销售情况简报 证券代码：002458 证券简称：益生股份 公告编号：2025-018 山东益生种畜禽股份有限公司 2025 年 02 月份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02月份销售情况 销售情况简报 2、公司种猪产能逐步释放，故 2025 年 02 月公司种猪销售数量 和销售收入同比大幅增加；受春节假期影响，公司 2025 年 01 月部分 种猪订单推迟到 02 月发货，故公司种猪销售数量和销售收入环比大 幅增加。 三、风险提示 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 02 月 白羽肉鸡苗销售数量 5,230.88 万只，销售收入 12,357.13 万元，同 比变动分别为 20.11%、-40.30%，环比变动分别为-3.70%、-14.93%。 益生909小型白羽肉鸡苗销售数量877.20万只，销售收入866.76 万元，同比变动分别为16.78%、-18.50%,环比变动分别为16.73%、 3.38%。 2、种猪销售情况 公司2025年02月种猪销售数量5,69 ...

Investment Rating - The industry rating is "Outperform the Market" [61] Core Insights - The report indicates that the supply pressure in the pig farming sector is evident, with a slight increase in pig prices followed by a decline due to restored supply [2][9]. - The white feather broiler market is experiencing price increases, supported by improved slaughter profits and a successful import of breeding stock from France by Yisheng [3][31]. - The 2025 Central Document No. 1 emphasizes food security and technological innovation in agriculture, highlighting the importance of enhancing grain supply capabilities and promoting agricultural technology [39][41]. Summary by Sections Pig Farming - March pig slaughter is expected to increase month-on-month, but prices may remain weak due to supply pressures. As of March 7, the national average pig price was 14.45 CNY/kg, a decrease of 0.06 CNY/kg week-on-week [2][9]. - Slaughterhouse daily average slaughter volume increased to 140,700 heads, up 3.53% week-on-week, while frozen product inventory rates rose to 15.58%, an increase of 0.55 percentage points [10][24]. - The average weight of pigs at slaughter increased to 127.06 kg, up 0.54 kg week-on-week, indicating a trend of rising weights alongside increased slaughter rates [14][24]. White Feather Broilers - The price of white feather broilers has continued to rise, reaching 6.59 CNY/kg as of March 7, an increase of 0.49 CNY/kg week-on-week, driven by improved market conditions and slaughter profits [3][26]. - Yisheng has successfully imported breeding stock from France, which is expected to strengthen its supply chain amid tight supply conditions for parent stock due to previous import restrictions [31][31]. Seed Industry - The 2025 Central Document emphasizes food security, mentioning "grain" 15 times and outlining measures to enhance grain production and quality [39][41]. - The document introduces the concept of "new agricultural productivity," focusing on the application of technology in agriculture, including biotechnology and artificial intelligence [41][41]. - Investment opportunities are suggested in the areas of biological breeding and smart agriculture, with specific companies highlighted for potential growth [41][41].

