Core Insights - The report indicates a rebound in pig prices, with the average price for lean pigs at 13.09 CNY/kg as of January 23, reflecting a 4.8% week-on-week increase, although down 17.6% year-on-year. The industry is returning to profitability, with self-breeding operations reportedly earning about 40 CNY per head [2][10] - The report highlights a significant increase in the price of piglets, which rose to 353 CNY/head, a 7% increase week-on-week, suggesting a positive outlook among farmers for pig prices in the second half of the year [2][10] - The report recommends major breeding companies such as Wens Foodstuffs Group and Muyuan Foods, while also highlighting potential in smaller firms like Tiankang Biological and Shennong Group [2][10] Livestock Farming - The average price of white feather chickens is reported at 3.7 CNY/jin, down 1.3% week-on-week, with supply concerns due to avian influenza affecting imports from France [2][10] - The dairy sector shows a slight increase in fresh milk prices to 3.03 CNY/kg, up 0.3% week-on-week, while some regions report prices rebounding to 3.3-3.4 CNY/kg [2][11] - The report notes that the supply of beef is expected to tighten due to new import tariffs, which may lead to increased domestic beef prices and improved earnings for companies like Yurun Food and Modern Farming [2][11] Feed and Animal Health - The report indicates a continued upward trend in aquaculture prices, driven by supply-demand imbalances and seasonal factors, which may benefit feed demand in the short term [2][12] - The feed industry remains competitive, with leading companies expected to gain market share due to their comprehensive advantages [2][12] - The report suggests that leading animal health companies are expanding into pet healthcare, with growth potential in pet vaccines and pharmaceuticals [2][12] Agricultural Sector Performance - The agricultural sector outperformed the market by 1 percentage point, with the sector rising by 0.4% while the CSI 300 index fell by 0.6% [2][18] - Sub-sectors such as planting, agricultural processing, and fisheries showed notable gains, with increases of 4.1%, 4.0%, and 2.9% respectively [2][18] Agricultural Product Prices - The report tracks significant price movements in agricultural products, noting a 4.8% increase in pig prices and a 1.3% decrease in chicken prices [2][20] - The report also highlights the current prices of corn at 2375 CNY/ton, up 0.5% week-on-week, and soybean meal at 3194 CNY/ton, down 0.1% [2][44][53] - The report indicates that the price of wheat has also increased by 0.5% to 2527 CNY/ton [2][55]

Investment Rating - The report maintains a positive investment rating for the pig farming sector, recommending continued investment in this area due to low valuations and expected profitability [4]. Core Insights - The report highlights a rebound in pig prices to 13 CNY/kg, with self-breeding and self-raising operations achieving profitability for two consecutive weeks [4]. - The white feather breeding stock update for 2025 is projected at 1.5742 million sets, with a year-on-year increase of 4.9% [5]. - The pet food market in urban China is expected to reach 312.6 billion CNY in 2025, growing by 4.1% year-on-year [6]. Summary by Sections Pig Farming - Pig prices have rebounded to 13 CNY/kg, with a week-on-week increase of 0.7%. The average weight of pigs at slaughter has risen to 128.89 kg, with a decrease in the proportion of heavier pigs [4]. - The profitability of self-breeding and self-raising operations has reached 43.35 CNY per head, marking a significant recovery since December 2025 [4]. - The report forecasts a new wave of price declines post-Spring Festival, indicating potential capacity reduction in the pig farming industry [4]. Poultry Farming - The white feather breeding stock update for 2025 is 1.5742 million sets, with 55% from self-breeding and 45% from imports. The price of yellow feather chicken has increased by 2.6% week-on-week [5]. - The average price of chicken products is reported at 9,250 CNY/ton, with a slight year-on-year decrease of 0.5% [5]. Pet Industry - The urban pet market is projected to grow to 312.6 billion CNY in 2025, with dog and cat markets at 160.6 billion CNY and 152.0 billion CNY, respectively [6]. - The number of pet dogs and cats in urban areas is expected to reach 126.32 million, with a year-on-year growth of 1.8% [8]. - Pet food remains the primary consumption category, accounting for 53.7% of the market share, with a projected market size of approximately 167.9 billion CNY in 2025 [8].

