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2020 3rd Quarter Results

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• This presentation and the accompanying slides (the “Presentation”) have been prepared by WH Group Limited ("WH Group " or the "Company") solely for

information purposes.

• This Presentation does not constitute or form part of and should not be construed as, an offer or invitation to acquire, purchase or subscribe for any securities of

the Company nor is it calculated to invite any such offer or invitation nor shall it constitute any offer or sale of such securities in any jurisdiction. No part of this

Presentation shall form the basis of or be relied upon in connection with any investment decision, contract or commitment whatsoever.

• This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no

representation or warranty, express or implied, whatsoever, on the truth, accuracy, completeness, fairness and reasonableness of the contents of this

Presentation. The Company reserves the right to amend or update all or any part of this Presentation at any time, but the Company shall not be under any

obligation to provide the recipient of this Presentation with any such amended or updated information or correct any inaccuracies herein unless otherwise required

by the Rules Governing The Listing Of Securities On The Stock Exchange Of Hong Kong Limited or any applicable law.

• This Presentation may not be all-inclusive and may not contain all of the information that you may consider material. Neither the Company nor any of its affiliates or

representatives make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein or any other

written or oral communication transmitted or made available to any recipient. The Company and its affiliates and representatives expressly disclaim any and all

responsibility or liability based, in whole or in part, on any of the information contained herein, errors herein or omissions here from. In all cases, interested parties

should conduct their own investigations and analyses of the Company, its businesses, assets, financial conditions and prospects, and of the information set forth in

this Presentation.

• This Presentation contains statements that reflect the Company's intentions, beliefs or expectations about the future or future events (the "forward- looking

statements"). These forward looking statements are based on a number of assumptions about the Company's operations, its future development plans, market

(financial and otherwise) conditions, growth prospects and certain plans and objects of the management of the company, and are subject to significant risks,

uncertainties and other factors beyond the Company's control, and accordingly, actual results may differ materially from these forward-looking statements. You

should not take any forward-looking statements contained in this Presentation regarding past trends or activities as a representation that such trends or activities

will continue in the future. The Company expressly disclaims any obligation to update these forward-looking statements.

Disclaimer

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Strategies and Outlook

Appendix

Table of Contents

Financial Summary of 2020 First 3Qs

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Financial Summary of 2020 First 3Qs

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.

First 3Qs 2020 First 3Qs 2019 Y-o-Y Change

Hogs produced（000 heads） 15,324 15,977 -4.1%

Hogs processed（000 heads） 33,165 40,971 -19.1%

Packaged meats sold（000 metric tons) 2,383 2,439 -2.3%

US$ Million First 3Qs 2020 First 3Qs 2019 Y-o-Y Change

Revenue 18,767 17,193 9.2%

EBITDA (1) 1,953 1,731 12.8%

Operating profit 1,476 1,295 14.0%

Profit attributable to owners of the Company (1) 890 820 8.5%

Basic earnings per share（US$ cents）(1) 6.04 5.58 8.2%

Consolidated Financials Overview

Key Operating Data

Key Financial Data

Note：1. Before biological asset fair value adjustments

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199.83

134.39

161.57

198.03188.42

125.04

96.32

134.41 131.29119.74

110.83

30.8929.66 30.20

32.56 32.0930.77 31.40

34.3834.22

28.96

32.66

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25

30

35

40

45

50

55

60

65

70

0

50

100

150

200

250China U.S.

Business Environment

• In the first three quarters of 2020, hog prices in China remained high.

The average hog price was RMB34.7 per kilogram (“kg”), an increase

of 105.3% year-on-year.

• In the U.S., the average CME hog price during the first three quarters

of 2020 was US$0.94 per kg, a decrease of 19.0% year-on-year.

• The number of slaughtered hogs in China fell 11.7% to 362

million heads in the first three quarters of 2020 and increased by

15.1% to 110 million heads in the third quarter.

• The number of slaughtered hogs in the U.S. increased by 1.7%

to 95.84 million heads in the first three quarters of 2020.

USD/Kg RMB/Kg

Hog Prices in China and U.S.Number of Slaughtered Hogs in China and U.S.

Million heads

Source: Chicago Mercantile Exchange and Ministry of Agriculture of the People’s Republic of ChinaSource: National Bureau of Statistics of China and USDA

Since the beginning of 2020, COVID-19 has heavily impacted the global economy. In China, as the pandemic was brought under control, our

business operations quickly resumed. The Company achieved remarkable results in product mix optimization, new product launches, price

adjustments made in last year and synergies between China and US operations, with operating performance for the first three quarters

improving substantially year on year. In the US, the virus spread rapidly in the second quarter, leading to production restrictions, increased costs

and drops in sales, which put pressure on our operations. However, our performance improved In the third quarter. In Europe, all three

segments continued to improve, leading to a significant increase in profitability.

