Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The industry is entering a consumption off-season, leading to potential short-term pressure on chicken prices [5][15] - The supply of breeding chickens remains sufficient, with high inventory levels in the market [15][16] - The impact of avian influenza is mixed, with Brazil declaring an end to its outbreak while the U.S. continues to face challenges [16][19] Summary by Sections 1. Consumption Trends - White feather chicken prices remained stable in May 2025, with an average selling price of 7.41 yuan/kg, showing a slight decrease of 0.01 yuan/kg month-on-month [15] - Yellow feather chicken prices weakened due to reduced holiday demand, with an average price of 10.63 yuan/kg in May, down 4.06% month-on-month [28] - Egg prices are expected to decline further in June due to weak terminal consumption and high supply pressure, with the wholesale price of eggs at 5.94 yuan/kg, down 15.14% month-on-month [35][36] 2. Breeding Chicken Sales and Prices - In May, the sales volume of white feather chicken chicks was 429 million, an increase of 0.16 million from the previous month [16] - The sales volume of yellow feather chicken chicks reached 6.57 million sets, up 10.98% month-on-month [28] - The average price of white feather chicken chicks was 3.07 yuan/chick, reflecting a month-on-month increase of 0.18 yuan/chick [39] 3. Financial Performance of Key Companies - Yisheng shares reported a sales volume of 56.61 million chicks in May, with a revenue of 174 million yuan, reflecting a month-on-month increase of 23.05% [39][41] - Minhe shares saw a sales volume of 25.33 million chicks, with a revenue of 71 million yuan, up 4.10% month-on-month [43][45] - Xiaming shares experienced a decrease in sales volume to 23.25 million chicks, with a revenue of 101 million yuan, down 8.40% month-on-month [46] 4. Price Trends in Chicken Meat - The average price of white feather chicken meat decreased by 1.80% month-on-month, with sales revenue of 423 million yuan in May [47] - The average price of yellow feather chicken meat also saw a decline, with sales revenue of 249.5 million yuan [56][58] - The overall trend indicates a downward pressure on chicken meat prices due to seasonal factors and supply dynamics [5][15][28]

Investment Rating - The industry investment rating is "Recommended" with an expectation that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [3][48]. Core Viewpoints - The report indicates that the supply of white feather broilers is sufficient, while the demand side remains weak, impacting chicken product prices and industry profitability. The expectation is for a recovery in chicken consumption in 2025, driven by domestic demand expansion [6][42]. - The report highlights a cautious replenishment in the breeding sector, with a slight increase in the price of broiler chickens and stable prices for chicks. The average price of white feather chicks is 2.88 yuan per chick, with a month-on-month increase of 0.38% but a year-on-year decrease of 8% [8][11]. Summary by Sections Market Overview - In May, the price of broiler chickens slightly increased, while chick prices remained stable. The overall survival rate in breeding is low, leading to a contraction in effective market supply. Terminal consumption continues to be weak, keeping prices low [8][11]. - The average price of white feather broilers in May was 7.41 yuan/kg, down 4% year-on-year and 0.074% month-on-month [11]. Production Capacity - As of May 2025, the average stock of parent stock was 23.83 million sets, an increase of 7.4% year-on-year and 2.1% month-on-month. The average stock of backup parent stock was 15 million sets, down 2.4% year-on-year but up 1.5% month-on-month [29][36]. - The report notes that the average stock of grandparent stock was 1.48 million sets, up 20.9% year-on-year and 2.8% month-on-month [28][31]. Financial Performance - The report indicates that the profitability of the chick sector has improved, while the losses in broiler farming have significantly reduced. In May, the loss in broiler farming was 0.07 yuan per chicken, a substantial reduction compared to previous periods [36][37]. - The profitability of hatcheries was reported at 0.26 yuan per chick, showing a significant increase month-on-month [36][37]. Investment Recommendations - The report suggests focusing on companies such as Shengnong Development, Yisheng Shares, and Hefeng Shares, as they are expected to benefit from the anticipated recovery in chicken consumption and improvements in profitability [42].

