Core Viewpoint - CICC maintains the profit forecast for WH Group (00288) for 2025/2026, with the current stock price corresponding to 8.5/8.2 times the P/E ratio for 2025/2026. The target price is raised by approximately 11% to HKD 9.5 per share, indicating an upside potential of about 13.6% compared to the current stock price [1]. Group 1 - In Q2 2025, revenue reached USD 6.833 billion, a year-on-year increase of 11.8%; operating profit was USD 661 million, up 3.4%; core net profit attributable to shareholders (excluding biological asset value changes) was USD 361 million, down 8.1%. Adjusting for a government subsidy of USD 87 million received by the U.S. subsidiary in Q2 2024, the core net profit would show a year-on-year increase of 18% [2]. - The company expects a year-on-year increase in meat product sales in China for Q2 2025, with significant growth in emerging channels. Sales growth is anticipated to improve quarter by quarter in the second half of the year, with slight increases expected in both annual sales and profit per ton [2]. - The company’s slaughtering volume is expected to increase, along with customer and outlet coverage. However, due to increased competition and market investments, per capita profit is expected to be under pressure [2]. Group 2 - In the North American region, Q2 2025 meat product sales showed a slight year-on-year increase, with profit per ton remaining high. The pig farming business is expected to remain optimistic in the second half of the year. The company estimates that Q2 2025 sales volume for meat products returned to positive growth, maintaining high profit levels [2]. - The company anticipates that the upstream farming profitability in Q2 2025 will improve year-on-year, primarily due to rising pig prices and low feed costs. Overall profitability in pig farming is expected to continue to show a good trend in the second half of the year, with the subsidiary Smithfield raising its full-year pig farming profit guidance to USD 0-100 million [2].

智通财经APP获悉，瑞银发布研报称，以万洲国际(00288)中绩计，估算其次季销售及经营溢利分别同比 升12%及4%，而净利润则跌8%。该行指出，万洲次季经营溢利胜于预期，而净利润则大致符合市场预 期。管理层相信，由于集团扩展渠道和产品组合多样化，内地市场的包装肉类销量将在第三季和第四季 同比持续增长。该行上调万洲国际今明两年的净利润预测2%和3%，将目标价由7.6港元上调至8.5港 元，维持"买入"评级。 该信息由智通财经网提供 ...

瑞银发布研报称，以万洲国际(00288)中绩计，估算其次季销售及经营溢利分别同比升12%及4%，而净 利润则跌8%。该行指出，万洲次季经营溢利胜于预期，而净利润则大致符合市场预期。管理层相信， 由于集团扩展渠道和产品组合多样化，内地市场的包装肉类销量将在第三季和第四季同比持续增长。该 行上调万洲国际今明两年的净利润预测2%和3%，将目标价由7.6港元上调至8.5港元，维持"买入"评 级。 ...

金融界8月13日消息，上证指数高开高走，中证沪港深500主要消费指数 (沪港深500消费，H30462)报 9526.01点。 数据统计显示，中证沪港深500主要消费指数近一个月上涨2.01%，近三个月下跌3.04%，年至今下跌 0.31%。 据了解，中证沪港深行业指数系列将中证沪港深 500、中证沪港深互联互通中小综合以及中证沪港深互 联互通综合指数样本按行业分类标准分别分为 11 个行业，再以各行业全部证券作为样本编制指数，以 反映中证沪港深指数系列中不同行业公司证券的整体表现。该指数以2004年12月31日为基日，以1000.0 点为基点。 从指数持仓来看，中证沪港深500主要消费指数十大权重分别为：贵州茅台（14.62%）、五粮液 （12.1%）、伊利股份（8.8%）、牧原股份（6.5%）、温氏股份（4.72%）、泸州老窖（4.67%）、山西 汾酒（4.61%）、农夫山泉（4.39%）、万洲国际（3.28%）、海天味业（3.26%）。 从中证沪港深500主要消费指数持仓的市场板块来看，上海证券交易所占比40.36%、深圳证券交易所占 比38.18%、香港证券交易所占比21.46%。 从中证沪港深500 ...

