Summary of WH Group 4Q25 Earnings Call Industry Overview - **Industry**: China Consumer Staples, specifically focusing on the pork and packaged meat sectors Key Highlights from the Earnings Call 1. **China Hog Prices**: Management anticipates average hog prices in 2026 will decline approximately 10% year-over-year compared to 2025 levels, with a downward trend expected in the first half of 2026 before a potential recovery in the second half [2][11] 2. **Sales Volume and Profitability**: The company aims to balance sales volume growth with profitability, expecting significant growth in sales volume but a slight decline in unit profit year-over-year [2][10] 3. **Hog Production Costs**: Management expects a significant decrease in production costs for 2026, although the hog production segment is projected to remain loss-making due to falling hog prices [2][11] 4. **US Market Outlook**: The US hog production segment is expected to achieve an operating profit of $150-200 million in 2026, with management confident in dual growth in volume and profitability despite inflationary pressures [2][12] 5. **European Strategy**: The Group is focusing on optimizing product portfolios and investing in energy-efficient technologies to counter inflationary pressures, with a core strategy centered on meat products, particularly ready-to-eat and convenience foods [2][17] 6. **Dividend Policy**: Management has reaffirmed a commitment to a dividend payout ratio of no less than 50% of annual distributable profits, with expectations for strong shareholder returns in 2026 and beyond [2][18] Financial Performance 1. **4Q25 Results**: Operating profit was reported at 9% year-over-year, slightly below the guidance of 11% year-over-year, with a final dividend of HK$0.41 per share announced [1][8] 2. **Revenue and Profit Adjustments**: Following the earnings call, WH Group's 2026E/27E underlying net income estimates were raised by 9.7% and 4.6%, respectively, reflecting a stronger outlook in both US and China operations [9] 3. **Sales Performance**: In 2025, the average hog price fell to 14.43 RMB/kg, representing a 15.3% year-over-year decline, with total slaughter reaching 720 million units, a 2.4% increase year-over-year [11] Strategic Initiatives 1. **Market Expansion**: The company is leveraging digitalization for market expansion and focusing on high-value-for-money products to cater to price-sensitive consumers [10][11] 2. **Operational Efficiency**: Management is enhancing operational efficiency and optimizing production through mergers and acquisitions, new constructions, and facility upgrades [11][17] 3. **Cost Management**: To mitigate cost pressures from rising energy and raw material prices, the company is utilizing hedging instruments to lock in feed costs [12][16] Additional Insights 1. **Competitive Landscape**: The fresh pork industry is highly fragmented, with over 5,000 players, and management expects a period of rapid consolidation [11] 2. **Consumer Behavior**: There is a noted shift in consumer preferences towards private-label products due to inflation, which the company is strategically positioned to navigate [12][14] 3. **Long-term Growth**: The Group aims to scale its poultry and pet food segments while continuing to seek M&A opportunities to strengthen its platform capabilities over the next five years [17]

