星展发表研报指，万洲国际在中国市场趋稳、销量复苏，预计2025年第四季度包装肉销量将实现低单位 数增长，优于前几个季度，主要得益于拓展专业经销商及新兴零售渠道。平均售价可能因推出更多实惠 产品而按年略有下降，但在猪肉成本降低的情况下，每吨盈利能力预计大体保持稳定。美国市场方面， 势头延续。生猪养殖产能精简至1150万头有助于利润率提升，加上有利的猪价(2025年上涨9%)及较低的 饲料成本，这些因素应能支持第四季度营业利润实现双位数增长。基于更佳的利润前景，该行将2026财 年盈利预测上调2%，目标价上调至10.8港元，维持"买入"评级。 ...

23 January 2026 | 11:18PM HKT Equity Research CHINA CONSUMER STAPLES We maintain Buy on WH Group with new 12m TP at HK$9.8/sh (prior HK$8.9) and Neutral on Shuanghui on fair valuation, with 12m TP at Rmb25.0 (unchanged). Valerie Zhou +852-2978-0820 | valerie.zhou@gs.com Goldman Sachs (Asia) L.L.C. Pork: 4Q25 preview: stronger international business to accelerate Group OP growth; China muted; Buy WH Group We expect WH Group OP to grow steadily at 10% OP yoy in 4Q25. For the China business (also Shuanghui), w ...

1月22日，万洲国际官网发布新闻稿称，其子公司史密斯菲尔德食品公司与Nathan's Famous, Inc.已签署 最终合并协议，将以每股102.00美元现金收购热狗品牌Nathan's Famous全部已发行流通股，对应企业价 值约4.5亿美元。 0:00 ...

Core Viewpoint - WH Group's subsidiary Smithfield Foods has signed a definitive merger agreement to acquire Nathan's Famous, Inc. for $102.00 per share in cash, representing an enterprise value of approximately $450 million [1] Group 1: Acquisition Details - Smithfield Foods will acquire all outstanding shares of Nathan's Famous, with the total enterprise value estimated at $450 million [1] - The acquisition price of $102.00 per share reflects a premium for Nathan's Famous shareholders [1] - The transaction is expected to be completed in the first half of 2026 [1] Group 2: Existing Relationship - Since March 2014, Smithfield Foods has held exclusive licensing rights for the Nathan's Famous brand in retail channels across the U.S., Canada, and Mexico [1] - The licensing agreement allows Smithfield to produce, distribute, market, and sell Nathan's Famous hot dogs, sausages, and other related products [1] - The current licensing agreement is set to expire in March 2032 [1]

Group 1 - The core point of the article highlights that southbound funds reduced their holdings in Wan Zhou International (00288.HK) by 1.971 million shares on January 19, with a total net reduction of 299,100 shares over the last five trading days [1] - Over the past 20 trading days, there have been 17 days of net increases in southbound fund holdings, totaling an increase of 13.2 million shares [1] - As of now, southbound funds hold 787 million shares of Wan Zhou International, accounting for 6.12% of the company's total issued ordinary shares [1] Group 2 - Wan Zhou International Limited primarily engages in the pork business and operates through three segments [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 focuses on the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, and pig farming activities [1] - The other segment deals with poultry slaughtering and sales, as well as providing related products and services, including logistics, seasoning production, and financial services [1]

花旗发布研报称，万洲国际(00288.HK)估值仍然吸引，2026年预测市盈率为8.8倍，股息收益率达 6.8%，维持"买入"评级，目标价由8.7港元上调至9.5港元。该行料万洲国际2025年第四季度经营利润录 得低至中单位数增长，其中中国业务轻微下跌，美国及墨西哥业务持平，欧洲业务则实现高双位数增 长。 截至2026年1月19日收盘，万洲国际(00288.HK)报收于8.68港元，下跌1.03%，成交量1473.88万股，成交 额1.29亿港元。投行对该股的评级以买入为主，近90天内共有1家投行给出买入评级，近90天的目标均 价为10港元。中信证券最新一份研报给予万洲国际买入评级，目标价10港元。 机构评级详情见下表： 万洲国际港股市值1125.21亿港元，在食品加工行业中排名第1。主要指标见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

同时，该行预期万洲国际2026年经营利润将录得中至高单位数增长，其中中国业务在销量推动下转亏为 盈，美国及墨西哥业务在效率提升下录得中至高单位数增长，而欧洲业务则在销量及效率共同提升下增 长10%至20%。 花旗发布研报称，万洲国际(00288)估值仍然吸引，2026年预测市盈率为8.8倍，股息收益率达6.8%，维 持"买入"评级，目标价由8.7港元上调至9.5港元。该行料万洲国际2025年第四季度经营利润录得低至中 单位数增长，其中中国业务轻微下跌，美国及墨西哥业务持平，欧洲业务则实现高双位数增长。 ...

