董事会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2025-020 山东益生种畜禽股份有限公司 第六届董事会第二十七次会议 一、董事会会议召开情况 2025 年 03 月 26 日，山东益生种畜禽股份有限公司（以下简称 "公司"）第六届董事会第二十七次会议在公司会议室以现场方式召 开。会议通知已于 2025 年 03 月 15 日通过通讯方式及书面方式送达 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，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方式表决，通过决议如下： 1、审议通过《2024 年年度报告及摘要》。 表决情况：7 票同意，0 票反对，0 票弃权。 《2024 年年度报告》全文刊登于巨潮资讯网（www.cninfo.com.cn）。 《2024年年度报告摘要》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）。 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 ...

关于 2024 年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：2025-027 山东益生种畜禽股份有限公司 关于 2024 年度利润分配预案的公告 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、审议程序 山东益生种畜禽股份有限公司（以下简称"公司"）于 2025 年 03 月 26 日召开第六届董事会第二十七次会议，会议以 7 票同意、0 票 反对、0 票弃权的表决结果审议通过了《2024 年度利润分配预案》。 本议案尚需提交股东大会审议。 二、2024 年度利润分配预案的基本情况 1、分配基准：2024 年度。 2、根据和信会计师事务所（特殊普通合伙）出具的标准无保留 意见审计报告，公司 2024 年度实现归属于上市公司股东的净利润 503,823,356.22 元，提取法定盈余公积 34,716,719.61 元，提取任意 公积金 0 元，弥补亏损 0 元，截至 2024 年 12 月 31 日，公司合并财 务报表中可供分配的利润为 1,572,689,962.77 元，母公司财务报表 中可供分配的利润为 1,391,2 ...

