Core Viewpoint - Yisheng Co., Ltd. (益生股份) 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, primarily due to low prices in the chicken market and reduced sales prices of its products [4]. Financial Performance - The company forecasts a net profit attributable to shareholders of between 150 million to 190 million yuan for 2025 [4]. - The expected non-recurring net profit is projected to be between 153 million to 193 million yuan, reflecting a year-on-year decline of 61.4% to 69.4% [4]. - Basic earnings per share are estimated to be between 0.14 yuan and 0.17 yuan [4]. - As of January 26, the company's price-to-earnings ratio (TTM) is approximately 54.97 to 69.63 times, with a price-to-book ratio (LF) of about 2.49 times and a price-to-sales ratio (TTM) of around 3.46 times [4]. Business Segments - The company's main business includes the breeding and sales of grandparent and parent stock broilers, as well as the production and sales of piglets, feed, and dairy products [13]. - Despite a more than 10% year-on-year increase in the sales volume of commercial broiler chicks, the company faced significant losses in this segment due to a sharp decline in sales prices [13]. - The company experienced a substantial growth in its breeding pig business, with sales reaching 98,400 heads, an increase of 228.43% year-on-year, which has become a crucial profit driver to offset losses in the broiler segment [13].

Core Viewpoint - Yisheng Co., Ltd. expects a significant decline in net profit for the fiscal year 2025, projecting a range of 150 million to 190 million yuan, representing a decrease of 70.23% to 62.29% compared to the previous year [1] Group 1: Financial Performance - The company anticipates a net profit for 2025 to be between 150 million and 190 million yuan, indicating a substantial decline from the previous year [1] - Despite a more than 10% year-on-year increase in the sales volume of broiler chicken seedlings, the company faced significant price drops in chicken and live chicken, leading to a temporary loss in this segment [1] Group 2: Market Conditions - The sales price of broiler chicken seedlings has seen a notable decline due to low market prices, impacting overall profitability [1] - Starting from September 2025, the price of parent broiler chicken seedlings has been increasing monthly, indicating a potential recovery in market conditions that could support future profitability [1] Group 3: Business Segments - The company's pig breeding business has experienced explosive growth, leveraging high-quality and high-health dual-negative pigs, which has enhanced its market competitiveness [1] - This pig breeding segment has become a significant profit growth point, effectively mitigating some of the performance decline from the broiler chicken segment [1]

经济观察网2026年1月26日，益生股份（002458）发布2025年度业绩预告，预计2025年净利润1.5亿元至 1.9亿元，同比下降62.29%至70.23%；扣除非经常性损益后的净利润1.53亿元至1.93亿元，同比下降 61.40%至69.40%。 ...

Core Viewpoint - The company Yisheng Co., Ltd. (002458.SZ) forecasts a significant decline in net profit for the fiscal year 2025, with expected earnings between 150 million to 190 million yuan, representing a year-on-year decrease of 62.29% to 70.23% [1] Group 1: Financial Performance - The net profit attributable to shareholders is projected to be between 150 million to 190 million yuan, with a decrease of 62.29% to 70.23% year-on-year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 153 million to 193 million yuan, reflecting a decline of 61.40% to 69.40% year-on-year [1] Group 2: Sales and Market Conditions - Despite a more than 10% year-on-year increase in the sales volume of broiler chicken seedlings, the company faced significant price declines in chicken and live chicken, leading to a temporary loss in this business segment [1] - Starting from the second half of the year, the market supply and demand relationship began to improve, resulting in a quarterly price increase for broiler chicken seedlings, particularly a substantial rise in prices in the fourth quarter; however, the average sales price for the year remained lower than the previous year [1] - Although the parent generation of broiler chicken seedlings performed well in profitability, the decline in sales prices led to a significant year-on-year drop in the overall performance of the broiler chicken segment [1]

Core Viewpoint - The company, Yisheng Co., Ltd. (益生股份), expects a significant decline in net profit for the year 2025, primarily due to low prices in the chicken market despite an increase in sales volume of broiler chicken seedlings [1][2] Group 1: Financial Performance - The projected net profit attributable to shareholders for 2025 is estimated to be between 150 million to 190 million yuan, representing a year-on-year decline of 70.23% to 62.29% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 153 million to 193 million yuan, with a decline of 69.40% to 61.40% compared to the previous year [1] Group 2: Market Dynamics - Despite a more than 10% year-on-year increase in the sales volume of broiler chicken seedlings, the company faced significant price declines in the first half of the year, leading to temporary losses in this segment [1] - The market conditions began to improve in the second half of the year, with a notable increase in the price of broiler chicken seedlings, especially in the fourth quarter, although the average sales price for the year remained lower than the previous year [1] Group 3: Business Segments - The parent generation of broiler chicken seedlings performed well, but the decline in sales prices led to a substantial decrease in the overall performance of the broiler chicken segment for the year [1] - 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 significant profit growth point that partially offset the decline in the broiler chicken segment [2]

Core Viewpoint - Yisheng Co., Ltd. (002458) expects a net profit of 150 million to 190 million yuan for the year 2025, representing a year-on-year decline of 62.29% to 70.23% [1] Group 1: Sales Performance - The sales volume of commodity broiler chicks increased by over 10% year-on-year during the reporting period [1] - Despite the increase in sales volume, the average selling price of commodity broiler chicks significantly declined due to low prices of chicken and live chickens, leading to a temporary loss in this business segment [1] Group 2: Market Conditions - Starting from the second half of the year, the market supply and demand relationship gradually improved, resulting in a quarterly price rebound for commodity broiler chicks, particularly a substantial increase in prices in the fourth quarter [1] - However, the annual average selling price remained lower than the same period last year [1] Group 3: Profitability Analysis - Although the parent stock of broiler chicks performed well in profitability, the decline in selling prices year-on-year caused a significant drop in the overall performance of the broiler chicken segment for the year [1]

