在业绩向好的同时，双汇发展实行高比例分红。根据2025年半年报，双汇发展半年度现金分红金额达22.52亿元，占当期归母净利润的96.94%。 近日，肉类行业龙头河南双汇投资发展股份有限公司（双汇发展，000895.SZ）发布2025年半年报。 2025年上半年，双汇发展实现营业收入284.14亿元，比上年同期增长2.97%；归属于上市公司股东的净利润23.23亿元，比上年同期增长1.17%；归属 于上市公司股东的扣除非经常性损益的净利润22.15亿元，比上年同期下降0.71%。扭转了今年一季度利润下滑的局面。 据此前双汇发展2025年第一季度报告，一季度，双汇发展实现营业收入142.69亿元，与上年同期持平；归属于上市公司股东的净利润11.37亿元，比 上年同期下降10.58%；归属于上市公司股东的扣除非经常性损益的净利润10.61亿元，比上年同期下降14.79%。 值得注意的是，双汇发展的股权较集中，其控股股东为中国香港的罗特克斯有限公司，持股比例为70.33%，由此推算，罗特克斯上半年获得分红约 15.84亿元。而罗特克斯由万洲国际（00288.HK）间接持有100%股权。 双汇发展在2025年半年度报告 ...

近日，肉类行业龙头河南双汇投资发展股份有限公司（双汇发展，000895.SZ）发布2025年半年报。 视 觉中国 图 2025年上半年，双汇发展实现营业收入284.14亿元，比上年同期增长2.97%；归属于上市公司股东的净 利润23.23亿元，比上年同期增长1.17%；归属于上市公司股东的扣除非经常性损益的净利润22.15亿 元，比上年同期下降0.71%。扭转了今年一季度利润下滑的局面。 据此前双汇发展2025年第一季度报告，一季度，双汇发展实现营业收入142.69亿元，与上年同期持平； 归属于上市公司股东的净利润11.37亿元，比上年同期下降10.58%；归属于上市公司股东的扣除非经常 性损益的净利润10.61亿元，比上年同期下降14.79%。 在业绩向好的同时，双汇发展实行高比例分红。根据2025年半年报，双汇发展半年度现金分红金额达 22.52亿元，占当期归母净利润的96.94%。 值得注意的是，双汇发展的股权较集中，其控股股东为中国香港的罗特克斯有限公司，持股比例为 70.33%，由此推算，罗特克斯上半年获得分红约15.84亿元。而罗特克斯由万洲国际（00288.HK）间接 持有100%股权。 双汇发 ...

Core Viewpoint - Shuanghui Development has achieved significant growth in the first half of 2025, with total revenue of 28.503 billion yuan and net profit of 2.323 billion yuan, demonstrating strong operational resilience despite challenging market conditions [1][2][3] Financial Performance - In the first half of 2025, Shuanghui Development reported a total revenue of 28.503 billion yuan, a year-on-year increase of 3% [2] - The net profit attributable to shareholders was 2.323 billion yuan, reflecting a year-on-year growth of 1.17% [2] - In Q2 2025, the company achieved a revenue of 14.21 billion yuan, up 6.31% year-on-year, and a net profit of 1.186 billion yuan, which increased by 15.74% [2] Business Segments - The slaughtering and meat processing sectors remain the two main pillars of Shuanghui Development, with slaughtering revenue of 13.769 billion yuan (up 3.33%) and meat processing revenue of 11.207 billion yuan, accounting for 39.44% of total revenue [3] - The company’s other business segments, including feed, breeding, and packaging, generated revenue of 5.767 billion yuan, a significant increase of 33.14% [3] Sales and Market Strategy - Total external sales of Shuanghui meat products reached 1.57 million tons, a year-on-year increase of 3.67% [3] - Sales of fresh pork products rose to 688,600 tons (up 11.17%), while fresh poultry products saw a 17.46% increase to 180,300 tons [3] - The company has enhanced its channel management, with new sales in emerging channels growing by 21%, accounting for 17.6% of total sales [5] Cost Management and Efficiency - The gross margin for the meat processing sector reached 36.10%, an increase of 0.61 percentage points year-on-year [5] - Inventory turnover days improved from 62 days in 2024 to 51 days in 2025, and inventory turnover rate increased from 2.9 to 3.5 times [5] Future Outlook - Shuanghui Development anticipates a decrease in meat product costs in the second half of 2025, with expectations for high profit margins to be maintained [8] - The company is well-prepared for the peak meat consumption season in the second half of the year, indicating potential for accelerated performance [8] Dividend Policy - The company plans to distribute 6.50 yuan per 10 shares as cash dividends, totaling 2.252 billion yuan, with a payout ratio of 96.94% [9] - Shuanghui Development has consistently been a "dividend champion," with cumulative dividends of 27.987 billion yuan over the past five years [9]

