Group 1 - The core viewpoint of the article indicates that the introduction volume of grandparent white feather broilers in China is expected to decline by over 10% in 2025, amounting to approximately 620,000 sets [1] - The company’s introduction volume is 266,000 sets, representing 43% of the total, and it has increased year-on-year [1] - Other grandparent enterprises are experiencing a decline in introduction volume, with a decrease exceeding 20% [1]

Core Viewpoint - Yisheng Co., Ltd. is currently operating at full capacity with over 400,000 sets of grandparent meat chicken stock, indicating high utilization rates [1] Group 1: Company Operations - The company plans to introduce 266,000 sets of grandparent meat chickens in 2025, which is an increase compared to 2024, making it the largest importer in this category, accounting for 43% of the national total [1] - The supply of parent white feather meat chicken seedlings is expected to increase in 2026 compared to 2025 [1]

Core Insights - In 2025, the introduction of grandparent stock broilers in China decreased by over 10%, with Shandong Yisheng accounting for 43% of the total, solidifying its position as the industry leader [2] - The price of parent stock broilers has surpassed 53 yuan, and the market for commercial broiler chicks is expected to perform better in 2026 compared to 2024 due to reduced supply and increased demand [3] - The company has a grandparent stock capacity of over 400,000 sets, currently operating at full capacity, with an expected increase in parent stock supply in 2026 [4] - The company is set to receive a new breed certificate for its layer chick business in the first half of 2026, which could open up opportunities for overseas exports [5] - The white chicken slaughter volume in 2025 is projected to decline by 5%, but is expected to grow in 2026 due to policy support aimed at expanding poultry consumption [6]

Group 1: Breeding and Supply Insights - In 2025, the introduction volume of grandparent white feather broilers in China is approximately 620,000 sets, a year-on-year decrease of over 10% [1] - The company's introduction volume is 266,000 sets, accounting for 43% of the total, with a year-on-year increase, while other companies' introduction volumes have decreased by over 20% [1] - The company’s grandparent broiler stock is over 400,000 sets, indicating a high utilization rate [2] Group 2: Price Trends and Market Outlook - The price of parent stock broiler chicks has been rising monthly since September 2025, reaching over 53 yuan this month [2] - Due to the low introduction volume of grandparent stock, the price of parent stock broiler chicks is expected to continue increasing in 2026 [2] - The supply of quality commercial broiler chicks is expected to be tight due to the reduction in grandparent stock, while downstream demand from breeding farms and slaughterhouses remains strong [2] Group 3: Industry Growth and Future Plans - The white feather broiler industry is anticipated to grow significantly, supported by government initiatives to optimize meat production and expand poultry consumption [6] - The company plans to increase the stock of egg-laying hens following the successful completion of the research and development phase, with high domestic and export demand expected [4] - The slaughter volume of white chickens in 2025 is projected to be approximately 9.3 billion birds, an increase from 2024, with continued growth expected in 2026 [5]

Core Viewpoint - The pig farming industry in China is experiencing a prolonged period of low prices and losses due to supply-demand imbalances, with a shift towards fine-tuned operations expected in the future [2][6]. Supply and Demand Imbalance - The industry is currently facing losses primarily due to high production capacity, with the number of breeding sows remaining elevated at 39.9 million as of October 2025, which is 102.3% of the normal level [4]. - The average price of live pigs was reported at 12.25 yuan/kg as of December 28, 2025, still below the breakeven cost of 14 yuan/kg [2]. Price Trends and Profitability - The average price of live pigs for the entire year of 2025 is projected to be between 13.9 and 14 yuan/kg, with significant price drops observed from August onwards [3]. - By December 26, 2025, the losses for self-breeding and purchased pig farming were reported at -130 yuan/head and -163 yuan/head, respectively [3]. Production Capacity and Adjustments - The number of breeding sows has decreased by approximately 400,000 from a peak of 4.39 million in December 2022, but the current level remains high [4]. - Despite efforts to reduce production capacity, the pace of adjustment has been slow, with major companies like Wens Foodstuffs and Zhengbang Technology already meeting their annual output targets by November 2025 [5]. Cost Reduction and Efficiency - Companies are focusing on cost reduction and efficiency improvements, with some achieving significant reductions in production costs, such as Muyuan Foods at 11.3 yuan/kg and Wens Foodstuffs at 12.2-12.4 yuan/kg [8]. - The industry consensus indicates that relying solely on scale is no longer sufficient for profit growth, leading to a transition towards a micro-profit era [9]. Industry Trends and Future Outlook - The industry is expected to undergo a transformation towards sustainable development, emphasizing collaboration across the supply chain, including feed production, breeding, and processing [10]. - The involvement of large agricultural groups and cross-industry capital is anticipated to intensify competition and capacity expansion in the short term, while promoting modernization and stability in the long term [10].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002458 证券简称：益生股份 公告编号：2026-003 山东益生种畜禽股份有限公司 关于控股股东部分股份质押延期购回的公告 注：上述限售股均不包含高管锁定股。 二、其他说明 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 山东益生种畜禽股份有限公司（以下简称"公司"）近日接到控股股东、实际控制人曹积生先生通知，获 悉其所持有公司的部分股份办理了质押延期购回业务，具体事项如下： 一、控股股东部分股份质押延期购回的基本情况 1、本次股份质押延期购回基本情况 ■ 注：2025年4月"国泰君安证券股份有限公司"公司名称变更为"国泰海通证券股份有限公司"。 2、控股股东股份累计质押情况 截至公告披露日，控股股东及其一致行动人所持质押股份情况如下： ■ 截至本公告日，公司控股股东曹积生先生具备相应的资金偿还能力，质押的股份不存在平仓风险或被强 制过户风险，质押风险在可控范围之内，质押行为不会导致公司实际控制权发生变更，对公司生产经 营、公司治理等不会产生影响。后续若出现平仓风险，曹积生先生将采取包括但不限于补 ...

