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]

Group 1 - 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] - The overall sales volume of meat products decreased by 2.2%, with a 5.6% decline in China, stable sales in North America, and a 3.5% increase in Europe due to new acquisitions [1] Group 2 - Pork sales volume increased by 8.4%, driven by growth of 13.4% in China, 5.1% in North America, and 8.2% in Europe [2] - Pork revenue rose by 12.0%, supported by increased sales and grain sales [2] - Operating profit for pork surged by 75.6%, primarily due to the North American hog farming business turning profitable, although it fell by 14.6% in China due to intense market competition and decreased by 22.0% in Europe due to falling hog prices [2]

Financial Performance - Revenue increased by 8.5% to $20,477 million compared to $18,866 million in the previous year[4] - Operating profit rose by 7.3% to $1,926 million from $1,795 million year-on-year[4] - Profit attributable to the company's owners increased by 8.0% to $1,168 million, with basic earnings per share rising to 9.10 cents from 8.43 cents[4] - Total assets increased to $22,014 million from $19,841 million year-on-year[3] Sales and Market Trends - Total meat product sales volume decreased by 2.2%, while pork sales volume increased by 8.4%[3] - In North America, pork sales volume increased by 5.1%, contributing to a 12.0% rise in pork revenue[11] - Average pig prices in China fell by 10.7% to RMB 15.1 per kg, while in the US, prices rose by 13.2% to $1.60 per kg[6] Strategic Focus and Goals - The company plans to focus on core meat products and improve operational efficiency in pork processing[13] - The company aims to enhance profitability through key performance indicators in pig farming and increasing the added value of pork products[13] Corporate Governance and Leadership - The executive directors include Mr. Wan Long, Mr. Guo Lijun, Mr. Wan Hongwei, and Mr. Ma Xiangjie, highlighting the leadership team[14] - The non-executive director is Mr. Jiao Shuge, which may indicate governance structure[14] - Independent non-executive directors include Mr. Huang Ming, Mr. Liu Zhantian, and Ms. Zhou Hui, ensuring independent oversight[14] Financial Review and Future Outlook - The financial data for the nine months ending September 30, 2025, has not been audited but has been reviewed by the Board's Audit Committee[14] - The announcement date is October 28, 2025, indicating the timeliness of the financial review[14] - The financial performance summary is pending further details, suggesting a focus on future disclosures[14] - Future outlook and performance guidance are not mentioned, suggesting uncertainty in projections[14] Operational Insights - No specific user data or performance metrics were provided in the document, indicating a lack of detailed operational insights[14] - There are no updates on new product or technology developments, indicating a potential area for future announcements[14] - Market expansion and acquisition strategies are not discussed, which may reflect current strategic priorities[14] Corporate Actions - The company completed a secondary offering of Smithfield Foods, raising approximately $505 million[12]

Group 1 - Southbound funds increased their holdings in WH Group Limited (00288.HK) by 1,500 shares on October 17, 2025 [1] - Over the past 5 trading days, there has been a cumulative net increase of 12,134,500 shares held by southbound funds [1] - In the last 20 trading days, the total net increase in holdings by southbound funds reached 57,603,300 shares [1] Group 2 - As of now, southbound funds hold 552 million shares of WH Group Limited, accounting for 4.29% of the company's total issued ordinary shares [1] - The company operates primarily in the pork business through three segments: meat products, pork, and others [2] - The meat products segment is involved in the production, wholesale, and retail of both chilled and frozen meat products [2]

Core Viewpoint - Wan Zhou International (00288.HK) experienced a decline of over 4% in its stock price, indicating potential market concerns or negative sentiment surrounding the company [2] Company Summary - The stock price of Wan Zhou International fell by 4.05%, reaching 7.34 HKD per share [2] - The trading volume for the company was reported at 183 million HKD [2]

消息面上，10月13日，生猪期货主力合约2511收盘下跌2.88%，报11125元/吨，续创历史新低，年内累 计下跌21%，较去年高点下跌逾40%。猪肉现货价格目前已跌破11元/公斤。市场人士分析，尽管近月来 供给端持续推进去产能，但效果尚不及预期，市场供需失衡的矛盾依旧，猪价下行走势预计难有改观。 值得注意的是，万洲国际上月宣布派发特别股息每股0.3港元。瑞银发布研报称，此次派息符合市场预 期，所有来自史密斯菲尔德(Smithfield)二次公开发售的所得款项均以特别股息形式派发。此外，万洲国 际拟于10月28日举行董事会会议以审批三季度业绩。 万洲国际(00288)再跌超4%，截至发稿，跌4.05%，报7.34港元，成交额1.83亿港元。 ...

