重要内容提示： ? 本期业绩预告的具体适用情形：净利润实现扭亏为盈 ? 公司预计 2025 年半年度实现归属于上市公司股东的净利润为 32,000.00 万 元到 40,000.00 万元。 ? 公司预计 2025 年半年度实现归属于上市公司股东的扣除非经常性损益的 净利润为-2,000.00 万元到-3,000.00 万元。 ? 本次业绩预告数据仅为初步核算数据，具体数据以公司正式披露的 2025 年半年度报告为准，敬请投资者注意投资风险。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 经公司财务部门初步测算： 为-2,000.00 万元到-3,000.00 万元。 （三）本次业绩预告数据未经注册会计师审计。 二、上年同期业绩情况 （一）利润总额-66,033.71 万元。归属于上市公司股东的净利润：-54,000.64 万元。归属于上市公司股东的扣除非经常性损益的净利润：-60,359.91 万元。 （二）每股收益：-0.62 元。 三、本期业绩扭亏为盈的主要原因 公司预计 2025 年上半年业绩实现扭亏为盈，主要原因在于： 大幅下降，利息支出同比大幅下降。 略采购、供应链合作等举措持续降 ...

Group 1 - The company plans to engage in new daily related transactions with its controlling shareholder's affiliate, with an estimated total business scale not exceeding RMB 80 million [1][9] - The transactions will follow fair and reasonable pricing principles based on market price negotiations [9][10] - The independent directors have approved the proposal, stating that the transactions are necessary for business operations and will not harm the interests of non-related shareholders [10] Group 2 - The company has outlined specific categories and amounts for related transactions, including sales of pork products and chicken, with expected amounts of RMB 55 million and RMB 20 million respectively [2][5] - The company has not engaged in any related transactions with the mentioned affiliates in the previous year [2] - The related parties involved include Beijing Qianxihe Food Co., Ltd., Chengdu Hope Food Co., Ltd., and New Jiu Commercial Development Co., Ltd., all of which are under the same actual controlling party [3][5][9]

Core Viewpoint - China is taking necessary measures to firmly protect the legitimate rights and interests of its enterprises in response to Canada's imposition of additional tariffs on Chinese electric vehicles, steel, and aluminum products, which China claims violate WTO rules [1][4]. Group 1: Dispute Resolution and Tariff Measures - The WTO's Dispute Settlement Body (DSB) has agreed to establish a dispute resolution panel regarding China's complaint about Canada's additional tariffs on electric vehicles and steel/aluminum products [1][2]. - Canada will impose a 100% additional tariff on all imported electric vehicles from China starting October 1, 2024, and a 25% additional tariff on steel and aluminum products from China starting October 22, 2024 [1][2]. - The trade value affected by the 100% tariff on electric vehicles is approximately $1.7 billion, while the tariffs on steel and aluminum products involve $950 million and $720 million, respectively [4]. Group 2: China's Response and Negotiation Stance - China has formally requested consultations and further negotiations regarding the additional tariffs, asserting that these measures are inconsistent with multiple provisions of the GATT [2][3]. - Despite the establishment of a dispute resolution panel, China remains open to constructive dialogue with Canada to amicably resolve the dispute [4][7]. - China's ambassador to Canada emphasized the potential for cooperation in the electric vehicle sector, which could benefit consumers and help Canada achieve its climate goals [4][5]. Group 3: Countermeasures and Additional Disputes - In response to Canada's tariffs, China has initiated an anti-discrimination investigation and announced countermeasures, including additional tariffs on certain Canadian agricultural and seafood products [6][7]. - The countermeasures include a 100% tariff on canola oil, oilseed meal, and peas, as well as a 25% tariff on specific seafood and pork products, effective March 20, 2025 [6].

