山东益生种畜禽股份有限公司 关于受让滨州益生种禽有限公司部分股权并 完成工商变更登记的公告 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。 一、交易概述 山东益生种畜禽股份有限公司（以下简称"公司"）于 2025 年 7 月 30 日与现代种业发展基金有限公司（以下简称"种业基金"）签署 了《股权转让协议》，公司受让种业基金持有滨州益生种禽有限公司（以 下简称"滨州益生"）37.81%的股权，受让价格为 8,122.95 万元，本 次交易完成后，公司直接持有滨州益生 72.95%的股权，通过全资子公 司江苏益生禽业有限公司持有滨州益生 27.05%的股权，合计持有滨州 益生 100%的股权。具体内容详见公司于 2025 年 7 月 31 日刊登在《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.cn）上的《关于受让滨州益生种禽有限公司部分股 权的公告》（公告编号：2025-057）。 二、进展情况 关于受让滨州益生种禽有限公司部分股权并完成工商变更登记的公告 证券代码：002458 证券简称：益生股份 公告编号： ...

Summary of Key Points Core Viewpoint - Yisheng Co., Ltd. (002458.SZ) announced its share repurchase status as of July 31, 2025, indicating a total of 12,913,100 shares repurchased, which represents 1.17% of the company's total share capital [1]. Company Actions - The company has conducted share repurchases through a dedicated securities account via centralized bidding [1]. - The highest transaction price for the repurchased shares was 10.94 yuan per share, while the lowest was 8.04 yuan per share [1]. - The total amount spent on the share repurchase reached 116 million yuan, excluding transaction fees [1].

Core Viewpoint - Yisheng Co., Ltd. announced a share buyback plan, indicating a strategic move to enhance shareholder value and confidence in the company's future performance [2]. Group 1: Share Buyback Details - As of July 31, 2025, the company has repurchased approximately 12.91 million shares, accounting for 1.17% of the total share capital [2]. - The highest transaction price during the buyback was 10.94 CNY per share, while the lowest was 8.04 CNY per share, with a total transaction amount of approximately 116 million CNY [2]. Group 2: Revenue Composition - For the first half of 2025, the revenue composition of Yisheng Co., Ltd. was as follows: chicken revenue accounted for 76.18%, pig revenue for 15.47%, agricultural and livestock equipment revenue for 5.48%, milk revenue for 1.72%, and other industries for 1.14% [2].

证券代码：002458 证券简称：益生股份 公告编号：2025-067 关于回购股份进展情况的公告 山东益生种畜禽股份有限公司 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.cn） 的《关于以集 ...

Group 1 - The company reported a revenue of 1.32 billion yuan in the first half of 2025, a year-on-year decrease of 3.98%, and a net profit attributable to shareholders of 6 million yuan, down 96.6% year-on-year [1] - In Q2 2025, the company achieved a revenue of 698 million yuan, a year-on-year increase of 1.42%, while the net profit attributable to shareholders was 19 million yuan, a decrease of 73.75% year-on-year [1] - The company estimated the sales of commodity broiler chicks in Q2 2025 to be approximately 160 million, an increase of 14% year-on-year, with an average selling price of 2.4 yuan per chick, up about 0.1 yuan from Q1 2025 [1] Group 2 - The sales of 909 chicks in Q2 2025 were approximately 21 million, a year-on-year decrease of 5%, with an average selling price of 0.8 yuan per chick, which declined compared to Q1 2025 [2] - The company sold about 24,000 breeding pigs in Q2 2025, a year-on-year increase of 361%, with an average selling price of 2,471.3 yuan per pig, indicating a continuous release of breeding pig capacity [2] - Due to the low prices of chicks, the company has adjusted its profit forecast, expecting net profits attributable to shareholders of 200 million, 570 million, and 590 million yuan for 2025-2027, representing year-on-year changes of -60.2%, +186.3%, and +2.6% respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.32 billion yuan in the first half of 2025, a year-on-year decrease of 3.98%, and a net profit attributable to shareholders of 6 million yuan, down 96.6% year-on-year [1] - In Q2 2025, the company achieved a revenue of 698 million yuan, a year-on-year increase of 1.42%, while the net profit attributable to shareholders was 19 million yuan, a decrease of 73.75% year-on-year [1] - The company sold approximately 160 million broiler chicks in Q2 2025, a year-on-year increase of 14%, with an average selling price of 2.4 yuan per chick, up about 0.1 yuan from Q1 2025 [1] - The report highlights a seasonal rebound in chick prices expected in Q3 2025, driven by market replenishment in the peak season of September and October [1] - The company experienced a loss of 6.46 million yuan in investment income in Q2 2025, primarily due to losses from its stake in Beidahuang Baoquanling Agriculture and Animal Husbandry [1] Financial Summary - The company expects net profits attributable to shareholders for 2025-2027 to be 200 million, 570 million, and 590 million yuan, representing year-on-year changes of -60.2%, +186.3%, and +2.6% respectively [2] - The estimated P/E ratio for 2026 is 17 times [2] - The financial indicators for 2025E show a revenue of 3.113 billion yuan, a net profit of 200 million yuan, and an EPS of 0.18 yuan per share [4]

