🏢 公司Newsroom00288Doubao · 实盘不做把握 5/10不做原因:风险收益比不佳
北京时间·🕒 发布 18:56:01·⟳ 抓取 18:56:50回填·⚡ 决策 10-27 20:27:53·2.0 小时前
双汇发展前三季度归母净利36.42亿元同比降8.0%，单Q3净利13.37亿元同比大降18.27%，万洲国际盘后转发披露
这是已确认的负面财报（Q3归母-18.27%、前三季-8%），但属于2025年以来市场已知的盈利放缓延续而非突发暴雷，卖方此前已下调预测；双汇发展为低波动（20日日波动约0.95%）高股息防御股、无崩盘式利空，隔夜做空一个有股息支撑的消费白马，预期1-3日下跌空间有限，风险报酬不具正期望；母公司万洲国际敞口被全球业务稀释且股价早已下行。
📄 原文00288↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 双汇发展（000895.SZ）
确认性负面财报但属2025年以来已知放缓的延续、券商已下调预测，低波动高股息防御股隔夜做空预期空间有限，风险报酬不具正期望；不做多。已登记risk_signal供规避新多。
不做 万洲国际（00288.HK）
仅为转发持股70.33%子公司的中国准则业绩，对其IFRS合并利润影响被全球（含Smithfield）业务稀释，且股价近13周已下行约24%，本催化边际弹性弱，不交易。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
双汇发展三季报营收与利润双降、单Q3归母净利-18.27%且资产减值翻倍，属确认性盈利承压；但放缓趋势自2025年延续、已被部分预期，标的为低波高股息防御股，做空边际空间小，故不做空、不做多，仅登记盈利风险。
消息传播链
- 双汇发展A股盘后报送2026年三季报，披露前三季及单Q3数据，当日A股已收盘未反应
- 万洲国际港股盘后转发子公司中国准则业绩，提示与IFRS合并口径有差异，港股当日已收盘
- 盘后约半小时内媒体报道单Q3归母净利13.37亿元、同比-18.27%，扩散速度快
关键理由
- 单Q3归母净利13.37亿元同比-18.27%，明显差于前三季-8%的累计降幅，盈利下行在加速
- 资产减值损失由2.49亿增至5.02亿元、销售费用上升、营收连续下滑，量增9.7%未能对冲价/利差收缩
主要风险
- 公司高分红属性与防御配置可能托底股价，且卖方此前已下调2026预测，实际预期差可能很小
- 减值若为一次性、Q4猪价与屠宰利润回暖，则单季-18%不代表持续恶化，做空面临修复
反向证据
- 做空前查反向 · 来源 web · 日期 2026-03-29 · 影响 weakens
公司坚持高分红、属防御型配置，券商仍维持增持评级，高股息与潜在Q4猪价企稳会限制做空下行空间
检索:双汇发展 高分红 股息率 业绩拐点 猪价 2026Q4 回购 - 反向检查 · 来源 filing · 日期 2026-10-27 · 影响 weakens
前三季肉制品外销量同比+9.7%，龙头份额仍在扩张，利空为价/利差与减值而非需求崩塌
检索:双汇发展 肉制品 销量 增长 9.7% 龙头 份额
先例如何影响了这次决策
对本次决策的影响:因缺乏高相似先例且标的低波动高股息，进一步支持不做空；不据此编造tp/sl
方向:未取得可对齐的同市场首发先例，不据记忆假设跌幅
涨幅量级:先例不足，无法用aligned样本校准做空止盈幅度
形态:无可靠见光死/高开低走样本
工具执行结果 · 成功 4 · 降级 1 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 461 ms
{"result": "search_processed_events:agent query=`shuanghui development nine months 2026 results wh group | 万洲国际 双汇投资发展 2026三季报 | 双汇发展 前三季度 业绩 净利润下降8%`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 70.2/72 小时、5104 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选，不能据此证明消息首发或不是重复；按当前事件继续正常研判。"} - web_search 成功 doubao_search · 1,398 ms
豆包搜索结果（原始查询:双汇发展 000895 2026年三季报 前三季度 净利润 36.42亿 同比下降8%；API SearchType:web） - web_search 成功 doubao_search · 1,830 ms
豆包搜索结果（原始查询:双汇发展 2025年报 2026中报 净利润 同比 增速 一致预期 屠宰 肉制品；API SearchType:web） - stock_quote 降级 stock_tools HTTP · 911 ms
{ - stock_quote 成功 stock_tools HTTP · 79 ms
{
原文全文
展开原文 · 16,141 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong
Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part
of the contents of this announcement.
