山东益生种畜禽股份有限公司 2025 年年度报告全文 山东益生种畜禽股份有限公司 2025 年年度报告 【2026 年 3 月】 1 山东益生种畜禽股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人曹积生、主管会计工作负责人林杰及会计机构负责人（会计主 管人员）陈小军声明：保证本年度报告中财务报告的真实、准确、完整。所有 董事均已出席了审议本报告的董事会会议。 本年度报告涉及的未来规划、发展战略等前瞻性陈述，不构成对投资者的 实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》 中畜禽水产养殖业的披露要求 公司经营中可能存在的主要风险 一、依赖国外供应商及其育种技术的风险 目前世界范围内的原种鸡种源主要控制于国外少数几家育种公司手中， 因此公司在祖代肉种鸡引种等方面对国外供应商存在一定的依赖。一旦上述供 ...

关于 2025 年度利润分配和资本公积金转增股本方案的公告 证券代码：002458 证券简称：益生股份 公告编号：2026-026 山东益生种畜禽股份有限公司 关于 2025 年度利润分配和资本公积金转增 股本方案的公告 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、审议程序 山东益生种畜禽股份有限公司（以下简称"公司"）于 2026 年 3 月 24 日召开第七届董事会第四次会议，会议以 7 票同意、0 票 反对、0 票弃权的表决结果审议通过了《关于 2025 年度利润分配和 资本公积金转增股本方案的议案》。本议案尚需提交 2025 年度股 东会审议。 二、利润分配和资本公积金转增股本方案的基本情况 1.分配基准：2025 年度。 2.根据和信会计师事务所（特殊普通合伙）出具的标准无保留 意见审计报告，公司 2025 年度实现归属于上市公司股东的净利润 165,420,013.21 元，提取法定盈余公积 10,671,188.04 元，提取任 意公积金 0 元，弥补亏损 0 元，截至 2025 年 12 月 31 日，公司合 并财务报表中可供分配的利润为 ...

Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [7] Core Views - The report highlights that the price of agricultural products may continue to rise, coupled with policy guidance that is expected to lead to a reduction in pig production capacity [1][2] - In the pig farming sector, strict policy controls combined with farming losses are prompting attention to the progress of breeding sows' reduction [22][23] - The poultry farming sector shows a mixed trend for white feather broilers, with fluctuating prices for live chickens [31] - The planting sector is optimistic about the trend of rising agricultural product prices due to the transmission of energy prices [4] Summary by Sections 1. Industry Overview - The agricultural sector increased by 1.01% this week, ranking 17th among the primary industries [15] - The livestock, feed, veterinary, agricultural processing, fishery, and planting sectors all experienced slight declines [18] 2. Industry Data Tracking 2.1 Pig Farming - The average price of live pigs is 10.06 yuan/kg, down 1.18% week-on-week and 2.40% over two weeks; the price of piglets is 379 yuan/head, down 10.19% week-on-week [21][22] - The average daily slaughter volume of pigs is 173,000 heads, with a week-on-week change of 23.74% [22] 2.2 Poultry Farming - The average price of white feather broilers is 7.33 yuan/kg, up 1.66% week-on-week; the price of meat chicken chicks is 3.20 yuan/chick, up 9.59% week-on-week [31] 2.3 Planting Sector - The average price of corn is 2453.27 yuan/ton, up 0.54% week-on-week; the average price of domestic wheat is 2595.63 yuan/ton, up 1.34% week-on-week; the average price of domestic soybeans is 4277.37 yuan/ton, unchanged [43][45] 2.4 Aquaculture Sector - The average price of carp is 20.00 yuan/kg, unchanged; the average price of crucian carp is 30.00 yuan/kg, unchanged; the average price of bass is 44.00 yuan/kg, down 4.26% [47]

Investment Rating - The report suggests a neutral investment rating for the agricultural sector, indicating that the expected changes in the industry will be relatively stable compared to the broader market [70]. Core Insights - The agricultural sector index has underperformed compared to the Shanghai Composite Index, with a weekly decline of 4.50% [13]. - The report highlights ongoing pressures in the pig farming industry, with prices expected to continue declining due to supply-side pressures and a potential increase in slaughter volumes [3][21]. - In poultry farming, while white feather chicken prices remain under pressure, yellow feather chicken prices have shown resilience due to improved downstream demand [4][35]. - The beef market is anticipated to see price increases as it enters the consumption peak season, while dairy cow inventories are decreasing, indicating a potential recovery in milk prices [5][39][42]. - The planting sector is experiencing tight supply and demand dynamics, with corn prices showing slight upward movement amid external uncertainties [6][45][46]. - Feed prices have stabilized, and the aquaculture sector is showing signs of improvement in pricing [56]. Summary by Sections 1. Market Review - The agricultural index closed at 2928.56 points, down 4.50% week-on-week, underperforming the Shanghai Composite Index [13][14]. 2. Key Data Tracking 2.1 Pig Farming - The average price of live pigs is 9.90 yuan/kg, with a weekly decline of 1.79%. The average weight of pigs at slaughter is 128.62 kg, indicating a slight increase [21][22]. - The report anticipates further price declines in the short term due to supply pressures and ongoing losses in the sector [3][22]. 2.2 Poultry Farming - The average price for white feather chickens is 7.33 yuan/kg, showing a weekly increase of 1.66%. The profitability of parent stock and broiler chickens has improved slightly [34][35]. 2.3 Livestock - Live cattle prices in Shandong are 27.03 yuan/kg, with a year-on-year increase of 13.86%. The report expects beef prices to rise as the consumption season approaches [5][40][42]. 2.4 Planting Industry - Domestic corn prices are 2332.86 yuan/ton, with a slight increase of 0.18% week-on-week. The report notes potential improvements in the planting sector if there are significant reductions in grain production [6][45][46]. 2.5 Feed & Aquaculture - Feed prices for fattening pigs are 3.36 yuan/kg, showing a weekly increase of 0.30%. Aquaculture prices for various species have remained stable [56].