Core Viewpoint - Wan Zhou International (00288) has seen a decline of over 4%, currently trading at 7.34 HKD with a transaction volume of 183 million HKD, amid falling pig prices and market supply-demand imbalances [1] Group 1: Market Conditions - On October 13, the main contract for live pig futures closed down 2.88% at 11,125 RMB/ton, marking a historical low and a cumulative decline of 21% for the year, with prices down over 40% from last year's peak [1] - Current pork spot prices have fallen below 11 RMB/kg, indicating ongoing challenges in the market [1] - Despite efforts to reduce production capacity, the supply-demand imbalance in the market remains unresolved, suggesting that the downward trend in pig prices is unlikely to change in the near term [1] Group 2: Company Actions - Wan Zhou International announced a special dividend of 0.3 HKD per share last month, which aligns with market expectations [1] - All proceeds from the secondary public offering of Smithfield will be distributed as special dividends [1] - The company plans to hold a board meeting on October 28 to approve its third-quarter performance [1]

Summary of WH Group and Shuanghui Conference Call Industry Overview - **Industry**: China Consumer Staples, specifically focusing on the pork and packaged meat sectors Key Points on WH Group 1. **3Q25 Performance Expectations**: WH Group's operating profit (OP) is expected to grow steadily by 2% year-over-year (yoy) in 3Q25, driven by strong packaged meat sales despite a decline in fresh meat profits due to hog price impacts and competition [1][2] 2. **China Business Outlook**: The China segment is projected to achieve approximately 2% yoy OP growth, with packaged meat unit profit estimated at Rmb5,003/ton, benefiting from declining hog prices [1] 3. **4Q25 Projections**: Anticipated OP growth could accelerate to 6% yoy in 4Q25, primarily due to a strong performance in China, expected to grow by 12% yoy, with packaged meat leading at 9% OP growth [2] 4. **Profit Adjustments**: WH Group's net profits attributable to shareholders have been raised by about 2% for 2025-2027, while Shuanghui's profits were trimmed by 2% due to upstream business challenges [3] 5. **Price Target**: The 12-month price target for WH Group is set at HK$9.0 per share, down from HK$9.4, maintaining a "Buy" rating [3] Key Points on Shuanghui 1. **Performance Expectations**: Shuanghui's revenue is projected to decline slightly, with a 2% decrease in operating profit anticipated due to challenges in the upstream business [3][10] 2. **Price Target**: The 12-month price target for Shuanghui is Rmb24.8, reflecting a neutral outlook based on fair valuation [10][13] 3. **Revenue Trends**: Shuanghui's revenues from meat products are expected to decrease, with fresh and frozen pork revenues projected to stabilize around Rmb24,813 million in FY2025 [12] Financial Metrics - **WH Group Financials**: - Revenue for FY2025 is estimated at $28.078 billion, with an underlying EBIT of $2.583 billion [11] - EBITDA is projected to be $3.237 billion for FY2025 [11] - **Shuanghui Financials**: - Total revenue for FY2025 is expected to be Rmb62,743 million, with operating profit around Rmb6,527 million [12] Risks and Considerations 1. **Market Risks**: Potential volatility in live hog prices and higher corn prices could pressure margins for both WH Group and Shuanghui [15][16] 2. **Competition**: Intensity of competition in the packaged meat sector could impact profitability [13][16] 3. **Food Safety Issues**: Any food safety concerns could negatively affect consumer trust and financial performance [16] Conclusion - WH Group is positioned for steady growth in the packaged meat sector, while Shuanghui faces challenges in its upstream business. Both companies are navigating a competitive landscape with potential risks related to market volatility and food safety.

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 呈交日期: 2025年10月3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 | | 5,000,000 | 本月底法定/註冊股本總額： USD 5,000,00 ...