WH Group Limited
萬洲國際有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 288)
UNAUDITED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026 OF
HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO., LTD.
On 27 October 2026 after trading hours (Hong Kong time), Shuanghui Development
released its quarterly report for the nine months ended 30 September 2026.
Henan Shuanghui Investment & Development Co., Ltd. (河南雙匯投資發展股份有限公
司) (“Shuanghui Development”) is a company incorporated in the People’s Republic of
China whose shares are listed on the Shenzhen Stock Exchange (the “Shenzhen Stock
Exchange”). As at the date of this announcement, WH Group Limited (the “Company”)
indirectly owns approximately 70.33% equity interest in Shuanghui Development. On 27
October 2026, Shuanghui Development filed its quarterly report with the Shenzhen Stock
Exchange for the nine months ended 30 September 2026 (the “Shuanghui Development
Quarterly Report”). It is important to note that the unaudited consolidated financial
results contained in Shuanghui Development Quarterly Report have been prepared in
accordance with the China Accounting Standards for Business Enterprises. The Company
prepares its consolidated financial results in accordance with the IFRS Accounting
Standards. Accordingly, Shuanghui Development’s results reported therein differ from
Shuanghui Development’s results contained in the Company’s consolidated financial
statements, which include certain adjustments in order to conform to the IFRS
Accounting Standards.
–1–
SUMMARY OF RESULTS OF SHUANGHUI DEVELOPMENT FOR THE NINE
MONTHS ENDED 30 SEPTEMBER 2026
For the nine months ended 30 September 2026, Shuanghui Development’s external sales
volume of meat products was 2.73 million metric tons, representing an increase of 9.7%
from the comparable period of 2025. Total operating income decreased by 3.8% from the
comparable period of 2025 to RMB42,955 million. Total profit decreased by 7.4% from
the comparable period of 2025 to RMB4,809 million. Net profit attributable to owners of
Shuanghui Development decreased by 8.0% from the comparable period of 2025 to
RMB3,642 million.
The unaudited consolidated statement of profit or loss and other comprehensive income
for the nine months ended 30 September 2026 and the unaudited consolidated statement
of financial position as at 30 September 2026 contained in Shuanghui Development
Quarterly Report are provided below:
SHUANGHUI DEVELOPMENT
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the nine months ended 30 September 2026
For the nine months
ended 30 September
2026 2025
RMB RMB
(unaudited) (unaudited)
I. Total operating income 42,954,937,045.78 44,652,698,143.97
Including: Operating income 42,810,490,954.87 44,523,390,229.82
Interest income 144,396,675.85 129,266,282.03
Handling and commission income 49,415.06 41,632.12
II. Total operating costs 37,660,437,283.65 39,426,940,142.99
Including: Operating costs 34,388,630,951.42 36,428,936,081.32
Interest expenses 1,009,676.45 984,259.87
Handling and commission charges 686,612.28 573,431.47
Tax and levies 288,796,201.54 284,853,574.19
Selling expenses 1,803,824,894.41 1,565,986,484.45
Administrative expenses 966,693,142.32 953,642,446.59
Research and development expenses 142,071,427.64 126,035,960.98
Financial expenses 68,724,377.59 65,927,904.12
Including: Interest expenses 109,507,503.67 116,931,474.01
Interest income 46,132,257.66 57,574,984.92
–2–
For the nine months
ended 30 September
2026 2025
RMB RMB
(unaudited) (unaudited)
Add: Other income 46,896,261.37 115,552,181.73
Investment income 59,691,623.72 65,600,057.06
Including: Income from investments in
associates and joint ventures 34,205,959.68 29,583,205.31
Loss on fair value change –3,200,807.81 –9,423,588.50
Reversal of credit impairment/
