Wens sees a clearer profit outlook in poultry than pigs for 2026, expecting stronger chicken prices and tighter supply in H1. It remains cautious on hog prices, with H2 likely better than H1, and plans to expand broilers into Vietnam.
Wens says it expects its chicken business to offer a more predictable profit outlook than its pig operations in 2026, based on its reading of industry cycles and supply dynamics shared at a recent broker strategy meeting.
Yellow-broiler market: end of a downcycle in sight
The company expects chicken prices in 2026 to outperform 2025, with what it described as a “recovery-style” upward trend.
Wens linked the view to a multi-year decline in yellow-broiler prices from 2022 to 2025, arguing the market is now approaching the end of that downcycle. Based on year-on-year changes in parent stock (PS) inventories in 2025, Wens expects tighter supply conditions for yellow broilers in the first half of 2026. It also pointed to improving macro expectations as a tailwind for end-market consumption.
Hog prices: cautious stance for the full year
On pigs, Wens said it remains cautious on the overall hog-price outlook for 2026, citing national breeding-sow inventories, shifts in production performance indicators, and historical experience.
The company expects hog prices to stay weak in the first half of 2026, with the second half “more likely” to be better than the first.
Profit mix flipped in Q4 2025
For full-year 2025, Wens reported attributable net profit of CNY 5.24 billion (USD 729.80 million). It said the pig segment contributed about CNY 6.00 billion (USD 835.65 million) in net profit, while the chicken segment contributed about CNY 0.30 billion (USD 41.78 million).
By the fourth quarter, the picture had reversed: Wens said pigs posted a loss of about CNY 0.50 billion (USD 69.64 million), while the chicken business delivered net profit of about CNY 1.00 billion (USD 139.28 million).
Volumes up, and a bigger push into value-added
Wens sold 1.303 billion meat chickens in 2025 (including live birds, chilled products, and cooked foods), up 8% year-on-year and a record high. Chilled-product sales reached about 220 million birds, up 26%, while cooked-food volumes were about 15.50 million birds, up 15%. The company has set a 10% growth target for meat-chicken sales volume in 2026.
Wens said its all-in cost for live-broiler marketing in 2025 was stable at around CNY 11.40 per kg (USD 1.59 per kg). Within its portfolio, fast-, medium-, and slow-growing types accounted for roughly 25%, 60%, and 15%, respectively—compared with 30%, 45%, and 25% the company disclosed for the third quarter of 2024. The shift indicates a strong rebound in the share of medium-growing yellow chickens over the past year-plus, alongside a notable decline in slower-growing premium birds.
Wens said it has decided to prioritise taking its broiler business overseas, selecting Vietnam as its first destination. Its initial goal is to capture around 10% of Vietnam’s yellow-broiler market. The company expects to complete early-stage preparations in 2026, including overseas entity registration and project site selection.
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