Investment Rating - Industry rating: Outperform the market (maintained rating) [11] Core Insights - The pig sector shows slight inertia growth in breeding stock, highlighting the undervaluation and expectation gap in the sector [3][16] - The poultry sector emphasizes the fundamentals of white chickens and the marginal changes in breeding imports [17][18] - The feed sector recommends Hai Da Group due to its fundamental turning point and relatively low valuation [21] - The pet sector sees a rise in domestic brands and a positive trend in pet food exports [25][26] Summary by Sections Pig Sector - As of March 8, the national average pig price is 14.68 CNY/kg, remaining stable week-on-week, with a profit of approximately 154 CNY per head for self-breeding farms [1][15] - The supply side shows an average market weight of 127.06 kg for pigs, with a 4.23% share of pigs over 150 kg, indicating a potential seasonal decline in prices due to weak demand [2][15] - The sector is characterized by low valuations, with major companies like Muyuan and Wens below 2000 CNY per head, suggesting a historical low valuation [3][16] Poultry Sector - The white chicken sector faces uncertainty in breeding imports due to outbreaks of avian influenza, leading to a significant drop in domestic breeding stock [4][17] - Chicken prices have rebounded, with the average price for live chickens in Shandong at 3.30 CNY per bird, supported by positive restocking sentiment [4][18] - Investment recommendations include Shengnong Development and attention to Yisheng and Minhe [5][18] Feed Sector - Hai Da Group is recommended due to its market share increase and expected improvement in the aquaculture feed market after a prolonged downturn [21] - Prices for various aquatic products have shown significant increases, indicating a potential recovery in the aquaculture sector [21] Pet Sector - Domestic brands like Guibao Pet are expanding their market share through independent brand operations, targeting different price segments [25][26] - Pet food exports have seen a substantial increase, with a year-on-year growth of 26% in volume and 22% in value, reflecting a robust market [25][26] Agricultural Technology - The application of genetically modified technology is expected to accelerate, enhancing agricultural productivity and competitiveness among leading seed companies [23][24] - The low-altitude economy is projected to grow significantly, with policies supporting the development of smart agriculture and drone applications [23][24]

第六届董事会第二十六次会议 决议公告 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。 董事会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2025-017 山东益生种畜禽股份有限公司 为满足公司发展计划和战略实施的资金需要，公司及控股子公司 2025 年度计划向银行等金融机构申请合计总额不超过人民币 450,000.00 万元的综合授信额度。综合授信内容包括但不限于流动 资金贷款、各类商业票据开立及贴现、项目贷款、银行保函、保理、 银行承兑汇票、开立信用证等综合授信业务。上述综合授信额度的申 请期限为自董事会审议通过之日起 1 年，授信额度在授权期限内可循 董事会决议公告 环使用。公司授权董事长曹积生先生根据银行授信落实情况和公司资 金需要情况，在上述综合授信额度内具体办理贷款事宜，代表公司签 署上述授信额度内，与授信（包括但不限于授信、借款、担保、抵押、 融资等）相关的合同、协议、凭证等各项法律文件，并可根据融资成 本及各银行资信状况具体选择商业银行等金融机构。由此产生的法律、 经济责任全部由本公司承担。 三、备查文件 一、董事会会议召开情况 ...

证券代码：002458 证券简称：益生股份 公告编号：2025-016 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 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 05 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 ...

Financial Performance - Total revenue for 2024 was approximately CNY 3.14 billion, a decrease of 2.76% compared to the previous year[5] - Operating profit decreased by 7.05% to CNY 511.73 million, while total profit decreased by 6.17% to CNY 509.66 million[5] - Net profit attributable to shareholders was CNY 511.84 million, down 5.35% year-on-year[5] Asset and Equity Changes - The company's total assets increased by 14.49% to CNY 7.53 billion, and equity attributable to shareholders rose by 1.20% to CNY 4.47 billion[5] - The average return on equity decreased to 11.43% from 17.41% in the previous year, reflecting a decline of 5.98%[5] Operational Strategies - The company implemented cost control measures and improved production efficiency, contributing to stable operational performance despite a decline in sales volume of parent and commercial broiler chicks[6] Segment Performance - The price of parent broiler chicks remained high, but revenue and net profit from this segment decreased due to lower sales volume[6] - The commercial broiler chick prices increased year-on-year, leading to a slight decline in revenue but an increase in net profit for this segment[6] - The pig breeding business began to scale up, contributing to increased revenue from the pork segment[6] Earnings Forecast - The company did not provide prior earnings forecasts for 2024, indicating no discrepancies with previous estimates[7]