Core Viewpoint - The company, Shandong Yisheng Livestock and Poultry Breeding Co., Ltd., is actively repurchasing its shares to implement an employee stock ownership plan, with a total repurchase fund of no less than RMB 100 million and a price ceiling adjusted to RMB 11.80 per share [2][3]. Summary by Sections Share Repurchase Plan - The company has approved a share repurchase plan using bank loans and its own funds, with a total repurchase amount not less than RMB 100 million and not exceeding RMB 12.00 per share initially, later adjusted to RMB 11.80 per share [2][3]. Progress of Share Repurchase - As of June 13, 2025, the company has repurchased a total of 11,064,300 shares, accounting for 1.00% of the total share capital, with a maximum transaction price of RMB 10.94 per share and a minimum of RMB 8.18 per share, totaling RMB 101,168,909.50 (excluding transaction fees) [3][5]. Compliance and Regulations - The share repurchase activities comply with relevant laws and regulations, including the rules set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange, ensuring that the repurchase does not exceed the set price limits and adheres to trading restrictions [3][4].

证券代码：002458 证券简称：益生股份 公告编号：2025-047 山东益生种畜禽股份有限公司 关于回购公司股份比例达到1%暨回购进展的公告 关于回购股份进展情况的公告 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"）于 2024 年 11 月 1 日召开第六届董事会第二十三次会议，审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》，同意公司使用银行专 项贷款资金及自有资金以集中竞价交易方式回购公司部分已发行的 人民币普通股（A 股），本次回购股份将用于实施员工持股计划，回购 股份的资金总额不低于人民币 10,000 万元（含），不超过人民币 20,000 万元（含），回购股份的价格不超过人民币 12.00 元/股（含）， 具体回购股份的数量以回购期限届满或回购完毕时实际回购的股份 数量为准，实施期限为董事会审议通过回购股份方案之日起 12 个月 内。具体内容详见 2024 年 11 月 5 日公司刊登于《中国证券报》《上 海证券报》《证券时报》《证券日报》和巨潮资讯网（www.cninfo.com.c ...

Core Viewpoint - The company announced a share repurchase plan aimed at utilizing funds for an employee stock ownership plan, with a budget of 100 million to 200 million yuan [1] Group 1: Share Repurchase Details - The board of directors approved the share repurchase plan on November 1, 2024 [1] - As of June 13, 2025, the company has repurchased a total of 11.0643 million shares, representing 1.00% of the total share capital [1] - The repurchase price ranged from 8.18 yuan to 10.94 yuan per share, with a total expenditure of 101 million yuan (excluding transaction fees) [1] Group 2: Compliance and Regulations - The share repurchase is in compliance with relevant laws and regulations [1] - The repurchase aligns with the established plan [1]