(impairment for credit loss) 706,862.37 –1,498,141.77
Impairment losses of assets –502,033,829.04 –249,468,319.86
Gain (loss) on disposal of assets –994,195.78 40,773,061.41
III. Operating profit 4,895,565,676.96 5,187,293,251.05
Add: Non-operating income 14,616,707.31 20,001,884.01
Less: Non-operating expenses 101,608,259.06 16,653,346.55
IV. Total profit 4,808,574,125.21 5,190,641,788.51
Less: Income tax expenses 1,137,736,202.38 1,188,178,955.49
V. Net profit 3,670,837,922.83 4,002,462,833.02
Including: Net profit from continuing operations 3,670,837,922.83 4,002,462,833.02
Net profit from discontinued operations — —
Net profit attributable to owners of Shuanghui
Development 3,642,364,222.13 3,958,690,910.00
Profit or loss attributable to non-controlling interests 28,473,700.70 43,771,923.02
VI. Other comprehensive income, net of tax — —
Other comprehensive income, net of tax attributable
to owners of Shuanghui Development — —
Including: Item that may be reclassified
subsequently to profit or loss — —
Including: Change in cash flow hedge — —
Other comprehensive income, net of tax attributable
to non-controlling interests — —
VII. Total comprehensive income 3,670,837,922.83 4,002,462,833.02
Total comprehensive income attributable to owners
of Shuanghui Development 3,642,364,222.13 3,958,690,910.00
Total comprehensive income attributable to
non-controlling interests 28,473,700.70 43,771,923.02
VIII. Earnings per share:
(1) Basic earnings per share 1.0513 1.1426
(2) Diluted earnings per share 1.0513 1.1426
–3–
SHUANGHUI DEVELOPMENT
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2026
As at As at
30 September 1 January
2026 2026
RMB RMB
(unaudited) (audited)
Current assets:
Cash and bank balances 6,848,216,560.00 4,969,475,416.63
Trading financial assets 400,608,657.53 300,097,232.88
Derivative financial assets 10,339,080.49 —
Bills receivables 59,910,253.86 26,088,704.68
Trade receivables 434,062,994.79 453,713,010.46
Prepayments 317,462,734.17 385,199,331.34
Other receivables 71,564,792.27 122,764,274.56
Including: Dividend receivables — 8,028,243.49
Inventories 6,699,355,580.23 5,547,612,648.04
Contract assets 50,641,475.34 9,711,691.79
Loans receivables 58,226,964.67 111,325,500.00
Other current assets 7,923,750,475.53 7,997,527,055.55
Total current assets 22,874,139,568.88 19,923,514,865.93
Non-current assets:
Long-term equity investments 337,475,012.26 295,349,798.07
Other non-current financial assets 83,954,944.12 86,607,856.58
Investment properties 34,291,740.20 —
Fixed assets 15,248,688,461.85 16,181,246,471.23
Construction in progress 537,658,940.63 135,168,635.64
Biological assets 315,974,862.74 304,051,730.67
Right-of-use assets 383,807,663.37 303,182,891.79
Intangible assets 1,059,063,092.40 1,080,214,054.79
Development expenditure 23,233,146.96 —
Long-term prepaid expenses 48,498,861.81 51,690,740.35
Deferred tax assets 162,742,759.82 164,237,904.04
Other non-current assets 1,654,211,012.55 917,100,378.50
Total non-current assets 19,889,600,498.71 19,518,850,461.66
Total assets 42,763,740,067.59 39,442,365,327.59
–4–
As at As at
30 September 1 January
2026 2026
RMB RMB
(unaudited) (audited)
Current liabilities:
Short-term borrowings 12,547,608,301.52 9,720,261,935.02
Derivative financial liabilities — 1,565,120.00
Bills payables 186,282,229.11 67,901,927.73
Trade payables 1,892,628,724.82 2,453,279,392.81
Receipts in advance 2,744,791.57 4,495,867.33
Contract liabilities 2,308,906,845.20 2,251,288,275.21
Deposit receipts 130,434,678.89 109,592,000.09
Accrued staff costs 904,395,803.32 900,034,811.61
Taxation payables 525,326,476.71 494,116,396.92
Other payables 747,907,776.76 773,868,702.97
Including: Dividend payables — 15,090,200.64
Non-current liabilities due within one year 91,950,929.14 414,225,075.90
Other current liabilities 244,974,982.10 149,683,424.08
