Good evening, analysts and investors. Welcome to the third quarter 2025 results presentation of WH Group. I'm Guo Lijun, Executive Director and Chief Executive Officer of WH Group. Joining us today are members of the management teams from WH Group and our subsidiaries, Shuanghui Development, Smithfield Foods, and Campofrio Foods, including Mr. Wan Long, Chairman of the Board and Executive Director of WH Group; Mr. Wan Hongwei, Vice Chairman of the Board of WH Group and Chairman of Shuanghui Development; Mr. Ma Xiangjie, Executive Director of WH Group and President of Shuanghui Development; Mr. Liu Songtao, Executive Vice President and Chief Financial Officer of Shuanghui Development; Shane Smith, President and CEO of Smithfield Foods; Mark, CFO of Smithfield Foods; Luis, CEO of Campofrio Foods; Joanna Yan, Chief Financial Officer of WH Group; and Zhou Xiaoming, Vice President of WH Group. Today's presentation will be divided into two parts. First, we will present the financial and operational performance for the first three quarters of the year, followed by the Q&A session. Let me walk you through the company's performance in the first three quarters. In the first three quarters of 2025, packaged meat sold was 2.231 million metric tons, a 2.2% decline year over year. Pork sold was 2.967 million metric tons, an 8.4% increase year over year. Revenue: $20.47 billion, 8.5% higher than last year. EBITDA: $2.496 billion, 10.7% higher year over year. Operating profit: $1.92 billion, 7.3% higher year over year. Profit attributable to owners of the company: $1.168 billion, 8% higher year over year. Basic earnings per share: 9.10 US cents per share, 8% higher than last year. In the first three quarters, the company has exhibited growth in volume, revenue, as well as profit. Looking at the business performance by segment, packaged meats contribute 50% of our revenue and 83% of our operating profit. Pork is 40% of the revenue and 20% of the profit. Other business is 8.7% of the revenue and contributed to a loss of $58 million, which includes other business as well as the corporate expenses. Looking at the performance by region, North America represented 54% of the revenue and 51% of the operating profit. China represents 30.8% of the revenue and 37.6% of the operating profit. European business is 15.2% of the revenue and 11.5% of the operating profit. North America generated more than 50% of both the revenue as well as operating profit. In the first three quarters of 2025, hog prices in China fell continuously due to sufficient supply and weak demand. In the US, performance of hog production business improved significantly as feed prices continued to decline, while hog prices increased. In Europe, hog prices decreased as hog supplies recovered. The number of slaughter hogs in China increased by 1.8% to 530 million heads in the first three quarters of 2025. In the US, the number of slaughter hogs decreased by 1.3% to 81.7 million heads in the first eight months of the year. In the first three quarters of 2025, the average hog price in China was RMB 15.1 per kilogram, a decrease of 10.7% year over year. In the US, the average hog price was $1.6 per kilogram, up 13.2% year over year. In Europe, the average hog price was €1.52 per kilogram, down 6.5% year over year. The average pork cut-out value in the US was $2.29 per kilogram in the first three quarters, an increase of 8.7% year over year. The industry market spread narrowed as hog prices increased more than pork values. In China, for the first three quarters, the operating profit was $724 million, a 0.7% decline year over year. Packaged meats operating profit: $689 million, year over year decline of 4.8%. Pork operating profit: $35 million, year over year decline of 14.6%. In North America, operating profit was $981 million, 16.6% higher year over year. Packaged meats operating profit was $796 million, 6.8% lower year over year. Pork operating profit: $275 million, 2.43 times higher than last year. In Europe, operating profit: $221 million, 1.8% decline year over year. Packaged meats: $111 million, 5.7% higher than last year. Pork: $78 million, year over year decline of 22%. In terms of our strategies, WH will continue to consolidate global resources, leverage synergies, adhere to the business philosophy of improve mix, adjust price, and control