Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company has seen a gradual realization of price increases in its seed products, which is expected to enhance profitability in the future [2]. - The sales of parent stock have significantly contributed to profits, while the sales volume of commercial stock has decreased but prices have increased [2]. - The report projects an upward adjustment in earnings expectations for 2024-2026, forecasting net profits of 548 million, 613 million, and 691 million respectively, with year-on-year growth rates of 1.3%, 12%, and 12.7% [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 2.154 billion, a decrease of 18.98% year-on-year, and a net profit of 301 million, down 56.04% year-on-year [1]. - In Q3 2024, revenues were 778 million, a decrease of 3.36% year-on-year, with a net profit of 118 million, down 0.94% year-on-year [1]. - The estimated sales of commercial stock chicks were approximately 420 million, down 14% year-on-year, with an average selling price of 3.1 yuan per chick [2]. - The estimated sales of parent stock chicks were about 9 million sets, down 22% year-on-year, with an average selling price of approximately 39 yuan per set [2]. - The report indicates a significant increase in the price of parent stock chicks, reaching 70 yuan per set in October, which is expected to enhance the company's profitability in Q4 [2]. Financial Projections - The company is expected to achieve revenues of 3.032 billion, 4.090 billion, and 4.278 billion for the years 2024, 2025, and 2026 respectively, with growth rates of -6.0%, 34.9%, and 4.6% [4]. - The projected net profits for the same years are 548 million, 613 million, and 691 million, with growth rates of 1.3%, 12.0%, and 12.7% [4]. - The report anticipates an EPS of 0.50, 0.55, and 0.62 for 2024, 2025, and 2026 respectively [4].

Group 1: Company Overview - Yisheng Co., established in 1989, is the largest ancestor meat chicken breeding enterprise in China, holding approximately 33% of the domestic market share [2] - The company sold over 14,000 breeding pigs in the first three quarters of 2024, representing a year-on-year increase of over 700% [2] - The sales of parent white feather meat chicken chicks in the first three quarters of 2024 reached over 9 million sets, a decrease of 20% year-on-year [2] Group 2: Sales Performance - In the first three quarters of 2024, the company sold 420 million commercial chicken chicks, a year-on-year decrease of 15% [2] - The company expects to sell over 3 million parent white feather meat chicken chicks in the fourth quarter of 2024, and 140 million commercial chicken chicks [2] - The company anticipates that the price of parent chicken chicks will remain high at 70 yuan per chick in the fourth quarter [4] Group 3: Market Outlook - The supply of ancestor meat chicken is tight, with the company importing 160,000 sets, accounting for nearly 40% of the total imports in 2023 [2] - The demand for chicken chicks is supported by the continuous expansion of downstream breeding and slaughtering [3] - The chicken meat market is expected to benefit from favorable consumption policies and a shift in consumer preferences towards chicken as a cost-effective protein source [3] Group 4: Future Projections - The company plans to increase its sales volume of parent chicken chicks to 1 million sets next year, supported by new breeding facilities [4] - The company expects to maintain high prices for parent chicken chicks due to tight supply and strong demand from large clients [5] - The company’s breeding pig sales are projected to reach 150,000 heads by 2025 [4]

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、董事会会议召开情况 董事会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2024-088 山东益生种畜禽股份有限公司 第六届董事会第二十二次会议 决议公告 董事会决议公告 2024 年 10 月 29 日，山东益生种畜禽股份有限公司（以下简称 "公司"）第六届董事会第二十二次会议在公司会议室以现场与通讯 相结合方式召开。会议通知已于 2024 年 10 月 24 日通过通讯及书面 方式送达给董事、监事、高级管理人员。会议应到董事七人，实际出 席董事七人,其中董事左常魁先生、独立董事王楚端先生通过通讯方 式出席会议并行使表决权。会议由董事长曹积生先生主持，公司监事、 高级管理人员列席会议。 会议召开符合《公司法》等法律、法规及《公司章程》的有关规 定。 二、董事会会议审议情况 本次会议经记名投票表决方式，通过决议如下： 1、审议通过《2024 年第三季度报告》。 表决情况：7 票同意，0 票反对，0 票弃权。 《2024年第三季度报告》刊登于《中国证券报》《上海证券报》 《证券时报》《证券日报》 ...

