万洲国际2025 年报

0204050814223448616668707275190191 2025 288 www.wh-group.com Charles Shane SMITH Charles Shane SMITH 2025 Charles Shane SMITH Charles Shane SMITH Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary Hall, Cricket SquareGrand Cayman, KY1-1102Cayman Islands 183171712–1716 Maples Corporate Services LimitedPO Box 309, Ugland HouseGrand CaymanKY1-1104Cayman Islands 1767602B–7604A 2025 •1.5%8.6%•8.0%•8.7%•8.2% 2025 2025 0.410.61 2025 Charles Shane Smith 85SFD00089550 55SFD00089530000895 52SFD000895 5400089529 2025 (MBA) 60000895CDH Investments Management Company Limited SVA2181329 7100106800691002242105502319300630830806 62 NASDAQ:JD9618360QIHU0086701777H1088A601088YGE601360601313 69014260012300405 (Macquarie University) 2025 63902600011HNP600900600180245 60011010084530Paul Hastings Janofsky & WalkerPaul Hastings 4620 40SFD15 JIA, Sebastien Yutian JIA, Sebastien Yutian47JiaDFEJiaCigogniaConsulting SASH&W I. 30.3%35.8%32.5%39.2%54.3%53.3%53.0%49.4%15.4%10.9%14.5%11.4% 49% 2.4%7.204.1%5,94014.432.0115.3% 3,960101.6%2.9% 5.5%216 2025 11% 0.5%0.7%3.7%2.1%1.5711.0%7.4%2.27 3.2%22.4%7.5% 19% 2.3%8.5%1.932.171.461.647.0%2.5% 2025 2025 II. 8.0%280.268.7%26.12 82.0%50.6%92.9%52.6%22.1%40.6%14.8%39.9% 2025 1.5%305.43.8%Argal2.8% 3.8%141.784.8%5.3%12.9% 21.434.1%3.6%6.6%14.0% 2025 4,894.27.9%27.7%1.5%5.5% 408.98.6%10.1%113.8319.2%Murphy FarmsVisionAg2.6% 62.4%5.784.44161.2%20.0%31.3% 2025 3.9212.6%1520 24.6526.9%Pupil Foods174.1% III. 2071585565.3%83.2%84.2%2081625167.6%81.1%89.5%2,6243,06866550.1%97.4%89.2%2,5213,06866540.8%96.2%84.6% I. (1)pp(2) 2025 II. SFDIPO26,086,95820.002,506,936 5.34(1)0.18(2)25.243.24 19,531,69823.252,929,754 5.050.338.494.94 87% 23.8820.55 12.055.32 67.0753.5828.8827.33 1.91.9 2025 25.2625.1911.966.129.819.843.499.23 BBB+BBBBaa2 BBBBBB-Ba1 2025 36.4933.30 2025 99.9%99.8% 2.502.32 28.4%9.7%29.1%11.0%1.10.41.10.4 0.7%1.46 2.55%2.95% 2025 III. 11713 Springfield SpringfieldSpringfield Nathan’s Famous 102Nathan’s Famous, Inc—NATHNathan’s FamousNathan’s FamousNathan’sFamous Wolf Group Wolf Group100%Wolf Group Pupil Foods Pupil Foods Ltd.Pupil FoodsPupil Foods 2,1001,100 2025 VisionAg VisionAg Hog Production, LLCVisionAg9%2.8VisionAgVisionAg60VisionAg Murphy Farms Murphy Family VenturesMurphy Family FarmsLLCMurphy Farms15Murphy FarmsMurphy Farms 25%Murphy Farms320Murphy Farms 1,4002,600 1002,7002,900 Cargill Meat Solutions Corporation Argal Argal Alimentación, S.A.Argal50.1%ArgalArgalArgal49.9%Argal 2025 IV. 6.117.07 V. 10.64.93.52.2 43.484.8% 2025 VI. 1,080990901,26013.7%3,2502,9702802,17049.7%12.6714.41 2,4001.48 VII. ERMERM 2025 95.8%90.5% VIII. 1.9414 41 IX. MorlinyFoodsHolding Limited (Morliny Foods) (www.hkexnews.hk)(www.wh-group.com) HSSUSAA-MSCIESGA X. C1 C3 2025 Charles Shane Smith 2025 (i) C.2.1 (ii) 3.13 (6) 2025 (a)(b) (c)(d)(e) (3) (1) 2025 10 (1) (i)(ii)(iii)(iv)(v)(vi)(vii)3.133.13 59%41% (i)(ii)(iii)(iv)(v)(vi)(vii)(viii) Charles Shane SMITHCharles Shane SMITH (2) 2025 (i) (ii)(iii)(iv) Charles Shane SMITHCharles Shane SMITH (2) (i)(ii) Charles Shane SMITHCharles Shane SMITH(1) (i)(ii)(iii)(iv) (i) (ii) (iii) (iv) 15 2025 6165 (i)(ii)(iii) 2025 (iv) (v) (vi) ERMERM 2025 (i) (www.hkexnews.hk)(www.wh-group.com)(i)(ii) 12.3 Morliny FoodsMorliny Foods (ii) www.wh-group.com 4647 2025 1421 6667 SFD26,086,95820.002,506,936 5.34(1)0.18(2)25.243.24 14.295%25%1414 2025 IPOIPO3,200,000IPO12.3%IPO6,4004.9792 IPO0.1%5%14A 392,89760,000 14A120.1%5%14A 19,531,69823.252,929,754 5.050.338.494.94 2025 5%1414 1,800,0008.01%4,1853.2643 14A.8112IPO12IPO0.1%5%14A 0.410.400.200.610.5078.2610.0264.158.25 (i) 183171712–1716 (ii) 50% 7071 15.35 1,700 2025 14 36 308 Mercer(US),Inc.96.5% 2025 42333 35 16.18 813 2025 XVXV78352 (1)Cantrust (Far East) LimitedWLT Management Limited 573,099,645High ZenithHigh Zenith350,877,33349.9%49.9%High Zenith5,029,376,97839.20%2,509,659,112100%631,580,0004.92% (2)Joint Thriving LimitedVistra Trust (Singapore) Pte. Limited Ever Goal Global LimitedEver GoalJoint Thriving LimitedEver Goal6.55%EverGoal6.55%High Zenith5,029,376,97839.20%Ever Goal329,424,594Ever Goal (3)2.65%2.65%High Zenith5,029,376,97839.20%133,223,870 (4)3,000XV3,000 (L)L (ii) (1)16,350XV16,350 (2)5,000,000(i)392,897(ii)60,000 2025 (3)(i)235,738(ii)36,000 (4)(i)392,897(ii)60,000 (5)(i)235,738(ii)36,000 (L)L XVXV78352 XV23336 (1)Cantrust (Far East) LimitedHigh Zenith573,099,645350,877,3333,141,239,112WLT Management LimitedHigh Zenith573,099,645350,877,3333,141,239,112 (2)5,029,376,97883 (3)High ZenithHigh Zenith1,555,556,978 2025 (4)49.9%49.9%2,509,659,112100%631,580,0004.92% (5)4,066,716,090 XV23336 (i)(ii)171717 HighZenith 2025 30% 5% C1 25% 14A42 2025 21 Tel䳏䁅: +852 2846 9888Faxⳳڇ: +852 2868 4432ey.com ᅝ∌᳗㿜᏿џࢭ᠔佭␃凖儮⍠㣅ⱛ䘧979㰳໾সഞϔᑻ27ῧ 66189 10.044.6% •••