemented in the form of a deposit starting from September 10, 2025, requiring importers to provide corresponding deposit rates to customs [1] - In the first seven months of 2025, China imported 1.39 million tons of pork and related products, with nearly 50% coming from the EU, indicating a significant reliance on EU imports [1] Group 2: Market Prices and Trends - The market price of live pigs has dropped to 13.87 yuan/kg as of September 8, 2025, down from 14.22 yuan/kg at the end of July 2025 and 15.98 yuan/kg at the end of 2024 [2] - Pork wholesale prices have also decreased, with a recent price of 20.10 yuan/kg, compared to 20.50 yuan/kg at the end of July 2025 and 22.37 yuan/kg at the end of 2024 [2] - Major listed pig farming companies reported increased sales volumes in August 2025, but both price and profit margins have declined [2] Group 3: Production Capacity and Industry Adjustments - The number of breeding sows has slightly decreased by 0.80% in August 2025, indicating a potential adjustment in production capacity [3] - The Ministry of Agriculture has been promoting measures to stabilize the pig industry, including controlling breeding sow numbers and reducing overall supply [3] - Analysts suggest that the anti-dumping measures may lead to a reduction in imported pork supply, potentially driving domestic pork prices higher [3][4] Group 4: Company Performance - De Kang Agriculture reported sales of 813,100 pigs in August 2025, with a revenue of 1.432 billion yuan, but the average selling price decreased by 3.31% from July 2025 [5] - COFCO Joycome turned a profit in the first half of 2025 but faced pressure on profit margins due to declining pig prices, leading to a downward revision of profit forecasts [6] - WH Group reported a 10.4% increase in operating profit for the first half of 2025, with a sales growth of 8.9%, marking the best performance since the second half of 2020 [6]

Core Viewpoint - Wan Chong International (00288) announced that its Chairman and Executive Director, Wan Long, agreed to purchase 1.8 million shares of Smithfield in a secondary offering, reflecting confidence in Smithfield's business development and future prospects [1] Summary by Relevant Sections - **Share Purchase Details** - Wan Long will buy 1.8 million shares, representing approximately 8.01% of the shares offered in the secondary issuance of Smithfield and about 0.46% of Smithfield's total issued share capital as of the announcement date [1] - The cost for the subscription is approximately $41.85 million [1] - **Management's Perspective** - The subscription reflects Wan Long's further recognition of Smithfield Group's business development and confidence in its future [1] - The board believes that although the subscription is not part of the group's general and daily business operations, it is conducted on standard commercial terms, deemed fair and reasonable, and aligns with the overall interests of the company and its shareholders [1]

Core Viewpoint - Wan Chong International (00288) announced that its chairman and executive director, Wan Long, agreed to purchase 1.8 million shares of Smithfield in a secondary offering, reflecting confidence in Smithfield's business development and future prospects [1] Summary by Relevant Sections - **Share Purchase Details** - Wan Long will buy 1.8 million shares of Smithfield, representing approximately 8.01% of the shares offered in the secondary issuance and about 0.46% of Smithfield's total issued share capital as of the announcement date [1] - The cost for the subscription is approximately $41.85 million [1] - **Management's Perspective** - The subscription reflects Wan Long's further recognition of Smithfield Group's business development and confidence in its future [1] - The board believes that although the subscription is not part of the group's general and daily business operations, it is conducted on standard commercial terms, deemed fair and reasonable, and aligns with the overall interests of the company and its shareholders [1]

Group 1 - Wan Chong International (00288.HK) announced that its Chairman and Executive Director, Mr. Wan Long, agreed to purchase 1.8 million shares of Smithfield in a secondary offering, representing approximately 8.01% of the shares offered in the secondary issuance [1] - The total cost for Mr. Wan's subscription is approximately $41.85 million, equivalent to about HKD 326.43 million [1] - Mr. Wan will finance the subscription through a loan from a commercial bank [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。 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） 有關二次發行認購事項的關連交易 茲提述本公司日期為二零二五年九月三日及二零二五年九月五日有關（其中包括）史 密斯菲爾德二次發行的公告。 認購事項 於二零二五年九月五日（紐約時間），董事會主席兼執行董事萬先生已同意於史密斯 菲爾德二次發行中按發售價及與所發售的其他史密斯菲爾德股份相同的條款購買 1,800,000股史密斯菲爾德股份，佔史密斯菲爾德二次發行中所發售的史密斯菲爾德 股份約8.01%及截至本公告日期史密斯菲爾德已發行股本總額約0.46%。萬先生就 認購事項支付的代價約為4,185萬美元（相當於約3.2643億港元）。 萬先生以來自商業銀行的貸款融資為認購事項提供資金。 認購事項的理由及裨益 認購事項反映萬先生對史密斯菲爾德集團業務發展的進一步認同，以及其對史密斯 菲爾德集團未來發展的信心。董 ...

Core Viewpoint - Smithfield Foods, a subsidiary of WH Group, is conducting a secondary offering of 19,531,698 shares at a price of $23.25 per share, with the offering expected to close on September 8, 2025, subject to customary closing conditions [1] Group 1 - The shares are being sold by SFDS UK Holdings Limited, an indirect wholly-owned subsidiary of the company [1] - SFDS UK has granted underwriters a 30-day option to purchase up to 2,929,754 additional 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 offering [1] - Goldman Sachs & Co. LLC, Citigroup, and BNP Paribas are serving as co-managers for the offering [1]