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]

Summary of Xiaoming Co. Conference Call Company Overview - **Company**: Xiaoming Co. - **Industry**: Egg production and poultry farming Key Points and Arguments Financial Performance - In December 2023, Xiaoming Co. experienced a profit reduction of over 43 million yuan due to delayed expense reversals and year-end bonus provisions, leading to a monthly loss of approximately 20 million yuan in Q4 [2][3] - The net profit attributable to shareholders for 2025 is projected to be between 71 million and 92 million yuan, slightly below expectations due to inventory impairment provisions and bonus accruals [3] Industry Dynamics - The egg industry faced nearly nine months of losses in 2025, a historical first, with significant inventory pressure and no improvement even during peak seasons [2][4] - The egg price is expected to fluctuate around the cost line in the first half of 2026, with a potential peak price of 7.8 yuan/kg in Q3 2026 [2][10] Market Share and Sales - Xiaoming Co. achieved a market share of 26% in the egg market in 2025, with total sales of approximately 274 million eggs, an increase of 3 percentage points from the previous year [2][9] - Despite price declines due to competitors, the company maintains some pricing power due to its high market share [2][9] Production and Capacity - The company plans to introduce high-yield parent stock in Q2 2027, with current production capacity at approximately 27.5 million chicks per month, aiming for 280-300 million chicks by 2026 [18] - Orders for March and April 2026 are fully booked, with stable pricing above 3.4 yuan per chick [6][13] Future Strategies - Xiaoming Co. is focusing on optimizing production and sales strategies, including entering overseas markets with a focus on countries with populations over 100 million and lower egg consumption [20][21] - The company plans to invest approximately 150 million yuan domestically and is exploring opportunities in Africa and Southeast Asia [20][25] Risks and Challenges - The ongoing avian influenza pandemic poses significant risks to the industry, affecting the supply of quality breeding stock and leading to tighter supply conditions [15][16] - The company is cautious about the current market dynamics, emphasizing the need to monitor futures investment risks due to temporary supply-demand imbalances [5][10] Growth Opportunities - Future growth in the egg market is expected to come from increased household and outdoor consumption, particularly in pre-prepared meals and central kitchen sectors [14] - The anticipated rise in egg prices in 2026 is expected to positively impact upstream prices, leading to significant growth in Xiaoming Co.'s performance [28] Conclusion - Xiaoming Co. is navigating a challenging market environment with strategic plans for growth and adaptation, focusing on both domestic and international opportunities while managing risks associated with supply chain disruptions and market fluctuations.

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]

Summary of Xiaoming Co. Conference Call Company Overview - **Company**: Xiaoming Co. (晓鸣股份) - **Industry**: Egg production and poultry farming Key Points Financial Performance and Projections - Xiaoming Co. expects a net profit of **71 million to 92 million** yuan for 2025, slightly below market expectations due to low chick sales prices in January and February, leading to a **14 million** yuan inventory impairment provision in Q4, which is expected to reverse after March, boosting profits [3][2] - The company sold **156 million** chicks in the first half of 2025, capturing approximately **27%** of the national market share, with a peak monthly sales of **29 million** chicks [3][2] - Total sales of chicken products for the year reached **278 million** chicks, accounting for over **25%** of the national commercial egg-laying hen population [3][2] Industry Insights - The egg industry is projected to face overall losses in 2025, with only minor profits in January, February, August, and September, while the rest of the year is expected to be unprofitable [5][2] - The egg price increase during the Spring Festival is deemed temporary, with a warning of potential price declines post-holiday due to sufficient inventory of laying hens, approximately **1.25 billion** [6][2] - The supply of egg-laying hens in 2026 will primarily depend on the 2024 batch, with a forecasted **4%** decrease in replenishment compared to the previous year [10][2] Strategic Goals and Expansion - Xiaoming Co. aims to achieve a **3.5 billion** yuan expenditure ratio and a **30%** production rate over the next five years, with plans for capacity expansion of **40 to 50 million** additional hens [7][2] - The company is actively developing non-caged brand eggs (welfare eggs) to mitigate overall loss risks and plans to expand its premix feed business to **5,000 to 6,000 tons** by 2026 [4][2][13][2] Digital Transformation and Management - The company is undergoing digital transformation by developing its own OA, HR, CRM, and farming management systems, aiming to enhance operational efficiency through AI and data analysis [4][22][23] - The implementation of a "Future Farm" concept is in progress, utilizing technology to improve management and efficiency [23][2] Market Dynamics and Future Outlook - The market is expected to experience a tight supply-demand balance starting in July 2026, potentially leading to a price recovery due to insufficient production from the previous year's replenishment [10][11][2] - The company has secured orders through April 2026, with March prices ranging from **3.4 to 3.8** yuan per egg, indicating a positive sales trend [9][2] - The outlook for 2026 suggests a cautious optimism for price recovery, supported by a potential increase in demand and a decrease in supply [24][2] Challenges and Risks - The ongoing threat of avian influenza poses significant risks to the industry, with potential impacts on future supply and pricing [16][17][2] - The reliance on older breeding stock may lead to supply shortages in 2026, as new breeding stock will not be available until 2027 [8][2] International Expansion - Xiaoming Co. is focusing on international markets with a young population and low protein intake, particularly in Southeast Asia and Africa, where there is significant growth potential [19][2][20][2] Youth Chicken Business - The youth chicken business has shown resilience, with sales exceeding expectations in 2025, and plans to increase sales to **8 million** in 2026 [21][2] This summary encapsulates the key insights and projections from Xiaoming Co.'s conference call, highlighting the company's strategic direction, market conditions, and future outlook in the egg production industry.