Core Viewpoint - Yisheng Co., Ltd. announced the use of idle raised funds to temporarily supplement working capital, ensuring that it does not affect the progress of investment projects [2] Group 1: Company Actions - The company will hold the 24th meeting of the sixth board of directors and the 19th meeting of the sixth supervisory board on January 9, 2025 [2] - The board approved the proposal to use no more than RMB 430 million of idle raised funds for temporary working capital, with a usage period not exceeding 12 months from the date of board approval [2] Group 2: Financial Management - As of the date of the announcement, the company has returned all of the RMB 280.7 million previously used for temporary working capital to the special account for raised funds, with the usage period not exceeding 12 months and the amount within the board-approved limit [2]

Core Viewpoint - The outbreak of highly pathogenic avian influenza in France has disrupted the supply of breeding chickens to China's white feather broiler industry, prompting a renewed focus on the need for domestic breeding autonomy [2][3]. Group 1: Impact of Avian Influenza - The avian influenza outbreak in France has led to the suspension of breeding chicken imports, affecting companies like Yisheng [3]. - Yisheng's planned importation of breeding chickens in late January 2026 has been halted, with no clear timeline for resumption [3]. - The poultry industry has faced multiple interruptions in breeding imports due to avian influenza in recent years, highlighting the vulnerability of the supply chain [3]. Group 2: Company Response and Strategy - Yisheng has proactively built reserves, having imported 266,000 sets of breeding chickens in 2025, accounting for over 40% of the national total [4]. - The company expects an increase in the supply of parent breeding chickens in 2026 compared to 2025, mitigating short-term impacts from the import suspension [4]. - Yisheng plans to increase its parent breeding stock to 10 million sets and expand its chick production capacity to 1 billion over the next four years [7]. Group 3: Market Dynamics and Price Trends - The price of parent breeding chickens has risen continuously since September 2025, reaching over 53 yuan per set, driven by reduced imports and expected future price increases [5]. - The domestic self-breeding ratio has exceeded 59%, with self-breeding chickens accounting for a significant portion of the total breeding stock, providing a buffer against external supply disruptions [6]. - The impact of the breeding interruption is expected to manifest gradually, potentially leading to a decrease in market supply and an increase in prices for broiler chickens by the second quarter of 2027 [6]. Group 4: Long-term Industry Considerations - The industry is being compelled to confront the fundamental issue of breeding autonomy, as domestic breeding strains still lag behind imported varieties in key performance metrics [6]. - Experts suggest that integrating domestic breeding resources and increasing R&D investment are essential for overcoming current limitations and enhancing competitiveness [6].

（记者 王晓波） 每经头条（nbdtoutiao）——培训5天就考证！滑雪教练速成班乱象调查：零基础也可报名，学时还 能"注水" 每经AI快讯，益生股份1月8日晚间发布公告称，公司近日接到控股股东、实际控制人曹积生先生通 知，获悉其所持有公司的部分股份办理了质押延期购回业务。截至本公告日，曹积生累计质押股数约为 1.92亿股，占其所持股份比例为42.43%。 ...

关于控股股东部分股份质押延期购回的公告 证券代码：002458 证券简称：益生股份 公告编号：2026-003 山东益生种畜禽股份有限公司 关于控股股东部分股份质押延期购回的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 山东益生种畜禽股份有限公司（以下简称"公司"）近日接到控 股股东、实际控制人曹积生先生通知，获悉其所持有公司的部分股份 办理了质押延期购回业务，具体事项如下： 一、控股股东部分股份质押延期购回的基本情况 | 股东 名称 | 是否为控 股股东或 第一大股 东及其一 | 延期购回 数量 （股） | 占其所 持股份 比例 | 占公司 总股本 比例 | 是否为 限售股 | 质押 起始日 | 原质押 到期日 | 现质押 到期日 | 质权人 | 质押 用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 曹积生 | 致行动人 是 | 13,040,000 | 2.89% | 1.18% | 否 | 2025 年 | 2026 年 | 2027 年 | 国泰 ...