Core Viewpoint - The auction of shares held by Zheng Suzhen, mother of Xu Xiang, in Daheng Technology (600288) has attracted market attention, with the shares sold at a significant premium over the initial listing price [2]. Group 1: Auction Details - Zheng Suzhen's 130 million shares, representing a 29.75% stake in Daheng Technology, were auctioned off after 501 bids, with a final transaction price of 1.712 billion yuan, reflecting a 60.29% premium over the starting price of 1.068 billion yuan [2]. - The shares were acquired by eight investors, with Li Rongrong emerging as the largest winner, purchasing 27.46 million shares at a price of 13.17 yuan per share, totaling 362 million yuan [2]. Group 2: Investor Background - Li Rongrong, born in 1975 and residing in Ningbo, Zhejiang Province, has been a mid-level manager at Ningbo Jinhai Logistics Service Co., Ltd. since 2018 [2]. - The company, established in 2002 with a registered capital of 7.6 million yuan, is a wholly-owned subsidiary of the Ningbo Customs Logistics Management Center [2]. Group 3: Future Plans and Impact - Li Rongrong expressed confidence in the long-term investment value and future prospects of Daheng Technology, stating no plans for shareholding changes or significant adjustments to the company's main business in the next 12 months [3]. - The auction significantly impacts Daheng Technology's shareholding structure, as Zheng Suzhen will no longer hold any shares, leading to a change in control [4]. - The company confirmed that its operations remain normal and that the change in control will not adversely affect its governance structure or operations [4].

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8月4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 5,000,000 ...

欧洲业务：我们预计2Q25 利润延续同比增长趋势。我们预计肉制品业务保持持续增长，主要系内部提 效和产品结构优化。我们预计2Q25 猪肉业务整体与去年同期盈利情况同比平稳。 盈利预测与估值 我们保持25/26 年核心归母净利润16.14/16.83 亿美元。公司交易在8.1/7.8 倍25/26 年P/E；维持目标价 8.56 港币/股，对应8.7/8.4 倍25/26年P/E和近7.8%上行空间，维持跑赢行业评级。 风险 机构：中金公司 研究员：王文丹/陈文博/武雨欣 我们预计公司2Q25 可比口径营业利润同比低双位数增长我们预计万洲国际可比口径下2Q24 经营利润同 比有望低双位数增长（即剔除2Q24 美国业务中政府补助影响），符合市场预期。 关注要点 中国业务：我们预计2Q25 肉制品销量同比回稳，养殖业务减亏较明显。 1）肉制品：我们预计2Q25 销量同比回稳、吨利受益于成本下降有望同比有所提高。据全国商超数据 2025 年4-5 月份肉制品行业GMV同比-3%，其中双汇GMV同比-1%。2）养殖业务：我们预估1H25 国内 养殖业务进一步减亏，主因饲料成本的下降以及内部提效。3）屠宰：我们预计2Q2 ...

智通财经APP获悉，中金发布研报称，保持万洲国际(00288)25/26年核心归母净利润16.14/16.83亿美 元。公司交易在8.1/7.8倍25/26年P/E;维持目标价8.56港币/股，对应8.7/8.4倍25/26年P/E和近7.8%上行空 间，维持跑赢行业评级。该行预计万洲国际可比口径下2Q24经营利润同比有望低双位数增长(即剔除 2Q24美国业务中政府补助影响)，符合市场预期。 中金主要观点如下： 中国业务：该行预计2Q25肉制品销量同比回稳，养殖业务减亏较明显 1)肉制品：该行预计2Q25销量同比回稳、吨利受益于成本下降有望同比有所提高。据全国商超数据 2025年4-5月份肉制品行业GMV同比-3%，其中双汇GMV同比-1%。2)养殖业务：该行预估1H25国内养 殖业务进一步减亏，主因饲料成本的下降以及内部提效。3)屠宰：该行预计2Q25屠宰业务因去年同期 利润基数偏高同比有所承压。 美国业务：该行预计可比口径下肉制品业务盈利改善(即扣除2Q24政府补助影响)，且养殖业务盈利同比 改善 1)肉制品：该行预计2Q25销售量及吨利均同比有小幅增长，吨利的改善该行预计与公司内部提效有 关，据USDA ...