Financial Performance - The company's operating revenue for 2024 was ¥3,135,825,731.09, a decrease of 2.76% compared to ¥3,224,676,928.89 in 2023[26]. - The net profit attributable to shareholders for 2024 was ¥503,823,356.22, down 6.84% from ¥540,793,818.23 in 2023[26]. - The cash flow from operating activities for 2024 was ¥753,364,847.56, representing a decline of 24.95% compared to ¥1,003,825,529.92 in 2023[26]. - Basic earnings per share for 2024 were ¥0.46, a decrease of 14.81% from ¥0.54 in 2023[26]. - The company reported a weighted average return on equity of 11.26% for 2024, down from 17.41% in 2023, a decrease of 6.15 percentage points[26]. - The company achieved a revenue of 3.136 billion yuan and a net profit of 504 million yuan during the reporting period[80]. - Chicken revenue accounted for 86.00% of total revenue, decreasing by 9.50% year-over-year, while pig revenue surged by 320.39% to CNY 223,653,805.93, representing 7.13% of total revenue[84]. - The gross margin for chicken revenue was 33.54%, slightly up by 0.28% from the previous year, while pig revenue had a gross margin of only 3.08%[86]. - The company reported a total investment of 910 million in various projects, with a specific focus on the construction of breeding farms and hatcheries[119]. Market and Industry Risks - The company faces risks related to reliance on foreign suppliers for breeding technology, which could impact normal operations if supply is disrupted[5]. - The fluctuation in product prices poses a risk, as market demand and supply can lead to significant price volatility affecting business performance[7]. - The company is exposed to biosecurity risks from poultry diseases, which could adversely affect operations[8]. - The cost of raw materials, particularly feed ingredients like corn and soybean meal, significantly impacts production costs and is subject to market fluctuations[9]. - The company emphasizes the importance of maintaining a robust supply chain to mitigate risks associated with raw material procurement[9]. - The company's future plans and strategic developments are subject to market risks and should be approached with caution by investors[5]. Production and Operations - The company is positioned in the poultry industry, specifically in the breeding of white feather broilers, which is crucial for national food security[34]. - The company has established breeding farms in seven provinces, becoming the largest supplier of white feather chicken seedlings in China[46]. - The company has established a breeding base for the "Yisheng 909" broiler chicken variety, which is well-received in the market due to its excellent production performance and adaptability[47]. - The company has implemented a comprehensive purification strategy for poultry diseases, becoming the first in China to be certified as a "Poultry Leukemia Purification Demonstration Farm"[48]. - The company has established a modern automated pig farming system, enhancing production efficiency and management[79]. - The company has established a high-standard breeding system for pigs, collaborating with top international genetic breeding companies[79]. - The company has launched the "Yisheng 909" small white feather broiler upgrade project to improve production performance metrics[82]. Research and Development - The company is actively involved in various research projects to enhance breeding technology and improve the quality of livestock products[82]. - Research and development expenses increased by 13.98% to ¥126,311,980.66 compared to the previous year[98]. - The company is focusing on enhancing research and development investments to optimize the breeding system and improve the performance of white feather broilers and breeding pigs[131]. - The company is developing new technologies for disease prevention in poultry, which is expected to enhance product quality and performance[99]. - The company has increased its R&D personnel to 131, a growth of 3.97% compared to 126 in 2023[101]. - R&D investment amounted to ¥127,969,762.36, representing an 8.81% increase from ¥117,609,133.88 in 2023, with R&D expenditure accounting for 4.08% of operating revenue[101]. Corporate Governance - The company adheres to legal regulations and has improved its corporate governance structure[139]. - The board of directors consists of 7 members, including 3 independent directors, complying with legal requirements[140]. - The company maintains independence from its controlling shareholder in operations, finance, and management[139]. - The company has established a dedicated internal audit department to ensure the authenticity and completeness of financial information and internal control systems[144]. - The company has a complete and independent procurement, production, sales, and R&D system, allowing it to operate independently in the market[143]. - The company has implemented various internal control measures to prevent significant deficiencies in governance[186]. Shareholder Relations and Dividends - The company reported a cash dividend of 1 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[9]. - The company plans to distribute a cash dividend of RMB 2 per 10 shares, totaling RMB 221,282,583.00 (including tax) for the 2023 fiscal year[172]. - The total cash dividend distributed, including other methods, amounts to RMB 336,935,182.87, which represents 100% of the total distributable profit of RMB 1,391,201,299.30[175]. - The company’s independent directors have fulfilled their responsibilities in the decision-making process regarding the cash dividend policy[174]. - The company has provided opportunities for minority shareholders to express their opinions and protect their legal rights[174]. Community Engagement and Social Responsibility - The company actively participated in social responsibility initiatives, contributing over 400,000 yuan to local community projects in 2024[195]. - The company provided technical training to 603 personnel in the poultry industry, enhancing local farming practices[196]. - The company established a model for integrated farming, combining poultry raising with waste management and crop planting, contributing to rural revitalization[196]. - The company has successfully implemented various community support projects, including road construction and school repairs, to aid local residents[195]. Strategic Partnerships and Acquisitions - The company has established long-term strategic partnerships with major foreign breeding suppliers for its breeding stock procurement[68]. - The company completed the acquisition of a 100% stake in Chengke Construction (Qingdao) Co., Ltd. in December 2023[91]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach[153]. Future Outlook - The company provided a positive outlook, projecting a revenue growth of 10% for the next fiscal year[153]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[153]. - The company plans to enhance its digital marketing efforts, aiming for a 40% increase in online sales[153]. - The company plans to continue expanding its poultry farming projects, reflecting a strategic shift in resource allocation[164].

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry, expecting the industry index to outperform the market index by over 10% in the next six months [39]. Core Views - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 1.72% from February 28, 2025, to March 13, 2025, exceeding the index by approximately 3.15 percentage points [7][8]. - Most sub-sectors recorded positive returns during the same period, with animal health, feed, aquaculture, and fishery sectors increasing by 4.45%, 3.22%, 2.45%, and 0.99% respectively, while agricultural product processing and planting sectors saw declines of 0.5% and 2.11% [8][9]. - The overall price-to-book (PB) ratio for the SW agriculture, forestry, animal husbandry, and fishery industry is approximately 2.47 times, indicating a recent recovery and positioning at about 54.6% of the historical valuation center since 2006, which is considered historically low [12]. Industry Key Data - **Pig Farming**: The average price of external three yuan pigs fluctuated from 14.57 CNY/kg to 14.67 CNY/kg during the reporting period. The cost of corn was 2263.04 CNY/ton, showing an upward trend, while soybean meal was priced at 3470 CNY/ton, reflecting a slight decline. The profit for self-bred pigs was 35.15 CNY/head, showing a slight increase, while the profit for purchased piglets was -34.44 CNY/head, indicating a decrease [15][16][19]. - **Poultry Farming**: The average price of broiler chicks rose by 21.4% to 2.79 CNY/chick, while the average price of layer chicks fell by 0.6% to 4.3 CNY/chick. The average price of white feather broilers increased by 14.5% to 7.11 CNY/kg, with a profit of -0.51 CNY/chick, which is an improvement compared to the previous period [21][25]. - **Aquaculture**: The average wholesale price for crucian carp and carp remained stable at 19.66 CNY/kg and 14.21 CNY/kg respectively as of March 13, 2025 [27]. Company Insights - **Muyuan Foods (牧原股份)**: The company is recognized as a leading domestic pig farming enterprise with cost advantages and substantial cash reserves, expected to maintain its leading position [40]. - **Wens Foodstuff Group (温氏股份)**: The company is expanding its pig production capacity steadily and has strong cost control capabilities, maintaining its leading position in the yellow feather chicken business [40]. - **Haid Group (海大集团)**: The company is a leading player in the feed industry, with market share expected to continue to grow [40]. - **Yisheng (益生股份)**: The company is a leading enterprise in the white feather chicken breeding sector [40].