Core Viewpoint - In 2025, despite many large consumer companies facing profitability challenges, Shuanghui Development demonstrated resilience by reporting stable half-year results, showcasing its unique strength as a leading meat enterprise [1] Financial Performance - In the first half of 2025, Shuanghui Development achieved operating revenue of 28.414 billion yuan, a year-on-year increase of 2.97%, and a net profit attributable to shareholders of 2.323 billion yuan, up 1.17% year-on-year [1] - The company announced a cash dividend of 6.50 yuan per 10 shares (including tax), totaling 2.252 billion yuan, with a high dividend payout ratio of 97% [1] Channel Development - In Q2 2025, Shuanghui Development's packaged meat products segment showed significant improvement, with total revenue of 5.623 billion yuan, a year-on-year increase of 0.77%, and operating profit of 1.5 billion yuan, up 4.38% year-on-year [2] - The company increased investment in emerging channels (CVS, e-commerce, membership stores), leading to a 21% year-on-year increase in meat product sales in these channels, which accounted for 17.6% of total sales [2] - Shuanghui Development has established a comprehensive sales model covering both online and offline channels, with 21,415 distributors as of June 2025, an increase of 551 distributors (2.64%) since the beginning of the year [3] Brand Management - Shuanghui Development has a diverse product portfolio, including packaged meat products and fresh pork, and has implemented various marketing strategies to enhance its brand image [4] - The company launched multiple themed marketing campaigns in the first half of 2025 and engaged in sports events to strengthen brand visibility [5] - Shuanghui Development has been recognized in several prestigious rankings, with its brand value reaching 87.2 billion yuan, solidifying its leading position in the meat industry [6]

报告指，美国及墨西哥业务受猪肉价格上涨推动，营业利润显著增长，每吨利润达到历史高位，且2025 年第二季度包装肉制品业务销量实现正增长。在中国市场，里昂对公司推行的专业化品类管理、拓展低 渗透区域以及包装肉制品销售渠道改革持乐观态度。管理层上调2025年美国业务营业利润指引，并预计 中国包装肉制品销量将持续改善。 里昂发布研报称，万洲国际(00288)2025年上半年营业利润同比增长10.4%，营业利润率提升1.4个百分 点。销售额同比增长8.9%，为2020年下半年以来最佳表现。该行维持万洲"高度确信跑赢大市"评级，并 将目标价上调至9.26港元。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that WH Group (00288) is expected to see a 10.4% year-on-year increase in operating profit for the first half of 2025, with an operating profit margin improvement of 1.4 percentage points [1] Financial Performance - Sales revenue is projected to grow by 8.9% year-on-year, marking the best performance since the second half of 2020 [1] - The operating profit per ton has reached a historical high, driven by rising pork prices in the U.S. and Mexico [1] Business Segments - The packaging meat products segment in the U.S. is expected to show positive growth in sales volume for the second quarter of 2025 [1] - In the Chinese market, the company is optimistic about its specialized category management, expansion into low-penetration areas, and reforms in packaging meat product sales channels [1] Management Guidance - The management has raised the operating profit guidance for the U.S. business for 2025 [1] - It is anticipated that the sales volume of packaging meat products in China will continue to improve [1]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [6][17]. Core Views - The company's Q2 performance has turned from decline to growth, continuing its high dividend policy. In the first half of 2025, total revenue reached 28.414 billion yuan, up 2.97% year-on-year, with a net profit attributable to shareholders of 2.323 billion yuan, up 1.17% year-on-year [6]. - The company plans to distribute a cash dividend of 6.50 yuan per 10 shares (including tax), totaling 2.252 billion yuan, with a dividend payout ratio of 97% [6]. - The packaged meat products segment saw revenue and net profit growth in Q2 2025, with new channel sales increasing significantly [6]. - Fresh pork products experienced a notable increase in sales volume, although operating profit declined due to low pork prices [6]. - The company is a leader in the domestic meat processing industry, with a complete product line and significant potential for consumption growth in its meat products business [6]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 14.208 billion yuan, up 6.31% year-on-year, and a net profit of 1.186 billion yuan, up 15.74% year-on-year [6]. - For the first half of 2025, the packaged meat products segment generated revenue of 11.207 billion yuan, down 9.42% year-on-year, while the fresh pork products segment achieved revenue of 13.769 billion yuan, up 3.33% year-on-year [6]. Future Projections - The company is expected to achieve net profits attributable to shareholders of 5.237 billion yuan, 5.396 billion yuan, and 5.616 billion yuan for the years 2025, 2026, and 2027, respectively [6][8]. - Earnings per share (EPS) are projected to be 1.51 yuan, 1.56 yuan, and 1.62 yuan for the same years [8]. Valuation - The current stock price corresponds to price-to-earnings (PE) ratios of 16.66, 16.17, and 15.53 for the years 2025, 2026, and 2027, respectively [6][9]. - The report suggests that the company's valuation still has room for expansion, considering its leading position and high dividend payout [6].

