8 October 2025 | 9:07PM HKT Equity Research CHINA CONSUMER STAPLES Pork: 3Q25 preview: overall steady; better packaged meat on China hog price decline while offset by fresh meat; Buy WH Group We expect WH group OP to grow steadily at 2% OP yoy in 3Q25. For China business (also Shuanghui), we are expecting c.2% yoy OP thanks to strong packaged meat where we estimate unit profit of packaged meat will be around Rmb5,003/ton on dropping hog prices (see our Agriculture team's estimate for hog at 21% yoy in 2H25E ...