costs, and the strategy of industrialization, diversification, internationalization, and digitalization to enhance our leading position in the global meat industry. In terms of our business priorities: Number one, continue to improve the pork business, optimize cost structure, improve hog production KPI, grow the fresh meat sales volume, and strengthen market competitiveness. Number two, adhere to the two adjustment and one control strategy for packaged meat business, expand market network, optimize sales channels, and strengthen competitive advantage to drive steady improvement in sales volume and profits. Continue to optimize our business portfolio, steadily achieve protein diversification, further strengthen our global business footprint, mitigate risks, improve quality, and enhance efficiency. Number four, explore and leverage AI to continuously advance industrial intelligence, promote digitalization upgrades in production, sales, and business management to reduce cost and enhance efficiency. The company will maintain the momentum of steady growth, build a solid foundation for long-term sustainable development. That's all for the presentation. We will move on to the Q&A. 好。如果有提问，请大家举手示意。第一个提问是来自于美林美银的罗晨，请提问。 The first question will come from Luochen of BofA. 各位观众朋友好，恭喜一如既往非常出色的业绩。因为线上有同声传译，我的两个问题都是用中文来回答。第一个问题可能是资本市场非常多的投资者关注的一个问题，就是我们的股东回报。因为我们今年在中期开发了第一次的中期股息是每股¥0.20。那么我们注意到去年年底有¥0.40的中期股息。所以想问一下管理层对于末期股息有什么样的指引。同时的话，今年我们因为一些资本市场的一些运作，我们还派发了¥0.48的特殊股息。那么我想探讨一下，就不知道我们是不是可以预期在未来，不一定就是很准确的一个时间范围内，但是不排除未来还是会有这种继续开发特殊股息的这种可能性。这是第一个问题。 然后第二个问题是关于美国，因为美国业务是波动性比较大的，特别是因为上游的这块影响。那么我们注意到今年前三个季度，美国的生猪养殖业务投军利润达到了一个非常高的每头$15的这样的一个经营利润的水平。那么四季度因为是传统上是一个比较的淡季，我们现在怎么看全年的生猪养殖的投军利润？然后另外一方面，目前美国现在生猪的上升周期已经满一年以上了。随着生猪养殖的低基数的效应慢慢地在减弱，猪价上涨对于肉制品的利润率的压缩开始在体现。三季度也能看到这样的趋势。我们如何是展望接下来美国的肉制品的单吨利润，以及综合各方面因素，上游的养殖、中游的屠宰和下游的肉制品，我们对未来的这一到两个季度美国的利润有什么样的展望，是能否维持一个，比如说一个个位数的增长？我就是这两个问题，谢谢。 Two questions. First question relates to shareholder return. The company has declared a HK$0.20 interim dividend earlier this year. If we add this up with the final dividend for 2024, the total was... last year the final dividend was HK$0.40. What's the company's guidance for the upcoming final dividend to be declared next year? The company has also declared special dividend of HK$0.48 this year because of certain capital market-related transactions. Does the company expect the possibility of further special dividend in the future? Secondly, relates to the US business. In the first three quarters, the US hog production has achieved $15 per head of operating profit. Considering the fourth quarter is typically a seasonally challenging quarter for hog production business, what is the company's outlook for profitability of hog production in the fourth quarter? Because the positive momentum for the hog price has been maintained for more than a year, and the higher hog prices have already put a lot of pressure on the operating profit of packaged meats, which has been visible in this quarter's performance. What's the company's outlook for packaged meats profits per metric ton? What would be the company's outlook for hog production, pork, fresh pork business for the next two quarters? Just one more clarification. I'd like to clarify that I'm actually looking for the full year operating profit per head for the hog production business, whereas for the entire US business, given all the moving parts of the three different businesses, what's our growth outlook for the entire US business in the coming one or two quarters? Are we looking for positive growth in the coming one or two quarters? Thank you. 好。第一个问题我来回答。因为我们今年调整了我们分红的比例，由以前的不低于30%调整到了不低于50%。我们今年的中期分红是分了¥0.2，是比去年多了¥0.1。但是对于全年来讲，我们的分红指引仍然是不低于当年净利润的50%。这是第一个。第二个，今年我们分配了每股¥0.48的特殊分红，主要是由于我们美国上市出售老股得到的现金，我们对股东全额进行了分配。后期我们对于特殊分红，我们目前还没有一个明确的计划。 In terms of shareholder return, as you know, we have adjusted our dividend payout policy from no less than 30% of net profit to 50%. In the interim dividend, we paid HK$0.20, but for the full year, our guidance is still to follow our policy of no less than 50% of the payout ratios. For the special dividends of HK$0.48 that were paid this year, it is because of the IPO of Smithfield as well as the subsequent sell down in Smithfield, and we have returned all the proceeds from the sell downs to the shareholders. At this point, we do not have any plans for further special dividends. 