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10

15

20

25

30

35

40

0

1

2

3

4

5

6

2018/1 2018/7 2019/1 2019/7 2020/1 2020/7

U.S. China

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Operating Profit and

Margin (1) Packaged Meats(2) Fresh Pork (2) Hog Production (2)

US$ million US$ million US$ million US$ million

Note：1. Percentage marked in white on the bars represent Operating Profit Margin = operating profit / external sales2. Percentage marked in white on the bars represent Operating Profit Margin = operating profit / internal and external sales

Packaged Meats Business Achieved Remarkable Results, Bringing Revenues

and Profits to Record Highs

-10-3

Jan-Sep 2019 Jan-Sep 2020

194 194

5.2%3.7%


497

650

18.4%

21.1%


709

877

11.6%10.9%


Operating Profit

Operating Profit Margin

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U.S. Business Stepped Up Efforts to Prevent COVID-19 to Ensure Employee Safety and

Stable Operations, Proactively Adjusted Product Structure and Business Strategy


Margin (1) Packaged Meats(2) Fresh Pork (2) Hog Production (2)



501

464

5.0% 4.6%


Operating Profit


601

39710.9%

8.0%


-20

208

-0.4%

3.8%


26

-36

1.1%

-1.5%


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Hog Production (2)

Profits of Packaged Meats and Hog Production Businesses Continued to

Grow, Fresh Pork Business Significantly Improved


Margin (1) Packaged Meats(2) Fresh Pork (2)



85

135

5.5%

7.6%


Operating Profit


46

65

6.8%

8.6%


-18

10

-2.0%

1.0%


54

72

10.6%

14.2%


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• Committed to our strategy of launching new products,optimizing our product portfolio, increasing sales andimproving sales management to consolidate our marketposition;

• Seize opportunities brought on by increasing hog supplyand decrease in hog prices to increase capacityutilization and slaughtering volume;

• Further expand meat import channels to enhance marketcompetitiveness;

• Further enhance our integrated business model, move towards the upstream of the value chain by developing the hog production business and expanding the poultry business.

In China


In U.S. and Europe

• Adapt to changes in the business environment, andproactively adjust strategies

• Leverage advantages of the integrated business model andfurther tap the potential to achieve steady growth inperformance;

• Adjust the product structure in the packaged meatsbusiness according to changes in sales channels toincrease profitability;

• Promote technical transformation of the fresh pork businessto improve operational efficiency;

• Stabilize the profitability of the hog production business andimprove the ability to mitigate the impact of marketfluctuations through hedging;

• Enhance the scale and profitability of the Europeanbusiness through integration and utilization of theproduction capacity of the newly acquired businesses.

▪ Looking ahead, the situation surrounding COVID-19 remains grim, and there are still many uncertainties ahead in

terms of the global economic trends, geopolitical conflicts, trade tensions, and ASF, which will affect global economy

and the industry.

▪ WH Group will take effective measures to protect the health and safety of our employees and maintain stable

operations. The Group is committed to giving full play to its global competitive advantages, seizing opportunities that

result from global changes and industry integration, which will enable it to prevent risk, consolidate its leading position

in the industry, and maintain the Group’s sustainable development.

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Appendix

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Low temperature products

American style products / Hunter Sausage

Smithfield-branded products

Shuanghui thick cut bacon

Marco Polo low temperature series

Product Innovation

High temperature products

Spicy Sausage

Shuanghui cooking sausage

Coobi cod sausage

Shuanghui new starch-free ham Sausage: King of the King

Leisure Products：Snack sausage / Hot spicy sausage

Chinese Style Products：

Deli/ Preserved meat / Braised vegetables series

Plant-based protein products

“SoyFit” plant-based meat

Plant-based sausage

Plant-based burger steak

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Innovative Marketing Approach

Accelerating video livestream marketing activities to

promote new products and enhance brand influence

• Our video livestreaming activities generated over one

hundred million views in total. Sales volume reached 160

metric tons, and sales revenue exceeded RMB 7 million;

• During the live streaming of the “T-mall 517 Food Festival”,

with the recommendation of top KOL Viya, Shuanghui Spicy

Sausages were sold out in 3 seconds after they went online.

The online flagship store traffic surged by 398,000, with sales

volume exceeding 100 metric tons and sales revenue

exceeding RMB 3 million.

Rejuvenate the brand by a

marketing campaign on TikTok

• Initiated the #CallMeHuoxuanfeng

Challenge on TikTok and became

a tile sponsor of an offline event

organized by TikTok – the closing

ceremony of the “in City” happy life

festival.

• The challenge generated 880

million views on TikTok, which

resulted in close engagement with

young consumers.

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All Natural

Breakfast Patties

Product Innovation

Wholesome Portable Meals

Premium Deli Franks

Pulled Pork

Snack Trays

Smoked Ham

Deli Pre-Slice Meats and Cheeses

Breakfast Sausage

Breakfast Bites

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Product Innovation

Hot Dog

Dried Sausage Chicken Products

Mini Burgers

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Investor RelationsTel: (852) 2922 0736

Email: [email protected]

mailto:[email protected]

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