2025.06. 05 本文字数：2735，阅读时长大约4分钟 作者 | 第一财经 潘寅茹 封图｜ 英国驻华贸易副使节施睿耀接受第一财经采访（第一财经任玉明摄） 据第一财经记者了解，今年英国农业与园艺发展委员会（AHDB）携手4家英国企业集中展示了英国 猪肉行业的优势与理念。与此同时，2家英国乳制品企业Wyke Farms和Coombe Castle与岸确国 际贸易（上海）有限公司建立了合作伙伴关系，并希望通过SIAL展继续扩大其零售渠道。其中， Wyke Farms带来了全新品牌London 1856车达芝士；Coombe Castle则将其独特风味的 wensleydale奶酪通过Grand'Or品牌带到中国市场。 商务部数据显示，2024年，中英双边贸易额983.6亿美元，同比增长0.4%，其中中国对英国出口 788.7亿美元，同比增长1.2%，自英国进口194.9亿美元，同比下降2.9%。就产业结构来看，中英 之间的农业贸易仅占比6%不到，双边在机械设备方面的贸易占25%。 谈及英国农产品与食品在当前中国市场中的表现，施睿耀表示，可能对中国消费者而言，最熟悉的英 国食品莫过于威士忌，"但近年来，我们看 ...

Core Viewpoint - The credit rating of Muyuan Foods Co., Ltd. remains stable at AA+ due to its strong position in the pig farming industry, improved profitability, and efficient management, despite potential risks from price fluctuations and debt structure [4][10][17]. Group 1: Company Overview - Muyuan Foods is a leading player in the pig farming industry, with a complete pork supply chain including feed processing, breeding, and slaughtering [10][13]. - The company has a pig farming capacity of 81 million heads per year, ranking first in the industry, and a slaughtering capacity of 29 million heads per year [13][14]. - The company has maintained a stable ownership structure, with major shareholders holding over 50% of the voting rights [11][12]. Group 2: Financial Performance - In 2024, the company achieved a net profit of 18.93 billion yuan, significantly improving from previous years [20][21]. - The average cost of pig farming decreased to 14.01 yuan per kilogram in 2024, with a target of 12 yuan per kilogram by 2025 [15][16]. - The company's total assets reached 195.41 billion yuan, with total liabilities at 121.37 billion yuan, indicating a healthy balance sheet [20][21]. Group 3: Market Position and Strategy - The company benefits from a strong procurement cost advantage and improved internal management efficiency, leading to lower farming costs [6][10]. - Muyuan Foods plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence [8][12]. - The company is focused on expanding its overseas business and improving its debt structure, with a goal to reduce debt by 10 billion yuan in 2025 [16][17]. Group 4: Risks and Challenges - The company faces significant risks from fluctuations in pig prices and feed costs, which can impact profitability [4][10][17]. - Short-term debt levels are rising, indicating a need for optimization in the debt structure [8][17]. - The company must continuously monitor and manage risks related to disease outbreaks and environmental regulations [10][12].

Core Viewpoint - Despite facing fundamental challenges, stagnant revenue growth, and significant profit fluctuations, the market capitalization of WH Group (万洲国际) has risen, primarily due to its low valuation levels and institutional support [1][2][7]. Financial Performance - WH Group reported a revenue of $6.554 billion for the recent quarter, a 6% year-on-year increase, while net profit attributable to shareholders fell by 18.3% to $380 million [1]. - Over the past three years (2022-2024), the company has experienced weak performance, with revenue declining and net profit showing significant volatility, with a profit margin of 5.8% in Q1 2025 [1][3]. - The company's market capitalization increased by 48.7% from 2022 to 2024, and by an additional 23% in the first two quarters of 2025, totaling an increase of HKD 41.83 billion [1]. Market Dynamics - WH Group's primary products, meat and pork products, contribute over 90% of its revenue, with significant reliance on the Chinese and U.S. markets [3]. - In 2024, revenue from meat products and pork was $13.655 billion and $10.343 billion, respectively, reflecting declines of 6.2% and 12.3% compared to 2022 [3]. - The European market showed strong growth, with meat product revenue increasing by 24.7% in 2024, maintaining double-digit growth over the past three years [3]. Capacity and Utilization - WH Group's total production capacity is 3.05 million tons, with 68.2% located in China, where the utilization rate is below 79% due to weak market consumption [4][5]. - The pork production capacity is 60.79 million heads, with utilization rates below 50% in China, although North America has shown better performance [4][5]. Risk Factors - The company faces uncertainties in both volume and price, particularly in the Chinese market, where production and prices are expected to decline in 2024 [5]. - U.S.-China trade tensions pose significant risks, potentially impacting growth in both core markets [6]. Financial Resilience - WH Group has a strong cash position, with cash equivalents of $2.055 billion and a low debt ratio of 16.7%, providing a solid financial foundation [6]. - The company has maintained a stable dividend policy, with a cumulative payout ratio exceeding 41% since 2011, attracting conservative investors [6]. Market Outlook - Analysts remain optimistic about WH Group's prospects, with target prices set at HKD 8.56 per share by CICC and HKD 8.2 by Bank of America, reflecting confidence in the company's ability to navigate current challenges [7]. - The company is viewed as being in a valuation recovery phase, with a price-to-book ratio of 1 and a price-to-earnings ratio of 7, indicating it is still undervalued [7].

