Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [6] Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry achieved total revenue of 12,460.8 billion in 2024, a year-on-year decrease of 1.6%, but net profit attributable to shareholders was 483.8 billion, marking a return to profitability [14] - In Q1 2025, the industry reported total revenue of 2,917.0 billion, a year-on-year increase of 8.1%, with net profit of 134.0 billion, also returning to profitability [17] - The improvement in profitability is primarily attributed to the recovery in pig prices and a decrease in breeding costs [14][17] Summary by Sections Overall Industry Performance - In 2024, the SW agriculture, forestry, animal husbandry, and fishery industry saw a total revenue of 12,460.8 billion, down 1.6% year-on-year, while net profit was 483.8 billion, indicating a return to profitability [14] - The first quarter of 2025 showed a total revenue of 2,917.0 billion, up 8.1% year-on-year, with net profit reaching 134.0 billion, also indicating a return to profitability [17] Subsector Performance Swine Breeding Sector - In 2024, the SW swine breeding sector achieved total revenue of 3,880.1 billion, a year-on-year increase of 2.5%, with net profit of 306.8 billion, marking a return to profitability [19] - Q1 2025 saw total revenue of 961.8 billion, a 20.0% year-on-year increase, with net profit of 76.2 billion, also returning to profitability [22] - The recovery in profitability is driven by higher average pig prices and lower breeding costs [20][28] Poultry Breeding Sector - The SW poultry breeding sector reported total revenue of 729.1 billion in 2024, a year-on-year increase of 1.9%, with net profit soaring to 29.5 billion, a 2095% increase [30] - In Q1 2025, total revenue was 160.1 billion, up 1.1% year-on-year, with net profit of 3.8 billion, a 155.4% increase [31] - The growth in revenue and net profit is attributed to increased sales volume and reduced raw material costs [33] Feed Sector - The SW feed sector achieved total revenue of 2,624.3 billion in 2024, down 8.3%, but net profit was 79.2 billion, returning to profitability [40] - In Q1 2025, total revenue was 610.8 billion, a 10.6% increase year-on-year, with net profit of 21.4 billion, a 675.8% increase [41] - The significant increase in net profit is due to improved gross margins and reduced expense ratios [41][47] Animal Health Sector - The SW animal health sector reported total revenue of 180.3 billion in 2024, a 6.5% increase, but net profit fell to 6.3 billion, a 61% decrease [49] - In Q1 2025, total revenue was 46.7 billion, a 23.9% increase, with net profit of 5.1 billion, a 32.8% increase [50] - The recovery in Q1 2025 is attributed to increased sales and reduced expense ratios [52] Planting Sector - The SW planting sector achieved total revenue of 1,039.7 billion in 2024, a 10.3% increase, but net profit fell to 19.4 billion, a 45.8% decrease [59] - In Q1 2025, total revenue was 218.6 billion, a 14.4% increase, with net profit of 8.0 billion, a 12.2% decrease [62] - The decline in net profit is primarily due to lower gross margins and decreased non-operating income [62]

关于调整回购股份价格上限的公告 证券代码：002458 证券简称：益生股份 公告编号：2025-042 山东益生种畜禽股份有限公司 关于 2024 年度权益分派实施后调整回购 股份价格上限的公告 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。 重要内容提示： 1、调整前回购股份价格上限：不超过人民币 11.90 元/股（含）。 2、调整后回购股份价格上限：不超过人民币 11.80 元/股（含）。 3、回购股份价格上限调整生效日期：2025 年 05 月 15 日（2024 年度权益分派的除权除息日）。 一、回购股份基本情况 山东益生种畜禽股份有限公司（以下简称"公司"） 于 2024 年 11 月 01 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》。公司拟使用银行专项 贷款资金及自有资金以集中竞价交易方式回购公司部分人民币普通 股（A 股）股票，用于后期实施员工持股计划。本次回购股份的资金 总额为不低于人民币 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 12.0 ...

权益分派实施公告 证券代码：002458 证券简称：益生股份 公告编号：2025-041 山东益生种畜禽股份有限公司 2024 年度权益分派实施公告 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。 特别提示： 一、股东大会审议通过权益分派方案情况 1、公司 2025 年 04 月 21 日召开 2024 年度股东大会，审议通过 了《2024 年度利润分配预案》。公司 2024 年度权益分派方案为：以实 施权益分派股权登记日的公司总股本扣除公司回购专用证券账户中 1、山东益生种畜禽股份有限公司（以下简称"公司"）2024 年度 权益分派方案为：以实施权益分派股权登记日的公司总股本 1,106,412,915股扣除已回购股份18,986,900 股后的1,087,426,015 股为基数，向全体股东每 10 股派发现金红利人民币 1.00 元（含税）， 共派发人民币 108,742,601.50 元，不送股且不进行资本公积金转增 股本。 2、根据《公司法》《上市公司股份回购规则》等有关规定，公司 通过回购专用证券账户持有的本公司股份不享有参与本次利润分配 的权利，本 ...