同时，该行预期万洲国际2026年经营利润将录得中至高单位数增长，其中中国业务在销量推动下转亏为 盈，美国及墨西哥业务在效率提升下录得中至高单位数增长，而欧洲业务则在销量及效率共同提升下增 长10%至20%。 智通财经APP获悉，花旗发布研报称，万洲国际(00288)估值仍然吸引，2026年预测市盈率为8.8倍，股 息收益率达6.8%，维持"买入"评级，目标价由8.7港元上调至9.5港元。该行料万洲国际2025年第四季度 经营利润录得低至中单位数增长，其中中国业务轻微下跌，美国及墨西哥业务持平，欧洲业务则实现高 双位数增长。 ...

Core Viewpoint - Citigroup forecasts that WH Group's operating profit will see low to mid-single-digit growth by Q4 2025, with slight declines in China, flat performance in the US and Mexico, and high double-digit growth in Europe [1] Group 1: Financial Projections - The bank anticipates WH Group's operating profit for 2026 will achieve mid to high single-digit growth, driven by a turnaround in China from loss to profit due to sales growth [1] - The US and Mexico operations are expected to see mid to high single-digit growth due to efficiency improvements, while Europe is projected to grow between 10% to 20% from both sales and efficiency enhancements [1] Group 2: Valuation and Ratings - Citigroup believes WH Group's valuation remains attractive, with a forecasted price-to-earnings ratio of 8.8 times for 2026 and a dividend yield of 6.8% [1] - The bank maintains a "Buy" rating on WH Group, raising the target price from HKD 8.7 to HKD 9.5 [1]

WH Group (0288.HK) Conference Call Summary Company Overview - **Company**: WH Group - **Industry**: Consumer & Leisure - **Date of Call**: January 9, 2026 Key Takeaways 1. 4Q25 Performance - **China Business**: - Packaged meat business expected to see low single-digit percentage (LSD%) volume growth with stable unit profits - Fresh pork anticipated to experience a small year-over-year (yoy) profit decline due to intense competition and weak demand - Hog segment projected to incur a small loss in 4Q25 - Poultry segment showed recovery, registering million USD profits - **US Business**: - Strong performance driven by solid hog production - Management incentives expenses reduced by USD 20-30 million, contributing to significant operating profit (OP) growth - **Europe Business**: - Gradual improvements noted with strong profit growth attributed to packaged meat business and USD 20 million savings at headquarters [2][7][10][12] 2. 2026 Outlook - **China Business**: - Management confident in achieving mid-single-digit percentage (MSD%) yoy volume growth for packaged meat, supported by new channels - Improved profitability expected across fresh meat, hog production, and poultry production - **US Business**: - Healthy OP growth anticipated, driven by resilient hog production and better pricing strategies in packaged and fresh meat - **Europe Business**: - Management targets double-digit percentage (DD%) yoy OP growth, with fewer external challenges and slight improvements in fresh hog and hog production [2][10][12] 3. Dividend Payout Policy - Management optimistic about long-term shareholder returns, planning to increase the recurring payout ratio from a baseline of 50% due to strong past performance and a healthy balance sheet [2][15] 4. Financial Projections - **Revenue Forecast**: - 2025: USD 25.94 billion - 2026: USD 27.84 billion - **EBITDA Forecast**: - 2025: USD 3.16 billion - 2026: USD 3.25 billion - **EPS Forecast**: - 2025: USD 0.11 - 2026: USD 0.12 - **P/E Ratio**: - 2025: 6.2x - 2026: 8.9x - **Dividend Yield**: - 2025: 9.1% - 2026: 6.7% [20] 5. Risks and Challenges - **US Business Risks**: - Potential slowdown in economic activity affecting consumer spending and demand - Margin pressures from increased promotional spending and higher raw material costs - **China Business Risks**: - Volatility in live hog prices and inflation risks in commodities - Food safety issues could impact consumer trust and financials negatively [18][19] 6. Strategic Initiatives - **Emerging Channels**: - 20% of sales volume in 2025, with a growth rate of approximately 30% yoy - Focus on innovative products and collaborations with membership retailers like Sam's Club and Costco - **CAPEX Plans**: - Management expects USD 150-200 million CAPEX for normalization in the US and USD 400-450 million in Europe [11][13][17] 7. M&A Activity - Acquisition of German packaged meat producer Wolf announced in October 2025, aimed at increasing profitability through existing supply chain synergies [17] Conclusion WH Group is positioned for healthy growth in 2026 across its business segments, with a strong focus on shareholder returns and strategic initiatives to enhance profitability. However, the company faces several risks that could impact its performance, particularly in the US and China markets.