Core Viewpoint - The 22nd China (Luohe) Food Expo showcases the achievements of the Chinese food industry and serves as a platform for domestic and international food enterprises to display products, exchange technology, and negotiate cooperation [1][2] Group 1: Event Overview - The expo attracted 1,268 enterprises to participate, highlighting its significance in the food industry [1] - The theme of the expo is "World Vision, Chinese Classics, Henan Famous Products" [1] - The exhibition area for Shuanghui is 136 square meters, featuring four display modules with over 260 products [1] Group 2: Company Focus - Shuanghui, as a leading enterprise in the Luohe food industry, showcased a diverse range of products including packaged meat, fresh pork, poultry, and condiments [1] - The company emphasizes innovation in technology, product development, and quality control, establishing a comprehensive R&D system from farm to table [2] - Shuanghui aims to meet the diverse and personalized consumer demands through continuous investment in innovation and product development [2] Group 3: Strategic Direction - The company is committed to a strategy of industrialization, diversification, internationalization, and digitalization [1] - Shuanghui plans to leverage the expo as an opportunity to enhance its innovation-driven development strategy, focusing on technological, product, business model, and digital innovations [2] - The company seeks to contribute to the prosperity of the Luohe food industry and the advancement of the Chinese food industry [2]

Financial Data and Key Metrics Changes - In Q1 2025, total revenue reached $6.554 billion, a 6% increase year over year [3] - EBITDA was $786 million, reflecting a 16.6% increase compared to the previous year [3] - Operating profit stood at $598 million, up 19.4% year over year [3] - Profit attributable to owners was $364 million, a 20.9% increase from last year [3] - Basic earnings per share were $2.84, also a 20.9% increase year over year [3] Business Line Data and Key Metrics Changes - Packaged meats accounted for 49.5% of total revenue and 83.8% of operating profit in Q1 2025 [4] - The pork business contributed 42.9% of revenue and 21.9% of operating profit [4] - Other businesses contributed 7.6% of revenue but incurred a loss of $34 million [4] - In North America, operating profits increased by 72.8% to $330 million [9] - In China, operating profit was $250 million, down 14.3% year over year [8] Market Data and Key Metrics Changes - In China, the average hog price was RMB 15.99 per kilogram, up 7.3% year over year [6] - In the U.S., the average hog price was $1.44 per kilogram, up 14.1% year over year [6] - In Europe, the average hog price was $1.40 per kilogram, down 11.8% year over year [7] - The number of slaughter hogs in China increased by 0.1% year over year to 195 million heads [6] Company Strategy and Development Direction - The company aims to consolidate global resources, improve product mix, adjust pricing, and control costs [10] - Key business priorities include improving the pork business, expanding market networks, and optimizing the business portfolio [11] - The focus remains on industrialization, diversification, internalization, and digitalization to enhance market position [10] Management Comments on Operating Environment and Future Outlook - Management noted that consumer demand remains soft, impacting the packaged meat business [12] - The company is implementing eight measures to return the packaged meat business to growth, including specialized sales forces and enhanced marketing efforts [14][16] - Management expects the second quarter to show recovery in packaged meat volume and profit [16] Other Important Information - The hog production business is seen as a supporting business rather than a core focus, with strategies tailored to local market conditions [42][43] - The company plans to maintain a vertical integration level of 20% to 30% in hog production, focusing on fresh pork and packaged meat as core businesses [65] Q&A Session Summary Question: Reasons for decline in China packaged meat business - Management cited soft consumer demand, destocking by distributors, and slow adaptation to market channel changes as key reasons [12][13] Question: Outlook for packaged meat business in Q2 2025 - Management expects the packaged meat business to stop declining and gradually recover in Q2, with full-year growth anticipated [16] Question: Impact of tariffs on hog prices - Management believes tariffs will have limited short-term impact on hog prices, with supply and demand balance being the primary driver [34][35] Question: Hog production improvement drivers - The improvement in hog production is driven by reduced raising costs and improved KPIs rather than hog prices [21] Question: U.S. pork business outlook - Management expects profitability in the U.S. pork business to improve in Q2 and Q3, aligning with seasonal trends [67]