关于回购股份进展情况的公告 因公司实施 2024 年前三季度权益分派，本次回购股份的价格上 限由不超过人民币 12.00 元/股（含）调整为不超过人民币 11.90 元 /股（含），具体内容详见 2025 年 01 月 04 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 2024 年前三季度权益分派实施后调 整回购股份价格上限的公告》（公告编号：2025-003）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律 监管指引第 9 号——回购股份》等有关规定，在回购股份期间，公司 证券代码：002458 证券简称：益生股份 公告编号：2025-040 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 01 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 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [2] Core Insights - The agricultural industry achieved a revenue of CNY 11,498.20 billion in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to CNY 466.39 billion, an increase of 806.55% [6][17] - In Q1 2025, the industry reported a revenue of CNY 2,706.77 billion, a year-on-year growth of 6.79%, with a net profit of CNY 133.13 billion, up 795.07% [6][17] - The overall profitability of the industry improved significantly in Q1 2025, with gross profit margin at 12.91%, net profit margin at 5.16%, and return on equity (ROE) at 2.57%, all showing year-on-year increases [21][30] Summary by Sections Overall Industry Performance - In 2024, the agricultural industry saw a slight decline in revenue but a substantial increase in net profit, indicating improved profitability despite lower sales [17] - The profitability metrics for Q1 2025 showed significant improvements compared to the previous year, with a notable decrease in the expense ratio [21] Sub-industry Analysis - The livestock sector experienced a remarkable increase in net profit, with pig farming turning profitable in 2024 and continuing strong performance into 2025 [6][29] - The poultry farming sector also showed strong growth, with net profit increasing significantly due to reduced feed costs and improved efficiency [43][44] - The pet food sector maintained high growth rates, with revenues and profits continuing to rise [6][25] Livestock Farming - In 2024, pig farming companies generated CNY 4,370.03 billion in revenue, a slight decline, but net profit surged to CNY 320.13 billion, reflecting a recovery in profitability [29] - In Q1 2025, revenues for pig farming increased by 18.69% year-on-year, with net profit rising by 236.12% [29][30] Poultry Farming - Poultry farming companies achieved a revenue of CNY 520.71 billion in 2024, with a net profit of CNY 28.49 billion, marking a significant increase [43] - In Q1 2025, revenue continued to grow, reaching CNY 118.71 billion, with net profit increasing to CNY 4.51 billion [43][44] Feed Industry - The feed industry reported a revenue of CNY 1,863.30 billion in 2024, with a net profit of CNY 52.48 billion, showing a significant recovery in profitability [58] - In Q1 2025, revenues rose to CNY 428.66 billion, with net profit increasing to CNY 15.26 billion [58][61] Animal Health - The animal health sector saw a revenue of CNY 129.02 billion in 2024, with a net profit of CNY 10.82 billion, despite a decline in profitability [66] - In Q1 2025, revenues increased to CNY 30.96 billion, with net profit rising to CNY 4.26 billion [66]

Industry Overview - The agricultural, forestry, animal husbandry, and fishery industry experienced a slight revenue decline in 2024, with total revenue of 1.24 trillion, down 4.06% year-on-year. However, net profit turned positive at 47.985 billion, indicating a significant improvement in profitability, particularly in the breeding sector [1][11] - In Q4 2024, the industry achieved revenue of 349.694 billion, up 0.98% year-on-year, and net profit of 16.209 billion, a substantial increase of 293.20% [1][11] - In Q1 2025, revenue reached 290.7 billion, up 4.44% year-on-year, with net profit of 13.335 billion, marking a turnaround from losses [1][11] Swine Breeding - The swine breeding sector saw a recovery in 2024, with revenue of 483.276 billion, down 2.98% year-on-year, and net profit of 33.142 billion, indicating a return to profitability [2][26] - In Q1 2025, revenue increased to 118.888 billion, up 17.32% year-on-year, with net profit of 8.151 billion, continuing the positive trend [2][26] - The sector is expected to maintain good profitability in the short term, driven by strong swine prices and improved breeding costs, while long-term trends may lead to capacity reduction and a new cycle of growth [2][26] Poultry Breeding - The poultry breeding sector achieved revenue of 72.908 billion in 2024, up 1.93% year-on-year, with net profit soaring to 2.949 billion, a remarkable increase of 2094.95% [3][10] - In Q1 2025, revenue was 16.011 billion, up 1.12% year-on-year, with net profit of 0.38 billion, up 155.38% [3][10] - The sector is closely linked to restaurant demand, and with improving downstream demand, poultry products are expected to benefit significantly [3][10] Seed Sector - The seed sector reported revenue of 24.664 billion in 2024, down 6.56%, but net profit turned positive at 0.454 billion [4][15] - In Q1 2025, revenue was 5.231 billion, up 4.79%, although net profit decreased by 31.87% [4][15] - The sector is expected to see improved demand due to ongoing agricultural revitalization efforts and increased grain yields [4][15]

