Accessible version Charoen Pokphand Foods Still waiting on China Core operations in Thailand and Vietnam were broadly consistent, while China remained the key source of underperformance. Gross margin, CPF's principal earnings driver, contracted to 15.0% from 15.6% in 1Q26 with domestic livestock margin falling from 15.9% to 14.3%. This reflected the lower hog prices in Vietnam and higher feed costs in Thailand, where flat selling prices over the period point to cost inflation. China remained the more signif ...