Investment Rating - The industry investment rating is "Positive" (maintained) with a key recommendation for the "platform + ecosystem" service-oriented enterprise Dekang Agriculture and Animal Husbandry [3] Core Viewpoints - The report emphasizes the ongoing transformation of the pig industry policy, highlighting the importance of high-quality development and the need for cost control and capacity management [4][5][17] - The report suggests that the industry is entering a high-quality development phase, with expectations for improved profit margins and a focus on technology-driven and service-oriented companies [17] - The report identifies potential investment opportunities in leading companies such as Muyuan Foods and Wens Foodstuffs, as well as Dekang Agriculture and Animal Husbandry [17] Summary by Sections 1.1 Pig Industry - Recent pig prices are at 13.72 CNY/kg (down 0.02 CNY/kg MoM), with average slaughter weight slightly decreasing to 127.8 kg (down 0.18 kg MoM) [4][16] - The Ministry of Agriculture and Rural Affairs emphasizes reducing breeding stock and controlling new capacity, with a focus on improving the entire industry chain's competitiveness [5][16] - The report anticipates further policy measures to stabilize pig prices and control production capacity, recommending Dekang Agriculture and Animal Husbandry as a key player [17] 1.2 Poultry - The report notes a persistent contradiction of "high capacity, weak consumption" in the white feather chicken industry, with a focus on improving return on equity (ROE) [18] - Key recommendations include focusing on leading companies in the integrated supply chain and those with strong breeding capabilities [18] 1.3 Feed - The report highlights positive price trends in aquatic products, with significant year-on-year increases in various fish species [20] - It recommends Haida Group due to its improved management effectiveness and capacity utilization, expecting it to exceed growth expectations [20] 1.4 Pet Industry - Online sales growth in the pet industry has slightly slowed, with notable performance from brands like Guibao and Zhongchong [21][22] - The report suggests that long-term impacts from tariff uncertainties are limited, with leading companies expected to maintain high growth rates [22] 1.5 Agricultural Products - The report discusses uncertainties in soybean imports and the rising prices of natural rubber, with a focus on macroeconomic conditions affecting the agricultural sector [23] 2. Market and Price Situation - The report notes that the agricultural index rose by 2.52% during the week, with the pet food sector performing the best at +5.41% [24]

Group 1 - The A-share market for chicken industry stocks experienced a significant rally, with companies like Xiaoming Co. rising nearly 14%, Minhe Co. up over 8%, and Yisheng Co. increasing by nearly 6% [1] - The price of white feather chicken has seen extreme fluctuations, dropping below 3 yuan per jin in early July, leading to deep losses in the industry. To mitigate excess supply, some breeding farms have resorted to extreme measures such as culling breeding chickens [1] - By August, the price of毛鸡 surged to a peak of 3.7 yuan per jin, while chick prices skyrocketed from 1.5 yuan per chick to 4.2 yuan per chick, marking an increase of 180%. The demand for chicks remains high despite the price surge [1] - Since July, domestic chick prices have entered a rising trend, with a staggering increase of 300% in Shandong, a major meat chicken production province, over just a month [1]

Core Viewpoint - The poultry industry, particularly the white feather chicken sector, has experienced a rapid price increase in chick and broiler chicken markets, transitioning from a period of low prices and overcapacity to a situation of supply shortages and rising prices [1][4][6]. Price Trends - The price of commodity chick has surged from 1.5 yuan per chick in early July to 4.2 yuan per chick by August 11, marking a 180% increase [2][4]. - Broiler chicken prices in Shandong dropped to 3 yuan per pound in early July but have since risen to 3.55 yuan, with some slaughterhouses paying as much as 3.7 yuan per pound [2][4]. Supply and Demand Dynamics - The poultry industry has seen a significant shift in supply dynamics due to previous overproduction and recent weather changes, leading to increased demand for chicks as temperatures cool and schools prepare for the new term [4][5]. - The supply of commodity chicks decreased by 0.95% in July, with expectations of a further decline in August [5]. Profitability Across the Supply Chain - As of August 5, profitability across the poultry supply chain is positive, with theoretical profits of 0.50-0.80 yuan per chick at the breeding level, 1.73 yuan per commodity chicken, and 0.36 yuan per chicken at the slaughtering level [3]. Market Influences - The increase in prices is attributed to reduced imports of chicken meat due to avian influenza and trade tensions, alongside a decrease in domestic production capacity [4][6]. - The overall inventory of chicken products has decreased significantly, with slaughterhouse stocks dropping from high levels in mid-July to lower levels currently [3]. Future Outlook - Despite the current price increases, there are concerns about long-term sustainability due to potential overcapacity and weak terminal demand, which may pressure prices downward in the future [6].

