Core Viewpoint - Citigroup's research report indicates that WH Group's operating profit for Q3 increased by 2% year-on-year, aligning with expectations, while EBITDA and net profit grew by 13% and 15% respectively, surpassing forecasts due to one-off items such as insurance compensation and litigation cost reversals [1] Financial Performance - Q3 operating profit increased by 2% year-on-year, meeting Citigroup's expectations [1] - EBITDA grew by 13% year-on-year, exceeding expectations [1] - Net profit rose by 15% year-on-year, also above forecasts [1] Market Outlook - The outlook for pork prices in the U.S. and China remains favorable for Q4 this year and next year [1] Profit Forecast Adjustments - Citigroup raised the net profit forecast for 2025 by 4% to reflect non-operating income [1] - The net profit forecasts for 2026 and 2027 were slightly increased by 0% to 1% [1] Investment Rating - Citigroup maintains a "Buy" rating for WH Group, with a target price raised from HKD 8.6 to HKD 8.7 [1] - The valuation is based on a projected P/E ratio of 7.6 times and a dividend yield of 6.6%, indicating continued attractiveness [1]

Summary of WH Group and Shuanghui Earnings Call Industry Overview - **Industry**: China Consumer Staples, specifically focusing on pork production and packaged meat - **Companies**: WH Group and Shuanghui Key Highlights from the Earnings Call Financial Performance - WH Group's 3Q25 operating profit (OP) increased by 4% year-over-year (yoy), surpassing Goldman Sachs' estimate of 2% yoy growth, driven by improved performance in China and the US [1][2] - In China, packaged meat profits rose by 8% yoy, with unit profit reaching Rmb5,200 per ton, although fresh meat faced increased pressure [1][2] - The US operations showed better-than-expected results in hog production and packaged meat, with a projected operating profit of US$302 million for packaged meat in 4Q25 [2] Management Insights - **China Operations**: - Management observed a larger-than-expected drop in hog prices in 3Q25, anticipating continued declines into 4Q25 and FY26, which could stabilize packaged meat unit profits at Rmb4,700 in 2025 and 2026 [2] - Fresh meat is expected to face headwinds due to tariffs, while hog production profits are projected to improve in 2026 compared to a loss in 3Q25 [2] - **US Operations**: - Hog production strength is expected to offset near-term input cost pressures, with management projecting a positive outlook into FY26 [2] - For FY25, adjusted EBIT guidance for packaged meat is set at US$1,091 million, with overall adjusted EBIT expected to be US$1,305 million [2] - **European Operations**: - Hog prices in Europe are expected to decline further into 4Q25, with management remaining optimistic about cost savings and vertical integration benefits in hog and poultry production [2][14] Adjustments and Projections - Following the earnings results, WH Group's 2025E underlying net income (NI) was fine-tuned upwards by 2.2%, while 2026E/27E NI was revised down slightly [3][19] - The 12-month target price (TP) for WH Group was lowered to HK$8.9 from HK$9.0, reflecting a narrowing of net asset value (NAV) discounts from 35% to 28% [3][19] - Shuanghui's 2025-27E net profit projections were increased by 0.7-0.9% due to a better outlook for packaged meat unit profits, with a new TP of Rmb25 [3][20] Market Dynamics - Management noted significant sales volume growth in new channels, with expectations of 40% yoy growth in 4Q25 and FY25 [2][13] - The company plans to increase investments in marketing and new channels to drive sales volume expansion [2][13] - Fresh meat profit per head is expected to improve in 4Q25, with management focusing on stabilizing unit profits amid market competition [2][13] Risks and Considerations - Fresh meat profits are under pressure due to tariffs and market competition, which may impact overall profitability [2][13] - Rising raw material costs and cautious consumer spending in the US could pose challenges for packaged meat revenue growth [2][13] Conclusion WH Group and Shuanghui are navigating a complex market environment with varying performance across regions. The management's focus on cost control, marketing investments, and adapting to market dynamics will be crucial for sustaining growth and profitability in the coming quarters.

Group 1 - The core viewpoint of the article is that WH Group's subsidiary, Smithfield, reported a sales revenue of $11.304 billion for the nine months ending September 28, 2025, representing a year-on-year increase of 10.93% [1] - Smithfield's attributable net profit for the same period was $660 million, which reflects a year-on-year decrease of 11.88% [1]

Core Viewpoint - WH Group's subsidiary Smithfield reported a sales revenue of $11.304 billion for the nine months ending September 28, 2025, representing a year-on-year increase of 10.93%. However, the net profit attributable to Smithfield was $660 million, reflecting a year-on-year decrease of 11.88% [1]. Group 1 - Smithfield's sales revenue for the nine-month period reached $11.304 billion [1] - Year-on-year sales revenue growth was 10.93% [1] - Net profit attributable to Smithfield was $660 million [1] Group 2 - Year-on-year decrease in net profit was 11.88% [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 產生或因依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） 史密斯菲爾德食品有限公司 截至二零二五年九月二十八日止九個月的 未經審核財務業績 於二零二五年十月二十八日交易時段後（香港時間），史密斯菲爾德刊發其截至二零二 五年九月二十八日止九個月的季度報告。 史密斯菲爾德食品有限公司（「史密斯菲爾德」）為一家於美利堅合眾國（「美國」）弗吉尼亞 州註冊成立的公司，其股份自二零二五年一月二十八日（紐約時間）在納斯達克全球精選 市場上市。於本公告日期，萬洲國際有限公司（「本公司」）間接擁有史密斯菲爾德約87.0% 的股權。於二零二五年十月二十八日，史密斯菲爾德向美國證券交易委員會上報其截至 二零二五年九月二十八日止九個月的季度報告（「史密斯菲爾德季度報告」）。需要注意的 是，載於史密斯菲爾德季度報告的未經審核綜合財務業績乃按照美國的公認會計原則編 製，而本公司則按照 ...

Core Insights - The core viewpoint of the article highlights the performance of Wan Zhou International's subsidiary, Shuanghui Development, in the first nine months of the year, showcasing growth in various financial metrics compared to the same period in 2024 [1] Financial Performance - Shuanghui Development's meat export volume reached 2.49 million tons, an increase of 5.9% compared to the same period in 2024 [1] - The total operating revenue amounted to RMB 44.653 billion, reflecting a growth of 1.2% year-on-year [1] - The total profit was reported at RMB 5.191 billion, which is a 1.3% increase from the previous year [1] - The net profit attributable to shareholders of Shuanghui Development was RMB 3.959 billion, marking a rise of 4.1% compared to the same period in 2024 [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]