下面关于美国业务的，请我们美国的CEO来回答。 The next question relates to the US business. We'll ask Shane and Mark to answer. So I'll talk to the first question around the U.S. hog production, and you're correct. We've had a really strong year this year in hog production. While a lot of that has been related to the overall revenue side of the business, meaning the pricing dynamics in hog production, there's also been a tremendous amount of work internally to improve our cost structures, and that's through things like genetic improvements, health and nutrition, and things like that to improve our cost structure. We reissued guidance this morning, and as you saw, the now expected return for 2025 is between $125 and $150 million of segment profit in the hog production business. You're right, there is some seasonality when we look at the fourth quarter, but we expect the fourth quarter to be positive as well to end that year again within that range of $125 to $150 million. Looking forward, we are seeing some strength in the futures markets as we look at the first and second quarter of next year. Right now, we'll continue to monitor that and follow that. As you know, we have different hedging techniques where we see opportunities to lock in acceptable levels of margin, and we may take advantage of that. We are bullish on hog production. I think the team there has done a nice job, and you couple that with, again, the strength in the revenue side of the equation, and we've had a really nice year in hog production. In packaged meats, again, we reaffirm our guidance in packaged meats for the remainder of the year, but we are seeing pressure in that business. When we look at the underlying commodity markets, you see bellies up, trailing up, and hams up, and that's put pressure on the margins of that business, but we've been able to increase our pricing alongside that. We're really pleased with how that business has done as well. I think in the long term, and Mark, you jump in as well, but I think the long-term algorithm for packaged meats really hasn't changed. Right now, again, we're in a period of high raw material cost, which is pressuring margins to some extent, but we do expect to see that normalized, and we'll come out of this cycle even stronger than we went in. Mark, I don't know if you'd add anything there. Yeah. No, I would just add that we continue to execute our strategies and stay true to those strategies. We continue to improve our mix, a mix of higher value-added, higher margin items. We continue to appeal to consumers across that price spectrum and private label, which is a real competitive advantage for us. We continue to do a really good job of taking costs out of our plants, our supply chain, and SG&A. So we expect to continue to outperform our peers from a margin perspective in packaged meats. That's all. You're in the pitches. 关于美国生猪养殖业，我们今年确实表现得不错。一方面是在收入端，由于猪价的比较高，对我们有一个有利的影响，但另一方面在成本端，我们通过自己的努力也有很多的改善，包括基因，包括猪的健康，还有营养方面。我们今天早上美国时间也刚刚上调了生猪养殖业的全年的利润的指引，现在全年预计的利润是$1.25亿到$1.5亿之间。从未来的展望来看的话，一到二季度，从期货价格来看的话，2026年一季度、二季度的猪价还是继续的走强。我们也有很多的套期保值的一些工具，在合适的时候也可以帮助我们去锁定一些好的猪价。总体来说，我们对于生猪养殖业的一个表现是展望是比较乐观的。 在肉制品方面，确实在成本端受到一定的压力，因为像五花肉、碎肉还有后腿的价格也一直都在上涨，也影响了我们肉制品的利润。但是我们也通过价格的上涨，也维持住了我们的一个整体的利润水平，所以我们对肉制品的业绩也是满意的。我们从展望的情况来看，我们今天也是再次确认了对肉制品全年的一个最新的利润的展望。我们虽然会现在遇到比较高的原材料的一个价格的一个情况，但是市场还是会将来还是会正常化。在市场正常化之后，我们的肉制品的表现会更加的出色。 我们也补充到，我们也是肉制品方面持续的去执行我们的一个策略，包括优化我们的产品结构，在产品当中销售更多的高附加值、高利润的产品，包括我们很强的贴牌的一个产品来满足更多元化的消费者的需求。在成本端，通过成本节约措施，包括在工厂供应链还有管理费用方面的成本的节约措施，也使得我们不断的去加强我们的肉制品业务。 非常感谢。恭喜业绩。 好。看看如果有提问的话，请大家按这个举手键。下一个提问是来自于摩根斯坦利的刘超，请提问。 喂，谢谢管理层这个提问机会。我有两个问题是关于中国业务的，因为刚才美国业务也相对比较清晰了。首先是看到三季度我们肉制品，中国的肉制品业务实现了一个非常好的总的利润额和单吨的利润额。这个如果我的记录是正确的话，看到单吨实际上是历史的新高了，也就是说每吨做到了¥5,200多。那么想请问一下，从未来四季度和明年来看，我们现在整个肉制品的单均利润是怎么展望的？首先可能跟它相关的也就是说有多少是因为持续的一个猪价的下跌，有多少是我们一部分的成本的管理，也就是说库存的管理。那么这样的成本上的优势有多少能够延续到明年？那么明年我们对猪价是怎么样，有没有一个更新的判断？这是第一个。那么第二个问题还是关于我们的生鲜肉。那么生鲜肉也看到今年从四季度开始，我们有一个比较好的销量的提升。想理解一下中间的成本的，就是产品的一些结构，就是冻肉和鲜肉的一些结构上的变化。那么从四季度和明年看，咱们在生鲜肉这块从单吨利润和销量上是怎么样的一个展望？谢谢。 好。 这个问题。 