Group 1 - The core point of the article is that Xiaoming Co., Ltd. (300967) reported its sales performance for January 2026, indicating a total sale of 22.8828 million chickens and a revenue of 58.5962 million yuan, with notable changes in sales figures compared to previous periods [1] Group 2 - The sales volume of chicken products in January 2026 was 22.8828 million birds, reflecting a month-on-month increase of 1.59% but a year-on-year decrease of 13.11% [1] - The revenue generated from chicken product sales was 58.5962 million yuan, showing a month-on-month decline of 11.26% and a year-on-year decline of 45.25% [1] - The average selling price of chicken products was 2.56 yuan per bird [1]

Group 1 - The core point of the article is that Xiaoming Food announced its sales performance for chicken products in January 2026, reporting a total of 22.8828 million birds sold and a revenue of 58.5962 million yuan [1] - The sales volume showed a month-on-month increase of 1.59% but a year-on-year decrease of 13.11% [1] - The revenue experienced a month-on-month decline of 11.26% and a significant year-on-year drop of 45.25% [1]

Group 1 - The core point of the article is that Xiaoming Co., Ltd. (300967.SZ) reported its sales figures for January 2026, indicating a significant decline in both sales volume and revenue compared to the previous year [1] Group 2 - In January 2026, the company sold 22.8828 million chickens, which represents a month-on-month increase of 1.59% [1] - The sales revenue for the same period was 58.5962 million yuan, showing a month-on-month decrease of 11.26% [1] - Year-on-year comparisons reveal a decline of 13.11% in sales volume and a substantial drop of 45.25% in sales revenue [1]

Group 1 - The company reported sales of chicken products amounting to 22.8828 million birds in January 2026, generating a revenue of 58.5962 million yuan [1] - The month-on-month changes in sales volume and revenue were 1.59% and -11.26% respectively [1] - Year-on-year changes showed a decline of 13.11% in sales volume and a significant drop of 45.25% in revenue [1]

Core Viewpoint - The announcement from Xiaoming Co. indicates a decline in both sales volume and revenue for chicken products in January 2026 compared to previous periods, highlighting challenges in the company's performance [1] Sales Performance - In January 2026, the sales volume of chicken products reached 22.8828 million birds, generating revenue of 58.5962 million yuan [1] - Month-on-month changes show a sales volume increase of 1.59% but a revenue decrease of 11.26% [1] - Year-on-year comparisons reveal a significant decline, with sales volume down 13.11% and revenue down 45.25% [1] Pricing Information - The average selling price of chicken products for the month was 2.56 yuan per bird [1] Cumulative Data - For the year to date, cumulative sales volume and revenue both stand at 22.8828 million birds and 58.5962 million yuan, respectively [1]

证券代码：300967 证券简称：晓鸣股份 公告编号：2026-019 宁夏晓鸣农牧股份有限公司 2026 年 1 月鸡产品销售情况简报 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、误导性陈述或重大遗漏。 1、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，敬请广大投资者谨慎决策，注意投资风险。 2、上述披露仅包含公司鸡产品销售情况，不包含其他业务。 宁夏晓鸣农牧股份有限公司（以下简称"公司"）2026 年 1 月销售鸡产品 2,288.28 万羽，销售收入 5,859.62 万元，环比变动分别为 1.59%、-11.26%，同 比变动分别为-13.11%、-45.25%。 二、原因说明 2026 年 1 月，公司鸡产品销售数量环比小幅增长、销售收入环比有所下降， 上述经营数据的变动，系行业市场环境变化与公司产品销售结构阶段性调整共同 影响的结果。当前，全国在产蛋鸡存栏量依旧处于相对高位，行业整体供需格局 持续处于调整阶段，供给压力依旧显著。1 月蛋价虽迎来阶段性回升，但养殖单 位对后市预期仍较为谨慎，补栏积极性虽略有小幅回暖，但价格端仍面临压力。 此外，生猪 ...