Summary of Conference Call for Wan Zhou International & Shuanghui Development Industry Overview - The conference call primarily discusses the Chinese meat products industry and the company's performance in both the Chinese and American markets, with a focus on growth strategies and market dynamics [1][2][3]. Key Points and Arguments Chinese Meat Products Business - **Sales Growth**: The expected sales growth for the Chinese meat products business in 2026 is projected to be in the low single digits, with a shift in strategy from high profit to a focus on volume [1]. - **Profitability**: Although the profit per ton is expected to decline from the historical high in 2025, it will still remain at the second-highest level historically [1]. - **Emerging Channels**: The share of emerging channels is expected to increase, reaching 16% in 2024, 22% in 2025, and 25% in 2026, with a target of over 30% by 2028 [1][4]. - **Sales Personnel**: The number of sales personnel is planned to increase to 3,200 in 2026 to support specialized category reforms [1][4]. - **Slaughtering Business**: The company aims for double-digit growth in the slaughtering business over the next 2-3 years, targeting a slaughter volume of over 20 million heads [1][11]. American Meat Products Business - **Profit Target**: The profit target for the American meat products business in 2026 is set at $1.1 to $1.2 billion, showing significant growth compared to 2025 [2][3]. - **Cost Management**: The company has 40% of its products with autonomous pricing power to pass on costs effectively. Strategies to manage inflation include adjusting product mix, automating processes, and optimizing pricing strategies [2][3]. - **Capital Expenditure**: Expected capital expenditure for 2026 is projected to be between $700 million and $800 million, with a focus on acquiring a beef hot dog brand for $400 to $450 million [9]. European Market Outlook - **Growth Expectations**: The European business is expected to continue growing in 2026, with a recovery in pig prices and increased profitability in both the pig and meat product sectors [6][11]. - **Cost Management**: The company plans to manage costs through organic growth and integration of newly acquired capacities [11]. Traditional and Emerging Channels - **Traditional Channels**: Despite pressure on traditional channels, there are signs of recovery, with expectations for positive growth in 2026, albeit limited [5]. - **New Channels**: New channels have shown significant growth, with expectations of maintaining over 30% growth in 2026, which will help offset declines in traditional channels [15]. Financial Health and Cash Flow - **Debt Composition**: Over half of the company's debt is in USD, primarily related to its American operations. The average interest rate is expected to continue declining [8]. - **Cash Flow**: Operating cash flow is expected to remain above $2.5 billion in 2026, with a commitment to maintaining a dividend payout ratio of no less than 50% of net profit [9][10]. Market Share and Competitive Landscape - **Market Share in the U.S.**: The company holds approximately 18% to 20% market share in the U.S. meat products market, ranking first [15]. - **Competition in Slaughtering**: The U.S. slaughtering business has a market share of about 28%, with expectations for slight growth in both scale and profitability in 2026 [16]. Strategic Focus - **Volume and Profit Strategy**: The overall strategy is to balance volume and profit, with a focus on market share expansion through promotional activities and support for distributors [13][14]. Additional Important Information - The company is not planning to further reduce its stake in Smithfield and aims to maintain steady growth in shareholder returns [10].

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） 河南雙匯投資發展股份有限公司 截至二零二五年十二月三十一日止年度的 雙匯發展 綜合損益及其他全面收益表 截至二零二五年十二月三十一日止年度 | | | | 截至十二月三十一日止年度 | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 人民幣元 | 人民幣元 | | | | （經審核） | （經審核） | | 一、 | 營業總收入 | 59,459,718,486.96 | 59,715,249,829.28 | | | 其中：營業收入 | 59,274,045,475.32 | 59,561,224,544.07 | | | 利息收入 | 185,625,808.75 | 153,975,370.11 | | | 手續費及佣金收入 | 47 ...

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。 經審核財務業績 於二零二六年三月二十四日交易時段後（香港時間），史密斯菲爾德刊發其截至二零二 五年十二月二十八日止年度的年報。 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% 的股權。於二零二六年三月二十四日，史密斯菲爾德向美國證券交易委員會上報其截至 二零二五年十二月二十八日止年度的年報（「史密斯菲爾德年報」）。需要注意的是，載於 史密斯菲爾德年報的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，該報告所呈報的史密斯菲 爾德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）所載的史密斯菲爾德業績。 – 1 ...

其他信息 其他信息 不適用 發行人董事 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；非執行董事為焦樹閣先生；及獨立非執行董事為黃明先生、劉展天 先生及周暉女士。 EF001 免責聲明 EF001 | 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 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。 | | | --- | --- | | 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 截至二零二五年十二月三十一日止年度之末期股息 | | | 公告日期 | 2026年3月24日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.41 HKD | | ...