Sales Performance Summary - In July 2025, the company sold 56.96 million white feather broiler chicks, generating sales revenue of 100.56 million yuan, representing a year-on-year change of -46.39% in revenue and a decrease of 6.18% in sales volume [2] - The sales of the company's 909 small white feather broiler chicks amounted to 5.12 million, with sales revenue of 5.06 million yuan, showing a year-on-year decline of 34.02% in revenue and a decrease of 26.69% in sales volume [2] - The company sold 8,171 breeding pigs in July 2025, with sales revenue of 19.48 million yuan, reflecting a significant year-on-year increase of 1,680.16% in revenue [2] Reasons for Sales Changes - The decrease in sales revenue for white feather broiler chicks in July 2025 is attributed to a lower selling price compared to the previous year [2] - The industry has seen early culling of parent stock due to low prices for white feather broiler chicks, but there has been a recent increase in the price of live chickens since late July 2025 [3] - Following the end of high-temperature weather, there has been an increase in the enthusiasm for restocking among farms, leading to a surge in demand for chick sales, which has resulted in a rapid increase in the selling price of white feather broiler chicks [3]

Group 1 - The company announced the sales quantity of broiler chicks for July 2025 to be 56.9624 million, with a sales revenue of 100.5635 million yuan [1] - Year-on-year changes in sales quantity and revenue are 7.51% and -46.39% respectively [1] - Quarter-on-quarter changes in sales quantity and revenue are -6.18% and -22.32% respectively [1]

Summary of Key Points Core Viewpoint - Yisheng Co., Ltd. (益生股份) reported its sales performance for July 2025, indicating a mixed performance in the sales of broiler chicks and breeding pigs, with significant year-on-year and month-on-month fluctuations in revenue and sales volume [1]. Sales Performance of Broiler Chicks - In July 2025, the company sold 56.9624 million white feather broiler chicks, generating sales revenue of 101 million yuan, with year-on-year changes of 7.51% in sales volume and a decline of 46.39% in revenue, while month-on-month changes showed a decrease of 6.18% in sales volume and 22.32% in revenue [1]. - The sales of Yisheng 909 small white feather broiler chicks amounted to 5.1190 million, with sales revenue of 5.0579 million yuan, reflecting year-on-year declines of 17.82% in sales volume and 34.02% in revenue, and month-on-month changes of -26.69% in sales volume and a slight increase of 1.00% in revenue [1]. Sales Performance of Breeding Pigs - The company sold 8,171 breeding pigs in July 2025, achieving sales revenue of 19.478 million yuan, with remarkable year-on-year increases of 1,382.94% in sales volume and 1,680.16% in revenue, while month-on-month changes indicated a decrease of 19.30% in sales volume and 21.89% in revenue [1].

Core Insights - Yisheng's sales volume of broiler chicks reached 56.96 million with revenue of 101 million yuan in July 2025, showing a year-on-year change of 7.51% in volume but a significant decline of 46.39% in revenue [1] - The sales volume of Yisheng 909 small broiler chicks was 5.12 million with revenue of 5.06 million yuan, reflecting a year-on-year decrease of 17.82% in volume and 34.02% in revenue [1] - The company sold 8,171 breeding pigs in July 2025, generating revenue of 19.48 million yuan, with a remarkable year-on-year increase of 1,382.94% in volume and 1,680.16% in revenue [1] Sales Performance - The sales volume of broiler chicks decreased by 6.18% month-on-month, while revenue fell by 22.32% [1] - The sales volume of Yisheng 909 small broiler chicks experienced a month-on-month decline of 26.69%, but revenue increased by 1.00% [1] - Breeding pig sales saw a month-on-month decline of 19.30% in volume and 21.89% in revenue [1]