Investment Rating - The report maintains a "Buy" rating on WH Group with a 12-month price target of HK$8.6 per share, indicating an upside of 15.9% from the current price of HK$7.42 [7]. - A "Neutral" rating is assigned to Shuanghui with an unchanged 12-month price target of Rmb25.2 per share, reflecting a modest upside of 2.4% from the current price of Rmb24.62 [8][18]. Core Insights - WH Group is expected to see a cyclical recovery in its US hog production business, with full-year profit forecasts uplifted to US$67 million, significantly above the company's guidance range [9][14]. - The China operations of WH Group are projected to return to a growth trajectory, with operating profit expected to grow by 8% year-over-year in 2Q25, following a decline of 14% in 1Q25 [9][10]. - The report anticipates WH Group's recurring operating profit in 2Q25 to grow approximately 13% year-over-year, one of the highest among traditional food companies [9][15]. Summary by Sections WH Group Financials - WH Group's market capitalization is HK$95.2 billion (approximately US$12.1 billion) with a revenue forecast of US$25.9 billion for 2025 [7]. - The company is expected to achieve an EBITDA of US$3.2 billion in 2025, with a P/E ratio of 8x for 2025E and a dividend yield of 7% [7]. - The report highlights a projected EPS of US$0.12 for 2025, with a consistent growth trajectory anticipated in subsequent years [7]. Shuanghui Financials - Shuanghui's market capitalization is Rmb85.3 billion (approximately US$11.9 billion) with a revenue forecast of Rmb59.7 billion for 2025 [8]. - The company is expected to achieve an EBITDA of Rmb8.8 billion in 2025, with a P/E ratio of 17.8x for 2025E and a dividend yield of 5.5% [8]. - The report projects an EPS of Rmb1.48 for 2025, indicating stable performance in the coming years [8]. Operational Insights - WH Group's China business is expected to stabilize in packaged meat and narrow upstream losses, although fresh meat remains under pressure due to a tough comparison base [9][10]. - The US business is projected to see a 3% year-over-year sales growth in packaged meat, with EBIT expected to decline by 3% year-over-year [13][14]. - The international segment is anticipated to trend upwards sequentially, with efficiency enhancements contributing to stable performance [15].

Core Viewpoint - Despite facing fundamental challenges, stagnant revenue growth, and significant profit fluctuations, the market capitalization of WH Group (万洲国际) has risen, primarily due to its low valuation levels and institutional support [1][2][7]. Financial Performance - WH Group reported a revenue of $6.554 billion for the recent quarter, a 6% year-on-year increase, while net profit attributable to shareholders fell by 18.3% to $380 million [1]. - Over the past three years (2022-2024), the company has experienced weak performance, with revenue declining and net profit showing significant volatility, with a profit margin of 5.8% in Q1 2025 [1][3]. - The company's market capitalization increased by 48.7% from 2022 to 2024, and by an additional 23% in the first two quarters of 2025, totaling an increase of HKD 41.83 billion [1]. Market Dynamics - WH Group's primary products, meat and pork products, contribute over 90% of its revenue, with significant reliance on the Chinese and U.S. markets [3]. - In 2024, revenue from meat products and pork was $13.655 billion and $10.343 billion, respectively, reflecting declines of 6.2% and 12.3% compared to 2022 [3]. - The European market showed strong growth, with meat product revenue increasing by 24.7% in 2024, maintaining double-digit growth over the past three years [3]. Capacity and Utilization - WH Group's total production capacity is 3.05 million tons, with 68.2% located in China, where the utilization rate is below 79% due to weak market consumption [4][5]. - The pork production capacity is 60.79 million heads, with utilization rates below 50% in China, although North America has shown better performance [4][5]. Risk Factors - The company faces uncertainties in both volume and price, particularly in the Chinese market, where production and prices are expected to decline in 2024 [5]. - U.S.-China trade tensions pose significant risks, potentially impacting growth in both core markets [6]. Financial Resilience - WH Group has a strong cash position, with cash equivalents of $2.055 billion and a low debt ratio of 16.7%, providing a solid financial foundation [6]. - The company has maintained a stable dividend policy, with a cumulative payout ratio exceeding 41% since 2011, attracting conservative investors [6]. Market Outlook - Analysts remain optimistic about WH Group's prospects, with target prices set at HKD 8.56 per share by CICC and HKD 8.2 by Bank of America, reflecting confidence in the company's ability to navigate current challenges [7]. - The company is viewed as being in a valuation recovery phase, with a price-to-book ratio of 1 and a price-to-earnings ratio of 7, indicating it is still undervalued [7].