Financial Data and Key Metrics Changes - In Q1 2025, total revenue was $6.554 billion, a 6% increase year-over-year [3] - EBITDA reached $786 million, up 16.6% from the previous year [3] - Operating profit was $598 million, reflecting a 19.4% increase year-over-year [3] - Profit attributable to owners was $364 million, a 20.9% increase compared to last year [3] - Basic earnings per share rose to $2.84, marking a 20.9% increase year-over-year [3] Business Line Data and Key Metrics Changes - Packaged meats accounted for 49.5% of total revenue and 83.8% of operating profit [4] - Pork business contributed 42.9% of revenue and 21.9% of operating profit [4] - Other businesses contributed 7.6% of revenue but incurred a loss of $34 million [4] - In North America, operating profits increased by 72.8% to $330 million [8] - In China, operating profit was $250 million, down 14.3% year-over-year [8] Market Data and Key Metrics Changes - In China, the average hog price was RMB 15.99 per kilogram, up 7.3% year-over-year [6] - In the U.S., the average hog price was $1.44 per kilogram, up 14.1% year-over-year [6] - In Europe, the average hog price was $1.40 per kilogram, down 11.8% year-over-year [7] - The number of slaughter hogs in China increased by 0.1% year-over-year to 195 million heads [6] Company Strategy and Development Direction - The company aims to consolidate global resources, enhance market competitiveness, and focus on industrialization, diversification, internalization, and digitalization [10] - Priorities include improving the pork business, expanding the market network, and optimizing the business portfolio [10][11] - The company plans to adapt to market changes and strengthen competitive edges to drive steady improvements in sales volume and results [10] Management Comments on Operating Environment and Future Outlook - Management noted that consumer demand remains soft, impacting the packaged meat business [12] - The company is implementing eight measures to return the packaged meat business to growth, including specialized sales forces and increased marketing investments [14][16] - Management expects the packaged meat business to stabilize in the second quarter and grow in the second half of 2025 [16] - The hog production business is expected to improve significantly in 2025, driven by reduced raising costs and improved KPIs [21] Other Important Information - The company anticipates that the profit per ton for packaged meats will be lower than last year but will remain at a relatively high level [17] - The hog production business in China is expected to see significant improvements, with a projected profit increase of around RMB 500 million year-over-year [21] - The company is focusing on maintaining a strong position in the global pork industry while tailoring strategies based on local market conditions [43][44] Q&A Session Summary Question: What are the reasons for the decline in the packaged meat business in Q1? - Management cited soft consumer demand, destocking by distributors, and slow adaptation to market channel changes as key reasons [12][13] Question: What measures are being taken to return the packaged meat business to growth? - Eight measures were outlined, including specialized sales forces, expanding the point of sales, and increased marketing investments [14][16] Question: What is the outlook for hog prices and production in China? - Management expects hog prices to be lower than last year, but improvements in hog production are anticipated due to reduced raising costs [20][21] Question: How will tariffs impact the hog production business? - Tariffs are expected to have limited short-term impact on hog prices, but may affect raising costs in the long term [35][56] Question: What is the expected contribution of different product categories in the packaged meat business? - Frozen and snack products are expected to grow faster, with contributions increasing from around 5% to 8% by the end of the year [62]