Summary of Wanzhou International Conference Call Company Overview - **Company**: Wanzhou International - **Industry**: Meat processing and production, specifically focused on pork and related products Key Points and Arguments Market Predictions - **China's Pork Market**: Expected to experience strong supply and weak demand in 2026, leading to lower pork prices compared to 2025, which will benefit raw material costs for slaughtering and meat products, although overall price increases will be limited [2][4] - **US Pork Market**: Anticipated slight decline in pork prices in 2026 due to a projected 4% increase in hog supply by the USDA, although actual supply growth may be lower based on historical data [3][4] - **Demand for Animal Protein**: Strong demand for high-quality animal protein persists, with beef prices at historical highs, supporting pork demand despite potential price declines [3] Financial Performance - **Profit Growth**: Wanzhou International expects a recovery in meat product profit growth to mid-high single digits in 2026, aided by lower pork prices alleviating cost pressures [2][8] - **US Slaughtering Profitability**: A decrease in pork prices is expected to improve the profit margin for the slaughtering business in the US [9] Sales and Channels - **China's Sales Growth**: Anticipated growth in sales in Q4 2025, driven by new channels and increased promotional investments, with expectations for new channel sales growth to reach 30% or higher in 2026 [2][11] Smithfield Operations - **Post-IPO Changes**: Smithfield's operational management remains unchanged post-IPO, but its dividend policy is now clearer, committing to a 50% payout of net profits annually, enhancing Wanzhou International's dividend stability [2][12] Cost Management - **Feed Cost Management in the US**: Wanzhou International employs a hedging team to manage feed costs through strategic procurement and hedging strategies, ensuring cost certainty for pork production [5] Competitive Landscape - **Market Share**: Wanzhou International holds approximately 20% market share in the US meat products market, with significant competition from Tyson and other major players [10] European Market Outlook - **Profitability in Europe**: Despite challenges in 2025, the European market is expected to stabilize, with contributions from acquisitions like the German Wolf meat products expected to drive double-digit profit growth in 2026 [3][14][22] Overall Business Performance - **2025 Performance**: Despite external challenges, Wanzhou International achieved stable growth across its operations in China, Europe, and the US, with a notable increase in US farming profits [21][22] - **2026 Outlook**: The company anticipates continued strong performance across all regions, with a focus on maintaining profitability and growth despite market fluctuations [22] Additional Important Insights - **Dividend Policy Adjustments**: The company has increased its dividend payout ratio to at least 50% of net profits, reflecting a commitment to shareholder returns [20] - **Operational Efficiency**: Continuous improvements in operational efficiency and cost control are expected to support profit growth in a challenging market environment [6][7]

Core Viewpoint - The Hong Kong Consumption ETF (159735) has experienced significant growth in both share volume and fund size in 2023, despite a recent decline in market performance [1][2]. Group 1: Fund Performance - As of December 2, 2023, the Hong Kong Consumption ETF (159735) has a total share volume of 926 million and a total fund size of 779 million yuan, reflecting a year-to-date increase of 140.06% in share volume and 198.09% in fund size compared to the end of 2022 [1]. - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1]. - The fund manager, Li Yixuan, has managed the ETF since its inception on May 25, 2021, with a performance return of -15.87% during the management period [1]. Group 2: Trading Activity - The Hong Kong Consumption ETF (159735) recorded a total trading volume of 1.143 billion yuan over the last 20 trading days, averaging 57.17 million yuan per day [1]. - Year-to-date, the ETF has accumulated a total trading volume of 22.285 billion yuan over 223 trading days, with an average daily trading volume of 99.93 million yuan [1]. Group 3: Top Holdings - The ETF's top holdings include Alibaba-W (19.54%), Tencent Holdings (16.59%), and Pop Mart (7.99%), among others, with their respective market values and share counts detailed [2]. - The fund's significant positions reflect a diversified exposure to major players in the Hong Kong consumer market, indicating a strategic focus on high-growth companies [2].

