Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the resilience of agriculture, recommending undervalued leading companies in the sector. It highlights the importance of enhancing agricultural production and stabilizing prices for key agricultural products, with a target grain production of 1.4 trillion jin for 2025 [2][4] - The report suggests that the agricultural sector, being fundamental to the nation, presents significant allocation value due to its current low valuations and the need to protect farmers' incomes. The anticipated rise in agricultural stocks is expected to occur in three phases: emotional stimulation, industrial logic development, and cyclical upturn driving EPS and PE [4][5] Summary by Sections 1. Livestock - The latest pig price is 14.78 yuan/kg, with a weight of 128.94 kg for market pigs. The price of 15 kg piglets has dropped to 649 yuan/head, indicating a short-term strong performance but a long-term oversupply situation [5][18] - The total number of breeding sows is 40.39 million, with a year-on-year increase of 1.2%. The total pig inventory is 41.731 million, up 2.2% year-on-year [18][19] - Investment should shift from "cyclical thinking" to "quality and price," focusing on leading companies like Muyuan Foods and Wens Foodstuffs [19] 2. Poultry - The price of broiler chickens has rebounded, with chick prices stable at 3.1 yuan/chick. The price of broiler chickens is 7.5 yuan/kg, showing a year-on-year decrease of 4.58% [20] - The report highlights the concentration of industry profits towards upstream breeding sources, suggesting a focus on companies like Yisheng Livestock and Shennong Development [20] 3. Feed - Fish prices have risen while feed prices have decreased, indicating an improvement in aquaculture profitability. The report anticipates a recovery in demand for aquaculture feed in 2025 [21][22] - The leading companies are expected to improve their market share and cash flow as they enter a new phase of stable cash flow [21][22] 4. Pet Industry - Exports of pet food have increased significantly, with a total of 30,000 tons exported in March, a year-on-year increase of 24.6%. The revenue from exports reached 9.1 billion yuan [23][24] - The report notes a strong performance in canned pet food, with export volume increasing by 52.6% and revenue by 98% [24] 5. Agricultural Products - The report indicates that domestic agricultural products are less affected by tariffs, with a high self-sufficiency rate in grains. It predicts a potential upward trend in agricultural prices due to reduced imports [30] - The USDA's April report maintains previous forecasts for soybean and corn production, indicating a stable supply-demand balance [30] 6. Market and Price Situation - The Shanghai Composite Index closed at 3787 points, with the Agricultural Index at 2608 points, reflecting a slight decrease of 0.16% [31] - The report highlights the need for policies to support low-income groups and enhance consumption, which could positively impact the agricultural sector [61]

Industry Overview - The biobreeding industry is a crucial segment of high-tech agricultural development in China, with a focus on modern agricultural practices [1] - As of January 2025, there are 21 biobreeding industrial parks in China, with the highest concentration in Shandong Province, which has 6 parks [1] Company Developments - Dabeinong has entered a strategic partnership with Fuhua Tongda Chemical Co., aiming to explore new technologies and applications for biobreeding crop herbicides [5] - Wanxiang Denong has reported that two genetically modified varieties have passed national approval, with four varieties participating in the national testing this year. These GM varieties are designed to resist pests, reducing yield loss [5] - Yisheng has successfully imported 28,000 sets of Lihong ancestor white feather broilers, contributing to a total of 230,000 sets imported this year, enhancing domestic supply [5] - Longping High-Tech has improved its rice breeding information system, achieving a 52.58% increase in breeding efficiency for high-yield varieties in the Yangtze River basin [5] Challenges in the Industry - The acceptance of genetically modified rice in China is lower compared to hybrid rice, primarily due to limited public awareness and promotion of GM technology [8] - Currently, only two GM rice varieties have received production safety certificates, indicating a gap in technology maturity compared to developed countries [8] - The dominance of hybrid rice seeds in the market poses a significant challenge for the commercialization and scaling of GM rice seeds [8]