Financial Performance - Q3 2024 revenue was CNY 777,859,700.66, a decrease of 3.36% year-over-year, while year-to-date revenue reached CNY 2,153,706,856.96, down 18.98% compared to the previous year[2]. - Net profit attributable to shareholders for Q3 2024 was CNY 117,587,828.55, a decline of 0.94% year-over-year, and year-to-date net profit was CNY 300,540,531.72, down 56.04%[2]. - Basic earnings per share for Q3 2024 was CNY 0.11, representing an 8.33% decrease compared to the same period last year, while year-to-date basic earnings per share dropped 60.87% to CNY 0.27[2]. - Net profit for the first nine months of 2024 decreased by 56.80% to ¥302,543,142.42 compared to ¥700,317,936.04 in 2023[6]. - Total profit for the first nine months of 2024 decreased by 56.36% to ¥304,654,643.58 from ¥698,082,982.21 in 2023[6]. - Net profit for Q3 2024 was CNY 302,543,142.42, a decrease from CNY 700,317,936.04 in Q3 2023, representing a decline of approximately 56.8%[13]. - Basic and diluted earnings per share for Q3 2024 were both CNY 0.27, compared to CNY 0.69 in Q3 2023, reflecting a decrease of approximately 60.9%[14]. Assets and Liabilities - Total assets as of September 30, 2024, were CNY 7,193,550,528.87, an increase of 9.41% from the end of the previous year[2]. - Current assets increased to ¥1,853,850,748.74 from ¥1,456,211,327.39, indicating improved liquidity[11]. - Total liabilities rose to ¥2,678,224,804.60, compared to ¥2,036,653,687.12, suggesting increased leverage[12]. - Non-current assets totaled ¥5,339,699,780.13, up from ¥5,118,783,363.67, indicating ongoing investment in long-term growth[11]. - The total assets reached ¥7,193,550,528.87, compared to ¥6,574,994,691.06, showing overall growth in the asset base[12]. Cash Flow and Financial Management - Cash flow from operating activities for the year-to-date period was CNY 430,164,382.12, down 57.51% compared to the previous year[2]. - Cash flow from operating activities for Q3 2024 was CNY 430,164,382.12, significantly lower than CNY 1,012,503,655.63 in Q3 2023, a decrease of approximately 57.5%[16]. - Cash and cash equivalents amount to 1,274,541,383.91 RMB, an increase from 909,287,212.92 RMB in the previous period[10]. - Cash and cash equivalents at the end of Q3 2024 totaled CNY 971,360,420.76, up from CNY 167,677,559.03 at the end of Q3 2023, an increase of approximately 479.5%[16]. - Cash received from borrowings increased by 147.86% to ¥1,514,176,972.26 compared to ¥610,888,905.82 in 2023[6]. - Cash paid for dividends and interest increased by 648.10% to ¥235,112,588.57 from ¥31,427,999.36 in 2023[6]. Operational Efficiency - Total operating costs for Q3 2024 were ¥1,808,321,787.77, down from ¥1,921,201,465.95, reflecting a cost reduction strategy[12]. - The company is focusing on cost management and efficiency improvements to enhance profitability in the upcoming quarters[12]. - Financial expenses decreased by 55.32% to ¥24,643,267.37 due to a reduction in bank loan interest and an increase in interest income from deposits[6]. - Financial expenses decreased to CNY 24,643,267.37 in Q3 2024 from CNY 55,155,884.16 in Q3 2023, a reduction of about 55.3%[13]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 50,035, with the top 10 shareholders holding 40.82% of the shares[7]. - The company has repurchased a total of 5,025,500 shares, accounting for 0.45% of the total share capital, with an average transaction price of 8.16 RMB per share[9]. - The company’s largest shareholder, Cao Jisheng, holds 40.82% of the shares, with 208,185,000 shares pledged[7]. - The top 10 shareholders include Jinan Taihao Investment Partnership, holding 3.10% of the shares[7]. Investment and Development - Research and development expenses increased to CNY 83,423,401.31 in Q3 2024, up from CNY 75,109,414.40 in Q3 2023, reflecting a growth of about 11.0%[13]. - The company incurred an investment loss of CNY 24,542,262.18 in Q3 2024, compared to a loss of CNY 15,678,646.42 in Q3 2023, indicating a worsening of approximately 56.5%[13]. Miscellaneous - The company conducted a stock buyback, resulting in the creation of treasury shares amounting to CNY 40,994,522.90[5]. - The third quarter report for 2024 is unaudited[17].