Summary of the Conference Call for Yisheng Co., Ltd. Company Overview - Yisheng Co., Ltd. is the largest white feather broiler breeding enterprise in China, established in 1989. The company primarily engages in the sales of parent stock and commercial broiler chicks, as well as pig breeding operations. It holds approximately one-third of the market share in the imported white feather broiler market in China [3][4]. Key Business Insights - The white feather broiler chick business is the main source of revenue and profit for Yisheng, contributing 80% to 93% of total revenue in the first half of 2024 [2][5]. - In the first half of 2024, the company achieved a gross profit of 380 million yuan, with the white feather chick business contributing 360 million yuan [5]. - The average price of parent stock chicks has been rising since May 2024, with a year-on-year increase of 57% in the fifth week of 2025 [3][7]. Market Dynamics - The price of broiler chicks is influenced by multiple factors, including the quantity of parent stock updates, overseas breeding imports, and downstream demand. The update quantity for parent stock is expected to reach 1.5 million sets in 2024, the highest since 2014 [6]. - The domestic white feather broiler output and apparent consumption have been steadily increasing, with slaughter demand rising while upstream supply growth remains relatively small, leading to profit concentration in the hatching segment [11]. Industry Challenges and Opportunities - High pathogenic avian influenza has hindered international breeding imports, which is expected to benefit the domestic white feather broiler industry chain prices in the medium to long term [12]. - The introduction of slow feather parent stock has resulted in higher egg production rates compared to fast feather parent stock, a trend expected to continue until mid-2025 [10]. Financial Projections - For 2025, Yisheng's parent stock chick sales are projected at 12 million sets, with expected sales prices of 40 yuan/set, increasing to 45 yuan/set in 2026. The commercial chick sales are anticipated to reach 650 million yuan in both 2025 and 2026 [18]. - The net profit for 2025 is estimated to be around 1.38 billion yuan, with a projection of 1.439 billion yuan for 2026 [19]. Pig Breeding Business - Yisheng has over 20 years of experience in pig breeding, with a significant increase in breeding stock sales from 2,000 heads in 2021 to 30,000 heads in 2024, and a planned total output of 150,000 heads in 2025 [16]. - The company plans to expand its market through direct sales and distribution channels, targeting large-scale breeding farms [16]. Conclusion - Yisheng Co., Ltd. is positioned for continued growth in the white feather broiler market, with strong revenue contributions from its chick sales and a growing pig breeding business. The company is expected to navigate industry challenges effectively while capitalizing on market opportunities.

益生909小型白羽肉鸡苗销售数量751.50万只，销售收入838.45万元，同比变动分别为2.09%、-7.64%,环 比变动分别为26.09%、10.99%。 e公司讯，益生股份(002458)2月10日晚间公告，公司2025年1月白羽肉鸡苗销售数量5432.00万只，销售 收入1.45亿元，同比变动分别为22.90%、-8.92%，环比变动分别为22.77%、-19.81%。 因公司种猪场扩繁需求，2025年1月公司部分种猪用于自养；另外，受春节假期影响公司2025年1月的部 分订单推迟到2025年2月发货，故公司种猪销售数量和销售收入同比、环比均减少。 公司2025年1月种猪销售数量975头，销售收入268.66万元，同比变动分别为-60.76%、-63.94%，环比变 动分别为-83.34%、-80.85%。 ...

销售情况简报 证券代码：002458 证券简称：益生股份 公告编号：2025-014 山东益生种畜禽股份有限公司 益生909小型白羽肉鸡苗销售数量751.50万只，销售收入838.45 万元，同比变动分别为2.09%、-7.64%,环比变动分别为26.09%、10.99%。 2、种猪销售情况 公司2025年01月种猪销售数量975头，销售收入268.66万元，同 比变动分别为-60.76%、-63.94%，环比变动分别为-83.34%、-80.85%。 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 因公司种猪场扩繁需求，2025 年 01 月公司部分种猪用于自养； 另外，受春节假期影响公司 2025 年 01 月的部分订单推迟到 2025 年 02 月发货，故公司种猪销售数量和销售收入同比、环比均减少。 2025 年 01 月份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01月份销售情况 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" ...

关于回购股份进展情况的公告 证券代码：002458 证券简称：益生股份 公告编号：2025-013 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 05 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 ...