WH : UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2020 OF HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO., LTD.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

WH Group Limited

萬 洲 國 際 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 288)

UNAUDITED FINANCIAL RESULTS FOR

THE SIX MONTHS ENDED JUNE 30, 2020 OF

HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO., LTD.

On August 11, 2020 after trading hours (Hong Kong time), Shuanghui Development released its interim report for the six months ended June 30, 2020.

Henan Shuanghui Investment & Development Co., Ltd. (河南雙匯投資發展股份有限公

司) ("Shuanghui Development") is a company incorporated in the People's Republic of China whose shares are listed on the Shenzhen Stock Exchange (the "Shenzhen Stock Exchange"). As at the date of this announcement, WH Group Limited (the "Company") indirectly owns approximately 73.41% equity interest in Shuanghui Development. On August 11, 2020, Shuanghui Development filed its interim report with the Shenzhen Stock Exchange for the six months ended June 30, 2020 (the "Shuanghui Development Interim Report"). It is important to note that the unaudited consolidated financial results contained in the Shuanghui Development Interim Report have been prepared in accordance with the China Accounting Standards for Business Enterprises. The Company prepares its consolidated financial results in accordance with the International Financial Reporting Standards (the "IFRS"). Accordingly, Shuanghui Development's results reported therein differ from Shuanghui Development's results contained in the Company's consolidated financial statements, which include certain adjustments in order to conform to the IFRS.

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SUMMARY OF RESULTS OF SHUANGHUI DEVELOPMENT FOR THE SIX MONTHS ENDED JUNE 30, 2020

For the six months ended June 30, 2020, Shuanghui Development processed 3.27 million hogs, representing an decrease of 61.83% from the comparable period of 2019. External sales volume of meat products was 1.50 million metric tons, representing a decrease of 3.79% from the comparable period of 2019. Turnover increased by 42.99% from the comparable period of 2019 to RMB36,373 million. Net profit increased by 25.05% from the comparable period of 2019 to RMB3,111 million.

The unaudited consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2020 and the unaudited consolidated statement of financial position as at June 30, 2020 contained in the Shuanghui Development Interim Report are provided below:

SHUANGHUI DEVELOPMENT

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended June 30, 2020

		For the six months ended June 30,
		2020	2019
		RMB	RMB
		(unaudited)	(unaudited)
I.	Total operating income	36,373,403,361.03	25,437,448,401.71
	Including: Operating income	36,347,557,588.18	25,415,558,312.50
	Interest income	25,842,334.21	21,839,944.83
	Handling and commission
	income	3,438.64	50,144.38
II.	Total operating costs	32,255,826,500.65	22,559,717,650.24
	Including: Operating costs	30,182,062,651.80	20,426,570,763.70
	Interest expenses	14,853,025.80	17,928,728.33
	Handling and commission
	charges	234,811.16	393,271.38
	Business tax and levies	165,209,130.18	135,789,574.77
	Selling expenses	1,252,733,474.05	1,355,929,513.52
	Administrative expenses	564,153,246.67	534,718,922.36
	Research expenses	37,357,677.31	31,832,255.98
	Financial expenses	39,222,483.68	56,554,620.20
	Including: Interest expenses	57,181,319.59	68,266,687.96
	Interest income	22,258,128.05	9,834,753.05

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SHUANGHUI DEVELOPMENT

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOME (CONTINUED)

For the six months ended June 30, 2020

		For the six months ended June 30,
		2020	2019
		RMB	RMB
		(unaudited)	(unaudited)
Add: Other income	121,784,409.55	119,730,395.64
	Investment income	123,710,970.77	32,385,282.27
	Including: Income from investments in
	associates and joint	10,767,064.74
	ventures	6,212,849.47
	(Loss)/gain on fair value change	-8,930,931.08	55,267,785.02
	Impairment for credit (losses)/gain	-1,487,030.38	816,022.72
	Impairment losses of assets	-473,124,433.64	-73,348,022.18
	Gain on disposal of assets	9,024,697.09	498,941.84
III. Operating profit	3,888,554,542.69	3,013,081,156.78
Add: Non-operating income	21,581,197.43	6,501,415.54
Less: Non-operating expenses	28,947,033.29	7,938,090.24
IV. Total profit	3,881,188,706.83	3,011,644,482.08
Less: Income tax expenses	769,870,402.29	523,590,670.65
V. Net profit	3,111,318,304.54	2,488,053,811.43
Including: Net profit from continuing	3,111,318,304.54
	operations	2,488,053,811.43
	Net profit from discontinued	-	-
	operations
Net profit attributable to owners of	3,040,933,153.21
	Shuanghui Development	2,399,323,241.75
Profit or loss attributable to non-controlling	70,385,151.33
	interests	88,730,569.68
VI. Other comprehensive income, net of tax	-	342,784.38
Other comprehensive income, net of tax
	attributable to owners of Shuanghui	-
	Development	174,820.03
	Including: Item that may be reclassified
	subsequently to profit or	-
	loss	174,820.03
	Including: Change in cash flow hedge	-	174,820.03
Other comprehensive income, net of tax	-
	attributable to non-controlling interests	167,964.35
VII. Total comprehensive income	3,111,318,304.54	2,488,396,595.81
Total comprehensive income attributable to	3,040,933,153.21
	owners of Shuanghui Development	2,399,498,061.78
Total comprehensive income attributable to	70,385,151.33
	non-controlling interests	88,898,534.03
VIII. Earnings per share	0.9161
(1)	Basic earnings per share	0.7228
(2)	Diluted earnings per share	0.9161	0.7228