Total current liabilities 19,583,161,539.14 17,340,312,929.67
Non-current liabilities:
Long-term borrowings 208,062,380.09 9,808,690.36
Lease liabilities 188,707,920.45 202,290,586.81
Deferred income 62,011,949.54 70,407,983.45
Deferred tax liabilities 265,145,132.38 253,791,065.99
Total non-current liabilities 723,927,382.46 536,298,326.61
Total liabilities 20,307,088,921.60 17,876,611,256.28
–5–
As at As at
30 September 1 January
2026 2026
RMB RMB
(unaudited) (audited)
Owners’ equity:
Share capital 3,464,661,213.00 3,464,661,213.00
Capital reserve 8,065,690,433.74 8,062,476,799.20
Special reserve — —
Surplus reserve 1,831,906,631.94 1,831,906,631.94
General reserve 195,311,792.19 195,311,792.19
Retained profits 8,678,810,800.11 7,808,175,548.38
Total equity attributable to owners of
Shuanghui Development 22,236,380,870.98 21,362,531,984.71
Non-controlling interests 220,270,275.01 203,222,086.60
Total owners’ equity 22,456,651,145.99 21,565,754,071.31
Total liabilities and owners’ equity 42,763,740,067.59 39,442,365,327.59
If you wish to view the Shuanghui Development Quarterly Report in full, please visit
www.szse.cn.
By order of the board of directors of
WH Group Limited
Wan Long
Chairman
Hong Kong, 27 October 2026
As at the date of this announcement, the executive directors of the Company are
Mr. WAN Long, Mr. GUO Lijun, Mr. WAN Hongwei and Mr. MA Xiangjie; the
non-executive director of the Company is Mr. JIAO Shuge; and the independent
non-executive directors of the Company are Mr. HUANG Ming, Mr. LAU, Jin Tin Don
and Ms. ZHOU Hui.
–6–
Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part
of the contents of this announcement.
WH Group Limited
萬洲國際有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 288)
UNAUDITED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026 OF
HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO., LTD.
On 27 October 2026 after trading hours (Hong Kong time), Shuanghui Development
released its quarterly report for the nine months ended 30 September 2026.
Henan Shuanghui Investment & Development Co., Ltd. (河南雙匯投資發展股份有限公
司) (“Shuanghui Development”) is a company incorporated in the People’s Republic of
China whose shares are listed on the Shenzhen Stock Exchange (the “Shenzhen Stock
Exchange”). As at the date of this announcement, WH Group Limited (the “Company”)
indirectly owns approximately 70.33% equity interest in Shuanghui Development. On 27
October 2026, Shuanghui Development filed its quarterly report with the Shenzhen Stock
Exchange for the nine months ended 30 September 2026 (the “Shuanghui Development
Quarterly Report”). It is important to note that the unaudited consolidated financial
results contained in Shuanghui Development Quarterly Report have been prepared in
accordance with the China Accounting Standards for Business Enterprises. The Company
prepares its consolidated financial results in accordance with the IFRS Accounting
Standards. Accordingly, Shuanghui Development’s results reported therein differ from
Shuanghui Development’s results contained in the Company’s consolidated financial
statements, which include certain adjustments in order to conform to the IFRS
Accounting Standards.
–1–
SUMMARY OF RESULTS OF SHUANGHUI DEVELOPMENT FOR THE NINE
MONTHS ENDED 30 SEPTEMBER 2026
For the nine months ended 30 September 2026, Shuanghui Development’s external sales
volume of meat products was 2.73 million metric tons, representing an increase of 9.7%
from the comparable period of 2025. Total operating income decreased by 3.8% from the
comparable period of 2025 to RMB42,955 million. Total profit decreased by 7.4% from
the comparable period of 2025 to RMB4,809 million. Net profit attributable to owners of
Shuanghui Development decreased by 8.0% from the comparable period of 2025 to
RMB3,642 million.