Core Viewpoint - Yisheng Co., Ltd. reported a significant decline in net profit by 96.64% for the first half of 2025, with total revenue decreasing by 3.98% year-on-year, indicating financial distress and operational challenges [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.321 billion yuan, down from 1.376 billion yuan in 2024, reflecting a decrease of 3.98% [1]. - Net profit attributable to shareholders was 6.1551 million yuan, a drastic drop of 96.64% compared to 183 million yuan in the previous year [1]. - Gross margin fell to 12.14%, down 55.8% year-on-year, while net margin decreased to 0.33%, down 97.53% [1]. - Operating expenses totaled 91.58 million yuan, accounting for 6.93% of revenue, a decrease of 9.14% year-on-year [1]. - Earnings per share plummeted to 0.01 yuan, a decline of 94.12% from 0.17 yuan in the previous year [1]. Cash Flow and Debt Analysis - Cash and cash equivalents increased by 229.99% to 1.765 billion yuan, indicating improved liquidity [1]. - Interest-bearing liabilities rose significantly by 142.22% to 2.42 billion yuan, raising concerns about the company's debt levels [1]. - The net cash flow from operating activities decreased by 35.49%, attributed to lower sales revenue from chick products [3]. Investment and Market Position - The company's return on invested capital (ROIC) was reported at 8.71%, with a historical median of 5.63%, indicating average capital efficiency [4]. - The company has experienced four years of losses since its listing, suggesting a challenging investment outlook [4]. - Analysts project a revenue of 424 million yuan and an average earnings per share of 0.39 yuan for 2025, reflecting cautious optimism [5]. Fund Holdings and Market Interest - The largest fund holding Yisheng shares is the ICBC Agricultural Industry Stock Fund, with 2.52 million shares, while other funds have shown mixed changes in their holdings [6]. - Recent inquiries from notable institutions highlight the market applications of Yisheng's poultry products, indicating ongoing interest in the company's offerings [7].

