Zhi Tong Cai Jing·2025-10-28 09:40Core 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]