Group 1 - The core viewpoint of the news is that COFCO Joycome (1610.HK) has shown significant growth in its pig sales, with a 80% year-on-year increase in the first four months of 2025 compared to the same period in 2024 [1] - In April 2025, the company reported a pig shipment volume of 472,000 heads, bringing the total for the first four months to 1.934 million heads [1] - As of May 9, 2025, COFCO Joycome's stock price has seen a slight increase of 6.47% year-to-date [1] Group 2 - Guoyuan Securities International noted that COFCO Joycome has strengthened its brand communication and channel development, particularly with its newly developed flaxseed pork products, which have received antibiotic-free certification and achieved a doubling in sales year-on-year in Q1 2025 [3] - The flaxseed pork product aims to enhance the intake of alpha-linolenic acid among consumers and has recently won the ITI International Taste Award, marking a first for a Chinese fresh pork brand [3] Group 3 - The company is expanding its brand influence through various marketing strategies, including segmented, experiential, and online brand communication, while deepening partnerships with major retail channels such as Hema, Sam's Club, and major e-commerce platforms [5] - Guoyuan Securities International forecasts COFCO Joycome's EPS for 2025, 2026, and 2027 to be 0.09, 0.17, and 0.28 respectively, with a target price of HKD 1.65 per share, indicating over 10% upside potential from the current price [6]

Core Viewpoint - Muyuan Foods (牧原股份) is seeking to list H-shares on the Hong Kong Stock Exchange to advance its international strategy and capital operations after terminating its listing on the Swiss Stock Exchange a year and a half ago [2][5]. Group 1: Company Overview - Founded in 1992, Muyuan Foods was listed on the Shenzhen Stock Exchange in 2014 and has developed a comprehensive pork industry chain that includes feed processing, pig breeding, pig farming, and slaughtering [4]. - The company aims to address urgent needs in the pig farming industry in Vietnam and Southeast Asia, focusing on disease prevention, farm renovation, hardware upgrades, and biosecurity systems [2][6]. Group 2: Financial Performance - In 2024, Muyuan Foods achieved a revenue of 137.947 billion yuan, representing a year-on-year increase of 24.43%, and a net profit of 17.881 billion yuan, a significant increase of 519.42% compared to the previous year [10][11]. - The company reported a total pig output of 71.602 million heads in 2024, with an average breeding cost of approximately 14 yuan per kilogram [11]. - Since its listing, the company's revenue has grown approximately 52 times and net profit has increased about 222 times from 2014 [3][11]. Group 3: Future Projections - Muyuan Foods aims to reduce its average breeding cost to 12 yuan per kilogram by 2025, with a current cost of 12.5 yuan per kilogram as of March 2025 [12][15]. - The company expects to report a net profit of 4.5 to 5 billion yuan in the first quarter of 2025, a turnaround from a loss of 2.459 billion yuan in the same period last year [13].