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Consumer Non-Durables

WH Group Ltd. (HK)

Company Background

China's WH Group is the world's largest pork producer. It engages in production and distribution of raw pork and meat products, as well as pig farming. Its production bases in China, the U.S. and Europe provide meat to the Chinese market, the world's largest pork consumer.

Its origins can be traced back to a meat processing plant built in Henan province in April 1969. The success of its first brand sausages, released in February 1992, helped the company to expand its business. In the same year, the company with investors from six countries founded Shuanghui International, the predecessor of WH Group.

It built a sales office in Japan in 2011 and changed to its current name in January 2014. It has meat processing plants in 13 provinces in China, and four plants are under construction. It processes 4 million tons of pork each year.

It has expanded its international network. In September 2013, the company acquired Smithfield Foods, the largest pork processing company in the U.S., for $7.1 billion. In Asia, its subsidiary Henan Shuanghui Investment & Development supplies meat to Japan, Singapore and the Philippines, as well as China.

Business Summary

WH Group Ltd. is an investment holding company, which engages in the production and sale of packaged meats, fresh pork and hog products. It operates its business through the following segments: Packaged Meat Products, Fresh Pork and Hog Production. The Packaged Meat Products segment represents production, wholesale, and retail sales of low temperature and high temperature meat products. The Fresh Pork segment engages in the hog slaughtering, wholesale, and retail sales of fresh and frozen meat. The Hog Production segment involves hog farming. The company also engages in the slaughtering and sales of poultry, sales of ancillary products and services such as provision of logistics services, sales of flavoring ingredients, internally-produced packaging materials, imported meat products as well as retail business, and biopharmaceuticals. WH Group was founded on March 2, 2006 and is headquartered in Hong Kong.

Financial Highlights

Dec 2022 HKDUSD
Gross Profit38,565.15M4,925.00M
Operating income15,739.28M2,010.00M
Income before tax16,663.28M2,128.00M
Net income10,727.77M1,370.00M
Diluted EPS0.830.10
Dividends Per Share0.300.03
Total Assets154,967.28M19,855.00M
Total liabilities73,405.55M9,405.00M
Total equity74,927.52M9,600.00M
Operating cash flow13,257.01M1,693.00M
Currency in HKDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 177,167.70M 188,851.77M 198,468.15M 212,144.04M 220,318.64M
Gross Profit 36,750.24M 40,923.23M 34,785.63M 36,509.01M 38,565.15M
Operating income 14,319.19M 18,506.73M 13,223.97M 14,496.34M 15,739.28M
Income before tax 10,784.46M 15,960.29M 10,075.03M 12,949.54M 16,663.28M
Net income 7,390.80M 11,478.56M 6,421.96M 8,301.39M 10,727.77M
EBITDA 17,744.20M 23,058.98M 18,203.32M 19,758.55M 22,003.67M
Diluted EPS 0.50 0.77 0.43 0.58 0.83
Dividends Per Share 0.20 0.31 0.17 0.19 0.30
Total Assets 119,773.39M 134,657.88M 145,113.30M 151,333.97M 154,967.28M
Total liabilities 53,787.63M 60,931.87M 59,596.09M 75,452.59M 73,405.55M
Total equity 60,646.14M 67,663.99M 77,577.26M 68,202.03M 74,927.52M
Operating cash flow 9,922.33M 11,509.90M 18,373.95M 14,395.29M 13,257.01M
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 22,604.99M 24,102.99M 25,588.99M 27,293.00M 28,136.00M
Gross Profit 4,688.99M 5,222.99M 4,484.99M 4,697.00M 4,925.00M
Operating income 1,826.99M 2,361.99M 1,704.99M 1,865.00M 2,010.00M
Income before tax 1,375.99M 2,036.99M 1,298.99M 1,666.00M 2,128.00M
Net income 942.99M 1,464.99M 827.99M 1,068.00M 1,370.00M
EBITDA 2,263.99M 2,942.99M 2,346.99M 2,542.00M 2,810.00M
Diluted EPS 0.06 0.09 0.05 0.07 0.10
Dividends Per Share 0.02 0.04 0.02 0.02 0.03
Total Assets 15,298.00M 17,282.00M 18,715.00M 19,411.00M 19,855.00M
Total liabilities 6,870.00M 7,820.00M 7,686.00M 9,678.00M 9,405.00M
Total equity 7,746.00M 8,684.00M 10,005.00M 8,748.00M 9,600.00M
Operating cash flow 1,265.99M 1,468.99M 2,368.99M 1,852.00M 1,693.00M

Valuation Measures

Dec 2022
Operating margin7.14%
Profit margin4.86%

Key executives

  • Chief Executive Officer & Executive Director: Gordon Lijun Guo
  • Chief Financial Officer & Vice President: Kam Yin Yan
  • Executive VP & CFO-Shuanghui Development: Song Tao Liu
  • Strategy, Operations & Risks: Luis Chein
  • Secretary & Chief Legal Officer: Ho Chau


  • Rise Grand Group Ltd. (39.1%)
  • Mondrian Investment Partners Ltd. (5.9%)
  • The Vanguard Group, Inc. (1.5%)
  • BlackRock Fund Advisors (1.4%)
  • FIL Investment Management (Hong Kong) Ltd. (1.2%)
  • Allspring Global Investments LLC (1.2%)
  • Dimensional Fund Advisors LP (0.9%)
  • Baillie Gifford & Co. (0.9%)
  • Columbia Management Investment Advisers LLC (0.8%)
  • Norges Bank Investment Management (0.8%)

Contact Details

  • Website:
  • Address: Unit 7602B-7604A, Level 76, International Commerce, Hong Kong, Hong Kong
  • Phone: +852.2868.2828

Related Companies

  • Animex Kutno Sp zoo
  • Kunming Shuanghui Food Co., Ltd.
  • WH Group Ltd.
  • Shuanghui International Co. Ltd.
  • Shanghai Shuanghui Dachang Co., Ltd.
  • Glorious Link International Corp.
  • Henan Shuanghui Investment & Development Co., Ltd.
  • Smithfield Foods, Inc.


  • Minerva S.A.
  • Grupo KUO SAB de CV Class B
  • Beyond Meat, Inc.
Last Updated on 2 Jun, 2023

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