WH GROUP (00288) announced its annual results for the period ended December 31, 2025. The group recorded total revenue of $28.026 billion, an increase of 8.04% compared to the previous year. Profit attributable to shareholders was $1.567 billion, representing a decrease of 2.79%. Basic earnings per share were 12.21 US cents. The board has recommended a final dividend of HK$0.41 per share.
In 2025, the group's revenue rose by 8.0% to $28.026 billion, primarily driven by increased sales volume in the pork segment and higher average selling prices for meat products. Operating profit also grew by 8.7% to $2.612 billion, largely due to a significant improvement in profitability within the group's pork business.
The meat products division remains the core business across all reported segments. In 2025, meat products contributed 82.0% of the group's operating profit and 50.6% of its revenue. The pork segment accounted for 22.1% of operating profit and 40.6% of revenue.
The sales volume of meat products for the group decreased by 1.5% in 2025 to 3.054 million metric tons. In China, volume declined by 3.8%, reflecting persistent challenges from weak demand and evolving consumer market dynamics. Although the year-on-year volume comparison showed improvement in the second half of 2025, the group's efforts in product and channel transformation have not yet fully yielded the expected results. In North America, sales volume remained relatively stable throughout the year, with continued improvement in product mix. In Europe, volume increased by 2.8%, bolstered by a greater contribution from 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 lower sales volume. In North America, revenue rose by 5.3%, as average selling prices increased in line with rising raw material costs. Revenue in Europe also grew by 12.9%, driven by increases in both sales volume and average selling prices.
Operating profit for meat products in 2025 was $2.143 billion, a decrease of 4.1% compared to 2024. In China, operating profit declined by 3.6%, as the negative impact of lower volume and increased expenses outweighed the benefits from decreased raw material costs. In North America, operating profit fell by 6.6%, as the rise in raw material costs exceeded the increase in average selling prices, coupled with a reduction in employee retention tax credits related to the COVID-19 pandemic. Conversely, in Europe, operating profit increased by 14.0%, primarily due to volume growth and disciplined pricing actions.
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