Core Viewpoint - The sales of Yisheng Co., the largest ancestor meat chicken breeding company in China, have continued to grow due to capacity release and a dual-driven strategy of "breeding pigs + breeding chickens" [1][2] Group 1: Sales Performance - In May, Yisheng Co. sold 10,800 breeding pigs, generating sales revenue of 25.72 million yuan, with year-on-year changes of 207.08% and 196.81% respectively [2][4] - The significant increase in sales volume is attributed to the impact of the May Day holiday, with some orders from late April being delayed to May for delivery [2][3] - The company has been deeply involved in the breeding pig sector for over 20 years, with its original breeding pig farm certified as a national core breeding farm in 2013 [2] Group 2: Capacity Expansion - Yisheng Co. plans to invest in the construction of a "1 million sets of parent breeding chicken farms and supporting projects," which is expected to produce approximately 100 million commercial chicken chicks annually upon reaching full capacity [1][5] - The company has been expanding its parent breeding chicken stock, with plans to introduce 90,000 sets of ancestor meat chickens by 2025, accounting for over 50% of imported ancestor meat chickens [5][6] Group 3: Chicken and Pig Business Dynamics - In May, the sales volume of white feather meat chicken chicks reached 56.61 million, with sales revenue of 17.4 million yuan, showing year-on-year growth of 11.35% but a revenue decline of 11.21% [4][6] - The decline in chicken chick revenue is primarily due to the low prices of small white feather meat chickens, while the sales volume increase is driven by changes in supply and demand dynamics [4] - The price of parent breeding chicks has shown an upward trend, increasing from 45 yuan per set in May to 50 yuan per set in June, indicating a positive outlook for pricing in the future [4][6] Group 4: Financial Overview - In 2024, Yisheng Co.'s pig breeding business revenue reached 22.4 million yuan, a year-on-year increase of 320.39%, accounting for 7.13% of total revenue [6] - The company's total revenue for 2024 was approximately 3.136 billion yuan, a decrease of 2.76% year-on-year, with a net profit of about 504 million yuan, down 6.84% [6] - In the first quarter of 2025, Yisheng Co. reported a revenue of 623 million yuan, with a net loss of 13.17 million yuan attributed to industry cycle fluctuations [6]

Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets announced significant updates, including changes in control, regulatory measures, and sales performance, which may present investment opportunities and risks for investors [2]. Company Announcements - Zhongying Electronics announced that its controlling shareholder is planning a change in control, leading to a suspension of trading from June 9, 2025, for up to two trading days [3]. - ST Lutong received an administrative regulatory measure from the Jiangsu Securities Regulatory Bureau due to internal control deficiencies and failure to disclose significant lawsuits and account freezes [4]. - Lianhua Technology clarified that it does not directly produce chlorantraniliprole and that the related matters have limited impact on its overall business [5]. - Longshen Rongfa's subsidiary received a CNAS laboratory accreditation certificate, which is expected to positively influence future operations, though it will not significantly impact current performance [6]. Sales Performance - Yisheng Co. reported a significant increase in May sales of breeding pigs, with a total of 10,849 heads sold, representing a year-on-year increase of 207.08% [7]. Shareholding Changes - Shentong Technology's shareholder, Biheng Investment, plans to reduce its stake by up to 3%, equating to a maximum of 12.88 million shares [8]. - Ruoyuchen's shareholder, Langzi Co., intends to reduce its stake by up to 3%, not exceeding 4.7681 million shares [9]. - Oujing Technology's shareholder, Wanzhao Huigu, plans to reduce its stake by up to 3%, equating to a maximum of 5.7722 million shares [10]. - Jindan Technology's shareholder, Guangzhou Chengxin, plans to reduce its stake by up to 2.93%, equating to a maximum of 5.635 million shares [11]. - Huashu Gaoke's shareholder, Guotou Chuangye Fund, plans to reduce its stake by up to 2.2%, equating to a maximum of 9.1117 million shares [12]. - Zhongke Soft's shareholder, Kesuan Chuangyuan, plans to reduce its stake by up to 2%, equating to a maximum of 16.6208 million shares [13]. - Hengrun Co. announced multiple shareholders planning to reduce their stakes, with total reductions not exceeding 1.89% of the company's shares [14]. - Del Shares' shareholder, Wuxu 15 Fund, plans to reduce its stake by up to 1.987%, equating to a maximum of 3 million shares [15]. - Jian Ke Yuan's shareholder, Jian Ke Investment, plans to reduce its stake by up to 1% [17]. - Mindong Electric's shareholder, Fujian Investment Development Group, plans to reduce its stake by up to 1% [18]. - Puli Software's chairman and executives plan to reduce their stakes by a total of up to 0.69% [19].