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling 1.28% to close at 25,760.73 points, marking a loss of 334.32 points. The total trading volume was 164.36 billion HKD [1] - The Hang Seng China Enterprises Index dropped 1.68% to 9,028.55 points, while the Hang Seng Tech Index fell 1.58% to 5,534.92 points [1] Blue Chip Performance - Techtronic Industries (00669) led the blue-chip stocks, rising 3.15% to 94.9 HKD, contributing 6.66 points to the Hang Seng Index. Citigroup initiated a 30-day positive catalyst observation for the company [2] - Other notable blue-chip movements included WH Group (00288) up 1.8% to 8.47 HKD, while China Life (02628) fell 3.59% to 26.32 HKD, dragging the index down by 11.43 points [2] Sector Highlights - Precious metals and copper-aluminum sectors saw gains amid rising expectations for Federal Reserve interest rate cuts. Bitcoin reached a two-week high, boosting some cryptocurrency stocks [3] - The automotive sector continued to decline, with companies like XPeng Motors (09868) down 4.25% and GAC Group (02238) down 2.35%, reflecting weak market demand [4] Cryptocurrency Stocks - Several cryptocurrency-related stocks rose, including Boyaa Interactive (00434) up 5.19% and New Horizon Health (01611) up 2.3%, driven by increasing Bitcoin prices and a shift in institutional attitudes towards cryptocurrency [4] New Listings - Two new stocks debuted, with Lemo Technology (02539) surging 36.25% to 54.5 HKD, and Jinyan Kaolin New Materials (02693) rising 2.19% to 7.46 HKD. Lemo Technology is ranked first in the Chinese massage service market by transaction volume [5][6] Notable Corporate Announcements - Longpan Technology (02465) saw a significant increase of 12.21% to 16.54 HKD after announcing a long-term procurement agreement with Sunwoda for lithium iron phosphate cathode materials, expected to generate sales of approximately 4.5 to 5.5 billion CNY [7] - China Pacific Insurance (02328) continued to decline, down 4% to 17.04 HKD, amid rumors regarding the status of its executives [9]

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 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 12,830,219,550 | | | | 12,830,219,550 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 12,830,219,550 | | 0 | | 12,830,219,550 | FF301 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於 ...

Core Viewpoint - The Hong Kong Consumption ETF (159735) experienced a net redemption of 837,900 CNY on December 1, ranking 32nd out of 198 in cross-border ETF net outflows, with a current scale of 775 million CNY, reflecting a 0.11% outflow compared to the previous day's scale [1][2] Group 1: Fund Performance - As of December 1, the latest share count for the Hong Kong Consumption ETF (159735) is 926 million, with a scale of 775 million CNY, showing a 140.06% increase in shares and a 196.61% increase in scale year-to-date [2] - The fund has accumulated a total trading volume of 1.22 billion CNY over the past 20 trading days, with an average daily trading volume of 59.02 million CNY [2] Group 2: Fund Management - The current fund manager for the Hong Kong Consumption ETF (159735) is Li Yixuan, who has managed the fund since its inception on May 25, 2021, with a return of -16.29% during the management period [2] Group 3: Top Holdings - The top holdings of the Hong Kong Consumption ETF (159735) include Alibaba-W (19.54%), Tencent Holdings (16.59%), and Pop Mart (7.99%), among others, with their respective market values and share counts detailed [2]

Core Viewpoint - Southbound funds increased their holdings in WH Group Limited (00288.HK) by 3,500 shares on November 26, 2025, indicating a slight positive sentiment towards the company despite some recent fluctuations in holdings [1]. Summary by Sections Southbound Fund Activity - In the last five trading days, there were two days of net reductions in holdings, totaling 1.726 million shares [1]. - Over the past 20 trading days, southbound funds increased their holdings on 15 days, with a total net increase of 47.9739 million shares [1]. - As of now, southbound funds hold 619 million shares of WH Group, accounting for 4.82% of the company's total issued ordinary shares [1]. Shareholding Changes - On November 26, 2025, the total number of shares held was 619 million, with a change of 3,500 shares, reflecting a 0.00% change [2]. - On November 25, 2025, there was an increase of 329,000 shares, a 0.05% change [2]. - On November 24, 2025, there was a decrease of 2.225 million shares, a -0.36% change [2]. - On November 21, 2025, a decrease of 1.0305 million shares was recorded, a -0.17% change [2]. - On November 20, 2025, an increase of 1.197 million shares was noted, a 0.19% change [2]. Company Overview - WH Group Limited primarily engages in the pork business and operates through three segments: meat products, pork, and others [2]. - The meat products segment involves the production, wholesale, and retail of both chilled and frozen meat products [2]. - The pork segment includes the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, and pig farming [2]. - The other segment is involved in poultry slaughtering and sales, as well as providing related products and services, including logistics, seasoning production, and financial services [2].