The unaudited consolidated statement of profit or loss and other comprehensive income
for the nine months ended 30 September 2026 and the unaudited consolidated statement
of financial position as at 30 September 2026 contained in Shuanghui Development
Quarterly Report are provided below:
SHUANGHUI DEVELOPMENT
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the nine months ended 30 September 2026
For the nine months
ended 30 September
2026 2025
RMB RMB
(unaudited) (unaudited)
I. Total operating income 42,954,937,045.78 44,652,698,143.97
Including: Operating income 42,810,490,954.87 44,523,390,229.82
Interest income 144,396,675.85 129,266,282.03
Handling and commission income 49,415.06 41,632.12
II. Total operating costs 37,660,437,283.65 39,426,940,142.99
Including: Operating costs 34,388,630,951.42 36,428,936,081.32
Interest expenses 1,009,676.45 984,259.87
Handling and commission charges 686,612.28 573,431.47
Tax and levies 288,796,201.54 284,853,574.19
Selling expenses 1,803,824,894.41 1,565,986,484.45
Administrative expenses 966,693,142.32 953,642,446.59
Research and development expenses 142,071,427.64 126,035,960.98
Financial expenses 68,724,377.59 65,927,904.12
Including: Interest expenses 109,507,503.67 116,931,474.01
Interest income 46,132,257.66 57,574,984.92
–2–
For the nine months
ended 30 September
2026 2025
RMB RMB
(unaudited) (unaudited)
Add: Other income 46,896,261.37 115,552,181.73
Investment income 59,691,623.72 65,600,057.06
Including: Income from investments in
associates and joint ventures 34,205,959.68 29,583,205.31
Loss on fair value change –3,200,807.81 –9,423,588.50
Reversal of credit impairment/
(impairment for credit loss) 706,862.37 –1,498,141.77
Impairment losses of assets –502,033,829.04 –249,468,319.86
Gain (loss) on disposal of assets –994,195.78 40,773,061.41
III. Operating profit 4,895,565,676.96 5,187,293,251.05
Add: Non-operating income 14,616,707.31 20,001,884.01
Less: Non-operating expenses 101,608,259.06 16,653,346.55
IV. Total profit 4,808,574,125.21 5,190,641,788.51
Less: Income tax expenses 1,137,736,202.38 1,188,178,955.49
V. Net profit 3,670,837,922.83 4,002,462,833.02
Including: Net profit from continuing operations 3,670,837,922.83 4,002,462,833.02
Net profit from discontinued operations — —
Net profit attributable to owners of Shuanghui
Development 3,642,364,222.13 3,958,690,910.00
Profit or loss attributable to non-controlling interests 28,473,700.70 43,771,923.02
VI. Other comprehensive income, net of tax — —
Other comprehensive income, net of tax attributable
to owners of Shuanghui Development — —
Including: Item that may be reclassified
subsequently to profit or loss — —
Including: Change in cash flow hedge — —
Other comprehensive income, net of tax attributable
to non-controlling interests — —
VII. Total comprehensive income 3,670,837,922.83 4,002,462,833.02
Total comprehensive income attributable to owners
of Shuanghui Development 3,642,364,222.13 3,958,690,910.00
Total comprehensive income attributable to
non-controlling interests 28,473,700.70 43,771,923.02
VIII. Earnings per share:
(1) Basic earnings per share 1.0513 1.1426
(2) Diluted earnings per share 1.0513 1.1426
–3–
SHUANGHUI DEVELOPMENT
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2026
As at As at
30 September 1 January
2026 2026
RMB RMB
(unaudited) (audited)
Current assets:
Cash and bank balances 6,848,216,560.00 4,969,475,416.63
Trading financial assets 400,608,657.53 300,097,232.88
Derivative financial assets 10,339,080.49 —
Bills receivables 59,910,253.86 26,088,704.68