销售情况简报 证券代码：002458 证券简称：益生股份 公告编号：2025-070 山东益生种畜禽股份有限公司 2025 年 7 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。 1、鸡苗销售情况 一、2025年7月销售情况 山东益生种畜禽股份有限公司（以下简称"公司"）2025 年 7 月 白羽肉鸡苗销售数量 5,696.24 万只，销售收入 10,056.35 万元，同 比变动分别为 7.51%、-46.39%，环比变动分别为-6.18%、-22.32%。 益生909小型白羽肉鸡苗销售数量511.90万只，销售收入505.79 万元，同比变动分别为-17.82%、-34.02%,环比变动分别为-26.69%、 1.00%。 2、种猪销售情况 公司2025年7月种猪销售数量8,171头，销售收入1,947.80万元， 同比变动分别为1,382.94%、1,680.16%，环比变动分别为-19.30%、- 21.89%。 上述财务数据均未经审计，可能与公司定期报告披露的数据存在 一定差异，仅作为阶段性财务数据供投资者参考。 二、原因说明 ...

关于控股股东部分股份解除质押的公告 证券代码：002458 证券简称：益生股份 公告编号：2025-069 山东益生种畜禽股份有限公司 关于控股股东部分股份解除质押的公告 | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 情况 | | 情况 | | | 股东 | 持股数量 | 持股 | 累计被质押 股份数量 | 占其 所持 | 占公 司总 | 已质押 | 占已 | | | | 名称 | （股） | 比例 | （股） | 股份 | 股本 | 股份限 | 质押 | 未质押股份限 | 占未质 | | | | | | 比例 | 比例 | 售和冻 | 股份 | 售和冻结数量 | 押股份 | | | | | | | | 结数量 | 比例 | （股） | 比例 | | | | | | | | （股） | | | | 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"） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The decline in chick prices has negatively impacted profitability, while the sales of breeding pigs are entering a release phase [2] - In the first half of 2025, the company achieved revenue of 1.32 billion yuan, a year-on-year decrease of 4.0%, and a net profit attributable to the parent company of 6.155 million yuan, down 96.6% year-on-year [4][5] - The company has seen a 15.7% year-on-year increase in the sales volume of white feather broiler chicks, but the price drop has affected profitability [4][5] Financial Performance Summary - In 1H2025, the company's revenue from broiler chicken business was 1.006 billion yuan, a decrease of 16.5% year-on-year, with a gross profit of 98 million yuan, down 72.8% [5] - The sales volume of breeding pigs reached 38,000 heads in 1H2025, a year-on-year increase of 355%, with revenue from the pig business at 204 million yuan, up 128.7% [5] - The company expects to achieve main business revenues of 3.384 billion yuan, 4.010 billion yuan, and 5.005 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 141 million yuan, 450 million yuan, and 469 million yuan [7][10] Sales and Production Insights - The company introduced 230,000 sets of Hubbard breeding chickens in 2024, a year-on-year increase of approximately 44%, laying a solid foundation for growth in parent and commercial chick sales in 2025 [5] - The sales price for white feather parent chicks in 1H2025 was approximately 30 yuan per set, while the price for commercial chicks ranged from 2.3 to 2.4 yuan per chick [5] - The company anticipates steady growth in the sales volume of its 909 small white feather broiler chicks in 2025 [5] Future Projections - The company projects parent chick sales of 12 million sets, 12 million sets, and 13 million sets for 2025, 2026, and 2027 respectively, with commercial chick sales of 665 million, 632 million, and 664 million [7] - The expected compound annual growth rate for breeding pig sales from 2024 to 2027 is 145.5%, with a projected sales volume of 100,000 heads, 150,000 heads, and 200,000 heads for the respective years [7]