Core Viewpoint - CICC maintains a positive outlook on WH Group (00288), projecting net profit attributable to shareholders of $1.614 billion and $1.683 billion for 2025 and 2026 respectively, with a target price of HKD 8.56 per share, indicating approximately 23.9% upside potential from the current stock price [1] Group 1: Financial Performance - In Q1 2025, WH Group's revenue reached $6.554 billion, a year-on-year increase of 6.0%, while operating profit was $598 million, up 19.4% year-on-year, and core net profit attributable to shareholders was $364 million, reflecting a 20.9% increase year-on-year [2] - The profit performance in Q1 2025 slightly exceeded market expectations, primarily due to improved profitability in the U.S. farming business [2] Group 2: Domestic Business - In Q1 2025, the sales volume of meat products in the domestic market decreased by nearly 17.4%, with a profit per ton of approximately RMB 4,700, down 5.2% year-on-year [3] - Slaughtering volume in Q1 2025 increased by 11.8% year-on-year, with average profit per head rising by 11.6%, attributed to an increase in customer base and network coverage, alongside reduced competition [3] - The company's other segments, which include farming, saw a reduction in losses by RMB 140 million year-on-year, mainly due to improved controllable cost indicators in farming [3] Group 3: U.S. Business - In Q1 2025, the operating profit for meat products in the U.S. declined by 7.7%, with sales volume down approximately 3.7%, and profit per ton at $894, a decrease of 4.2% year-on-year, attributed to rising raw material costs and a delay in Easter [4] - The upstream farming business in the U.S. reported a profit of $17 million in Q1 2025, a significant improvement from a loss of $170 million in the same period last year, driven by rising hog prices [4] - Slaughtering profit contribution in Q1 2025 decreased by 27% year-on-year, as the increase in hog prices was less than the rise in live hog prices [4] Group 4: Outlook for 2025 - For domestic operations, the slaughtering business is expected to continue expanding its customer base and increasing slaughter volume, with further improvements in profitability for farming operations anticipated [5] - The meat products segment is projected to see improved sales starting from Q2 2025 as channel adjustments stabilize and inventory levels recover [5] - In the U.S., meat product profitability is expected to remain stable despite rising hog prices, as the company can pass on costs through pricing formulas and efficiency optimizations, with robust demand for meat protein [5]

港股开盘，恒指开涨0.32%，科指开跌0.02%；友邦保险(01299.HK)、万洲国际(00288.HK)均涨超3%， 周大福(01929.HK)涨超2.3%，药明生物(02269.HK)跌近3%，网易(09999.HK)跌近2%。 ...

Financial Performance - WH Group's revenue increased by 60% year-over-year to $6554 million in Q1 2025[9] - EBITDA increased by 166% year-over-year to $786 million in Q1 2025[9] - Operating profit increased by 194% year-over-year to $598 million in Q1 2025[9] - Profit attributable to owners of the company increased by 209% year-over-year to $364 million in Q1 2025[9] - Basic earnings per share increased by 209% year-over-year to $00284 in Q1 2025[9] Sales Volume - Packaged meats sales volume decreased by 92% year-over-year to 714000 metric tons in Q1 2025[9] - Pork sales volume increased by 44% year-over-year to 982000 metric tons in Q1 2025[9] Regional Performance - In Q1 2025, China accounted for 306% of the company's revenue[11] - North America accounted for 561% of the company's revenue in Q1 2025[11] - Europe accounted for 133% of the company's revenue in Q1 2025[11]

Group 1 - The core viewpoint of the article highlights that WH Group reported a net profit of $364 million before fair value adjustments in the first quarter, representing a year-on-year increase of 21% [1] - The company's revenue for the first quarter reached $6.55 billion, showing a year-on-year growth of 6% [1] - The average price of live pigs increased by 14.1% to $1.44 per kilogram during the period, while the average pork value rose by 5.9% to $2.09 [1]