Core Viewpoint - The company expects a significant decline in net profit for the fiscal year 2025, projecting a range of 150 million to 190 million yuan, which represents a year-on-year decrease of 62.29% to 70.23% [1] Group 1: Sales Performance - The company reported a more than 10% year-on-year increase in the sales volume of commodity broiler chicks [1] - Despite the increase in sales volume, the average selling price of commodity broiler chicks saw a significant decline due to low prices of chicken and live chickens, leading to a temporary loss in this business segment [1] Group 2: Market Conditions - Starting from the second half of the year, the market supply and demand dynamics began to improve, resulting in a quarterly price recovery for commodity broiler chicks, particularly a substantial increase in prices in the fourth quarter [1] - However, the average selling price for the entire year remained lower than the previous year [1] Group 3: Profitability Analysis - The parent company’s broiler chick segment performed well in terms of profitability, but the decline in selling prices year-on-year caused a significant drop in the overall performance of the white feather broiler segment for the year [1]

Core Viewpoint - Yisheng Co., Ltd. anticipates a significant decline in net profit for 2025, projecting a decrease of 62.29% to 70.23% year-on-year, primarily due to low prices of chicken and broiler chickens impacting sales despite an increase in the volume of broiler chick sales [1] Financial Performance - The company expects the net profit attributable to shareholders for 2025 to be between 150 million to 190 million yuan, and the net profit after deducting non-recurring gains and losses to be between 153 million to 193 million yuan, reflecting a year-on-year decrease of 61.40% to 69.40% [1] - The average selling price of broiler chicks has significantly declined in the first half of the year, leading to a temporary loss in this business segment, despite a more than 10% increase in sales volume [1] Market Dynamics - Starting from the second half of the year, the market supply and demand relationship began to improve, resulting in a quarterly price increase for broiler chicks, particularly a substantial rise in the fourth quarter, although the annual average selling price remains lower than the previous year [1] - The parent stock of broiler chicks has performed well in profitability, but the year-on-year decline in selling prices has led to a significant drop in the overall performance of the broiler chicken segment [1] Growth Areas - The company's pig breeding business has experienced explosive growth, with sales reaching 98,400 heads, an increase of 228.43% year-on-year, becoming a crucial profit growth point that effectively mitigates the impact of the decline in the broiler chicken segment [1] - The competitive advantage of high-quality, high-health dual-negative pigs has strengthened the company's market position [1]

2025 年度业绩预告 证券代码：002458 证券简称：益生股份 公告编号：2026-009 山东益生种畜禽股份有限公司 2025 年度业绩预告 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。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为正值且属于同向下降 50%以上情形。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东的 | 盈利：15,000万元–19,000万元 | 盈利：50,382.34万元 | | 净利润 | 比上年同期下降：70.23% - 62.29% | | | 扣除非经常性损益后的 | 盈利：15,300万元–19,300万元 | 盈利：50,002.85万元 | | 净利润 | 比上年同期下降：69.40% - 61.40% | | | 基本每股收益 | 盈利：0.14元/股–0.17元/股 | 盈利：0.46 元/股 | 二、与会计师事务所沟通情况 公司已就业绩预告有关事项与会计师事务 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The report highlights supply pressures in the poultry industry, particularly due to overseas avian influenza affecting domestic breeding, leading to a temporary halt in the introduction of grandparent stock, which supports white feather broiler prices in the short term [3][13][19] - The demand for yellow feather broilers is under pressure due to seasonal demand decline and reduced restocking, with prices expected to rebound slightly due to pre-festival demand but remain generally weak [4][28] - Egg prices continue to decline, with high inventory levels prompting accelerated culling of hens, which may provide some support for future egg prices [36] Summary by Sections White Feather Broilers - December 2025 national average sales price for white feather broilers was 7.44 yuan/kg, up by 0.31 yuan/kg month-on-month, with a loss of 0.26 yuan per bird, an increase of 0.75 yuan [3][13] - The total stock of white feather grandparent stock at the end of December was 2.3377 million sets, up by 11.3% month-on-month, with parent stock at 36.9395 million sets, up by 0.1% [15][19] Yellow Feather Broilers - December average sales price for medium-speed yellow feather broilers was 11.77 yuan/kg, down by 3.07% month-on-month, with parent stock sales down by 10.43% [4][28] - Total stock of yellow feather grandparent stock at the end of December was 2.7411 million sets, down by 1.03% month-on-month [4][28] Egg Production - December egg price was 2.89 yuan/kg, down by 0.79% month-on-month, with egg-laying hen profit at -26.60 yuan per bird, an increase of 1.80 yuan [36] - The total stock of laying hens at the end of December was 1.295 billion, down by 0.92% month-on-month, but up by 7.11% year-on-year [36] Sales Performance - December sales volume of white feather chick seedlings was 408 million, remaining stable month-on-month, with parent stock sales up by 17.56% [15][38] - December chicken meat sales varied, with Xiantan Co. reporting a sales volume of 51,200 tons, down by 3.08% month-on-month, but revenue increased by 9.56% [51] - December sales volume of yellow feather broilers varied, with Wens Foodstuffs reporting a sales volume of 109 million birds, down by 7.06% month-on-month [56]