Investment Rating - The report maintains a "Recommended" investment rating for the industry, suggesting a potential upside of over 15% relative to benchmark indices [4]. Core Insights - The swine industry shows stable breeding profits, with a focus on capacity reduction logic. The average price of external three yuan pigs was 15.0 CNY/kg, up 2.1% week-on-week, while the average weight of pigs sold was 128.6 kg, down 0.2% [19][20]. - The beef industry is at an inflection point, with strong price performance continuing. The average price of calves was 28.2 CNY/kg, up 2.1%, and the average price of fattened cattle was 25.8 CNY/kg, up 0.7% [23][30]. - The white chicken market is affected by ongoing avian influenza, with significant impacts on breeding stock and prices. The average price of white feather broiler chicks was 2.8 CNY/chick, up 9.5% [31][34]. - The animal health sector is seeing a recovery in demand as breeding supply stabilizes, with a notable increase in the issuance of vaccines [48][49]. Summary by Sections Swine Industry - The average price of external three yuan pigs was 15.0 CNY/kg, reflecting a week-on-week increase of 2.1%. The average weight of pigs sold was 128.6 kg, down 0.2%. The price of 15 kg external three yuan piglets was 668 CNY/head, with a slight decrease of 0.05% [19][21]. - Supply pressure remains stable, with normal sales rhythms from large producers and limited sales from smallholders. The demand side shows increased activity from secondary breeding, but overall consumption remains weak [20][21]. - The report recommends companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe for investment [20]. Beef Industry - The beef breeding industry is entering a capacity release phase, with the earliest signs of a price bottom forming. The report anticipates a potential recovery in the industry by late 2025 or early 2026 [23][30]. - The average wholesale price of beef was 61.4 CNY/kg, reflecting a slight increase of 0.2% [29][30]. - Recommended companies include Fucheng Co. and Guangming Meat Industry, focusing on integrated breeding and sales [23]. Poultry Industry - The average price of white feather broiler eggs was 1.6 CNY/egg, up 2.0%, while the average price of white feather broilers was 3.7 CNY/kg, up 2.2% [31][34]. - The report highlights the impact of avian influenza on breeding imports, particularly from the U.S. and New Zealand, which has been suspended for over three months [31][32]. - Recommended companies include Yisheng Livestock and He Feng Food [31]. Animal Health Sector - The demand for animal health products is expected to recover as breeding supply stabilizes. The issuance of vaccines has shown significant increases, particularly for swine diseases [48][49]. - The report recommends companies like Kexin Biological and Zhongmu Biotechnology, which are positioned to benefit from the recovery in the animal health market [49].

| 600597 | 光明乳业 | -1.74 | 1.25 | -1936.67 | | --- | --- | --- | --- | --- | | 300997 | 欢乐家 | -2.82 | 2.61 | -1657.76 | | 600127 | 金健米业 | -2.02 | 4.56 | -1653.34 | | 002458 | 益生股份 | -1.58 | 2.20 | -1431.22 | | 600887 | 伊利股份 | 0.24 | 0.38 | -1430.45 | | 605337 | 李子园 | -4.00 | 4.77 | -1330.34 | | 300898 | 熊猫乳品 | -2.47 | 7.76 | -1197.23 | | 600965 | 福成股份 | -4.63 | 3.04 | -1051.64 | | 002329 | 皇氏集团 | -4.64 | 8.37 | -942.10 | | 001219 | 青岛食品 | -2.61 | 4.24 | -919.57 | | 002732 | 燕塘乳业 | -3.37 | 4.77 | -907.97 | | ...

股东大会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2025-036 山东益生种畜禽股份有限公司 2024 年度股东大会决议公告 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、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况： 3、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 4、会议召集人：山东益生种畜禽股份有限公司董事会。 （一）会议召开情况 1、会议召开时间： 现场会议时间：2025 年 04 月 21 日下午 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：2025 年 04 月 21 日上 午 09:15—09:25、09:30-11:30，下午 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：2025 年 04 月 21 日上午 09:15-下午 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 ...

