董事会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2026-011 山东益生种畜禽股份有限公司 第七届董事会第二次会议 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、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 2026 年 1 月 29 日，山东益生种畜禽股份有限公司（以下简称"公 司"）第七届董事会第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 2026 年 1 月 27 日通过通讯方式及书面方式送 达董事、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，董事长曹积生先生，独立董事王楚端先生、曹相见先生通过通 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》和《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《关于设立募集资金专项账户并授权签署募集资金监 管协议的议案》。 表决情况：7票同意，0票反对，0票弃权。 根据《上市公司募集资金监管规则》《深圳证券交易所上 ...

Group 1 - The aquaculture sector increased by 0.38% on January 28, with Xiaoming Co. leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Xiaoming Co. saw a closing price of 21.63, with a rise of 10.41%, and a trading volume of 224,700 shares, amounting to a transaction value of 468 million yuan [1] Group 2 - The main funds in the aquaculture sector had a net inflow of 163 million yuan, while retail funds had a net inflow of 149 million yuan [2] - The stock "Wens Foodstuffs" had a significant trading volume of 713,100 shares, with a transaction value of 1.089 billion yuan, but experienced a slight decline of 0.52% [2] - The stock "Xiaoming Co." had a net inflow of 20.89 million yuan from main funds, while retail funds showed a net outflow of 7.58 million yuan [3]

Group 1 - The company plans to introduce 266,000 sets of grandparent white feather broiler chickens in 2025, indicating a sufficient stock of grandparent breeding chickens [1] - The supply of parent generation chicks is expected to increase in 2026 compared to 2025 [1] - The projected sales volume of commercial generation chicks for 2026 is over 600 million, with a significant increase in breeding pig sales expected to reach 150,000 heads compared to 2025 [1]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The poultry industry is expected to see an improvement in the supply chain in 2026, driven by a rebound in prices and a gradual recovery in profitability for the breeding sector [5][91] - The integration trend within the industry is becoming more pronounced, with leading companies benefiting from their downstream channel advantages and collaborative efforts across the supply chain [5][24] - The domestic poultry sector is experiencing a shift towards self-breeding and the replacement of imported breeds due to disruptions caused by avian influenza outbreaks abroad [5][39] Summary by Sections 1. 2025 Poultry Industry Maintains Marginal Profitability, Clear Integration Trend - The poultry industry maintained marginal profitability in 2025, with upstream breeding segments performing better than downstream farming and processing sectors [5][14] - The average price of parent stock chicks in 2025 was 44.75 CNY/set, a slight decrease of 0.7% year-on-year, while the average price of commercial chicks was 2.51 CNY each, down 13% year-on-year [5][17] - The total slaughter volume of the top 10 companies reached 4.274 billion birds, accounting for 45.99% of the market, indicating a trend towards consolidation [5][24] 2. Avian Influenza Disrupts Imports, Accelerates Domestic Breed Replacement - In 2025, the cumulative update of grandparent stock chickens was 1.574 million sets, a year-on-year increase of 4.9%, with domestic breeds accounting for approximately 60% of the updates [5][39] - The outbreak of avian influenza in France in December 2025 led to a halt in overseas imports, increasing the uncertainty of supply from abroad [5][46] - Domestic breeds are showing improved performance, with the replacement rate of domestic breeds rising to 34% in 2025 [5][57] 3. 2026 Supply Chain Expected to Improve, Capacity Elasticity Remains a Concern - The inventory of grandparent stock chickens is expected to decline in early 2026, with estimates showing a year-on-year decrease of approximately 3.3% and 12% in March and April, respectively [5][69] - The overall supply of the poultry industry is anticipated to gradually improve in 2026, with profitability expected to return to the breeding sector [5][87] - The report emphasizes the importance of monitoring parent stock chick sales as a key indicator of supply trends [5][76] 4. Investment Recommendations - The report suggests focusing on companies such as Shengnong Development, Yisheng, Minhe, Xiantan, and Hefeng, which are well-positioned to benefit from the ongoing integration and recovery in the poultry industry [5][91]

