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WH Group Limited Earnings Release 2024
49096_rns_2025-03-25_1752f4d7-9b47-4683-8f84-45f47455ea4a.pdf
Earnings Release
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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.
萬洲國際
WH GROUP
WH Group Limited
萬洲國際有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 288)
AUDITED FINANCIAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2024 OF
HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO., LTD.
On 25 March 2025 after trading hours (Hong Kong time), Shuanghui Development released its annual report for the year ended 31 December 2024.
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 25 March 2025, Shuanghui Development filed its annual report with the Shenzhen Stock Exchange for the year ended 31 December 2024 (the “Shuanghui Development Annual Report”). It is important to note that the audited consolidated financial results contained in the Shuanghui Development Annual 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.
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SUMMARY OF RESULTS OF SHUANGHUI DEVELOPMENT FOR THE YEAR ENDED 31 DECEMBER 2024
For the year ended 31 December 2024, Shuanghui Development’s external sales volume of meat products was 3.18 million metric tons, representing a decrease of 1.7% from the comparable period of 2023. Total operating income decreased by 0.6% from the comparable period of 2023 to RMB59,715 million. Net profit decreased by 0.9% from the comparable period of 2023 to RMB5,055 million. Net profit attributable to owners of Shuanghui Development decreased by 1.3% from the comparable period of 2023 to RMB4,989 million.
The audited consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2024 and the audited consolidated statement of financial position as at 31 December 2024 contained in the Shuanghui Development Annual Report are provided below:
SHUANGHUI DEVELOPMENT
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the year ended 31 December 2024
| For the year ended 31 December, | |||
|---|---|---|---|
| 2024 | 2023 | ||
| RMB | RMB | ||
| (audited) | (audited) | ||
| I. | Total operating income | 59,715,249,829.28 | 60,097,373,661.00 |
| Including: Operating income | 59,561,224,544.07 | 59,892,963,176.51 | |
| Interest income | 153,975,370.11 | 204,363,648.00 | |
| Handling and commission income | 49,915.10 | 46,836.49 | |
| II. | Total operating costs | 52,948,426,636.91 | 53,393,494,702.95 |
| Including: Operating costs | 49,024,286,561.98 | 49,679,284,453.56 | |
| Interest expenses | 5,562,413.77 | 43,964,597.58 | |
| Handling and commission charges | 842,826.59 | 824,174.14 | |
| Tax and levies | 363,537,579.93 | 336,598,249.16 | |
| Selling expenses | 1,923,980,667.84 | 1,913,913,276.54 | |
| Administrative expenses | 1,289,547,443.68 | 1,234,518,618.33 | |
| Research and development expenses | 202,693,561.16 | 199,133,798.75 | |
| Financial expenses | 137,975,581.96 | -14,742,465.11 | |
| Including: Interest expenses | 186,472,897.25 | 182,054,097.28 | |
| Interest income | 57,611,324.15 | 207,619,724.34 | |
| Add: Other income | 139,006,061.49 | 293,251,947.79 | |
| Investment income | 106,164,664.30 | 144,701,735.79 | |
| Including: Income from investments in associates and joint ventures | 21,124,184.54 | 56,764,339.22 | |
| Loss on fair value change | -17,981,956.47 | -12,666,914.65 | |
| Reversal of credit impairment/(impairment for credit loss) | 3,229,438.00 | -3,311,777.67 | |
| Impairment losses of assets | -338,655,440.26 | -487,739,218.13 | |
| Gain/(loss) on disposal of assets | 529,256.70 | -798,551.45 |
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| For the year ended 31 December, | ||
|---|---|---|
| 2024 | 2023 | |
| RMB | RMB | |
| (audited) | (audited) | |
| III. Operating profit | 6,659,115,216.13 | 6,637,316,179.73 |
| Add: Non-operating income | 15,970,291.12 | 25,194,009.33 |
| Less: Non-operating expenses | 16,010,652.10 | 17,387,178.94 |
| IV. Total profit | 6,659,074,855.15 | 6,645,123,010.12 |
| Less: Income tax expenses | 1,604,207,260.20 | 1,543,500,523.58 |
| V. Net profit | 5,054,867,594.95 | 5,101,622,486.54 |
| Including: Net profit from continuing operations | 5,054,867,594.95 | 5,101,622,486.54 |
| Net profit from discontinued operations | — | — |
| Net profit attributable to owners of Shuanghui Development | 4,989,048,074.60 | 5,052,741,772.33 |
| Profit or loss attributable to non-controlling interests | 65,819,520.35 | 48,880,714.21 |
