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]

Financial Performance - The company reported a basic earnings per share of -0.0100 yuan for Q1 2025, a decrease of 110% compared to 0.1000 yuan in Q1 2024 and down from 0.3200 yuan in Q1 2023 [1] - The net profit for Q1 2025 was -0.13 billion yuan, representing a significant decline of 111.93% from 1.09 billion yuan in Q1 2024 and down from 3.14 billion yuan in Q1 2023 [1] - The operating revenue for Q1 2025 was 6.23 billion yuan, a decrease of 9.32% compared to 6.87 billion yuan in Q1 2024 and down from 9.14 billion yuan in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 was -0.30%, a drop of 112.3% from 2.44% in Q1 2024 and down from 10.83% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 27,004.26 million shares, accounting for 36.06% of the circulating shares, with an increase of 656.66 million shares compared to the previous period [1] - The largest shareholder, Cao Jisheng, holds 10,211.70 million shares, representing 13.64% of the total share capital, with no change in holdings [2] - Shenzhen Bisheng Private Securities Fund Management Co., Ltd. holds 3,577.09 million shares, an increase of 402.03 million shares [2] - Jinan Taihao Investment Partnership holds 3,424.66 million shares with no change [2] - Li Li has reduced holdings by 1.82 million shares, now holding 1,903.78 million shares [2] - CITIC Jiantou Securities Co., Ltd. has exited the top ten shareholders, previously holding 1,145.27 million shares [2] Dividend Policy - The company has announced that there will be no distribution or transfer of dividends this time [3]

监事会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2025-038 二、监事会会议审议情况 山东益生种畜禽股份有限公司 第六届监事会第二十一次会议 决议公告 本公司及监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、误导性陈述或重大遗漏。 一、监事会会议召开情况 2025 年 04 月 27 日，山东益生种畜禽股份有限公司（以下简称 "公司"）第六届监事会第二十一次会议在公司会议室以现场方式召 开。会议通知已于 2025 年 04 月 22 日通过通讯方式送达监事。会议 应出席监事三人，实际出席监事三人，会议由监事会主席任升浩先生 召集并主持。 本次会议的召集、召开程序符合《中华人民共和国公司法》及《公 司章程》的有关规定。 本次会议经记名投票表决方式，通过决议如下： 审议通过《2025 年第一季度报告》。 表决情况：3 票同意，0 票反对，0 票弃权。 2025 年 04 月 29 日 第六届监事会第二十一次会议决议。 特此公告。 监事会决议公告 山东益生种畜禽股份有限公司 监事会 经审议，监事会认为：公司董事会编制和审议公司《2025 年第一 季度报告》的程序符合法律、 ...

董事会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2025-037 山东益生种畜禽股份有限公司 第六届董事会第二十九次会议 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。 一、董事会会议召开情况 2025 年 04 月 27 日，山东益生种畜禽股份有限公司（以下简称 "公司"）第六届董事会第二十九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 2025 年 04 月 22 日通过通讯方式及 书面方式送达董事、监事、高级管理人员。会议应出席董事七人，实 际出席董事七人，其中，独立董事张平华先生、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召集并主持， 公司监事、高级管理人员列席会议。 本次会议的召集、召开程序符合《中华人民共和国公司法》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方式表决，通过决议如下： 审议通过《2025 年第一季度报告》。 表决情况：7 票同意，0 票反对，0 票弃权。 《2025年第一季度报告》刊登于《中国证券报》《上海证券报》 《证券时报》《证券 ...

Financial Performance - The company's revenue for Q1 2025 was ¥622,899,262.79, a decrease of 9.39% compared to ¥687,415,520.68 in the same period last year[3] - The net profit attributable to shareholders was -¥13,168,062.05, representing a decline of 112.04% from ¥109,337,521.77 year-on-year[3] - Net profit for Q1 2025 was a loss of ¥12,401,576.55, compared to a profit of ¥109,861,623.52 in the same period last year[22] - Basic and diluted earnings per share for Q1 2025 were both -¥0.01, compared to ¥0.1 in the previous period[22] - The weighted average return on equity was -0.30%, down from 2.44% in the previous year[3] Cash Flow - The net cash flow from operating activities decreased by 79.48% to ¥33,160,270.63, down from ¥161,598,386.36 in the previous year[3] - Cash flow from operating activities decreased to ¥624,156,652.60, down from ¥706,172,986.58 in the previous period[23] - Cash received from operating activities totaled 638,791,199.58, down from 714,662,330.69 in the previous period[24] - The net cash flow from investment activities was -78,108,277.99, an improvement from -201,753,961.42 in the previous period[24] - Total cash inflow from financing activities was 1,276,440,211.97, significantly higher than 418,830,257.34 in the previous period[24] - Cash outflow from financing activities totaled 1,487,855,576.23, compared to 434,041,966.80 in the previous period, indicating increased financial obligations[24] Assets and Liabilities - The total assets at the end of the reporting period were ¥7,287,316,252.31, a decrease of 2.82% from ¥7,498,646,295.38 at the end of the previous year[3] - Total liabilities decreased to ¥2,794,736,776.52 from ¥2,970,705,051.69[19] - The company's equity attributable to shareholders decreased to ¥4,430,349,912.61 from ¥4,466,478,166.01[19] - The total current assets decreased from CNY 2,180,974,255.79 to CNY 1,995,581,180.67, a decline of approximately 8.5%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 46,605[12] - The company reported a total of 10 major shareholders, with the largest shareholder holding 102,116,982 shares, representing 9.43% of total shares[13] - The top 10 unrestricted shareholders collectively hold 35,770,907 shares, accounting for 3.25% of total shares[13] - The company has a repurchase account holding 15,693,400 shares, which is 1.42% of total shares[13] - The company has not reported any significant changes in the participation of major shareholders in margin trading or securities lending[14] Operating Costs and Expenses - Total operating costs increased to ¥629,408,090.99, up 12.7% from ¥557,993,851.56 in the previous period[20] - The company reported an increase in sales expenses to ¥7,763,731.65 from ¥6,558,638.90 in the previous period[20] - The company reported a significant increase in research and development expenses, totaling ¥27,555,544.85, compared to ¥26,386,279.18 in the previous period[20] Other Financial Metrics - The basic earnings per share were -¥0.01, a drop of 110.00% compared to ¥0.1 in the same period last year[3] - Financial expenses decreased by 71.50% to ¥2,539,761.53, attributed to reduced loan interest expenses[7] - The company experienced a 245.07% increase in cash paid for debt repayment, totaling ¥1,032,374,666.64, compared to ¥299,180,000.00 in the previous year[10] Inventory and Receivables - Accounts receivable decreased from CNY 52,221,898.85 to CNY 49,455,013.25, a reduction of about 5.3%[16] - Inventory slightly decreased from CNY 417,136,795.05 to CNY 416,221,749.85, a marginal decline of 0.2%[16] - Long-term equity investments decreased from CNY 203,390,917.55 to CNY 196,984,810.88, a decrease of approximately 3.1%[16] - Fixed assets increased from CNY 4,000,804,572.04 to CNY 4,064,905,677.56, an increase of about 1.6%[16] Audit Status - The company’s first quarter report was not audited, indicating a preliminary financial status[25]

Core Viewpoint - The company reported a decline in revenue and a net loss for the first quarter of 2025 compared to the same period last year [1] Financial Performance - The company's operating revenue for Q1 2025 was 623 million yuan, representing a year-on-year decrease of 9.39% [1] - The net loss for Q1 2025 was 13.17 million yuan, contrasting with a net profit of 109 million yuan in the same quarter of the previous year [1]