Trade receivables 434,062,994.79 453,713,010.46
Prepayments 317,462,734.17 385,199,331.34
Other receivables 71,564,792.27 122,764,274.56
Including: Dividend receivables — 8,028,243.49
Inventories 6,699,355,580.23 5,547,612,648.04
Contract assets 50,641,475.34 9,711,691.79
Loans receivables 58,226,964.67 111,325,500.00
Other current assets 7,923,750,475.53 7,997,527,055.55
Total current assets 22,874,139,568.88 19,923,514,865.93
Non-current assets:
Long-term equity investments 337,475,012.26 295,349,798.07
Other non-current financial assets 83,954,944.12 86,607,856.58
Investment properties 34,291,740.20 —
Fixed assets 15,248,688,461.85 16,181,246,471.23
Construction in progress 537,658,940.63 135,168,635.64
Biological assets 315,974,862.74 304,051,730.67
Right-of-use assets 383,807,663.37 303,182,891.79
Intangible assets 1,059,063,092.40 1,080,214,054.79
Development expenditure 23,233,146.96 —
Long-term prepaid expenses 48,498,861.81 51,690,740.35
Deferred tax assets 162,742,759.82 164,237,904.04
Other non-current assets 1,654,211,012.55 917,100,378.50
Total non-current assets 19,889,600,498.71 19,518,850,461.66
Total assets 42,763,740,067.59 39,442,365,327.59
–4–
As at As at
30 September 1 January
2026 2026
RMB RMB
(unaudited) (audited)
Current liabilities:
Short-term borrowings 12,547,608,301.52 9,720,261,935.02
Derivative financial liabilities — 1,565,120.00
Bills payables 186,282,229.11 67,901,927.73
Trade payables 1,892,628,724.82 2,453,279,392.81
Receipts in advance 2,744,791.57 4,495,867.33
Contract liabilities 2,308,906,845.20 2,251,288,275.21
Deposit receipts 130,434,678.89 109,592,000.09
Accrued staff costs 904,395,803.32 900,034,811.61
Taxation payables 525,326,476.71 494,116,396.92
Other payables 747,907,776.76 773,868,702.97
Including: Dividend payables — 15,090,200.64
Non-current liabilities due within one year 91,950,929.14 414,225,075.90
Other current liabilities 244,974,982.10 149,683,424.08
Total current liabilities 19,583,161,539.14 17,340,312,929.67
Non-current liabilities:
Long-term borrowings 208,062,380.09 9,808,690.36
Lease liabilities 188,707,920.45 202,290,586.81
Deferred income 62,011,949.54 70,407,983.45
Deferred tax liabilities 265,145,132.38 253,791,065.99
Total non-current liabilities 723,927,382.46 536,298,326.61
Total liabilities 20,307,088,921.60 17,876,611,256.28
–5–
As at As at
30 September 1 January
2026 2026
RMB RMB
(unaudited) (audited)
Owners’ equity:
Share capital 3,464,661,213.00 3,464,661,213.00
Capital reserve 8,065,690,433.74 8,062,476,799.20
Special reserve — —
Surplus reserve 1,831,906,631.94 1,831,906,631.94
General reserve 195,311,792.19 195,311,792.19
Retained profits 8,678,810,800.11 7,808,175,548.38
Total equity attributable to owners of
Shuanghui Development 22,236,380,870.98 21,362,531,984.71
Non-controlling interests 220,270,275.01 203,222,086.60
Total owners’ equity 22,456,651,145.99 21,565,754,071.31
Total liabilities and owners’ equity 42,763,740,067.59 39,442,365,327.59
If you wish to view the Shuanghui Development Quarterly Report in full, please visit
www.szse.cn.
By order of the board of directors of
WH Group Limited
Wan Long
Chairman
Hong Kong, 27 October 2026
As at the date of this announcement, the executive directors of the Company are
Mr. WAN Long, Mr. GUO Lijun, Mr. WAN Hongwei and Mr. MA Xiangjie; the
non-executive director of the Company is Mr. JIAO Shuge; and the independent
non-executive directors of the Company are Mr. HUANG Ming, Mr. LAU, Jin Tin Don
and Ms. ZHOU Hui.
–6–
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