WH Group (00288) releases annual performance with a net profit attributable to shareholders of $1.567 billion, a decrease of 2.79% year-on-year. Meat product sales volume reached 3.054 million tons.

WH Group (00288) announced its annual performance for the year ending December 31, 2025 (performance adjusted for fair value of biological assets). The group achieved a total income of $28.026 billion, an increase of 8.04% year-on-year; shareholders' profit amounted to $1.567 billion, a decrease of 2.79% year-on-year; and basic earnings per share were $0.1221. The proposed final dividend is $0.41 per share. According to the announcement, in 2025, the group's revenue increased by 8.0% to $28.026 billion, due to the increase in pork sales and the average selling price of meat products. Operating profit also increased by 8.7% to $2.612 billion, driven by a significant increase in the profit level of the group's pork business. Among all reported segments, the meat products segment has always been the core business of the group. In 2025, meat products accounted for 82.0% of the group's operating profit and 50.6% of revenue (compared to 92.9% of operating profit and 52.6% of revenue in 2024). The group's pork segment accounted for 22.1% of operating profit and 40.6% of revenue (compared to 14.8% of operating profit and 39.9% of revenue in 2024). In 2025, the group's sales volume of meat products decreased by 1.5% to 3.054 million tons. In China, sales volume decreased by 3.8% due to weak demand and continuous challenges in the consumer market dynamics. Although there was an improvement in year-on-year sales volume in the second half of 2025, the group's efforts in product and channel transformation have not yet fully achieved the expected results. Sales volume in North America remained relatively stable in 2025, with a continued improvement in the product portfolio. In Europe, sales volume increased by 2.8% due to the contribution of Argal. Revenue from meat products in 2025 increased by 3.8% to $14.178 billion. Revenue in China decreased by 4.8%, mainly due to the decrease in sales volume. In North America, revenue increased by 5.3%, attributed to the increase in average selling price along with the rise in raw material costs. In Europe, revenue also increased by 12.9% due to an increase in both sales volume and average selling price. Operating profit from meat products in 2025 was $2.143 billion, a decrease of 4.1% compared to 2024. In China, operating profit decreased by 3.6% due to the negative impact of decreasing sales volume and increasing expenses outweighing the benefits of lower raw material costs. In North America, the increase in raw material costs exceeded the increase in average selling price, coupled with a reduction in tax relief related to COVID-19, resulting in a 6.6% decrease in operating profit. In Europe, the group's operating profit increased by 14.0%, mainly due to the growth in sales volume and disciplined pricing actions.