Two questions. Two questions. Two questions from Lilian of Morgan Stanley. The first question relates to China's packaged meat business. In the third quarter, China packaged meat business has achieved very strong profit as well as profit per metric tons. The profit per metric ton of ¥5,200 is probably a historical record. What's the company's outlook for fourth quarter and 2025 in terms of profit per metric ton for packaged meats? For the strong profits of packaged meats, how much is driven by low hog prices, and how much is driven by the company's management of cost as well as the inventories? How much of these benefits of lower hog prices can be sustained or carried over to next year? What's the company's outlook for hog prices for next year? Secondly, for fresh pork business, the company has good volume growth in the fourth quarter. What are the changes in the product mix in terms of fresh and frozen? What's the company's outlook in terms of profit per ton and volume for fresh pork? 好。这两个问题请我们双汇的管理层解答。 好。我来回答刘超的两个问题，都涉及到单位利润问题。你记得没错，肉制品三季度的盈利超过¥5,000，这是我们历史上最好的一次记录。当然原因是三个方面：成本的下降、费用的下降和结构的调整。但我觉得成本的下降起主要作用。三季度的猪价比我们预期的降得还要多，只有¥40多一点，猪价很低。而且这个是旺季的时候，我们这个费用并没有增加很多，所以单吨利润比较高，¥5,100。 到四季度，我们是这样策略：四季度就是加大市场费用的投入，支持市场竞争，这是减少吨利的，费用要上去。第二个，我们加大量化产品的推广，尤其是高性价比产品会在四季度有一个较好的量的提升，它也是减少吨利的。所以四季度的吨利比三季度肯定是要低的。我们全年预计应该还在¥4,700左右，和去年保持一致。这是四季度的。 明年的吨利会延续四季度的趋势，因为明年的猪价目前来看比今年可能还要低，这只是增加吨利。但是我们明年的市场竞争，我们会，无论生鲜品还是肉制品，我们整体策略是稳利增量，就是保持吨利不过高提升，我们加大规模的提升。所以明年肉制品的吨利不希望有更高的提高，所以今年¥4,700，今年预计全年¥4,700，明年大概率还是这样一个数，然后把肉制品的规模做上去。这是第一个问题。 The first question relates to packaged meats. You are correct that the ¥5,200 per metric ton profit is a record level, and there are primarily three reasons. One is cost, second is expense, and third is the mix. The hog prices have declined more than we had expected, and on the other hand, we didn't increase too much expenses. In the fourth quarter, there are a few factors to consider. First is that we will step up our investment in marketing to support our market competition. Secondly, we will promote more value-for-money products, which will have good volume growth. Both of these two factors will be negative for profit per metric tons. We believe the fourth quarter profit per metric ton for packaged meats will be lower. The full year guidance for profit per metric ton will be ¥4,700 per MT, largely consistent with last year. For next year, we believe the hog prices are expected to continue to be lower, but on the other hand, there will be a lot of competition in the market, and our strategy will be to stabilize our profit while expanding our volumes. We do not expect to achieve a higher profit per ton for packaged meats, and we will probably maintain around ¥4,700 level. 回答第一个问题，到四季度，生鲜品这个板块的屠宰量和国产肉的利润都会实现较大幅度的增长。但进口肉受关税的影响，利润会出现下降。中期，生鲜品的分布利润同比是增加的。这是第一个。第二个，明年生鲜品事业部和肉制品事业坚持稳利扩张的策略，结合国内生鲜品屠宰业竞争的态势，我们在保持同理不大幅变化的前提下，快速扩张屠宰规模。未来这两到三年可能会坚持这个原则。 The second question on fresh pork. In the fourth quarter, for the domestic meat, we believe the volume and the profit will both increase, but for the imported meat, the profit will decrease primarily because of the tariff. Overall, our profit for fresh pork will remain under pressure. For the strategy next year, in fresh pork, it is consistent with packaged meats. Our strategy is to stabilize our profit but expand our volumes. We want to maintain our profit per head while expand and grow our volumes. This strategy will be followed in the next two to three years. 好，谢谢马总，感谢。 好，下面是来自于瑞银的宋婷，请提问。 喂，你好，请问可以听到吗？ 是的，可以听到。 谢谢郭总，谢谢管理层的分享。我这边可能有三个方面的问题。第一个，集团层面我们看到三季度整体我们的经营利润是非常稳健的，但是净利润有一个明显的增长。我理解中间是有一些可能基数或者是一次性的因素，可不可以给我们拆解一下，就是经营利润和净利润增速的差异主要是来自于哪些会计科目上？未来，比如说四季度还有没有类似的影响？ 第二个问题是跟进一下美国这边，刚刚美国的管理层也提到，就是生猪养殖这个板块，我们未来也会考虑就是套期保值。我想请问一下，就是历史上或者目前我们套期保值的策略或者占比是多少？是可以理解成就是明年我们会加大这个套期保值的比例吗？ 第三个问题是回到中国这边，刚刚马总也提到，就是我们判断可能明年生猪的价格还是会比较低的，那可不可以请教一下就是在这个预判下会怎么样影响我们明年在生猪养殖板块上的计划，包括我们对盈利情况的一个预判？谢谢。 好，那第一个问题由我们的CFO小安娜回答。 The three questions from Veronica of UBS. The first one on WH Group profit. We noticed the net profit growth is faster than the operating profit growth, which suggests there are some items below operating profit that have positively impacted net profit. Can the company provide explanations for these non-operating items or accounting items, and will these items continue to impact the result in fourth quarter? Secondly, relates to the US hog production business. As Shane mentioned earlier, we can use the hedging to lock some of the profits when the market opportunities are appropriate. What's the company's strategy in terms of hog production hedging, and what's the percentage of hedging? Your comment earlier suggests that we will plan to step up the percentage of hedging positions next year. The third question, as Mr. Mai has commented earlier, the hog price will remain low next year. How will that impact the Shuanghui hog production business in terms of our plan as well as profit? 