Sales Performance Summary - In January 2026, the company sold 43.7994 million white feather broiler chicks, generating revenue of 141.4593 million yuan, representing a year-on-year decline of 19.37% in quantity and 2.62% in revenue, and a month-on-month decline of 29.06% in quantity and 45.52% in revenue [2] - The company sold 5.4656 million of its 909 small white feather broiler chicks, with revenue of 6.7774 million yuan, showing a year-on-year decline of 27.27% in quantity and 19.17% in revenue, and a month-on-month decline of 14.79% in quantity and 4.29% in revenue [2] Breeding Pig Sales Performance - In January 2026, the company sold 8,752 breeding pigs, generating revenue of 17.8731 million yuan, with a significant year-on-year increase of 797.64% in quantity and 565.27% in revenue, and a month-on-month increase of 161.64% in quantity and 130.86% in revenue [3] Reasons for Sales Changes - The decrease in sales of broiler chicks in January 2026 was attributed to a seasonal supply tightness and the annual incubation period, which led to a significant drop in sales quantity and revenue [4] - The increase in breeding pig sales was due to the steady release of production capacity and a low base effect from the previous month, as some customers completed breeding before December 2025 [4] Fundraising and Management - The company approved the establishment of a special account for fundraising and signed a regulatory agreement for the management of the funds, with a total fundraising amount of approximately 1.16 billion yuan from the issuance of 113,502,935 shares at a price of 10.22 yuan per share [8][9] - The funds will be managed in accordance with relevant regulations, and the company has established a three-party regulatory agreement with the banks and the sponsoring institution to ensure proper use of the funds [10][11]

Core Viewpoint - Yisheng Co., Ltd. (益生股份) reported a decline in sales volume and revenue for its white feather broiler chicks in January 2026, while experiencing significant growth in sales of breeding pigs [1] Group 1: White Feather Broiler Chicks - The sales volume of white feather broiler chicks reached 43.7994 million, with a revenue of 141.4593 million yuan, reflecting a year-on-year decline of 19.37% in volume and 2.62% in revenue [1] - On a month-on-month basis, the sales volume and revenue decreased by 29.06% and 45.52%, respectively [1] - The sales volume of Yisheng 909 small white feather broiler chicks was 5.4656 million, generating a revenue of 6.7774 million yuan, with year-on-year declines of 27.27% in volume and 19.17% in revenue [1] - Month-on-month changes for the small white feather broiler chicks showed a decrease of 14.79% in volume and 4.29% in revenue [1] Group 2: Breeding Pigs - The sales volume of breeding pigs was 8,752 heads, with a revenue of 17.8731 million yuan, indicating a substantial year-on-year increase of 797.64% in volume and 565.27% in revenue [1] - Month-on-month changes for breeding pigs showed an increase of 161.64% in volume and 130.86% in revenue [1]

Core Viewpoint - Yisheng Co., Ltd. (002458.SZ) reported a decline in sales volume and revenue for its white feather broiler chicks in January 2026, while experiencing significant growth in sales of breeding pigs due to supply constraints and seasonal factors [1] Group 1: Sales Performance - In January 2026, the sales volume of white feather broiler chicks reached 43.7994 million, with sales revenue of 141 million yuan, reflecting year-on-year changes of -19.37% and -2.62%, respectively [1] - The sales volume of Yisheng 909 small white feather broiler chicks was 5.4656 million, generating sales revenue of 6.7774 million yuan, with year-on-year changes of -27.27% and -19.17% [1] - The sales volume of breeding pigs was 8,752 heads, with sales revenue of 17.8731 million yuan, showing year-on-year increases of 797.64% and 565.27% [1] Group 2: Price and Supply Dynamics - The price of parent white feather broiler chicks has been increasing month-on-month due to tight supply conditions [1] - The sales volume of commercial white feather broiler chicks decreased month-on-month in January 2026, leading to a significant impact on revenue due to a seasonal hatching pause [1] - The breeding pig production capacity is steadily being released, contributing to the substantial year-on-year increase in sales volume and revenue for breeding pigs in January 2026 [1] Group 3: Seasonal Factors - Seasonal factors influenced some customers to complete breeding stock introductions before December 2025, resulting in a low base for January 2026 sales figures [1]