Group 1: Market Overview - The Shanghai Composite Index fell by 1.12%, the Shenzhen Component Index decreased by 1.31%, and the ChiNext Index dropped by 0.12% as of January 30 [2] - The livestock farming sector, particularly related to genetically modified organisms, agriculture, and corn, showed positive performance with significant gains in related ETFs [2] Group 2: Pig Farming Industry Insights - Recent data indicates a 13.79% increase in pig prices over the last 60 days, reaching 13.12 yuan per kilogram on January 29, supported by rising meat demand ahead of the Spring Festival [2] - Despite a recent price increase, the overall supply-demand situation is weak, with expectations of price declines post-holiday due to supply pressures and reduced output [3] - The average weight of pigs sold this week was 128.89 kg, showing a slight recovery, but the overall supply is expected to decrease in January [3] - The industry is experiencing losses, with prices falling below the cost line, leading to a reduction in production capacity and a stabilization of market conditions at the bottom [3] Group 3: Poultry Industry Insights - The white feather chicken market is experiencing price support due to weak supply elasticity caused by overseas epidemics halting domestic breeding [4] - The average selling price of white feather meat chickens in December was 7.44 yuan per kilogram, with a slight increase from the previous month, while breeding losses were reported at 0.26 yuan per bird [4] - The total stock of white feather breeding chickens reached 2.3377 million sets by the end of December, reflecting an 11.3% increase, indicating a potential for future price stability [4]

Core Viewpoint - The aquaculture sector experienced a rise of 1.85% on January 29, with Fu Cheng Co., Ltd. leading the gains, while the overall market showed mixed results with the Shanghai Composite Index up by 0.16% and the Shenzhen Component Index down by 0.3% [1] Group 1: Market Performance - The aquaculture sector's performance was highlighted by Fu Cheng Co., Ltd. closing at 6.46, up by 5.38% with a trading volume of 347,300 shares and a transaction value of 223 million yuan [1] - Other notable performers included Mu Yuan Co., Ltd. at 46.33, up by 2.64%, and Wen's Foodstuffs Group at 15.55, up by 1.97% [1] - The overall trading volume for the aquaculture sector was significant, with Mu Yuan Co., Ltd. alone accounting for a transaction value of 2.824 billion yuan [1] Group 2: Capital Flow - The aquaculture sector saw a net inflow of 253 million yuan from main funds, while retail investors experienced a net outflow of 82.155 million yuan [2] - Main funds showed a positive net inflow in companies like Mu Yuan Co., Ltd. with 24.6 million yuan and Wen's Foodstuffs Group with 95.752 million yuan [3] - Conversely, retail investors showed significant outflows in companies such as Mu Yuan Co., Ltd. with 132 million yuan and Fu Cheng Co., Ltd. with 6.78 million yuan [3]

Group 1 - The aquaculture sector increased by 0.38% on January 28, with Xiaoming Co. leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Xiaoming Co. saw a closing price of 21.63, with a rise of 10.41%, and a trading volume of 224,700 shares, amounting to a transaction value of 468 million yuan [1] Group 2 - The main funds in the aquaculture sector had a net inflow of 163 million yuan, while retail funds had a net inflow of 149 million yuan [2] - The stock "Wens Foodstuffs" had a significant trading volume of 713,100 shares, with a transaction value of 1.089 billion yuan, but experienced a slight decline of 0.52% [2] - The stock "Xiaoming Co." had a net inflow of 20.89 million yuan from main funds, while retail funds showed a net outflow of 7.58 million yuan [3]