报告期内，白羽肉鸡行业市场供需关系失衡，种鸡产能去化缓慢；屠宰加工环节，鸡肉产品售价由于同 质化竞争加剧和下游采购动力不足，在低位徘徊。公司主要产品商品代鸡苗及鸡肉产品的市场销售价格 承压，低位运行，主营业务盈利能力受到挤压，公司经营业绩亏损。 格隆汇1月31日丨民和股份(002234.SZ)发布2025年度业绩预告，报告期内，归属于上市公司股东的净利 润为亏损2.4亿元—2.9亿元，上年同期亏损2.49亿元；扣除非经常性损益后的净利润为亏损2.58亿元— 3.08亿元，上年同期亏损2.63亿元。 ...

每经AI快讯，民和股份（002234）1月30日发布业绩预告，预计2025年归母净利亏损2.4亿元~2.9亿元， 上年同期亏损2.49亿元。报告期内，白羽肉鸡行业市场供需关系失衡，种鸡产能去化缓慢；鸡肉产品售 价由于同质化竞争加剧和下游采购动力不足，在低位徘徊。公司主要产品商品代鸡苗及鸡肉产品的市场 销售价格承压，低位运行，主营业务盈利能力受到挤压，公司经营业绩亏损。 ...

一、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年12月31日 证券代码：002234 证券简称：民和股份 公告编号：2026-003 山东民和牧业股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载，误导性陈述或重大遗漏。 2、预计的业绩：净利润为负值 | 项目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股 东的净利润 | 亏损：24,000 | 万元—29,000 | 万元 | 亏损：24,912.70 | 万元 | | 扣除非经常损益后 的净利润 | 亏损：25,800 | 万元—30,800 | 万元 | 亏损：26,339.65 | 万元 | | 基本每股收益 | 亏损：0.69 | 元/股—0.83 | 元/股 | 亏损：0.71 | 元/股 | 二、与会计师事务所沟通情况 本次业绩预告相关财务数据是公司财务部门初步测算的结果，未经会计师事 务所预审计。公司已就业绩预告涉及有关事项与会计师事务所进行预沟通，公司 与会计师事务所 ...

从资金流向上来看，当日养殖业板块主力资金净流入2.53亿元，游资资金净流出1.71亿元，散户资金净流 出8215.54万元。养殖业板块个股资金流向见下表： 证券之星消息，1月29日养殖业板块较上一交易日上涨1.85%，福成股份领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。养殖业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600965 | 福成股份 | 6.46 | 5.38% | 34.73万 | | 2.23亿 | | 002714 | 牧原股份 | 46.33 | 2.64% | 61.78万 | | 28.24亿 | | 603477 | 巨星农牧 | 17.74 | 2.42% | 12.24万 | | 2.16亿 | | 300498 | 温氏股份 | 15.55 | 1.97% | 62.78万 | | 9.68亿 | | 301116 | 益客食品 | 11.73 | 1.91% | ...

[Table_Page] 深度分析|农林牧渔 证券研究报告 [Table_Title] 农林牧渔行业 白鸡专题四：产业链有望景气改善，关注海外引种节奏 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-01-27 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]钱浩 SAC 执证号：S0260517080014 SFC CE No. BND274 021-38003634 shqianhao@gf.com.cn 分析师： 李雅琦 SAC 执证号：S0260524080006 -10% -2% 6% 14% 22% 30% 01/25 04/25 06/25 09/25 11/25 01/26 农林牧渔 沪深300 021-68827265 liyaqi@gf.com.cn 请注意，李雅琦并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- | --- | | 农林牧渔行业:本周猪价延续 | 2026-01 ...

