Core Viewpoint - WH Group's subsidiary Smithfield Foods is conducting a secondary offering of 19,531,698 shares at a price of $23.25 per share, with an additional option for underwriters to purchase up to 2,929,754 shares [1] Group 1 - The secondary offering is being executed by SFDS UK Holdings Limited, a wholly-owned subsidiary of WH Group [1] - Smithfield Foods will not sell any shares in the offering and will not receive any proceeds from the sale of shares by SFDS UK [1] - The offering is expected to be completed on September 8, 2025, subject to customary closing conditions [1] Group 2 - Morgan Stanley, BofA Securities, and Barclays are acting as joint book-running managers for the offering [1] - Goldman Sachs & Co. LLC, Citigroup, and BNP Paribas are serving as co-managers for the offering [1]

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 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成亦不擬作為在香港、美國或其他地方收購、購買或認購 證券的邀請或要約，或出售證券的要約或招攬購買證券的任何要約。有關該等證券 的註冊聲明（包括招股章程）已向美國證券交易委員會（「證交會」）提交並獲其宣佈生 效。本公告及其所載任何內容概不構成任何合約或承諾的基礎。該要約或邀請僅以 招股章程的形式作出，而該招股章程載有有關發行人的詳細資料以及財務報表，並 且僅在可合法有效地作出該要約或邀請的司法權區作出。任何於美利堅合眾國作出 的史密斯菲爾德證券發售，均僅以向證交會提交的註冊聲明所載法定招股章程的資 料作出。 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） 自願公告 史密斯菲爾德二次發行 — 史密斯菲爾德股份的定價 本公告由萬洲國際有限公司（「本公司」）自願作出。 史密斯菲爾德股份的定價 茲提述本公司日期為二零二五年九月三日的公 ...

Core Viewpoint - WH Group's indirect non-wholly owned subsidiary, Smithfield Foods, has initiated a second issuance of shares, indicating a strategic move to raise capital through the sale of shares [1] Group 1: Share Issuance Details - Smithfield Foods plans to sell 16 million shares through its indirect wholly-owned subsidiary, SFD UK [1] - SFD UK intends to grant underwriters a 30-day option to purchase up to an additional 2.4 million shares at the public offering price [1] - Smithfield Foods will not sell any shares in the offering and will not receive any proceeds from the sale of shares by SFD UK [1]

Group 1 - The core announcement is that WH Group (万洲国际) has disclosed a secondary offering of 16 million shares of Smithfield Foods, a subsidiary, by its major shareholder SFDS UK Holdings Limited [1] - SFDS UK intends to grant underwriters a 30-day option to purchase up to an additional 2.4 million shares at the public offering price, excluding underwriting discounts and commissions [1] - Smithfield Foods will not sell any shares in the offering and will not receive any proceeds from the sale of shares by SFDS UK [1] Group 2 - Morgan Stanley, BofA Securities, and Barclays are acting as joint book-running managers for the proposed offering [1] - The offering will be made only by means of a prospectus, with a preliminary prospectus available for free on the SEC's EDGAR website when it becomes available [1]

Core Viewpoint - WH Group Limited, through its indirect non-wholly owned subsidiary Smithfield Foods, announced a secondary offering of 16 million shares of Smithfield common stock, which will be sold by its major shareholder SFDS UK Holdings Limited [1] Group 1 - The secondary offering will allow SFDS UK to sell 16 million shares of Smithfield common stock [1] - SFDS UK plans to grant underwriters a 30-day option to purchase up to an additional 2.4 million shares at the public offering price, less underwriting discounts and commissions [1] - Smithfield Foods will not sell any shares in the offering and will not receive any proceeds from the sale of shares by SFDS UK [1] Group 2 - Morgan Stanley, BofA Securities, and Barclays are acting as joint book-running managers for the proposed offering [1] - The offering will be made only by means of a prospectus, with a preliminary prospectus available for free on the SEC's EDGAR website when it becomes available [1]

Group 1 - The core announcement is that Smithfield Foods, an indirect non-wholly owned subsidiary of the company, is initiating a secondary offering of 16 million shares of common stock [1] - SFDSUK Holdings Limited, the main shareholder, plans to grant underwriters a 30-day option to purchase up to an additional 2.4 million shares at the public offering price, excluding underwriting discounts and commissions [1] - Smithfield Foods will not sell any shares in the offering and will not receive any proceeds from the sale of shares by SFDSUK, including any proceeds from the underwriters' exercise of the option to purchase additional shares [1]