山东益生种畜禽股份有限公司 2024 年度股东大会的 法律意见书 北京金诚同达律师事务所 关于 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 2024 年度股东大会的 法律意见书 金证法意[2025]字 0421 第 0296 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 2024 年度股东大会（以下简称"本次股东大会"）并对会议的相关事项出具法律意见 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，对本次股东大会的召集、召开程序，出席 会议人员的资格、召集人资格，会议的表决程序、表决结果等重要事项进行核验， 出具本法律意见书。 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 ...

重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居：控股股东筹划控制权变更事项股票18日起停牌 中国联通：一季度净利润同比增长6.5% 同飞股份：一季度净利润同比增长1104.89% 长盈精密：2024年净利润同比增长800.24% 拟10派1.3元 沪市重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居（603389）公告，因公司控股股东上海亚振投资有限公司正在筹划重大事项，该事项可能导致 公司控制权发生变更，经公司申请，公司股票将于2025年4月18日（星期五）开市起停牌，停牌时间不 超过2天。 圣泉集团：一季度净利润同比增长50.46% 圣泉集团（605589）公告，第一季度实现营业收入24.59亿元，同比增长15.14%；净利润2.07亿元，同 比增长50.46%；基本每股收益0.25元。 中国联通：一季度净利润同比增长6.5% 中国联通（600050）公告，公司2025年第一季度实现营业收入1033.5亿元，同比增长3.9%；归属于母公 司净利润26.1亿元，同比增长6.5%；基本每股收益0.083元。 华鲁恒升（600426）公告，公司拟2亿元—3亿元回购股份用于注销并 ...

关于对外投资的公告 证券代码：002458 证券简称：益生股份 公告编号：2025-035 山东益生种畜禽股份有限公司 关于对外投资建设"100 万套父母代种鸡 养殖场及配套项目"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、对外投资概述 根据山东益生种畜禽股份有限公司（以下简称"公司"）战略发 展规划，为进一步拓展公司白羽肉鸡业务，扩大公司父母代肉种鸡的 养殖规模，提高公司商品代白羽肉雏鸡的供给能力，公司拟在山西省 大同市云州区投资建设 100 万套父母代白羽肉鸡养殖场及配套饲料 厂项目。 2025 年 04 月 17 日，公司召开第六届董事会第二十八次会议， 会议以 7 票同意、0 票反对、0 票弃权审议通过了《关于对外投资建 设"100 万套父母代种鸡养殖场及配套项目"的议案》，同意公司出 资约 5 亿元人民币建设 100 万套父母代白羽肉鸡养殖场及配套饲料 厂项目，由公司或者公司的子公司在云州区出资设立项目公司，具体 实施项目的投资建设及后续运营事务，并授权董事长及其指定的相关 人员全权办理与本次投资有关的全部事宜，包括但不限于与云州区人 ...

董事会决议公告 一、董事会会议召开情况 2025 年 04 月 17 日，山东益生种畜禽股份有限公司（以下简称 "公司"）第六届董事会第二十八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 14 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，董事左常魁先生，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《关于对外投资建设"100 万套父母代种鸡养殖场及配 套项目"的议案》。 证券代码：002458 证券简称：益生股份 公告编号：2025-034 山东益生种畜禽股份有限公司 第六届董事会第二十八次会议 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。 议审议通过。 三、备查文件 1、第六届董事会第二十八次会议决议。 2、 ...

Core Viewpoint - The company plans to invest approximately 500 million yuan in the construction of a breeding farm for 1 million parent stock white feather broilers and a supporting feed factory in Yunzhou District, Datong City, Shanxi Province [1] Group 1: Investment Details - The project will cover an area of about 900 acres and will be implemented in phases based on land availability [1] - The funding for this investment will come from the company's own or self-raised funds [1] Group 2: Strategic Objectives - The investment aims to expand the company's white feather broiler business and increase the breeding scale of parent stock meat chickens [1] - The project is expected to enhance the supply capacity of commercial white feather broiler chicks [1] - The anticipated outcome of this investment is a positive impact on the company's future operational development [1]