Core Viewpoint - The company reported a decline in sales volume and revenue for its white feather broiler chicks, while experiencing significant growth in sales of breeding pigs in January 2026 [1] Group 1: White Feather Broiler Chicks - The sales volume of white feather broiler chicks reached 43.7994 million, with a revenue of 141 million yuan, reflecting a year-on-year decline of 19.37% in volume and 2.62% in revenue [1] - The month-on-month changes for white feather broiler chicks showed a decrease of 29.06% in sales volume and 45.52% in revenue [1] - The sales of the 909 small white feather broiler chicks amounted to 5.4656 million, generating revenue of 6.7774 million yuan, with year-on-year declines of 27.27% in volume and 19.17% in revenue [1] Group 2: Breeding Pigs - The company sold 8,752 breeding pigs in January 2026, achieving a revenue of 17.8731 million yuan, which represents a significant year-on-year increase of 797.64% in volume and 565.27% in revenue [1] - Month-on-month changes for breeding pigs sales indicated an increase of 161.64% in volume and 130.86% in revenue [1]

Core Viewpoint - Yisheng Co., Ltd. reported a significant decline in the sales and revenue of white feather broiler chicks, while experiencing substantial growth in the sales and revenue of breeding pigs due to low base effects and capacity release [1] Group 1: White Feather Broiler Chicks - In January 2026, the sales of white feather broiler chicks reached 43.7994 million, generating revenue of 141.4593 million yuan, representing a year-on-year decline of 19.37% and 2.62%, and a quarter-on-quarter decline of 29.06% and 45.52% [1] - The sales of Yisheng 909 small white feather broiler chicks amounted to 5.4656 million, with revenue of 6.7774 million yuan, showing a year-on-year decline of 27.27% and 19.17%, and a quarter-on-quarter decline of 14.79% and 4.29% [1] Group 2: Breeding Pigs - The sales of breeding pigs reached 8,752 heads, generating revenue of 17.8731 million yuan, reflecting a year-on-year increase of 797.64% and 565.27%, and a quarter-on-quarter increase of 161.64% and 130.86% [1] - The increase in breeding pig sales and revenue is attributed to the release of production capacity and a low base effect from the previous period [1] Group 3: Market Conditions - The company noted that the income from white feather broiler chicks declined quarter-on-quarter due to a hatching pause, while the significant growth in breeding pig sales is a result of increased capacity and favorable comparisons to prior periods [1] - The announcement also highlighted that fluctuations in product prices could impact overall performance [1]

Core Viewpoint - Yisheng Co., Ltd. (002458.SZ) reported a decline in sales volume and revenue for its white feather broiler chicks in January 2026, while experiencing significant growth in sales of breeding pigs due to supply constraints and seasonal factors [1] Group 1: Sales Performance - In January 2026, the sales volume of white feather broiler chicks reached 43.7994 million, with sales revenue of 141 million yuan, reflecting year-on-year changes of -19.37% and -2.62%, respectively, and month-on-month changes of -29.06% and -45.52% [1] - The sales volume of Yisheng 909 small white feather broiler chicks was 5.4656 million, generating sales revenue of 6.7774 million yuan, with year-on-year changes of -27.27% and -19.17%, and month-on-month changes of -14.79% and -4.29% [1] Group 2: Breeding Pig Sales - The company sold 8,752 breeding pigs in January 2026, with sales revenue of 17.8731 million yuan, showing year-on-year increases of 797.64% and 565.27%, and month-on-month increases of 161.64% and 130.86% [1] - The increase in breeding pig sales is attributed to the steady release of production capacity and a low base effect from the previous month due to seasonal factors [1] Group 3: Price Trends and Market Conditions - The price of parent white feather broiler chicks has been rising for several months due to tight supply; however, the sales volume of commercial white feather broiler chicks decreased month-on-month in January 2026, leading to a significant impact on revenue [1] - The decline in sales volume and revenue for commercial white feather broiler chicks is primarily influenced by the annual incubation break period [1]