| 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 | 5,054,867,594.95 | 5,101,622,486.54 |
| Total comprehensive income attributable to owners of Shuanghui Development | 4,989,048,074.60 | 5,052,741,772.33 |
| Total comprehensive income attributable to non-controlling interests | 65,819,520.35 | 48,880,714.21 |
| VIII. Earnings per share: | ||
| (1) Basic earnings per share | 1.4400 | 1.4584 |
| (2) Diluted earnings per share | 1.4400 | 1.4584 |
SHUANGHUI DEVELOPMENT
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2024
| | As at
31 December
2024
RMB
(audited) | As at
1 January
2024
RMB
(audited) |
| --- | --- | --- |
| Current assets: | | |
| Cash and bank balances | 5,749,628,439.70 | 2,834,162,998.73 |
| Loan receivables from financial institutions | — | 100,000,000.00 |
| Trading financial assets | 2,271,045,223.94 | 613,282,123.26 |
| Bills receivables | 12,941,960.00 | 10,200,000.00 |
| Trade receivables | 273,561,972.83 | 217,287,644.22 |
| Prepayments | 149,342,318.28 | 89,631,519.45 |
| Other receivables | 93,966,843.13 | 18,623,814.13 |
| Including: Dividend receivables | 20,028,243.49 | — |
| Inventories | 6,927,950,505.95 | 8,266,656,574.16 |
| Contract assets | 129,333,123.24 | 129,333,123.24 |
| Non-current assets due within one year | 30,000,000.00 | — |
| Loans receivables | 60,842,973.11 | 259,750,067.89 |
| Other current assets | 2,147,643,738.44 | 3,837,484,542.72 |
| Total current assets | 17,846,257,098.62 | 16,376,412,407.80 |
| Non-current assets: | | |
| Long-term equity investments | 264,508,814.34 | 218,338,872.16 |
| Fixed assets | 16,893,266,348.40 | 17,074,640,075.50 |
| Construction in progress | 289,359,705.82 | 882,393,205.78 |
| Biological assets | 299,384,018.68 | 279,261,155.51 |
| Right-of-use assets | 314,561,789.40 | 338,143,502.67 |
| Intangible assets | 1,179,189,784.27 | 1,282,776,557.01 |
| Long-term prepaid expenses | 54,036,197.41 | 64,545,339.45 |
| Deferred tax assets | 135,157,134.09 | 152,081,127.52 |
| Other non-current assets | 9,438,936.26 | 6,778,157.61 |
| Total non-current assets | 19,438,902,728.67 | 20,298,957,993.21 |
| Total assets | 37,285,159,827.29 | 36,675,370,401.01 |
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| As at 31 December 2024 RMB (audited) | As at 1 January 2024 RMB (audited) | |
|---|---|---|
| Current liabilities: | ||
| Short-term borrowings | 7,098,148,362.60 | 5,982,978,796.66 |
| Derivative financial liabilities | 20,650.00 | 962,010.00 |
| Bills payables | 100,000.00 | — |
| Trade payables | 2,481,186,355.30 | 3,735,596,797.92 |
| Receipts in advance | 5,126,210.52 | 2,878,786.28 |
| Contract liabilities | 2,370,274,494.88 | 1,969,348,228.33 |
| Deposit receipts | 93,361,055.79 | 92,143,887.12 |
| Accrued staff costs | 857,077,295.24 | 811,634,373.81 |
| Taxation payables | 691,030,713.88 | 397,524,262.65 |
| Other payables | 837,917,478.11 | 819,580,994.94 |
| Including: Dividend payables | 29,458,474.87 | 54,945,747.35 |
| Non-current liabilities due within one year | 15,347,847.06 | 66,126,819.02 |
| Other current liabilities | 167,930,666.41 | 136,892,101.28 |
| Total current liabilities | 14,617,521,129.79 | 14,015,667,058.01 |
| Non-current liabilities: | ||
| Long-term borrowings | 810,375,894.55 | 961,786,699.45 |
| Lease liabilities | 200,825,940.91 | 210,406,510.41 |
| Deferred income | 69,073,746.83 | 70,059,508.53 |
| Deferred tax liabilities | 261,983,149.11 | 271,163,832.57 |
| Total non-current liabilities | 1,342,258,731.40 | 1,513,416,550.96 |
| Total liabilities | 15,959,779,861.19 | 15,529,083,608.97 |
| | As at
31 December
2024
RMB
(audited) | As at
1 January
2024
RMB
(audited) |
| --- | --- | --- |
| Owners’ equity: | | |
| Share capital | 3,464,661,213.00 | 3,464,661,213.00 |
| Capital reserve | 8,062,476,799.20 | 8,062,645,939.40 |
| Special reserve | 10,051,908.94 | 9,677,306.78 |
| Surplus reserve | 1,831,906,631.94 | 1,831,906,631.94 |
| General reserve | 144,872,456.98 | 139,098,727.44 |
| Retained profits | 7,604,530,595.77 | 7,334,795,500.39 |
| Total equity attributable to owners of
Shuanghui Development | 21,118,499,605.83 | 20,842,785,318.95 |
| Non-controlling interests | 206,880,360.27 | 303,501,473.09 |
| Total owners’ equity | 21,325,379,966.10 | 21,146,286,792.04 |
| Total liabilities and owners’ equity | 37,285,159,827.29 | 36,675,370,401.01 |
If you wish to review the Shuanghui Development Annual Report in full, please visit www.szse.cn.
By order of the board of directors of
WH Group Limited
Wan Long
Chairman
Hong Kong, 25 March 2025
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.