Core Viewpoint - Yisheng Co., Ltd. reported a significant decline in its half-year performance, with revenue dropping to 1.32 billion yuan, a year-on-year decrease of 4.0%, and net profit plunging by 96.6% to 6.16 million yuan, indicating severe challenges in the poultry industry despite a generally favorable market environment [2][3][6]. Financial Performance - The company's revenue for the first half of 2025 was 1.32 billion yuan, down 4.0% from the previous year [2][4]. - Net profit fell to 6.16 million yuan, a decrease of 96.6% year-on-year, while the net profit excluding non-recurring items was 3.37 million yuan, down 98.2% [2][4]. - Operating cash flow was reported at 1.43 billion yuan, a decline of 35.5% compared to the previous year [2][4]. - In Q2, revenue was 698 million yuan, showing a slight increase of 1.4% year-on-year, but net profit still fell by 73.8% [2][3]. Business Segment Performance - Revenue from chicken sales decreased by 16.48% to 1.01 billion yuan, while revenue from pig sales increased by 128.73% to 204 million yuan [3][6]. - The decline in chicken prices significantly impacted the core business, revealing the company's vulnerability to market cycles [3][6]. Investment Projects - Several investment projects did not meet expectations, including the termination of the 3,600-head breeding sow project and delays in the completion of other projects, which contributed to the company's weak performance [6][8]. - The company acknowledged that the low prices of chicken seedlings during the reporting period hindered expected benefits from its investment projects [6][8]. Industry Context - The poultry industry is experiencing a downturn, with many companies facing similar challenges. In contrast, some companies in the deep processing sector are seeing significant growth [11][12]. - The average market price for white feather broilers is estimated to have dropped by 6.96% year-on-year, reflecting an oversupply situation in the market [13][15]. - The overall market conditions have led to increased inventory levels and cautious purchasing behavior among traders, further pressuring prices [15][17]. Financial Health - The company's gross profit margin has fallen to 12.14%, nearly halving year-on-year, while the cost of sales has risen to 87.86%, marking one of the highest levels in three years [17]. - Accounts receivable increased by 27.41%, and cash flow has been declining for a consecutive year, indicating tightening liquidity [17]. - Short-term borrowings reached a historical peak of 2.199 billion yuan, with long-term borrowings at 107 million yuan [17].

关于控股股东部分股份质押的公告 证券代码：002458 证券简称：益生股份 公告编号：2025-066 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 了股份质押业务，具体事项如下: 一、控股股东股份质押情况 | 股东 | 是否为控股 股东或第一 大股东及其 | 本次质押 数量 | 占其所 持股份 | 占公司 总股本 | 是否 为限 | 是否为 补充质 | 质押 起始日 | 质押 到期日 | 质权人 | 质押 用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 一致行动人 | （股） | 比例 | 比例 | 售股 | 押 | | | | | | 曹积 生 | 是 | 10,800,000 | 2.39% | 0.98% | 否 | 否 | 2025 年 7 月 31 日 | ...

Core Viewpoint - The company reported a significant decline in net profit for 1H25, aligning with market expectations, primarily due to low prices for chicken and chick sales [1] Financial Performance - 1H25 revenue was 1.32 billion yuan, with a net profit of 6 million yuan, representing year-on-year changes of -4.0% and -96.6% respectively [1] - In 2Q25, revenue reached 698 million yuan, with a net profit of 1.9 million yuan, showing year-on-year changes of +1.4% and -73.8% respectively [1] Sales and Pricing Trends - The company sold 320 million white feather broiler chicks in 1H25, a year-on-year increase of 15.7%, but revenue decreased by 18.6% to 850 million yuan due to a 29.8% drop in average price to 2.7 yuan per chick [2] - Sales of "Yisheng 909" chicks were 46 million, with revenue of 43 million yuan, reflecting a year-on-year decrease of 25.3% [2] - The company sold 38,000 breeding pigs, a significant increase of 354.9%, with revenue of 90 million yuan, up 296.5% [2] Profitability Analysis - The gross margin for 1H25 was 11.8%, down 15.4 percentage points year-on-year, primarily due to falling chick prices [3] - The expense ratios for sales, management, and financial costs were 1.4%, 9.3%, and 0.6% respectively, with changes in financial costs attributed to increased interest income [3] - The net profit margin decreased by 12.8 percentage points to 0.5% [3] Future Outlook - Chick prices remain under pressure, with a reported price of 1.93 yuan per chick as of July 25, down 37% year-on-year [3] - The company is expanding breeding capacity and product sales, including "Yisheng 909" and breeding pigs, while also implementing an employee stock ownership plan to strengthen long-term development [3] Earnings Forecast and Valuation - The net profit forecast for 2025 has been reduced by 37% to 295 million yuan, while the 2026 forecast remains at 620 million yuan [4] - The current stock price corresponds to P/E ratios of 33 and 16 for 2025 and 2026, respectively, with a target price of 10.0 yuan indicating a 13% upside potential [4]