股东大会的通知 证券代码：002458 证券简称：益生股份 公告编号：2024-092 山东益生种畜禽股份有限公司 关于召开 2024 年第六次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 一、召开会议的基本情况 1、股东大会届次：山东益生种畜禽股份有限公司（以下简称"公 司"）2024 年第六次临时股东大会（以下简称"本次股东大会"）。 2、股东大会的召集人：公司董事会。 经公司第六届董事会第二十二次会议审议通过，决定召开本次股 东大会。 公 司 将 通 过深圳 证券交易所 交易系统和互联网投票系统 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、 行政法规、部门规章、规范性文件、《上市公司股东大会规则》和《公 司章程》的规定。 4、会议召开时间： （1）现场会议召开时间：2024 年 11 月 15 日下午 14:30 （2）网络投票时间：2024 年 11 月 15 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年11月15 日上午09:15—09:25、09:30-11:30，下午13:00 ...

关于 2024 年前三季度利润分配预案的公告 证券代码：002458 证券简称：益生股份 公告编号：2024-091 山东益生种畜禽股份有限公司 关于 2024 年前三季度利润分配预案的公告 关于 2024 年前三季度利润分配预案的公告 本次利润分配预案披露之日起至实施权益分派股权登记日期间 公司股本发生变动的，公司将按照分配比例不变的原则对分配总额进 行调整。 二、利润分配预案的合法性、合规性、合理性 公司本次利润分配预案符合《关于进一步落实上市公司现金分红 有关事项的通知》《上市公司监管指引第 3 号—上市公司现金分红》 等相关法律、法规和《公司章程》《公司未来三年（2022 年-2024 年） 股东回报规划》中有关利润分配的相关规定，充分考虑了公司所处行 业特点、发展阶段、自身经营模式、盈利水平、偿债能力、资金需求 和股东投资回报等因素，与公司的成长性相匹配，不会对公司每股收 益、现金流状况及正常经营产生重大影响，与所处行业上市公司平均 水平不存在重大差异，符合公司和全体股东的利益，具备合法性、合 规性、合理性。 三、利润分配预案的决策程序 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 ...

监事会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2024-089 一、监事会会议召开情况 山东益生种畜禽股份有限公司 第六届监事会第十八次会议 决议公告 本公司及监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。 《2024 年第三季度报告》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）。 2024 年 10 月 29 日，山东益生种畜禽股份有限公司（以下简称 "公司"）第六届监事会第十八次会议在公司会议室以现场方式召开。 会议通知已于 2024 年 10 月 24 日通过通讯方式送达给监事。会议应 到监事三人，实到监事三人。会议召开符合《公司法》等法律、法规 及《公司章程》的有关规定。会议由监事会主席任升浩先生主持。 二、监事会会议审议情况 本次会议经记名投票表决方式，通过决议如下： 1、审议通过《2024 年第三季度报告》。 表决结果：3 票同意，0 票反对，0 票弃权。 经审议，监事会认为：公司董事会编制和审议公司《2024 年第三 季度报告》的程序符合法律、行政法规和中国证监会的规 ...

关于股份回购实施结果暨股份变动的公告 证券代码：002458 证券简称：益生股份 公告编号：2024-087 山东益生种畜禽股份有限公司 关于股份回购实施结果暨股份变动的公告 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 09 月 01 日召开第六届董事会第二十一次会议，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。本次回购股份的数量不低于 8,300,000 股，不超过 16,600,000 股，回购股份的价格不超过人民 币 12.00 元/股（含）。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 09 月 03 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《关于以集中竞价交易方式回购公司股份 方案的公告》（公告编号：2024-072）。 根据《 ...

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：2024-086 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 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。 关于控股股东部分股份解除质押的公告 | 曹积生 | 451,599,044 | 40.82% | 208,515,000 | 46.17% | 18.85% | 0 | 0 | 43,131,115 | 17.74% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合计 | 451,599,044 | 40.82% | 208,515,000 | 46.17% | 18.85% | 0 | 0 | 43,131,115 | 17.74% | 注：上述限售股均不包含高管锁定股。 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 了股份解除质押业务，具体事项如下: 一、控股股东股份解除质押情况 ...

证券代码：002458 证券简称：益生股份 公告编号：2024-085 关于控股股东部分股份质押及质押延期购回的公告 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及质押延期购回 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 办理了质押及质押延期购回业务，具体事项如下: 一、控股股东股份质押及质押延期购回的基本情况 | 股东 | 是否为控 股股东或 第一大股 | 本次质押 数量 | 占其所持 | 占公 司总 | 是否 为限 | 是否 为补 | 质押 | | 质押 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | 股份比例 | 股本 | | 充质 | 起始日 | | 到期日 | | 用途 | | | 东及其一 致行动人 | （股） | | 比例 | 售股 | 押 | | | | | | ...