好，Veronica，我来回答你刚才第一个问题。就是这个在经营利润之下跟税前利润之间的差异，它会包括一些其他的收益跟费用。那这个今年里面包括了一些处置资产的收益，包括一些保险的赔偿，也包括一些诉讼的费用，还有一些诉讼的费用的拨备。其实今年跟去年影响的因素是差不多的，但是今年我们有比较大的一个保险的赔偿，去年是没有的。但是同时去年有一个比较大的我们关闭西部的工厂，还有改革农场的费用，今年是没有的。所以在此消彼长之后，就会有一个较大的差异。这个我说的是一个全年的情况。 Between the operating profit and net profit, there are a couple of non-operating items such as gains from asset disposals, some gains from the insurance claims, and some expenses related to the plant closures and hog production reformations, as well as certain provisions for litigations. Compared to last year, we had higher gains related to insurance claims. That's a positive year over year compared to last year. Also for the plant closures, last year we had more expenses related to plant closures and hog production reformations, which is the amount was recognized last year, whereas this year the amount is very low. That's also positive year over year. But there are a number of factors that may be offsetting each other. 第二个是美国业务的对冲，请美国的管理层来回答。We will invite Shane and Mark to discuss the question related to hedging strategy. I think as it relates to hedging, it's really important to view hedging as part of our overall broader strategy. That works alongside both our operational and our financial decisions as we think about performance in hog production. There are timing differences in how hedging results are recognized, but overall, our approach is always really focused on supporting those overall performance objectives. You asked specifically about% of hedging and things like that, and we don't give or talk about or give away how we're positioned in the market. But overall, the philosophy in hedging is really about risk management, and we're not trying to make market predictions. We really use hedging techniques to reduce exposure to different market price fluctuations. We build hedging positions when conditions are favorable that enable us to really limit our downside risk. From a hedging standpoint, we don't give away or talk about the positions that we're in, but that is kind of the philosophy we take. It's just part of an overall broader strategy as it relates to hog production. 关于美国生猪养殖的对冲，我们总体的思想和策略是要支持我们整体的一个盈利的一个目标。我们并不把对冲来当做一个预测，更多的是把它当做一个风险管理的一个工具。当然在市场环境好的时候，市场条件好的时候，我们可以锁定一部分的价格，从而来减少我们的一个下行的一个风险。但是我们不会对外披露我们去进行对冲的一个具体的一个比例或者具体的一个仓位。 第三个，中国养猪业的问题，请双汇的管理层解答。 好，我来回答宋婷的关于双汇的几个问题。事情是三块。第一个是2026年的猪价的预测，根据我们现在掌握的市场供应信息来看，明年的猪价总体来看是上半年低，下半年高。全年平均猪价会低于今年的猪价，大概¥1左右。这是第一个概念。 第二个，双汇的养殖业，今年的指标是持续改善的，成本也是持续下降。目前我们成本还与国内的第一梯队有较明显的差距。目前今年，全年今年还是亏损的，但同比2024年是减亏增利的。这是第二个点。 第三个点，2026年预计我们的养猪的成本下降的速度会大于猪价下降的速度。成本同比今年2025年的整体来讲是低于，成本是低的，明年是盈利的，但是盈利较小。明年比今年的特点是扭亏为盈，同比2025年是继续减亏增利。 Three comments related to your question, hog production in China. First, on hog prices, we expect the hog prices for 2026 will be lower in the first half and higher in the second half, but on average will be ¥1 per kilo lower than 2025. Secondly, for our hog production business specifically, the business has improved significantly compared to last year, and our cost has come down quite a bit, but there remains a gap with the first-tier players in China. We continue to lose money in hog production in China, but year over year it has shown very substantial improvements. Thirdly, for 2026, we believe the speed of the magnitude of reduction in our own hog production cost will be larger than the decline in hog prices. We expect hog production business in China to be profitable next year versus a loss in 2025, even though the profits may not be very substantial. 明白，非常清楚，感谢管理层的分享。 好，下一个提问的是来自于高盛的周阳，请提问。 感谢管理层这个提问的机会。我是高盛的分析师周阳。我这边也有两个小问题想再跟管理层请教一下。第一个是关于我们的中国业务，我们看到三季度这边肉制品的销量还是实现了一个稳定的小幅度增长，但我记得咱们半年度的时候有提到过今年三季度和四季度，尤其是四季度这边更激进的一个目标。目前想请教一下，我们在肉制品这边的销量有看到哪些挑战，以及刚刚管理层也提到说我们四季度这边会推出更多的性价比产品，想要去稳利扩量。我们怎么去看四季度和明年的肉制品的销量趋势？这是我第一个问题。第二个问题，也再想请教一下咱们欧洲业务这边，看到三季度养殖可能还是有一定的压力，虽然也不会特别的大。麻烦也请管理层帮我们分享一下像欧洲四季度的三个业务板块的一个展望，谢谢。 