（记者 曾健辉） 每经AI快讯，益生股份1月23日晚间发布公告称，截至本公告日，曹积生累计质押股数约为1.9亿股，占 其所持股份比例为42.1%。 每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 ...

山东益生种畜禽股份有限公司（以下简称"公司"）近日接到控 股股东、实际控制人曹积生先生通知，获悉其所持有公司的部分股份 办理了质押及解除质押业务，具体事项如下: 一、控股股东股份质押及解除质押的基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押 | 占其所 | 占公司 | 是否为 | 是否为 | 质押 | 质押 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 一致行动人 | 数量 （股） | 持股份 比 例 | 总股本 比 例 | 限售股 | 补充质 押 | 起始日 | 到期日 | 质权人 | 用途 | | 曹积生 | 是 | 26,520,000 | 5.87% | 2.40% | 否 | 否 | 2026 年 1 月 | 2027 年 1 月 | 招商证券 股份有限 | 置换前 期质押 | | | | | | | | | 21 日 | 21 日 | 公司 | 融资 | | 合 计 | —— | 26,520,000 | 5.87% | 2.40% | -- | -- ...

每经头条（nbdtoutiao）——"一周干完一年的活"，一款AI编程工具让硅谷程序员集体"上瘾"！科技公 司CEO：一辈子钻研的技能被它一次性解决，让人兴奋又恐惧 （记者 曾健辉） 每经AI快讯，益生股份发布公告称，2026年1月20日，益生股份接受红鼎基金调研，公司总裁、董事会 秘书兼财务总监林杰先生，证券事务代表李玲女士参与接待，并回答了投资者提出的问题。 ...

Company Overview - Shandong Yisheng Livestock and Poultry Breeding Co., Ltd. was established in 1989 and listed in 2010, focusing on breeding parent stock of white feather broilers, commercial broiler chicks, breeding pigs, agricultural equipment, and dairy products [1][2] - The company is the largest ancestor breeding chicken enterprise in China, with over 400,000 sets of ancestor breeding chickens and a 43% share of the national import of ancestor breeding chickens in 2025 [1][2] - Yisheng has been recognized as a national core breeding farm for pigs and has a strong reputation in the industry, with plans to increase pig sales to nearly 100,000 heads by 2025 [3] Industry Situation - China's total poultry meat production and per capita consumption are increasing, with white feather chicken expected to account for nearly 50% of poultry meat by 2024 [4] - Despite the growth, China's per capita chicken consumption remains lower than that of the US and Brazil, indicating potential for market expansion [4] - The "Healthy China" initiative is expected to shift consumer preference towards white meat, particularly white feather chicken [4] 2026 Development Outlook - The company's core strategy for 2026 focuses on strengthening breeding sources, expanding chicken production, and increasing pig sales [7] - The company aims to increase parent stock to 10 million sets and commercial chick production to 1 billion by 2026, with a significant expansion project in Shanxi [7] - Expected pig sales for 2026 are projected at 150,000 heads, catering to large-scale farms' demand for high-quality breeding pigs [7] Price Trends and Market Dynamics - The price of parent white feather broiler chicks has been rising due to a decrease in ancestor breeding chicken imports caused by avian influenza outbreaks [8][9] - The supply of parent broiler chicks is expected to increase in 2026, following a decrease in ancestor breeding chicken imports in 2025 [11] - The market for commercial broiler chicks is anticipated to be favorable in 2026, supported by strong demand from downstream farms and potential increases in pork prices [12] Risk Management - The company implements a mandatory immunization policy against highly pathogenic avian influenza to mitigate risks associated with disease outbreaks [13] - To manage raw material price fluctuations, the company employs hedging strategies and considers options for risk mitigation [14]

