Shuanghui’s related-party import transactions reached CNY 4.36bn in Jan–Oct 2025 (59% of the CNY 7.35bn plan), so the 2026 target was cut to CNY 5.20bn; 2023/2024 were on plan. Jan–Sep 2025 volumes rose (total +5.9%, fresh pork +13.4%), but fresh-segment profit fell 33.6%.
Shuanghui Development said its import business underperformed against plan in the first 10 months of 2025, prompting a sharp downgrade of next year’s related-party transaction target.
On November 27, the company released its “announcement on the estimated routine related-party transactions for 2026.” It now expects transactions with Rotary Vortex Limited and subsidiaries at CNY 5.20 billion (USD 724.23 million) for 2026. By comparison, the actual amount booked for January–October 2025 was CNY 4.36 billion (USD 607.24 million).
The original 2025 full-year target had been CNY 7.35 billion (USD 1.02 billion), implying a 59.32% completion rate for the first ten months.
Import arm misses plan, then resets
Rotary Vortex Limited is Shuanghui Development’s affiliated partner responsible for meat imports, covering purchases of primal cuts, sub-primal cuts, bones, and by-products.
The pair recorded roughly CNY 5.90 billion (USD 821.17 million) in 2023 and CNY 6.66 billion (USD 927.43 million) in 2024—both essentially in line with earlier plans of CNY 6.00 billion (USD 835.65 million) and CNY 6.80 billion (USD 947.07 million), respectively. This year’s more complex trade backdrop, however, has made the 2025 target harder to achieve, and the company is cautious about 2026 as a result.
Stronger volumes, weaker margins on fresh pork
Despite the import shortfall versus plan, Shuanghui’s meat products moved well. In January–September 2025, total external sales volume rose 5.9% year-on-year to about 2.49 million tonnes, a record for the period. Fresh pork—including imported pork—surged 13.4% to 1.087 million tonnes. Even so, profit pressure was visible: operating profit in the fresh products segment fell 33.6% year-on-year to CNY 230.00 million (USD 32.04 million), reflecting a very different pork market versus the prior year.
Earlier this year, the company said its import portfolio focuses on pork primals, back-fat and skin, pig feet, as well as certain beef items. In 2024, about 190,000 tonnes of pork and pork by-products were sourced from the United States. It added that changes in tariff policy will affect foreign-trade costs; Shuanghui will monitor policy and market moves, broaden its supplier network, diversify traded categories, and time import activity when market conditions are favorable to support steady development.
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