Shuanghui said Jan–Sep external meat sales hit a record 2.49 million tonnes (+5.9%): packaged meat 1.03 million t (–5.6%), fresh pork 1.087 million t (+13.4%), poultry 0.285 million t (+18.4%); revenue CNY 44.65 b (+1.2%), net profit CNY 3.96 b (+4.1%); Q3 packaged-meat profit per tonne reached a record CNY 5,192; Q4 per-tonne profit seen down QoQ but stable YoY as the company boosts market spend and value-for-money lines; hog slaughter 9.13 million head (+26.2%) with profit per head down to CNY 24.7 (–47.4%); priorities include channel upgrades, small packs, interest e-commerce, OEM, and nutrition-led NPD (zero sugar, low sodium, clean label).
At its Q3 2025 results meeting on October 28, Shuanghui Development reported external sales of meat products of 2.49 million tonnes for January–September, up 5.9% year-on-year, the highest for the same period on record.
Within that total, packaged meat sold about 1.03 million tonnes (down 5.6%), fresh pork external sales hit 1.087 million tonnes (up 13.4%), and poultry external sales were 0.285 million tonnes (up 18.4%).
Top line steady, profit up
For the first 9 months, the company posted CNY 44.65 billion in revenue (USD 6.22 billion), up 1.2%, and CNY 3.96 billion in net profit attributable to shareholders (USD 551.53 million), up 4.1%.
Executive vice president and chief financial officer Liu Songtao noted that Q1 performance faced pressure (then revenue growth was zero and net profit fell nearly 11%). As market-specialisation and fine-tuning reforms rolled out in Q2 and Q3, plus faster digital enablement, both volume and profit indicators have risen for two consecutive quarters, pointing to a steady, improving trajectory.
Margins: record per-ton profit in Q3
Although packaged meat volumes were still down over 9M, the company said Q2 and Q3 halted the year-on-year slide and stabilised, with faster growth through new channels. Notably, Q3 packaged meat profit per tonne reached a record CNY 5,192 per tonne (USD 723.12 per tonne). Management attributed this to lower raw/auxiliary/packaging costs, lower per-tonne operating expenses, and a higher sales mix of premium SKUs.
Looking to Q4, Shuanghui expects raw/auxiliary/packaging costs for packaged meat to decline further quarter on quarter. At the same time, it plans to step up market support and spending, and keep pushing value-for-money products. As a result, Q4 packaged meat profit per tonne is expected to decline sequentially but remain stable year on year.
Commercial push and portfolio moves
To lift packaged meat volumes in Q4, Shuanghui will increase market spending and share benefits with distributors and consumers to drive sell-out. Given current consumption dynamics, the company will continue to push high cost-performance products to support scale.
Next steps include actively addressing shifts in consumption and competitive landscapes. For fresh products, the company plans to intensify customer development, upgrade its market network, add outlets, and expand scale. It will keep tapping production potential, dynamically adjust product structure, and ramp up promotion of smaller-pack items to sharpen competitiveness. For packaged meat, Shuanghui will keep upgrading marketing and channels, deepen business and customer specialisation, and accelerate expansion into interest-based e-commerce, on-demand retail, and custom OEM to capture consumption upgrades. A brand matrix covering multiple consumer tiers aims to match increasingly diverse demand.
On new product development, Shuanghui said it will centre on today’s “K-shaped” consumption pattern, strengthening both premium and value-for-money lines—meeting mass demand to build scale while nurturing premium offerings and opening high-end markets. It will also develop zero-sugar, low-sodium, and clean-label concepts around nutrition and health to meet quality-focused demand.
Hog and poultry operations
The briefing also covered progress in hogs and poultry. In 2025 to date, hog inventory and market hog throughput rose markedly. With improved breeding pig efficiency and health management, and more precise finishing, key production indicators improved. Broiler placements and slaughter also kept rising, and poultry external sales reached a new high.
From January to September, Shuanghui slaughtered about 9.13 million head of hogs, up 26.2% year on year. Due to market conditions, profit per head fell 47.4% to CNY 24.70 per head (USD 3.44 per head).
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