Market Overview - The Hong Kong stock market opened high but experienced a decline, with the Hang Seng Index closing at 25,835.57 points, up 0.02% or 4.92 points, and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell by 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - The real estate sector is highlighted as crucial for household asset allocation in China, with policies aimed at stabilizing housing prices to support economic circulation. High-quality residential properties are expected to see growth due to favorable policy changes [4] - Major real estate stocks like Sunac China and Vanke saw significant gains, with Sunac up 6.02% to HKD 1.41 [3] Technology Sector - Nvidia reported strong Q3 earnings, with revenue of USD 57 billion, a 62% year-on-year increase, and a net profit of USD 31.9 billion, up 65%. The data center business reached a record revenue of USD 51.2 billion, reflecting the ongoing AI trend [5] - Nvidia-related stocks were active, with companies like GigaDevice and Hongteng Precision seeing gains [4] Lithium Sector - Lithium stocks experienced volatility, with Tianqi Lithium and Ganfeng Lithium both closing down nearly 2%. Despite a strong demand outlook, market sentiment remains cautious due to high prices and supply concerns [6] Gold Sector - Gold stocks faced declines, with companies like Jinhai Resources and Lingbao Gold dropping over 2% [6] Notable Company Performances - Kingsoft saw a significant drop of 7.03% after reporting a 17% decline in revenue for Q3 [8] - CATL faced pressure, down 5.66%, as a large portion of its H-share IPO lock-up period ended [9] - WanGuo Data reported a 10.2% increase in net revenue for Q3, leading to a rise of 6.21% in its stock price [10] - Kingsoft Cloud's stock rose by 4.87% after reporting a 31.4% increase in total revenue for Q3 [11]

每经AI快讯，万洲国际(00288.HK)再涨超4%，月内累计涨幅接近15%。截至发稿，涨4.03%，报8.51港 元，成交额2.8亿港元。 ...

花旗发布研报称，万洲国际三季经营利润按年增长2%，符合该行预期；EBITDA及净利润分别按年增长 13%及15%，均优于预期，主要受一次性项目带动，包括保险赔偿及诉讼费用回拨。该行认为今年第四 季及明年，美国及中国市场的猪肉价格前景仍然有利。维持"买入"评级，目标价由8.6港元上调8.7港 元。 万洲国际(00288)再涨超4%，月内累计涨幅接近15%。截至发稿，涨4.03%，报8.51港元，成交额2.8亿港 元。 消息面上，万洲国际近期发布前三季度业绩，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%。期内，万洲国际肉制品销量223.1 吨，猪肉销量296.7吨。 ...

Core Viewpoint - Wan Zhou International (00288) has seen a stock price increase of over 4%, with a cumulative rise of nearly 15% in the month, reflecting positive market sentiment following its recent financial performance announcement [1] Financial Performance - For the first three quarters, Wan Zhou International reported a revenue of $20.477 billion, representing an 8.54% year-on-year increase [1] - The profit attributable to the company's owners reached $1.168 billion, marking an 8.05% increase compared to the previous year [1] - The company sold 223.1 tons of meat products and 296.7 tons of pork during the period [1] Market Analysis - Citigroup's research report indicates that Wan Zhou International's operating profit grew by 2% year-on-year in Q3, aligning with the bank's expectations [1] - EBITDA and net profit increased by 13% and 15% year-on-year, respectively, surpassing expectations, primarily driven by one-time items such as insurance compensation and litigation cost reversals [1] - The outlook for pork prices in the U.S. and China remains favorable for Q4 of this year and into next year, according to Citigroup [1] - Citigroup maintains a "Buy" rating on the stock, raising the target price from HKD 8.6 to HKD 8.7 [1]