Group 1 - Zhongying Electronics' controlling shareholder is planning a change in control, leading to a stock suspension starting June 9, 2025, for up to 2 trading days [3] - Lianhua Technology clarified that it does not directly produce chlorantraniliprole, and the related matters have limited impact on the company's overall performance [4] - Longshen Rongfa's subsidiary received CNAS laboratory accreditation, which is expected to positively influence future operations, though it will not significantly impact current performance [5] Group 2 - Yisheng Co. reported May sales of breeding pigs at 10,849 heads, a year-on-year increase of 207.08%, with significant sales increases attributed to delayed orders from April [7] - Shentong Technology's shareholder plans to reduce its stake by up to 3%, amounting to no more than 12.88 million shares [9] - Ruoyuchen's major shareholder intends to reduce its stake by up to 3%, not exceeding 476.81 million shares [10] Group 3 - Oujing Technology's major shareholder plans to reduce its stake by up to 3%, not exceeding 577.22 million shares [12] - Jindan Technology's shareholder plans to reduce its stake by up to 2.93%, amounting to no more than 563.5 million shares [13] - Huashu Gaoke's shareholder intends to reduce its stake by up to 2.2%, not exceeding 911.17 million shares [14] Group 4 - Zhongke Soft's major shareholder plans to reduce its stake by up to 2%, not exceeding 16.62 million shares [15] - Hengrun Co.'s shareholders plan to collectively reduce their stake by up to 1.89%, with specific reductions from various shareholders [16] - Del Shares' shareholder plans to reduce its stake by up to 1.987%, not exceeding 3 million shares [17] Group 5 - Jianke Institute's shareholder plans to reduce its stake by up to 1%, not exceeding 146.66 million shares [18] - Mindong Electric's shareholder plans to reduce its stake by up to 1%, not exceeding 457.95 million shares [19] - Puli Software's chairman and executives plan to collectively reduce their stake by up to 0.69% [20]

销售情况简报 证券代码：002458 证券简称：益生股份 公告编号：2025-046 二、原因说明 1、受小型白羽肉鸡毛鸡价格低的影响，小型白羽肉鸡苗的销售 单价同比降低，故 2025 年 5 月公司益生 909 小型白羽肉鸡苗销售收 入同比减少。 山东益生种畜禽股份有限公司 2025 年 5 月鸡苗和种猪销售情况简报 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。 一、2025年5月销售情况 1、鸡苗销售情况 山东益生种畜禽股份有限公司（以下简称"公司"）2025 年 5 月 白羽肉鸡苗销售数量 5,660.97 万只，销售收入 17,386.76 万元，同 比变动分别为 11.35%、-11.21%，环比变动分别为 15.69%、23.05%。 益生909小型白羽肉鸡苗销售数量719.86万只，销售收入633.61 万元，同比变动分别为-8.85%、-36.23%,环比变动分别为4.95%、1.25%。 2、种猪销售情况 公司2025年5月种猪销售数量10,849头，销售收入2,572.29万元， 同比变动分别为207.08%、196.81%，环比变动分别为 ...

Group 1 - Star Stone Investment recently conducted research on Yisheng Livestock and Poultry Science and Technology Co., Ltd, revealing that large white feather broilers are primarily used for processing, while the Yisheng 909 small white feather broilers are more flexible in meeting market demands [1] - The price of parent breeding chicken seedlings increased from 45 yuan per set in May to 50 yuan per set in June, indicating a rising trend [1] - The company introduced 90,000 sets of grandparent meat breed chickens from March to May, which is a significant proportion, and expects tight supply of quality parent breeding chicken seedlings in the second half of 2025, which will support prices [1] Group 2 - Yisheng Livestock plans to invest in a project to build a breeding farm for 1 million sets of parent breeding chickens and a matching feed factory, which is expected to produce about 100 million commercial breeding chickens annually upon reaching full capacity [1] - The decision on which white feather chicken breed to raise is primarily based on which breed can generate more profit [1] - The company has extensive experience in breeding pigs and is strategically positioned in the breeding source sector [1]