中国消费：猪肉 -025 年四季度前瞻- 国际业务强劲将加速集团营业利润增长；中国市场表现平淡；买入万洲国际-China Consumer Staples_ Pork_ 4Q25 preview_ stronger international business to accelerate Group OP growth; China muted; Buy WH Group
2026-01-26 02:49

23 January 2026 | 11:18PM HKT Equity Research CHINA CONSUMER STAPLES We maintain Buy on WH Group with new 12m TP at HK$9.8/sh (prior HK$8.9) and Neutral on Shuanghui on fair valuation, with 12m TP at Rmb25.0 (unchanged). Valerie Zhou +852-2978-0820 | valerie.zhou@gs.com Goldman Sachs (Asia) L.L.C. Pork: 4Q25 preview: stronger international business to accelerate Group OP growth; China muted; Buy WH Group We expect WH Group OP to grow steadily at 10% OP yoy in 4Q25. For the China business (also Shuanghui), w ...