Investment Rating - The report assigns an "Accumulate" rating to the company [4] Core Insights - The company is a leading player in the white feather broiler industry, focusing on high-generation livestock and poultry breeding as its core competitive advantage [12][36] - The supply of breeding chickens is currently restricted due to outbreaks of avian influenza in France, leading to an upward trend in chick prices [3][21] - The company plans to expand its parent stock breeding capacity by investing in a new facility in Shanxi Province, which will enhance its supply capabilities for broiler chicks [8][37] Summary by Relevant Sections Company Overview - The company specializes in the introduction and breeding of grandparent stock chickens, production and sales of parent stock chicks, and the breeding and sales of commercial broiler chicks [2][12] - From 2010 to 2024, the company's total revenue increased from 459 million to 3.136 billion, with a CAGR of 15% [2][16] Market Conditions - The outbreak of avian influenza in major chicken breeding areas has led to a pause in the introduction of grandparent stock chickens, affecting supply dynamics [3][25] - The reduction in grandparent stock will impact parent stock supply in approximately 7 months, leading to tighter supply and rising prices for parent stock chicks [3][27] Financial Performance - The company expects a significant decline in net profit for 2025, projecting a range of 165 million to 190 million, a year-on-year decrease of 62.29% to 70.23% due to low prices for chicken and chicks [2][16] - Revenue forecasts for 2025-2027 are estimated at 26.50 billion, 35.32 billion, and 40.63 billion respectively, with net profits of 1.65 billion, 10.24 billion, and 12.16 billion [8][47] Business Expansion - The company is expanding its parent stock breeding operations and has plans to construct a new breeding facility to increase its production capacity [8][37] - The sales volume of breeding pigs is expected to grow significantly, with plans to sell 150,000 pigs in 2026, up from nearly 100,000 in 2025 [40][45]

Investment Rating - The report assigns an "Accumulate" rating to the company [4]. Core Insights - The company is a leading player in the white feather broiler chicken industry, focusing on high-generation livestock and poultry breeding as its core competitive advantage [12][39]. - The supply of grandparent broiler chickens is currently restricted due to outbreaks of avian influenza in France, leading to a pause in imports, which is expected to tighten the supply of parent broiler chicks and drive prices upward [3][8]. - The company plans to expand its parent broiler chicken breeding capacity by investing in a new facility in Shanxi Province, which will enhance its ability to supply commercial broiler chicks [8][40]. Summary by Sections Company Overview - The company specializes in the introduction and breeding of grandparent and parent broiler chickens, production and sales of commercial broiler chicks, and breeding and sales of pigs and dairy products [2][12]. - From 2010 to 2024, the company's total revenue grew from 459 million to 3.136 billion, with a CAGR of 15% [2][16]. Market Dynamics - The outbreak of avian influenza in key regions has led to a significant reduction in the supply of grandparent broiler chickens, which will impact the supply of parent and commercial broiler chicks in the following months [3][22]. - The company’s sales of commercial broiler chicks are expected to increase, but the average selling price has seen a significant decline due to low market prices for chicken and live chickens [16][49]. Financial Projections - The company forecasts revenues of 2.65 billion, 3.53 billion, and 4.06 billion for 2025, 2026, and 2027 respectively, with net profits expected to be 165 million, 1.024 billion, and 1.216 billion [8][52]. - The earnings per share (EPS) are projected to be 0.15, 0.93, and 1.10 for the same years, with corresponding price-to-earnings (PE) ratios of 64, 10, and 9 [8][52]. Business Expansion - The company is expanding its parent broiler chicken breeding operations and has plans to construct a new facility to increase its production capacity [8][40]. - The sales of pigs are also expected to grow significantly, with plans to sell 150,000 pigs in 2026, up from nearly 100,000 in 2025 [44][49].