Investment Rating - Maintain "Overweight" rating for the agriculture sector [4] Core Views - In Q1 2025, the SW Agriculture sector achieved a total profit of 13.51 billion yuan, a year-on-year increase of 1049%, with significant contributions from the breeding, feed, and agricultural product processing sectors, accounting for 59%, 16%, and 15% of profits respectively [10][11] - The breeding sector saw a profit of 8 billion yuan, a year-on-year increase of 254%, driven primarily by pig farming, which generated 7.615 billion yuan, up 242% year-on-year [10][11] - The feed and animal health sectors reported profits of 2.143 billion yuan and 512 million yuan, respectively, with year-on-year increases of 676% and 34% [10][11] - The planting sector experienced a profit of 800 million yuan, a decrease of 12% year-on-year, influenced by declining grain prices [10][11] Summary by Sections Breeding Sector - The average price of lean pigs was 14.69 yuan/kg, down 1.1% from the previous week, while the average wholesale price of pork was 20.59 yuan/kg, down 1.4% [12][13] - The profit from self-breeding pigs decreased to 85.05 yuan per head, while the profit from purchased piglets was 48.53 yuan per head [14][15] - The average price of broiler chickens was 7.48 yuan/kg, up 0.1% from the previous week, and the average price of chicken products remained stable at 8.9 yuan/kg [25][27] Feed and Animal Health - The feed sector's profit growth was supported by the performance of the breeding sector, with significant increases in profits from poultry and aquatic feeds [10][11] - The pet food segment also showed strong performance, achieving a profit of 330 million yuan, up 28% year-on-year [10] Planting Sector - The planting sector's profit decline was attributed to lower prices for corn and wheat, which fell by 11% and 14% year-on-year, respectively [10][11] - The approval of genetically modified varieties is expected to enhance the growth potential of industry companies [11] Market Trends - The agriculture sector underperformed the broader market by 0.1 percentage points, with a decline of 0.6% [8][9] - The feed sector saw a slight increase of 1.65% during the same period [9]