Group 1 - The company held its first board meeting of the seventh session on January 15, 2026, where all seven directors attended and unanimously agreed to waive the notice period for the meeting [1][2][3] - The board elected Mr. Cao Jisheng as the chairman and Ms. Ji Yongmei as the vice chairman, with their terms aligned with the current board [4][6][8][9] - The board approved the appointment of senior management, including Mr. Lin Jie as president and CFO, and Mr. Hao Wenjian as executive vice president [13][15][16][17][19] Group 2 - The board approved a credit facility application of up to RMB 4.5 billion to meet the company's funding needs for 2026, with the chairman authorized to manage the financing matters [24][25] - The company plans to engage in daily related transactions with Beidahuang Baoquanling Agricultural Development Co., Ltd., with an estimated total amount not exceeding RMB 82 million for 2026 [26][44] - The board approved the use of up to RMB 220 million of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months [29][61][65]

二、募集资金使用情况 国投证券股份有限公司 关于山东益生种畜禽股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 国投证券股份有限公司（以下简称"国投证券"、"保荐机构"）作为山东益生 种畜禽股份有限公司（以下简称"益生股份"、"公司"）向特定对象发行股票（以 下简称"本次发行"）的保荐机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》《深圳 证券交易所股票上市规则》《上市公司募集资金监管规则》等有关规定，对益生 股份使用部分闲置募集资金暂时补充流动资金事项进行了核查，核查情况如下： 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，发行价格为10.22元/股，募集资金总额 为人民币1,159,999,995.70元，扣除相关发行费用后，公司实际募集资金净额为人 民币1,139,106,644.83元。 上述募集资金已于2023年11月24日到位，并经和信会计师事务所（特 ...

一、日常关联交易基本情况 （一）日常关联交易概述 关于日常关联交易预计的公告 证券代码：002458 证券简称：益生股份 公告编号：2026-006 山东益生种畜禽股份有限公司 关于 2026 年度日常关联交易预计的公告 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。 1、日常关联交易事项 山东益生种畜禽股份有限公司（以下简称"公司"）根据生产经 营的需要，预计 2026 年度公司及子公司将与关联方北大荒宝泉岭农 牧发展有限公司（以下简称"宝泉岭农牧"）及其子公司发生关联销 售父母代种鸡雏鸡、商品代肉鸡雏鸡、种蛋、预混料、设备及采购饲 料等日常关联交易，总金额预计不超过 8,200.00 万元，上年同类交 易实际发生总额为 7,576.09 万元。 2、关联交易履行的审议程序 2026 年 1 月 15 日，公司第七届董事会第一次会议以 6 票同意， 0 票反对，0 票弃权审议通过了《关于 2026 年度日常关联交易预计的 议案》。宝泉岭农牧为公司参股公司，公司认缴其 25.55%股权，公 司董事长曹积生先生担任其董事，根据《深圳证券交易所股票上市规 则》的相关 ...

山东益生种畜禽股份有限公司（以下简称"公司""益生股份"） 于 2026 年 1 月 15 日召开第七届董事会第一次会议，审议通过了《关 于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司在确 保不影响募集资金投资项目建设进度的情况下，使用不超过人民币 2.2 亿元闲置募集资金暂时补充流动资金，使用期限自董事会审议通 过之日起不超过 12 个月。本次使用部分闲置募集资金暂时补充流动 资金事项在董事会审批权限范围内，经董事会审议批准后无需提交股 东会审议。现将有关情况公告如下： 关于使用部分闲置募集资金暂时补充流动资金的公告 证券代码：002458 证券简称：益生股份 公告编号：2026-007 山东益生种畜禽股份有限公司 关于使用部分闲置募集资金暂时补充流动资金 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、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 行价格为10 ...