Wens Foodstuff: Recently, pork prices have rebounded slightly, but they have not yet exceeded the cost line.

Wens Food Group stated in its recent investor relations activities that although pig prices have rebounded recently, they have not yet exceeded the cost line, so the company needs to continue to prepare financially for the downturn period. Regarding the possible reasons for the recent rapid increase in pig prices, Wens Food Group believes that one reason is the decrease in the number of slaughtered pigs. According to statistics from the Ministry of Agriculture and Rural Affairs, the number of sows in the country decreased by 1.1% in October 2025, which roughly corresponds to a decrease in the number of slaughtered pigs around July 2026. The second reason is the widening gap between fat and standard prices, which has led to a temporary decrease in market supply as free-range farmers are reluctant to sell, thereby stimulating a rapid rise in prices. However, it should be noted that the overall supply and demand situation in the industry has not fundamentally changed, and the rebound space is still restricted by the hot weather and the off-season consumer market. Based on experience, there may be some short-term pressure for correction, but it is expected that the low point of the correction will not be lower than the previous price low.