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, indicating challenges in the poultry and pig breeding sectors due to market conditions and external factors [1][2][3]. Revenue and Profit Summary - In Q1 2025, the company achieved revenue of 620 million yuan, a year-on-year decrease of 9.4% and a quarter-on-quarter decrease of 36.6% [1]. - The net profit attributable to shareholders was -10 million yuan, reflecting a year-on-year decline of 112.0% and a quarter-on-quarter decline of 106.5% [1]. Poultry Business Performance - The company sold a total of 150 million white feather broiler chicks in Q1 2025, a slight decrease of 0.4% quarter-on-quarter but an increase of 18.2% year-on-year [2]. - Revenue from chick sales was 410 million yuan, with a quarter-on-quarter increase of 45.0% but a year-on-year decrease of 25.8% [2]. - The average selling price of chicks was 2.6 yuan per chick, down 44.1% quarter-on-quarter and 37.1% year-on-year [2]. - The price pressure on parent and commercial chicks is expected to ease by Q4 2025, potentially benefiting the company [2]. Pig Breeding Business Performance - The company sold 14,099 breeding pigs in Q1 2025, a significant year-on-year increase of 344.1% [3]. - Revenue from pig sales reached 30.26 million yuan, reflecting a year-on-year increase of 216.9% [3]. - The gradual release of breeding pig capacity is contributing to the substantial growth in sales and revenue [3]. Strategic Investments - The company plans to invest 500 million yuan to build a breeding farm for 1 million sets of parent white feather broiler chickens and a feed factory in Shanxi Province [3]. - This investment aims to expand the breeding scale and improve the supply capacity of commercial white feather chicks [3]. Future Outlook - The company is expected to benefit from the recovery in the breeding industry, with projected net profits of 552 million yuan, 623 million yuan, and 670 million yuan for 2025 to 2027, respectively [3]. - The earnings per share (EPS) are forecasted to be 0.50, 0.56, and 0.61 yuan, with corresponding price-to-earnings (PE) ratios of 17, 15, and 14 times [3]. - As a leading enterprise in the breeding industry, the company is well-positioned to capitalize on the industry's upward trend due to shortages in breeding stock [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company experienced a decline in revenue and profit in Q1 2025 due to increased supply leading to lower chick prices, with revenue at 620 million yuan, down 9.4% year-on-year and 36.6% quarter-on-quarter, and a net profit of -10 million yuan, down 112.0% year-on-year and 106.5% quarter-on-quarter [1][2]. - The sales of white feather broiler chicks totaled 150 million, with a year-on-year increase of 18.2%, but the average selling price dropped significantly, impacting profitability [2]. - The company is expanding its breeding capacity with a planned investment of 500 million yuan to build a facility for 1 million sets of parent stock white feather broiler chickens [3]. - Future projections indicate a recovery in chick prices by Q4 2025 as supply decreases, with expected net profits of 552 million, 623 million, and 670 million yuan for 2025, 2026, and 2027 respectively [3][8]. Summary by Sections Financial Performance - Q1 2025 revenue was 620 million yuan, a decrease of 9.4% year-on-year and 36.6% quarter-on-quarter, with a net profit of -10 million yuan [1]. - The company sold 150 million white feather broiler chicks, with revenue from this segment at 410 million yuan, down 25.8% year-on-year [2]. - The average selling price for chicks was 2.6 yuan each, reflecting a significant decline of 44.1% quarter-on-quarter and 37.1% year-on-year [2]. Production and Investment - The company sold 14,099 breeding pigs in Q1 2025, marking a substantial increase of 344.1% year-on-year, with revenue from this segment at 30.26 million yuan [3]. - A strategic investment of 500 million yuan is planned to enhance the company's white feather broiler business, including the construction of breeding facilities and a feed factory [3]. Future Outlook - The company anticipates a gradual recovery in chick prices by late 2025, benefiting from a reduction in supply and a favorable market environment [2][3]. - Projected net profits for the years 2025 to 2027 are expected to grow, with earnings per share (EPS) forecasted at 0.50, 0.56, and 0.61 yuan respectively [3][8].

Core Viewpoint - The company reported a net profit of -0.13 million yuan for Q1 2025, which is in line with expectations, but shows significant declines in both revenue and profit compared to previous periods [1] Group 1: Financial Performance - Q1 2025 revenue was 623 million yuan, down 9.4% year-on-year and 36.6% quarter-on-quarter [1] - The company sold 150 million white feather broiler chicks in Q1 2025, with a price of 2.6 yuan per chick, reflecting a 44.8% decrease from the previous quarter and a 37.2% decrease year-on-year [2] - The gross profit margin for Q1 2025 decreased to 10.3%, down 22.5 percentage points quarter-on-quarter and 20.1 percentage points year-on-year [3] - The net profit margin for Q1 2025 was -2.1%, a decline of 22.8 percentage points quarter-on-quarter and 18.0 percentage points year-on-year [3] Group 2: Business Segments - The company’s main business of chick sales faced revenue decline due to low prices, but it is estimated to be at a break-even point under current conditions [2] - The company sold 14,100 breeding pigs in Q1 2025, with revenue of 30 million yuan, showing a significant year-on-year increase of 344.1% [2] - Other business segments, including probiotics, dairy products, and agricultural equipment, incurred a combined loss of approximately 8 million yuan in Q1 2025 [2] Group 3: Industry Trends - The poultry industry is expected to see a recovery in chick prices, with a potential tightening of supply in the second half of 2025 due to avian influenza impacts in New Zealand and the U.S. [4] - The company has increased its breeding stock imports and is expanding production capacity, which may lead to a recovery in chick sales [4] Group 4: Profit Forecast and Valuation - The current stock price corresponds to a P/E ratio of 20/15 for 2025/2026, with a downward revision of net profit forecasts by 24% and 12% for 2025 and 2026, respectively [5] - The target price has been adjusted down by 11% to 10 yuan, reflecting a potential upside of 21% based on revised P/E ratios [5]