Group 1 - The core viewpoint of the report is that Wan Zhou International's (00288) sales in the Chinese packaged meat business are expected to increase by 1% year-on-year in Q2 2025, driven by precise sales strategies, new channel expansion, and regional market recovery [1] - DBS has raised its profit forecasts for 2025 and 2026 by 3% and 2% respectively, reflecting a stronger outlook for the US business, and has increased the target price from HKD 8.7 to HKD 9.6 [1] - The management anticipates that growth momentum will strengthen in the second half of the year, with sales recovery offsetting the weak performance in the first half [1] Group 2 - In the US market, the outlook is positive due to stable hog prices and declining feed costs, with pork demand remaining resilient compared to beef and chicken [1] - Smithfield has raised its full-year operating profit guidance by over 3.8% to USD 1.15 billion to USD 1.35 billion, while continuing to reduce underperforming farms and maintaining a mid-term target of 10 million hogs in production [1] - The company plans to alleviate profit pressure from rising pork prices through price adjustments, product mix optimization, and cost control to support ongoing profit margin expansion in the US business [1] Group 3 - In Europe, the group is focusing on high-margin, high-growth product categories to drive long-term growth [2] - The management intends to fill product gaps through acquisitions, prioritizing pan-European brands [2] - With sales expected to exceed 400,000 tons this year, the group aims to improve profitability per ton to levels close to those in the US and China through product mix and operational improvements [2]