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SHUANGHUI DEVELOPMENT

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at June 30, 2020

	As at	As at
	June 30, 2020	January 1, 2020
	RMB	RMB
	(unaudited)	(audited)
Current assets:
Cash and bank balances	4,598,960,020.84	3,455,331,419.03
Loan receivables from financial institutions	-	100,000,000.00
Exchange financial assets	2,613,237,197.21	3,052,713,858.41
Bills receivables	28,300,000.00	58,965,192.00
Trade receivables	214,784,868.65	153,998,532.63
Prepayments	364,722,397.24	212,027,935.58
Other receivables	50,379,605.94	85,654,976.38
Inventories	9,367,822,679.79	8,801,425,418.16
Loans receivables	53,824,800.00	24,600,000.00
Other current assets	451,367,308.83	358,528,085.64
Total current assets	17,743,398,878.50	16,303,245,417.83
Non-current assets:
Long-term equity investments	247,867,036.48	177,519,153.68
Other non-current financial assets	60,315,759.16	66,370,029.04
Fixed assets	10,323,722,004.41	10,575,391,363.86
Construction in progress	247,445,946.70	174,313,486.48
Biological assets	66,534,304.65	54,434,108.35
Intangible assets	971,979,567.16	980,706,917.51
Development cost	4,405,889.54	2,735,535.77
Long-term prepaid expenses	140,438,949.25	72,615,850.60
Deferred tax assets	172,114,169.66	205,139,943.50
Other non-current assets	21,281,371.37	20,868,724.50
Total non-current assets	12,256,104,998.38	12,330,095,113.29
Total assets	29,999,503,876.88	28,633,340,531.12

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SHUANGHUI DEVELOPMENT

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

As at June 30, 2020

	As at	As at
	June 30, 2020	January 1, 2020
	RMB	RMB
	(unaudited)	(audited)
Current liabilities:	5,515,708,862.50
Short-term borrowings	3,277,465,169.50
Bills payables	4,000,000.00	137,182,676.99
Trade payables	1,937,077,909.12	2,946,334,768.68
Receipts in advance	-	1,894,352,662.62
Contract liabilities	1,409,156,165.41	-
Other loans	771,259,843.17	627,543,125.04
Deposit receipts	47,801,449.36	42,218,682.73
Accrued staff costs	639,891,422.90	939,141,147.34
Taxation payables	546,397,579.48	381,237,939.61
Other payables	2,214,828,499.51	970,114,482.45
Including: Interest payables	-	311,406.24
Dividend payables	1,037,613,106.58	123,607,556.39
Non-current liabilities due within one year	1,209,788.35	67,979,596.11
Other current liabilities	97,696,272.69	-
Total current liabilities	13,185,027,792.49	11,283,570,251.07
Non-current liabilities:	15,889,174.46
Long-term borrowings	16,188,598.83
Long-term payables	66,406,816.67	-
Provision	2,500,000.00	-
Deferred income	68,049,735.16	66,431,735.86
Deferred tax liabilities	152,109,828.58	151,759,133.03
Other non-current liabilities	286,226,266.22	-
Total non-current liabilities	591,181,821.09	234,379,467.72
Total liabilities	13,776,209,613.58	11,517,949,718.79
Owners' equity:	3,319,282,190.00
Share capital	3,319,282,190.00
Capital reserve	1,250,250,999.49	1,250,180,577.63
Surplus reserve	1,831,906,631.94	1,831,906,631.94
General reserve	64,079,524.71	64,079,524.71
Retained profits	9,333,021,063.35	10,022,251,033.89
Total equity attributable to owners of
Shuanghui Development	15,798,540,409.49	16,487,699,958.17
Non-controlling interests	424,753,853.81	627,690,854.16
Total owners' equity	16,223,294,263.30	17,115,390,812.33
Total liabilities and owners' equity	29,999,503,876.88	28,633,340,531.12

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If you wish to review the Shuanghui Development Interim Report in full, please visit www.szse.cn.

By order of the board of directors of

WH Group Limited

Wan Long

Chairman and Chief Executive Officer

Hong Kong, August 11, 2020

As at the date of this announcement, the executive directors of the Company are Mr. WAN Long, Mr. WAN Hongjian, Mr. GUO Lijun, Mr. SULLIVAN Kenneth Marc and Mr. MA Xiangjie; the non-executive director of the Company is Mr. JIAO Shuge; and the independent non-executive directors of the Company are Mr. HUANG Ming, Mr. LEE Conway Kong Wai and Mr. LAU, Jin Tin Don.

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