CLSA released a research report stating that WH GROUP (00288) achieved a 10.4% year-on-year increase in operating profit for the first half of 2025, with operating margin improving by 1.4 percentage points. Revenue grew 8.9% year-on-year, marking the best performance since the second half of 2020. The firm maintains its "Outperform" rating for WH GROUP and raises the target price to HK$9.26.

The report noted that the US and Mexico operations benefited significantly from rising pork prices, driving substantial growth in operating profit with per-ton profit reaching historical highs. Additionally, the packaged meat products business achieved positive volume growth in the second quarter of 2025.

In the Chinese market, CLSA expressed optimism about the company's implementation of specialized category management, expansion into low-penetration regions, and reforms in packaged meat products sales channels. Management has raised its 2025 operating profit guidance for the US business and expects continued improvement in China's packaged meat products sales volume.