Two questions from Valerie of Goldman. First one, on China package meat business, in third quarter the package meat business volume has increased slightly or largely consistent with last year. But in the interim results earning release, the management has talked about more ambitious growth of volumes for package meats in the third quarter and particularly in fourth quarter. So what kind of challenges does the management see in China's package meat market? As mentioned earlier, the company expects to launch more value for money products in the fourth quarter, and what will be the company's guidance for volume in fourth quarter and 2025? And the second question relates to European business. Based on the numbers, it looks like the European hog production in the third quarter was under a bit of pressure. And what's the management's outlook for the fourth quarter for all the three business lines? 好，第一个问题由我们双汇的管理层来解答。关于肉制品的。 对，解答一下这个肉制品的销量问题。我们在今年一季度是下降较多，二季度我们和三季度都实现了稳定的增长。四季度我们预计会实现较为明显的增长。也有几个方面，一个是我们在四季度根据国内当前的消费形势，我们要加大市场的投入。我们在今年的远到9月份，我们的投入相对少一些。但四季度我们制定了要稳利扩量的这样一个策略，所以我们会加大市场支持，来让消费者增加通路的利润，同时对一些新渠道加大投入，来扩大市场。这是我们最重要的一个事情。 第二个是我们今年推行的专业化的改革，这个效果在逐级体现。我们是一季度开始的，然后我们的效果在二季度、三季度明显好于一季度，也是逐级在体现专业化改革的效果。 第三个是我们的新渠道的增长也是逐级在发力的。我们今年的新渠道，一季度的增幅在9%。二季度是增了30%以上，三季度也是在35%左右。预计四季度可能会我们新渠道会增大一些。这是第三个，来把我们这个销量做上。 第四个，我们在推进一些高性价比产品的销售。当前国内的消费形势是一个两端化的，既有高端的消费，同时在低端特殊渠道也是有很多消费机会的。所以我们今年提出了要推广高性价比产品。所以这个高性价比的产品也是逐级在增量，而且增量是越来越大。 第五个事情是我们会做很多创新，市场上的创新，包括一些数字化的赋能，也是从今年我们年初开始做的。在四季度都会体现得较好。所以我们比市场的预判，四季度的销量会比前期更好一些。 对明年来讲，我们有了这样一个趋势，我们今年一季度差，二、三季度实现了直接回升，四季度实现了明显的增长，或者中位数以上的这种增长。明年我们的预期一次会保持四季度的趋势，实现我们销量的中、高位数这种增长。 主要的工作，其实我刚才也介绍了，我们这些工作都是基本上是可持续的。我们未来就会朝着我们这几个工作要深化。我们明年想深化专业化，包括加大市场投入，包括继续做大我们的新渠道，以及我们两端化产品，以及我们的市场创新和数字化赋能。所以这些工作都是我们制定的中长期的一个工作，和今年得到了一个较好的这样一个效果的体现，明年会保持下去。好，回答这么多。 As you noticed, in the first quarter, our volume has decreased significantly compared to last year, but in second and third quarter, it has remained; we have stabilized the package meat volumes and started to grow. We expect more obvious growth in the fourth quarter because of the following reasons. First, for the first quarter, given the latest consumption environment, we expect to step up our investment in the marketing. In the first nine months, our spending in marketing is more moderate, as being more cautious. Given our strategy for package meat now is to stabilize the profit, and while growing our volumes, we will step up our investment in marketing to support our distributors, to support the business in new channels. Secondly, we have, as we mentioned earlier, we have launched a specialization of our sales force and distribution network efforts this year. The effects and the benefits of this specialization is the benefits are being realized gradually. Based on what we have seen, the effects of the specialization has achieved better results in the second quarter and the third quarter compared to the first quarter. We believe these efforts will continue to achieve more effects. Certainly, the new channel has achieved very good growth this year. In the first quarter, the year-over-year growth was 9%. Second quarter, it's more than 30%, and the third quarter was around 35%. We expect the new channel to grow faster in the fourth quarter. Number four relates to the value for money products because we have noticed the divergence of the consumption demand in China, where there are good growths in both the premium products as well as the value for money products. Our sales of these value for money products will also gradually step up; the volume will gradually increase during the course of the year. Fifthly, we have also done a lot of work in innovation and digitalization empowerment. All these efforts started in the beginning of the year, and they will yield results in the fourth quarter. In terms of the outlook for next year, as you see, we have very good momentum in 2025. After a challenging first quarter, we have stabilized our volumes in the second and the third quarter, and we'll be growing our volumes in the fourth quarter. We expect to keep this good momentum into 2026 and achieve mid-single-digit growth in volumes. A lot of our strategies implemented this year were really sustainable. In the future, we will continue to execute on these strategies to achieve sustainable growth of package meats. 第二个问题是欧洲四季度的行情以及我们总体业务的表现。请我们欧洲的CEO Louis来回答。 