Investment Rating - The report maintains an "Overweight" rating for the agriculture sector, indicating a positive outlook compared to the benchmark index [43]. Core Insights - The report highlights that the international regional conflicts are driving an upward trend in agricultural product prices, particularly affecting planting costs due to disruptions in fertilizer supply [3]. - In the livestock sector, pig prices are at a low point, with a current price around 10 CNY/kg, and the supply pressure is greater than the recovery in demand [4]. - The pet industry is expected to grow, supported by large domestic exhibitions and increasing revenue growth from local brands [2]. Summary by Sections Planting - The Middle East conflicts are causing global agricultural supply and demand fluctuations, with significant impacts on fertilizer supply and increased planting costs. Recent price increases include corn at 2,447 CNY/ton (up 1.2%), wheat at 2,578 CNY/ton (up 1.4%), and soybean meal at 3,439 CNY/ton (up 8%). The report remains optimistic about the agricultural price boom benefiting planting companies and recommends leading corn seed company Kangnong Seed [3]. Livestock - Pig prices continue to decline, currently around 10.2 CNY/kg, with increasing average weights at slaughter. The demand recovery is insufficient to counterbalance supply pressures, leading to continued price pressure. The report notes that while piglet sales are still profitable, prices are gradually decreasing, and the expectation of capacity reduction will persist [4]. Pet Industry - The report notes the successful launch of major pet exhibitions, such as the Shenzhen Pet Expo, which featured 10,000 brands. The growth of domestic pet brands is a key indicator of investment value in this sector [5]. Key Company Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff, and New Hope. For the agricultural product chain, recommended stocks include Morning Light Bio, Noposion, and Kangnong Seed. In the pet sector, recommended stocks include Guobao Pet and Petty Holdings [5][37].

股东会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2026-020 山东益生种畜禽股份有限公司 2026 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会未出现否决提案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况： （一）会议召开情况 1.会议召开时间： 现场会议时间：2026 年 3 月 12 日 14：30。 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为：2026 年 3 月 12 日 9:15—9:25、9:30-11:30，13:00-15:00； （2）通过深圳证券交易所互联网投票系统进行网络投票的时间为：2026 年 3 月 12 日 9:15-15:00 期间的任意时间。 2.现场会议召开地点：山东省烟台市福山区益生路 1 号，山东益生种畜禽股份有 限公司会议室。 3.会议召开方式：现场投票与网络投票相结合的方式。 4.会议召集人：董事会。 5.会议主持人：董事长曹积生先生。 1.出席的总体情况： 出席本次股东会 ...

北京金诚同达律师事务所 关于 山东益生种畜禽股份有限公司 2026 年第二次临时股东会的 法律意见书 北京金诚同达律师事务所 关于山东益生种畜禽股份有限公司 2026 年第二次临时股东会的 法律意见书 金证法意[2026]字 0312 第 0121 号 致：山东益生种畜禽股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受山东益生种畜禽股份有 限公司（以下简称"益生股份"或"公司"）的聘请，指派本所律师出席公司 2026 年第二次临时股东会（以下简称"本次股东会"）并对会议的相关事项出具法律 意见书。 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 层 电话：010-5706 8585 传真：010-6518 5057 金诚同达律师事务所 法律意见书 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"）《律师 事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》 等有关法律、法规和规范性文件的要求以及《山东益生种畜禽股份有限公司章程》 （以下简称"《公司章程》"）的规定，对本次股东会 ...

Market Strategy - Market risk appetite has rebounded significantly, with a notable rebound in the technology innovation sector [5][8] - The overall A-share market saw a rise, with the Wind All A Index increasing by 1.58% to 6832.57 points, while the Shanghai Composite Index rose by 0.65% to 4123.14 points [8][9] - The technology innovation sector, represented by the STAR 50 Index, increased by 2.16%, indicating strong performance in growth-oriented stocks [8][9] Economic Indicators - In January-February, China's exports increased by 21.8% year-on-year, with a trade surplus of 213.6 billion USD [17][18] - The People's Bank of China conducted a 395 billion CNY reverse repurchase operation with a fixed interest rate of 1.40% [19][20] Industry Dynamics - China's rare earth exports reached 10,468.3 tons in January-February, a year-on-year increase of 23.0% [30][31] - The import volume of copper ore and its concentrates totaled 4.934 million tons in January-February, reflecting a year-on-year growth of 4.9% [32][33] - The total sales of two-wheeled electric vehicles in 2025 reached 63.7 million units, representing a year-on-year increase of 29.47% [44] Company Tracking - New城控股 issued 355 million USD in offshore bonds with an interest rate of 11.8%, aimed at repaying maturing debts [52][53] - 天赐材料 reported a net profit of 1.362 billion CNY for 2025, a year-on-year increase of 181.43%, driven by strong sales of lithium battery materials [55] - 益生股份 saw a 1.15% year-on-year increase in the sales of white feather broiler chicks in February, while the sales of breeding pigs declined by 12.44% [57] - 大北农 reported a 39.38% year-on-year increase in pig sales in February, with sales revenue reaching 475 million CNY [59] - 巨星农牧's pig sales in February increased by 24.06% year-on-year, generating sales revenue of 425 million CNY [61]