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 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 史密斯菲爾德二次發行 於二零二五年九月三日（紐約時間），史密斯菲爾德食品有限公司（「史密斯菲爾 德」，為本公司的間接非全資附屬公司）公佈啟動二次發行，16,000,000股史密斯菲 爾德普通股將由史密斯菲爾德的主要股東SFDS UK Holdings Limited（「SFDS UK」，為本公司的間接全資附屬公司）出售（「史密斯菲爾德二次發行」）。此外， SFDS UK（售股股東）擬向包銷商授予30天購股權，以公開發售價（扣除包銷折扣及 – 1 – 本公告僅供參考，並不構成亦不擬作為在香港、美國或其他地方收購、購買或認購 證券的邀請或要約，或出售證券的要約或招攬購買證券的任何要約。有關該等證券 的註冊聲明（包括招股章程）已向美國證券交易委員會（「證交會」）提交，惟尚未生 效。於註冊聲明生效前，不得出售該等證券，亦不得接受購買要約。本公告及其所 載任何內容概不構成任何合約或承諾的基礎。該要約或邀請將僅以招股 ...

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9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 | | 5,000,000 | 本月底法定/註冊股本總額： USD 5,000,000 ...

Core Viewpoint - The recent announcement by Shuanghui Development to distribute nearly 97% of its net profit as dividends has sparked discussions in the market, highlighting the ongoing "dividend dilemma" in the capital market [1][4]. Financial Performance - For the first half of the year, Shuanghui Development reported a net profit attributable to the parent company of 2.323 billion yuan, with undistributed profits of 7.33 billion yuan as of June 30, 2025 [1][2]. - The total dividend amount for this period is 2.25 billion yuan, which accounts for only 30.7% of the undistributed profits [1]. Dividend Distribution - Over 72.4% of the dividends ultimately flow to public shareholders, while only 27.6% benefit the actual controller and their concerted actors, indicating that public shareholders are the primary beneficiaries [2][3]. - Since 2019, Shuanghui has distributed over 35 billion yuan in dividends and contributed more than 1.5 billion yuan in taxes to local finances [3]. Market Perception - The high dividend payout has not led to capital outflow; instead, it has increased local tax revenue, reflecting a positive impact on the community [3]. - The perception of dividends in the Chinese capital market is sensitive, with companies that do not distribute dividends often labeled as "stingy," while high dividend companies face skepticism regarding benefiting major shareholders [3][4]. Industry Context - The food industry typically has low capital intensity and limited capacity expansion, leading companies to prefer returning profits to shareholders through dividends rather than large-scale investments [3]. - The regulatory environment has been encouraging a culture of dividends, with multiple calls from the State Council and the China Securities Regulatory Commission for listed companies to enhance dividend payouts [3]. Conclusion - The case of Shuanghui Development illustrates that dividends are not merely a financial distribution issue but also reflect the developmental stage of the capital market, emphasizing the need for a mature understanding of dividends among investors [4].

Investment Rating - The report assigns a "Buy" rating to COFCO Joycome (1610.HK) with a target price of HKD 2.4 per share, indicating a potential upside of 29% from the current price of HKD 1.86 [1][6][16]. Core Views - The company has turned a profit in H1 2025, driven by strong performance in pig farming and fresh meat businesses. The revenue for H1 2025 reached HKD 89.63 billion, a year-on-year increase of 19.8%, primarily due to stable production and improved efficiency in the farming sector [3][4][8]. - The report highlights significant growth in various business segments, with pig farming revenue increasing by 116.58% year-on-year, and fresh meat sales rising by 25.1% [4][6][8]. - The company is expected to continue benefiting from cost optimization in pig farming, which will contribute to profit margins, alongside an increase in brand revenue share that is anticipated to enhance profitability in the fresh meat segment [6][16]. Summary by Sections Financial Performance - In H1 2025, the company reported a profit attributable to shareholders of HKD 1.98 billion, recovering from a loss of HKD 3.22 billion in the same period last year. The gross margin before fair value adjustments for biological assets was 8.2%, up 7.2 percentage points year-on-year [4][8]. - The company achieved a pig output of 2.898 million heads, a year-on-year increase of 83.0%, while the average selling price for pigs decreased by 4.5% to HKD 14.59 per kilogram [4][9]. Business Segments - The fresh pork sales volume reached 150,000 tons, up 25.1% year-on-year, with branded boxed pork sales increasing by 46.5% to 27.792 million boxes. The revenue share from branded products in the fresh pork business rose to 31.2%, an increase of 4.5 percentage points from the previous year [6][13]. - The company is focusing on differentiated products, such as flaxseed pork, which has gained recognition in the market, enhancing its brand visibility through strategic channel partnerships [6][13]. Future Outlook - The report forecasts that the company's net profit attributable to shareholders will be HKD 5.02 billion, HKD 7.47 billion, and HKD 9.56 billion for the years 2025 to 2027, respectively [6][16].