Group 1 - The company, Xiaoming Co., Ltd. (300967), provided insights into its performance growth in the "Reasons for Performance Changes" section of its 2025 annual performance forecast, which will be released on January 26, 2026 [1]

小明股份 2023 年 12 月因费用冲回延迟及年终奖金计提，整体利润减 少 4,300 多万元，导致四季度单月亏损约 2000 万元，同时鸡苗销量下 滑及产能利用率不足导致成本上升，售价低于成本。 2025 年蛋鸡行业经历近 9 个月亏损，即使旺季也未见好转，库存压力 大。目前库存紧平衡，春节刚需推动蛋价上涨，但需警惕期货投资风险。 预计 2026 年上半年鸡蛋价格回落至成本线附近波动。 预计 2026 年下半年产能平衡或紧平衡，2027 年二季度新引进高产蛋 鸡才能投入生产。小明股份三四月份订单已满，价格稳定，预计 26 年 2 月销量 300 万只，3 月提升至 700 多万只。 2025 年小明股份蛋鸡市场占有率达 26%，全年销售约 2.74 亿只。尽 管友商降价导致金砖价格下降，但行业在高市占率情况下仍具备一定定 价权，2026 年上半年保持独立行情。 预计 2026 年三季度蛋鸡及其他畜禽品种有刚需行情，鸡蛋价格高点可 能达 7.8 元/公斤，苗价有望突破 4 元。父母代蛋鸡存栏量平衡，预计下 半年持续减少，导致下游供应减少。 Q&A 晓鸣股份 20260204 摘要 小明股份 2025 年的经 ...

Investment Rating - Industry rating: "Overweight" [2] Core Insights - The report highlights a significant drop in pig prices by 6% to 12.21 CNY/kg, while the price of white feather chicken products has increased to 9,400 CNY/ton [3][4] - The report indicates that the pig farming sector has been profitable for three consecutive weeks, with a profit of 25.1 CNY per head [3] - The report recommends continued investment in the pig farming sector, particularly in companies like Muyuan Foods, Tiankang Biological, Wens Foodstuff, and Lihua Agricultural [3] Summary by Sections Pig Farming - The average weight of pigs at slaughter has decreased to 127.86 kg, with the proportion of heavy pigs (over 150 kg) at 5.78% [3] - The price of two-yuan sows remains stable at 1,559 CNY/head, while the price of piglets has increased by 3.3% week-on-week [3] - The report anticipates a new wave of price declines post-Chinese New Year due to expected capacity reduction in the pig industry [3] Chicken Farming - The price of white feather chicken products has risen to 9,400 CNY/ton, reflecting a week-on-week increase of 1.6% [4] - Yellow feather chicken farming has been profitable for over five months, with an average price of 14.95 CNY/kg [4] - The report notes a historical high in the number of breeding stock for white feather chickens, with a total of 157.42 million sets updated in December 2025 [4] Cattle Industry - As of the end of 2025, the cattle stock in China has decreased by 8.6%, with expectations for prices to rise in the first half of 2026 [8] - The report suggests that the decline in cattle stock is a precursor to rising beef prices, with historical data supporting this trend [8] Pet Food Market - The pet market in China is projected to grow by 4.1% in 2025, reaching a total market size of 312.6 billion CNY [7] - The pet food market share has increased to 53.7%, with significant growth in core brands [7]

晓鸣股份 20260129 摘要 小明股份四季度计提的存货减值准备预计在 3 月后消失，或将推动利润 回升。2025 年蛋鸡行业整体亏损，但公司年底引种量占全国 30%，为 未来市场竞争奠定基础。 2026 年蛋价或在 3 月因供需平衡打破而上涨，春节期间蛋价上涨是暂 时性现象，再产蛋鸡存栏量仍充足，需警惕春节后行情下跌及延迟淘汰 风险。 小明股份未来五年目标是实现 3.5 亿支出比和 30%的生产率，将通过产 能扩张和市场占有率提升实现，目前仍有 4,000-5,000 万只的产能扩展 空间。 2026 年蛋鸡供应主要依赖 2024 年批次，预计 3 月起蛋种鸡供种量将 下降，因祖代和父母代鸡偏老，掌握祖代鸡资源的企业将拥有更多主动 权。 2026 年补栏量预计略低于去年 4%，上半年超额补栏或致下半年开产量 不足，7 月起市场需求将由去年下半年补栏支撑，或现供给紧平衡，推 动蛋价回暖。 春节期间蛋价上涨是否意味着行业整体回暖？ 春节期间蛋价上涨主要由于供需暂时性紧平衡，并非行业整体回暖。目前再产 蛋鸡存栏数量仍相对充足，大约 12.5 亿只左右。去年 10 月至 11 月间，由于 新开产鸡数量高于老龄淘汰 ...