证 券 研 究 报 告 华创农业 12 月白羽肉禽月报 毛鸡价格攀升后回落，鸡苗价格高位收尾 ❑ 毛鸡&鸡苗：毛鸡价格攀升后回落，鸡苗价格高位收尾。 父母代产能方面，2025 年 12 月协会样本点在产父母代存栏 2130 万套，同比- 2.7%，环比-2.8%；后备父母代种鸡平均存栏量 1573 万套，同比-5.1%，环比 +4.0%。12 月父母代鸡苗价格为 43.80 元/套，最新报价 25 年第 53 周数据为 48.12 元/套。 电话：021-20572579 邮箱：chenpeng1@hcyjs.com 执业编号：S0360521080002 综合来看，鸡苗端环比微跌，毛鸡养殖端环比上涨。12 月毛鸡养殖亏损 0.26 元/羽，环比盈利大幅上涨；孵化场盈利 0.77 元/羽，环比盈利小幅扩张。 行业研究 农林牧渔 2026 年 01 月 27 日 推荐（维持） 华创证券研究所 证券分析师：张皓月 邮箱：zhanghaoyue@hcyjs.com 执业编号：S0360524070009 证券分析师：陈鹏 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300761 | 立华股份 | 1420.36万 | 5.38% | 1632.48万 | 6.18% | -3052.84万 | -11.56% | | 002746 仙坛股份 | | 331.40万 | 2.71% | 800.74万 | 6.54% | -1132.14万 | -9.25% | | 002234 | 民和股份 | 198.93万 | 1.99% | 452.35万 | 4.53% | -651.28万 | -6.53% | | 002982 湘佳股份 | | 23.59万 | 0.41% | 1024.00万 | 17.64% | -1047.59万 | -18.04% | | 301116 | 益客食品 | -37.83万 | -0.44% | 261.20万 | 3.03% | -223.38万 | -2.60% | | 001201 | 东瑞 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The report highlights supply pressures in the poultry industry, particularly due to overseas avian influenza affecting domestic breeding, leading to a temporary halt in the introduction of grandparent stock, which supports white feather broiler prices in the short term [3][13][19] - The demand for yellow feather broilers is under pressure due to seasonal demand decline and reduced restocking, with prices expected to rebound slightly due to pre-festival demand but remain generally weak [4][28] - Egg prices continue to decline, with high inventory levels prompting accelerated culling of hens, which may provide some support for future egg prices [36] Summary by Sections White Feather Broilers - December 2025 national average sales price for white feather broilers was 7.44 yuan/kg, up by 0.31 yuan/kg month-on-month, with a loss of 0.26 yuan per bird, an increase of 0.75 yuan [3][13] - The total stock of white feather grandparent stock at the end of December was 2.3377 million sets, up by 11.3% month-on-month, with parent stock at 36.9395 million sets, up by 0.1% [15][19] Yellow Feather Broilers - December average sales price for medium-speed yellow feather broilers was 11.77 yuan/kg, down by 3.07% month-on-month, with parent stock sales down by 10.43% [4][28] - Total stock of yellow feather grandparent stock at the end of December was 2.7411 million sets, down by 1.03% month-on-month [4][28] Egg Production - December egg price was 2.89 yuan/kg, down by 0.79% month-on-month, with egg-laying hen profit at -26.60 yuan per bird, an increase of 1.80 yuan [36] - The total stock of laying hens at the end of December was 1.295 billion, down by 0.92% month-on-month, but up by 7.11% year-on-year [36] Sales Performance - December sales volume of white feather chick seedlings was 408 million, remaining stable month-on-month, with parent stock sales up by 17.56% [15][38] - December chicken meat sales varied, with Xiantan Co. reporting a sales volume of 51,200 tons, down by 3.08% month-on-month, but revenue increased by 9.56% [51] - December sales volume of yellow feather broilers varied, with Wens Foodstuffs reporting a sales volume of 109 million birds, down by 7.06% month-on-month [56]

Investment Rating - The report maintains a positive investment rating for the pig farming sector, recommending continued investment in this area due to low valuations and expected profitability [4]. Core Insights - The report highlights a rebound in pig prices to 13 CNY/kg, with self-breeding and self-raising operations achieving profitability for two consecutive weeks [4]. - The white feather breeding stock update for 2025 is projected at 1.5742 million sets, with a year-on-year increase of 4.9% [5]. - The pet food market in urban China is expected to reach 312.6 billion CNY in 2025, growing by 4.1% year-on-year [6]. Summary by Sections Pig Farming - Pig prices have rebounded to 13 CNY/kg, with a week-on-week increase of 0.7%. The average weight of pigs at slaughter has risen to 128.89 kg, with a decrease in the proportion of heavier pigs [4]. - The profitability of self-breeding and self-raising operations has reached 43.35 CNY per head, marking a significant recovery since December 2025 [4]. - The report forecasts a new wave of price declines post-Spring Festival, indicating potential capacity reduction in the pig farming industry [4]. Poultry Farming - The white feather breeding stock update for 2025 is 1.5742 million sets, with 55% from self-breeding and 45% from imports. The price of yellow feather chicken has increased by 2.6% week-on-week [5]. - The average price of chicken products is reported at 9,250 CNY/ton, with a slight year-on-year decrease of 0.5% [5]. Pet Industry - The urban pet market is projected to grow to 312.6 billion CNY in 2025, with dog and cat markets at 160.6 billion CNY and 152.0 billion CNY, respectively [6]. - The number of pet dogs and cats in urban areas is expected to reach 126.32 million, with a year-on-year growth of 1.8% [8]. - Pet food remains the primary consumption category, accounting for 53.7% of the market share, with a projected market size of approximately 167.9 billion CNY in 2025 [8].

Core Viewpoint - The aquaculture sector experienced a decline of 0.88% on January 21, with Fucheng Co. leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1]. Group 1: Market Performance - The aquaculture sector's stocks showed mixed performance, with Jingji Zhino rising by 9.99% to a closing price of 18.50, while Fucheng Co. fell by 3.00% to 6.14 [1][2]. - The total trading volume for the aquaculture sector was significant, with Jingji Zhino recording a volume of 286,200 shares and a transaction value of 524 million yuan [1]. Group 2: Capital Flow - The aquaculture sector saw a net outflow of 242 million yuan from institutional investors, while retail investors contributed a net inflow of 214 million yuan [2]. - The capital flow data indicates that Jingji Zhino had a net inflow of 65.57 million yuan from institutional investors, while Fucheng Co. had a smaller net inflow of 1.85 million yuan [3].