Core Viewpoint - Citi's report indicates that WH Group (00288) experienced a 3% growth in operating profit for Q2, aligning with the bank's expectations and surpassing market forecasts [1] Financial Performance - The company's net profit decreased by 8% due to increased other expenses and last year's one-time deferred tax asset gains [1] - Despite the decline in net profit, the bank anticipates that it will not impact dividend payments [1] Management Guidance - The management has raised the operating profit guidance for the U.S. market by 4% for this year and expressed increased confidence in the growth performance of the Chinese market for the second half of the year [1] Valuation and Ratings - Citi believes that WH Group's valuation remains attractive and has reiterated a "Buy" rating [1] - The bank has raised its operating profit forecast for the group for 2025 to 2027 by 2%, while lowering the net profit forecast by 4% to reflect increased other expenses and effective tax rates [1] - The target price has been adjusted from HKD 8.2 to HKD 8.6 [1]

花旗发布研报称，万洲国际(00288)第二季经营溢利增长3%，符合该行预期，并胜于市场预测。虽然公 司因其他费用增加和去年一次性递延税款资产收益，令净利润下降8%，但该行预计不会影响股息支 付。公司管理层将美国今年的经营溢利指引上调4%，并对下半年中国市场的增长表现更有信心。该行 认为，万洲国际的估值仍具吸引力，重申"买入"评级。另外，该行上调集团2025至2027年的经营溢利预 测2%，但下调净利润预测4%，以反映其他费用和有效所得税率上升，而目标价则由8.2港元调升至8.6 港元。 ...

Group 1 - The core viewpoint of the report is that WH Group (万洲国际) has slightly exceeded expectations in its Q2 performance, with operating profit increasing by 3% year-on-year and adjusted operating profit rising by 19% [1] - The interim dividend has doubled to 20 HK cents, and the company maintains a payout ratio of at least 50% [1] - Bank of America has raised its earnings per share estimates for WH Group by 3% for the next two years and increased the target price by 4% to 8.5 HKD, reaffirming a "Buy" rating, citing a positive outlook for the second half of the year and a high single-digit dividend yield [1] Group 2 - WH Group's market capitalization in Hong Kong is 102.513 billion HKD, ranking first in the food processing industry [2] - Key performance indicators for WH Group compared to the industry average include: - ROE: 15.68% vs. -0.2% (ranked 4th) - Revenue: 259.41 billion HKD vs. 72.32 billion HKD (ranked 3rd) - Net profit margin: 7.14% vs. -10.31% (ranked 9th) - Gross profit margin: 20.05% vs. 31.0% (ranked 32nd) - Debt ratio: 42.74% vs. 58.11% (ranked 24th) [2]

智通财经APP获悉，美银证券发布研报称，万洲国际(00288)次季业绩略胜预期，经营溢利同比增长3%; 经调整经营溢利升19%;中期息倍升至20港仙，集团维持其派息率最少50%的指引。该行将万洲国际今明 两年的每股盈测分别上调3%，升目标价4%至8.5港元，重申"买入"评级，相信公司下半年的前景良好， 估值不高，且预计股息率可达高单位数。 ...

Core Viewpoint - Bank of America Securities reports that WH Group (00288) slightly exceeded expectations in Q2 performance, with operating profit increasing by 3% year-on-year and adjusted operating profit rising by 19% [1] Financial Performance - The interim dividend has doubled to 20 Hong Kong cents, and the group maintains a payout ratio guidance of at least 50% [1] - The earnings per share estimates for WH Group for the next two years have been raised by 3% [1] Target Price and Rating - The target price has been increased by 4% to HKD 8.5, with a reiterated "Buy" rating [1] - The company is expected to have a favorable outlook for the second half of the year, with low valuation and an anticipated high single-digit dividend yield [1]

Core Viewpoint - Wan Cheng International (00288.HK) reported a significant increase in revenue and operating profit for the first half of 2025, primarily driven by growth in its pork business [1] Financial Performance - The company achieved a revenue of $13.387 billion, representing an 8.9% year-on-year increase [1] - Operating profit reached $1.259 billion, marking a 10.4% increase compared to the previous year [1] - Profit attributable to shareholders (before biological fair value adjustments) rose by 4.5% to $725 million [1] Dividend Announcement - The company declared an interim dividend of $0.2 per share [1]