销售情况简报 （二）种猪销售情况 公司2026年1月种猪销售数量8,752头，销售收入1，787.31万元， 同比变动分别为797.64%、565.27%，环比变动分别为161.64%、130.86%。 证券代码：002458 证券简称：益生股份 公告编号：2026-014 山东益生种畜禽股份有限公司 2026 年 1 月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、2026年1月销售情况 （一）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"）2026 年 1 月 白羽肉鸡苗销售数量 4,379.94 万只，销售收入 14,145.93 万元，同 比变动分别为-19.37%、-2.62%，环比变动分别为-29.06%、-45.52%。 益生 909 小型白羽肉鸡苗销售数量 546.56 万只，销售收入 677.74 万元，同比变动分别为-27.27%、-19.17%,环比变动分别为-14.79%、 -4.29%。 特此公告。 上述财务数据均未经审计，可能与公司定期报告披露的数据存在 一定差异，仅作为阶段性财务数据供投资者 ...

关于设立募集资金专项账户并签署募集资金监管协议的公告 证券代码：002458 证券简称：益生股份 公告编号：2026-015 山东益生种畜禽股份有限公司 关于设立募集资金专项账户并签署募集资金 监管协议的公告 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。 山东益生种畜禽股份有限公司（以下简称"公司"）于 2026 年 1 月 29 日召开第七届董事会第二次会议，审议通过了《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》，董事会同意公 司的子公司山西益生种禽有限公司在中国银行、中国农业银行、中国 建设银行设立募集资金专项账户（以下简称"专户"），用于募集资金 用途改变后的三个募投项目募集资金的专项存放、管理和使用。董事 会授权董事长与保荐机构、募集资金专户开户银行签署募集资金监管 协议。现将有关情况的进展公告如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意山东益生种畜禽股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕1598 号） 同意注册，公司本次向特定对象发行股票数量为 113,502,935 股，发 行 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The agricultural sector is expected to experience a cyclical recovery, particularly in the beef and dairy markets, driven by domestic and international demand [3] - The pig farming sector is anticipated to stabilize due to capacity control measures, benefiting leading companies with improved cash flow and cost advantages [3] - Poultry supply is expected to remain stable, with potential for increased cash flow returns for leading enterprises as demand recovers [3] - The feed industry is likely to see enhanced competitive advantages for leading companies due to deeper industrialization and specialization [3] - The pet industry is identified as a growth sector benefiting from demographic trends [3] Summary by Sections Livestock - Beef prices are expected to continue rising, with the average price for fattened bulls at 25.20 CNY/kg, stable week-on-week and up 8.15% year-on-year [2] - Dairy cow depopulation is likely to accelerate, with raw milk prices expected to reach a turning point in 2026 [2] - The pig price on February 6, 2026, was 12.05 CNY/kg, down 1.31% week-on-week and down 20.67% year-on-year [13] Poultry - Chicken supply has slightly increased, with a focus on seasonal consumption recovery [13] - Egg prices in major production areas were 3.44 CNY/jin, up 6.83% week-on-week and up 19.44% year-on-year [13] Feed - Soybean meal prices are at historical lows, with potential catalysts from weather or trade factors [2] - Corn prices are expected to maintain a stable upward trend, with a current price of 2331 CNY/ton, down 0.09% week-on-week but up 8.52% year-on-year [2] Key Companies and Investment Recommendations - Recommended livestock companies include YouRan MuYe and Modern MuYe [3] - Recommended pig farming companies include HuaTong Co., DeKang Agriculture, and MuYuan Co. [3] - Recommended poultry companies include LiHua Co. and YiSheng Co. [3] - Recommended feed company is HaiDa Group [3] - Recommended pet company is GuaiBao Pet [3]

Core Viewpoint - Yisheng Co., Ltd. (002458) currently has a capacity of over 600 million commercial broiler chicks, with plans to increase capacity by approximately 100 million chicks following the completion of the Shanxi project for 1 million sets of parent breeding chicken farms and supporting projects [1] Group 1 - The current production capacity of Yisheng Co., Ltd. is over 600 million commercial broiler chicks [1] - The Shanxi project, once operational, is expected to add around 100 million chicks to the company's capacity [1] - The company plans to achieve remaining capacity through self-construction or acquisitions [1]