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][5][39] Core Viewpoints - The report highlights the recovery potential of undervalued leading breeding companies and the long-term upward trend in rubber prices [1][3][14] - Key recommendations include focusing on high ROE value stocks in the breeding sector and identifying growth opportunities in the pet food market [1][3][39] Summary by Sections Investment Recommendations - Recommended stocks include: - For pets: Guai Bao Pet, Zhong Chong Co., and Rui Pu Biological [1][3][16] - For breeding: Mu Yuan Co., Hua Tong Co., and Wen's Food Group [1][3][39] - For rubber: Hainan Rubber, a leading global player in natural rubber cultivation and processing [1][3][22] Breeding Sector - The breeding sector is expected to maintain low volatility in production capacity, with overall supply-demand balance remaining stable [1][17][39] - Specific insights include: - Swine prices were reported at 14.46 CNY/kg, down 8.88% month-on-month, with a slight increase in average weight [2][25] - Poultry supply is at a low, with potential demand recovery as macroeconomic conditions improve [30][35] Planting Chain - The report emphasizes the importance of focusing on leading companies with R&D and integration advantages in the seed industry [1][19][39] - Key recommendations include: - Hainan Rubber, with significant production and processing capabilities [1][22] Market Trends - The report notes that the agriculture, forestry, animal husbandry, and fishery index increased by 0.20% in February, underperforming compared to the broader market [2][5] - The report also highlights the strong performance of specific stocks, such as Tianye Co. and Dayu Biological, with notable increases in their stock prices [2][5]

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]

Investment Rating - The report maintains a "Market Perform" rating for the agriculture, forestry, animal husbandry, and fishery industry [2] Core Insights - The agriculture, forestry, animal husbandry, and fishery industry underperformed the market in February, with a 0.20% increase compared to the Shanghai Composite Index's 2.16% increase [12][8] - The report highlights that the pig farming sector is expected to maintain profitability in 2025, supported by favorable policies and a gradual recovery in pig inventory [49][50] - The poultry farming sector, particularly white feather chicken, is anticipated to see marginal price improvements as the macroeconomic environment stabilizes [52] - The feed and animal health sectors are projected to experience performance recovery as pig inventory gradually increases [53] Summary by Sections Market Review - The agriculture, forestry, animal husbandry, and fishery industry index ranked 25th among 31 industry indices in February, with a year-to-date decline of 2.79% [12][8] - The sub-sectors of fruit and vegetable processing, comprehensive III, and grain and oil processing showed positive growth, while pet food and poultry farming lagged behind [13] Pig Farming - In February, the average price of external three yuan pigs decreased by 6.80% month-on-month, while the average price of external three yuan piglets increased by 21.91% [20] - The average profit for self-bred pigs was approximately 37.35 yuan per head, while for purchased piglets, it was 10.95 yuan per head [20] Poultry Farming - The average price of white feather chicken in February was 6.05 yuan per kilogram, down 18.34% month-on-month [34] - The average price of meat chicken seedlings was 2.12 yuan per chick, down 19.67% month-on-month [34] Fisheries - In February, the prices of various freshwater fish remained stable, while the price of shrimp decreased by 11.11% [45] Investment Recommendations - The report suggests maintaining a focus on high-quality pig farming companies such as Muyuan Foods and Wens Foodstuffs, which are expected to continue generating profits in 2025 [49][52] - The report recommends attention to the feed sector as a post-cycle investment opportunity, particularly in leading companies like Haida Group [53] - In the seed industry, companies with strong research capabilities are highlighted as key players, including Dabeinong and Longping High-Tech [54] - The pet food sector is expected to grow, with recommendations to monitor companies like Guobao Pet and Zhongchong Co., which are expanding their market presence [56]

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 ...