The second question relates to European business. We invite our CEO in Europe, Louis, to answer, to take this question. Good afternoon, everybody. Related to the performance of our hog production in the third quarter, the lower performance is mainly driven by the decrease of the pork price in Europe during the third quarter and year to date. 2024 was a record year, and during this year, we saw a decrease of prices of 10% in the European market. We keep focus in controlling our costs. Our business has some of the most competitive costs in hog production in Europe, and the only driver really is the pork price. Related to the forecast for the last quarter of the year in the different segments of the business, pork price continues going down, and we are having plans to reduce our costs, and we have some favorable conditions with the grain price that can adjust the margins in the hog production segment. We are working in a vertical integration. We expect that the decrease of the pork price is going to be favorable for our vertical integration, and we expect better results in our fresh business and in our packaged business. In our poultry business for the last quarter of the year, we see a strong market in Europe. Thank you. 欧洲三季度的生猪养殖业确实遇到压力，主要是因为猪价下跌的原因。其实猪价在欧洲从今年年初开始都是在下跌的一个趋势。因为2024年是历史上是一个历史性的一个高位，也是我们养猪业盈利很好的一年。所以今年和去年相比，生猪的价格是下跌了10%。那对我们来说，我们的工作重点就是要进一步的去控制和优化我们自己的成本。我们的生猪养殖业在欧洲是最有竞争力的一个，是一个非常有竞争力的一个成本结构。 关于四季度的展望，目前看生猪的价格还是在持续的下跌。所以对我们来说的话，我们就是要进一步的去控制我们的成本。当然也会利用谷物价格下跌的一些采购的一些机会来帮助我们控制我们的一个成本。然后生猪，因为我们在欧洲有一定程度的垂直一体化的一个业务模式，所以生猪价格的一个下跌会对我们的屠宰业以及肉制品业有一定的利好。 在家禽业，现在我们在欧洲的一个家禽业的市场还是非常强的一个家禽业的一个市场环境。 非常清楚，谢谢管理层。 好。 下一个提问的是花旗的冯丹丹，请提问。 管理层，你们好。感谢这个提问的机会。我有两个小问题想再确认一下。第一个问题是看到我们这个三季度如果算出来那个EBITDA的增长也是远高于我们那个经营利润的增长的。所以这个背后应该是折旧摊销这一块是比较大，就同比也是有比较大的一个提升。想问一下这个折旧摊销提升的原因是什么，然后我们对四季度以及明年这一块是一个什么展望。第二个小问题是想再确认一下中国这一边生鲜肉的吨利，如果是按照假设现在的关税的影响，进口这一边，那我们刚刚马总讲的稳定每头的成本是不是说就是往后看，假设这个关税环境维持现状的话，是不是这个四季度和明年的利润情况跟三季度是差不多的？想确认一下，谢谢。 Two questions from Tiffany of CT. The first one is third quarter EBITDA of Double H Group has increased more than the EBIT, which suggests that depreciation and amortization has increased year over year. What's the reason behind that? What's the guidance or outlook for this for the fourth quarter and 2026? Second question relates to China fresh pork business profit per metric ton. Can we interpret the management's view as that if the tariff situation remains as of today's status quo, will next year's profit per metric ton for fresh pork remain consistent with the third quarter of '25? 好，我来回答你第一个问题。其实今年的一到九月份的这个折旧摊销整个集团跟去年基本上是持平的，都是¥4.6亿，没有重大的变化。但是你看到这个三季度可能在经营利润以外，还有一些比较可观的增长，主要是来自于我之前回答过的一些一次性的因素。因为我们在三季度确认了一个保险的赔偿，这个¥1,700万，也有一个冲回的一个诉讼的费用¥900万。应该主要是这两个因素导致你刚才问的这个问题的有这样的一个观察，谢谢。 The first question, the DNA for the first nine months of this year is largely consistent with last year. They're both around $460 million. The reason there is some disconnection in terms of the growth between EBITDA and EBIT is because in the operating profit items, we also have some benefit from one-off expenses or one-off items in the third quarter. For example, there is insurance gain from an insurance claim, which is around $70 million, and also reversal of some litigation provisions of around $9 million. 第二个问题请马总回答。 我来回答这个问题。由于受关税的影响，竞争的需要和规模扩张的需要，我们今年一直维持了一个相对较低的投资利润，实现规模的扩张。这也是我们的策略。2026年会继续坚持这个稳定过量的策略。这个稳定指的是稳投资利润，不是稳定总利润。也就是说，生产板块明年的利润、投资量和利润都会实现较大幅度的增长，但是投资利润保持稳定。这个稳定值会比今年三季度要高，三季度偏低，会和今年的全年平均数基本相当。 In the current tariff situation, as well as the competitive dynamics, as well as our strategy to grow the business, we have adopted a strategy to maintain a relatively low profit per head in fresh pork to grow our volumes. In 2026, we expect to follow the strategy of stabilized profit while growing our volumes. But to clarify here, when we talk about stabilizing profit, what we're talking about is profit per ton. We will stabilize our profit per ton, but not the total profit, because as volume grows, our total profit will grow. And in terms of profit per ton for '26, we believe it should be similar to '25 average. 谢谢。我可以跟进一下，就是四季度对这个投军或每吨的利润是有一个恢复的展望吗？就是大概会到一个什么程度，然后原因是什么？ Do we expect the fourth quarter of 2026? 四季度量继续保持两位数的增长，盈利会比三季度要高。三季度是由于我们有一个资产减值的影响，所以它的经营利润并不是当期的经营利润并不低。 The follow-up question was, do we expect the fourth quarter profit per head to improve compared to the third quarter, and what's the reason? The answer is that for the fourth quarter, we expect the volume to achieve double-digit growth, and the profit will also improve, because in third quarter, the profit was impacted by certain write-downs of frozen inventories. 