Investment Rating - The industry investment rating is "Recommended" [4] Core Viewpoints - The report indicates that after a rise, the price of broiler chickens has slightly decreased, while the price of chick seedlings has remained high [2][9] - The report highlights that the supply of broiler chickens is currently tight due to external weather factors and diseases affecting survival rates, which initially supported price increases [9][12] - The report notes that the profitability of broiler farming has improved significantly, with a loss of 0.26 yuan per bird in December, a substantial increase in profitability compared to previous months [40][42] - The report suggests that the suspension of imports from France due to avian influenza outbreaks may create a supply gap, potentially improving industry conditions [45] Summary by Sections Market Overview - In December, the average price of broiler chickens was 3.68 yuan per jin, showing a trend of rising and then falling prices [9] - The average price of chick seedlings for white feather broilers was 3.56 yuan per bird, with prices fluctuating due to market demand and supply conditions [9][12] Production Capacity - As of December 2025, the average stock of parent broiler chickens was 21.3 million sets, down 2.7% year-on-year, while the average stock of backup parent chickens was 15.73 million sets, down 5.1% year-on-year [33][41] - The average stock of grandparent broiler chickens was 1.3586 million sets, up 6.4% year-on-year, indicating a stable supply in the upstream breeding segment [32][35] Sales Performance - In December, the sales volume of broiler meat from Shengnong Development reached 147,600 tons, an increase of 14.24% year-on-year, while the sales volume of processed chicken products increased by 51.38% [21][27] - The report also highlights that the sales volume of chick seedlings for the year reached 4.481 billion birds, a 2% increase year-on-year [21] Investment Recommendations - The report recommends focusing on companies such as Shengnong Development, Yisheng Shares, and Hefeng Shares, as they are expected to benefit from the potential supply gap and ongoing improvements in domestic breeding efficiency [45]

Investment Rating - The industry investment rating is "Recommended" [4] Core Viewpoints - The report indicates that after a rise, the price of broiler chickens has slightly decreased, while the price of chick seedlings has stabilized at a high level [2][9] - The report highlights that the supply of broiler chickens is currently tight due to external weather factors and chicken diseases affecting survival rates, which initially supported price increases [9] - The report suggests that the recent outbreak of highly pathogenic avian influenza in France may lead to a supply gap, potentially improving industry conditions [45] Summary by Sections Market Overview - In December, the average transaction price of broiler chickens was 3.68 yuan per jin, showing a trend of rising first and then falling [9] - The average price of chick seedlings for December was 3.56 yuan per chick, with prices initially rising due to demand from large-scale farms [9][12] Production Capacity - As of December 2025, the average stock of parent broiler chickens was 21.3 million sets, down 2.7% year-on-year [3][33] - The average stock of grandparent broiler chickens was 1.3586 million sets, up 6.4% year-on-year [32][35] Financial Performance - In December, the profit from broiler chicken farming was -0.26 yuan per bird, while the profit from hatcheries was 0.77 yuan per bird [40][42] - The report notes that the sales volume of broiler meat for Shengnong was 147,600 tons, up 14.24% year-on-year, and for Xiantan, it was 55,100 tons, up 11.99% year-on-year [21][27] Investment Recommendations - The report recommends focusing on companies such as Shengnong Development, Yisheng Shares, and Hefeng Shares due to potential supply gaps and ongoing improvements in domestic breeding efficiency [45]