Financial Performance - WH Group Limited reported a revenue increase of 8.0% to $28,026 million for the year ending December 31, 2025, compared to $25,941 million in 2024[3]. - Operating profit rose by 8.7% to $2,612 million in 2025, up from $2,404 million in 2024[3]. - The profit attributable to owners of the company increased by 8.2% to $1,591 million, with basic earnings per share rising to 12.40 cents from 11.47 cents in the previous year[3]. - The company's revenue increased by 8.0% to $28.026 billion in 2025, driven by higher pork sales and average prices of meat products[14]. - Operating profit rose by 8.7% to $2.612 billion, primarily due to significant profit growth in the pork business[14]. - Revenue growth rate for 2025 is 8.0%, an increase of 9.1 percentage points from -1.1% in 2024[23]. - Net profit margin improved to 6.8% in 2025, up by 0.2 percentage points from 6.6% in 2024[23]. - The gross profit for 2025 was $4,987 million, compared to $5,200 million in 2024, indicating a decrease of about 4.1%[63]. - The net profit for the year was $1,891 million, up from $1,853 million in 2024, reflecting an increase of approximately 2.1%[64]. Market Segmentation - Pork sales volume increased by 8.6% to 4,089 thousand tons, while meat product sales volume decreased by 1.5% to 3,054 thousand tons[2]. - The Chinese market accounted for 30.3% of the group's revenue and 35.8% of operating profit in 2025, compared to 32.5% and 39.2% in 2024, respectively[5]. - In North America, the business contributed 54.3% of revenue and 53.3% of operating profit, showing slight increases from 53.0% and 49.4% in 2024[5]. - Pork revenue increased by 10.1% to $11.383 billion, with North America showing a notable growth of 19.2%[19]. - The meat products segment accounted for 82.0% of the company's operating profit and 50.6% of total revenue in 2025, down from 92.9% and 52.6% respectively in 2024[14]. Production and Operations - The total pork production in China increased by 4.1% to 5,940 thousand tons, with a total of 720 million live pigs produced, up 2.4%[6]. - The total number of pigs slaughtered increased by 7.9% to 48.942 million heads in 2025[20]. - The company's poultry business saw a 12.6% increase in the number of chickens, geese, and turkeys slaughtered, totaling approximately 392 million[21]. - The utilization rates for meat products production capacity were 65.3% in China, 83.2% in North America, and 84.2% in Europe[22]. - The operating profit for the pork segment surged by 62.4% to $578 million, largely due to improved conditions in the U.S. pork farming sector[20]. Financial Position - Cash and bank balances reached $2.388 billion as of December 31, 2025, compared to $2.055 billion in 2024[28]. - Net cash generated from operating activities remained stable at $2.526 billion in 2025, slightly up from $2.519 billion in 2024[29]. - Total outstanding loans amounted to $3.649 billion as of December 31, 2025, an increase from $3.330 billion in 2024[32]. - The company maintained a current ratio of 1.9 as of December 31, 2025, consistent with 2024[28]. - The total asset return rate decreased to 9.1% in 2025, down by 0.4 percentage points from 9.5% in 2024[23]. - The company's financial costs decreased by 0.7% to $146 million in 2025, with an average interest rate on outstanding loans of 2.55%[36]. Investments and Acquisitions - The company plans to invest up to $1.3 billion in a new state-of-the-art processing facility in Sioux Falls, South Dakota, expected to commence construction in the first half of 2027 and begin operations by the end of 2028[37]. - The company completed the acquisition of Nathan's Famous for $102 per share, enhancing its meat product brand portfolio and expected to drive growth in high-margin products[39]. - The acquisition of Wolf Group, a leading German producer of premium sausages and convenience foods, was completed, expected to accelerate growth in the European market[40]. - The company sold its goose slaughtering business in Poland for a net amount of $21 million, realizing a pre-tax gain of $11 million, allowing a focus on core business areas[42]. Employee and Compensation - Total employee count as of December 31, 2025, is approximately 106,000, with 49,000 in China, 35,000 in North America, and 22,000 in Europe[50]. - Total compensation expenses for 2025 amounted to $4.348 billion, an increase of 4.8% from 2024, primarily due to global wage inflation and stock compensation related to the Smithfield incentive plan[50]. Sustainability and Governance - The company is committed to sustainable protein options and has updated its greenhouse gas reduction targets, with a focus on water resource risk assessment[58]. - The company received an AA- rating from the Hang Seng Sustainable Development Index and improved its MSCI ESG rating to A, reflecting recognition of its sustainability efforts[59]. - The company has maintained compliance with the corporate governance code as per the listing rules for the year ending December 31, 2025[98]. Dividends and Shareholder Information - A special cash dividend of HKD 0.18 per share was declared, totaling approximately HKD 25.24 billion (around $3.24 billion)[25]. - The company plans to distribute a final dividend of HK$0.41 per share for the year ending December 31, 2025, pending shareholder approval[82]. - The total interim and final dividends for the year will amount to HKD 0.61 per share, compared to HKD 0.50 per share for the previous year[101].