好的，感谢管理层非常清楚，谢谢。 好，由于时间关系，我们接受最后一个提问。提问是来自中金的吴雨欣，请提问。 非常感谢管理层的时间和提问的机会。也恭喜公司三季度取得了很稳健的业绩增长。我这边的问题主要是两个。第一个是关于中国的肉制品业务的。想了解一下，新兴渠道这边明年我们对于新兴渠道的增长目标大概是怎么样的？以及传统渠道这边的话，想了解一下今年上半年到三季度这个压力的话大概会有多少？以及后续的话，传统渠道这边的压力能不能有一些改善？第二个是关于美国肉制品业务的。想了解一下，美国肉制品业务今年从二季度末到三季度价格的传导的情况，以及大概提价的幅度和范围是怎么样的？以及对于明年的话，如果美国的成本还是处在相对的高位的话，肉制品的营业利润可以给到多少的一个指引？谢谢管理层。 Two questions from Wu Yuxin of CICC. The first on China packaged meats and second on US packaged meats. On China packaged meats, what's the company's growth target of the new channels in 2026? The company has in the traditional channels, and how much pressure does the company face? Do we see any signs of easing or improvements in the traditional channels? On US packaged meat business, what's the magnitude of the price increase given the increase in the raw material prices between second quarter and third quarter this year? If we expect the hog price to remain at elevated level next year, what will be the profit per metric ton guidance for US packaged meats? 好，第一个问题请双汇的管理层回答。 我先说两点。新兴渠道今年本季度的增幅分别是一季度10%左右，二季度超过20%，三季度超过了30%，四季度预先来看要达到40%，就一季比一季高。全年平均应该是接近35%的增幅。明年的目标是全年平均达到30%的增幅，这是新兴渠道。传统渠道今年是下降的，也是影响我们今年整个规模提升的一个短板渠道。所以今年下半年来我们持续采取了一系列的措施，明年的目标实现增长不降就行。这样折合下来，明年全年肉制品的销量大概率是一个中等增长的概念，谢谢。 For the new channels, the year-over-year growth across the four quarters is as follows: 10% growth in the first quarter, 20%+ growth in the second quarter, and more than 30% in the third quarter. In the fourth quarter, it is looking like 40% growth in the fourth quarter. We believe the average growth will be 35% this year. Next year target will be 30% growth. For the traditional channel, it is declining year-over-year, and it is also dragging the overall package meat volume performance. We have taken a lot of measures to hopefully achieve positive growth next year to stop the declines. If we are successful in that and combine with the growth in the new channels, we expect the package meats in China to achieve meat single-digit growth next year. 美国肉制品的销价和明年的指引，请我们美国的管理层回答。 The next question on the US package meats to the US team. So this is Mark, I'll take that. Through the first nine months of the year, revenues for package meats on a per unit basis are up about 6%, while raw material inputs are up closer to 16%. We've been able to mitigate that margin compression with operational excellence within the plants, our supply chain, and within SG&A, because what we've been faced with is an environment where bellies have increased upwards of 26%, trimmings are up between 20% and 40%, and hams are up 10%. We understand that across retail, consumer dollars are stretched, and the grocery and food service industry are seeing people spend less and trade down to less expensive items. We've been able to maintain steady volume in this environment without resorting to aggressive short-term price promotions. We're using innovation, improved mix, and brand building. The good news is that protein is winning, and pork is a great value relative to chicken and beef. We believe that we're better positioned than most companies due to our broad portfolio, which includes both branded and private label. We're able to better meet consumers at points all across that value chain. If that consumer shifts to private label, that's really a competitive advantage for us because about 40% of our mix at retail is in private label. In terms of profitability per metric ton in 2026, we don't provide guidance, but we do expect that we will continue to see, or in 2026, we expect a modest improvement in the raw material outlook based on increased supply. 关于美国的肉制品，首先前九个月我们肉制品的吨均销价是吨均收入是上涨了6%，而原材料的价格上涨了16%。所以我们在抵消原材料价格上涨方面，除了价格之外，还通过我们在运营方面的改善，包括在工厂端，在供应链，还有我们的销售费用、销售管理费用方面的各种节约的措施。因为我们今年面临的很多原材料的价格上涨的幅度是非常大的，包括像五花肉同比上涨26%，碎肉上涨了20%到40%，后腿肉上涨了10%。而且我们在终端也看到消费者他们的消费行为也是偏谨慎的，因为他们的消费能力也有限，然后他们也出现了一些消费降级的一个情况。所以对我们来说，我们是维持了一个销量的一个稳定，而且是在没有采取大幅度的价格促销的一个情况下，维持了这么一个稳定的一个销量。而且我们相信我们是有很多的一个优势和竞争对手相比。一方面，猪肉是一个更有竞争力的一个蛋白，在成本方面和鸡肉比和牛肉比。而且我们Smithfield有非常多元化的一个产品组合，我们有品牌产品，也有贴牌产品，贴牌产品占到我们40%左右的一个收入。所以我们也是可以覆盖消费者各个消费层级的一个需求。关于明年的一个展望，我们现在不会提供2026年的一个指引，但是我们现在看到的就是在原材料的价格方面会有一定程度的一个改善，因为我们看到了供应的一个增加。 好的，非常感谢管理层的解答，谢谢。 好，那今天我们的三季度业绩的投资者会今天各项议程已经完成了。我想我们讨论的也比较充分。我们今天的业绩发布会到此结束，谢谢大家。 Now we can conclude today's earnings release, and we think we have a comprehensive discussion in the earnings call. We thank everyone for your participation.