Company Overview - Yisheng Co., established in 1989, is the largest ancestor meat chicken breeding enterprise in China and Asia, holding a 1/3 market share of the domestic imported breeding chicken market [1] - The company has been the top in ancestor meat chicken breeding for 20 consecutive years, with the highest sales of commercial chicken seedlings in the country [1] - The company is expanding its breeding pig business, with sales expected to reach approximately 30,000 pigs in 2024 and 98,400 pigs in 2025 [1] Performance Metrics - In 2025, Yisheng Co. introduced 266,000 sets of ancestor white feather meat chickens, accounting for 43% of the national introduction volume, which is a historical high [2] - The company sold over 10 million parent chicken seedlings and over 640 million commercial chicken seedlings in 2025, with an expected annual profit of 150 to 190 million yuan [2][3] Future Outlook - For 2026, the company anticipates an increase in parent chicken seedlings supply compared to 2025, with expected sales of over 600 million commercial chicken seedlings and 150,000 pigs [3][6] - The market for parent white feather meat chicken seedlings is expected to remain strong due to increased demand and limited supply from external sources [4] Price Trends - The price of parent chicken seedlings has been rising since September 2025 due to supply shortages caused by avian influenza outbreaks [4] - The price of commercial chicken seedlings is expected to improve in 2026, supported by anticipated increases in pork prices [4] Production Capacity - The company's production capacity for parent chicken seedlings is directly linked to the import volume of ancestor chickens, with plans to increase the parent chicken stock to 10 million sets and commercial chicken seedlings to 1 billion in the next four years [6] - A new breeding facility in Shanxi is expected to add 100 million commercial chicken seedlings to the production capacity [6] Cost Management - The company aims to reduce costs in 2026 through improved internal management and production efficiency, assuming stable prices for raw materials [7]

Core Viewpoint - The aquaculture sector experienced a decline of 2.68% on January 27, with Xiaoming Co. leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Key stocks in the aquaculture sector showed significant declines, with Xiaoming Co. down 6.27% to a closing price of 19.59 [1] - Other notable declines included ST Tianshan down 5.40%, Fucheng Co. down 5.01%, and Huaying Agriculture down 3.66% [1] Group 2: Trading Volume and Capital Flow - The aquaculture sector saw a net outflow of 456 million yuan from main funds, while retail investors contributed a net inflow of 232 million yuan [1] - The trading volume for Xiaoming Co. was 125,200 shares, with a transaction value of 246 million yuan [1] - Lihua Co. had a net inflow of 14.20 million yuan from main funds, while retail investors had a net outflow of 30.52 million yuan [2]

Core Viewpoint - The company expects a significant decline in net profit for the year 2025, projecting a decrease of 62.29% to 70.23% compared to the previous year, despite an increase in sales volume of broiler chicks [1][2]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025, with an expected net profit in the range of 15 million to 19 million yuan [1][2]. - The company anticipates a decline in net profit of over 50% compared to the previous year [1]. Group 2: Sales and Pricing Dynamics - The sales volume of broiler chicks increased by over 10% year-on-year, but the average selling price significantly dropped, leading to a temporary loss in this segment [1]. - Starting from September 2025, the price of parent broiler chicks has been rising monthly due to improved market conditions and tight supply of quality breeding stock [2]. Group 3: Business Growth Areas - The company's pig breeding business experienced explosive growth, with sales reaching 98,400 heads, a year-on-year increase of 228.43%, becoming a key profit driver [2]. - The company aims to enhance operational efficiency through refined management practices and cost control while expanding its broiler chicken scale and accelerating pig breeding capacity [2].

Group 1 - The core viewpoint of the article is that Yisheng Co., Ltd. has announced a significant decline in its expected net profit for the year 2025, projecting a profit of 150 million to 190 million yuan, which represents a decrease of 62.29% to 70.23% compared to the previous year's profit of 503.82 million yuan [2] Group 2 - The company anticipates a net profit attributable to shareholders of the listed company for 2025 to be between 150 million and 190 million yuan [2] - This projected profit decline is substantial when compared to the previous year's profit of 503.82 million yuan [2] - The percentage decrease in net profit is estimated to be between 62.29% and 70.23% year-on-year [2]