Highlight 0 2025 Annual Results 172 31 45 206 119 32 137 137 137 204 149 149 221 175 93 217 217 217 217 217 217 Disclaimer 172 31 45 206 119 32 137 137 137 204 149 149 221 175 93 217 217 217 217 217 217 Highlight 1 • This presentation and the accompanying slides (the "Presentation") have been prepared by WH Group Limited ("WH Group" or the "Company") solely for information purposes. • This Presentation does not constitute or form part of and should not be construed as, an offer or invitation to acquire, pur ...

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 | 截至月份: | | --- | | 2026年2月28日 | | 狀態: | | 新提交 | 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: 2026年3月2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 ...

Group 1 - The core viewpoint of the article highlights the recent trading activity of Wan Zhou International (00288.HK), indicating a net increase of 873,000 shares held by southbound funds on February 27 [1] - Over the past five trading days, there were three days of net reductions in holdings by southbound funds, totaling a net decrease of 2.0852 million shares [1] - In the last twenty trading days, there were ten days of net increases in holdings by southbound funds, amounting to a total net increase of 585,100 shares [1] Group 2 - As of now, southbound funds hold 783 million shares of Wan Zhou International, which represents 6.09% of the company's total issued ordinary shares [1] - Wan Zhou International Limited primarily engages in the pork business and operates through three segments: meat products, pork, and others [1] - The meat products segment is involved in the production, wholesale, and retail of both low-temperature and high-temperature meat products [1] - The pork segment handles the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, as well as pig farming [1] - The other segment is engaged in poultry slaughtering and sales, along with providing related products and services such as logistics, seasoning production, and packaging materials [1]

( 於開曼群島註册成立之有限公司 ) ( 股份代號 : 288) 提 示 信 函 各位非登記股東 （附註） ： 以電子方式發布公司通訊之最新安排的提示信函 根據自 2023 年 12 月 31 日起生效的擴大無紙化制度及以電子方式發布公司通訊規定下香港聯合交易所有限公司證券上市 規則（「上市規則」）第 2.07 條，萬洲國際有限公司（「本公司」）謹此提醒 閣下，本公司已採用以電子方式發布公司 通訊（「公司通訊」）之安排，該公司通訊是指本公司為向其任何證券持有人提供資訊或提醒其採取行動而發布或將要發 布的任何文件，包括但不限於(a)董事報告、年度帳目以及審計報告副本以及（如適用）財務摘要報告；(b)中期報告及其中 期報告摘要（如適用）；(c)會議通知；(d)上市文件；(e)通函和(f)委任表格。 請注意，所有日後公司通訊的英文版和中文版將在本公司網站 www.wh-group.com 和披露易網站 www.hkexnews.hk 上提供， 以代替印刷本。 根據上市規則及第三次經修訂和重述的公司章程大綱細則，本公司毋須就於該等網站刊載公司通訊向股東發出通知。本 公司只會向有提供有效電子郵件地址的股東發送有關公司通 ...