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、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 股东会通知 证券代码：002458 证券简称：益生股份 公告编号：2025-101 山东益生种畜禽股份有限公司 关于召开 2026 年第一次临时股东会的通知 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深 圳证券交易所股票上市规则》《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》等法律、行政法规、部门 规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2026 年 01 月 15 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票 的具体时间为 2026 年 01 月 15 日 9:15-9:25，9:30-11:30，13:00- 15:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2026 年 01 月 15 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记 ...

证券代码：002458 证券简称：益生股份 公告编号：2025-099 山东益生种畜禽股份有限公司 第六届董事会第三十三次会议 董事会决议公告 决议公告 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。 一、董事会会议召开情况 2025 年 12 月 28 日，山东益生种畜禽股份有限公司（以下简称"公 司"或"益生股份"）第六届董事会第三十三次会议在公司会议室以现 场与通讯相结合方式召开。会议通知已于 2025 年 12 月 19 日通过通讯 方式及书面方式送达董事、高级管理人员。会议应出席董事七人，实 际出席董事七人，独立董事王楚端先生通过通讯方式出席会议并行使 表决权。会议由董事长曹积生先生召集并主持，公司高级管理人员列 席会议。 本次会议的召集、召开程序符合《中华人民共和国公司法》（以下 简称《公司法》）和《公司章程》的有关规定。 二、董事会会议审议情况 本次会议经记名投票表决方式，通过决议如下： 1、审议通过《关于选举第七届董事会非独立董事候选人的议案》。 公司第六届董事会任期即将届满，根据《公司法》《公司章程》的 相关规定，董事会提名曹积生先生、纪永 ...

Core Viewpoint - Yisheng Co., Ltd. has approved a change in the use of part of the raised funds from its stock issuance, reallocating the investment from a pig breeding project to three chicken breeding projects in Shanxi Province [1] Group 1: Fund Allocation Changes - The company’s board approved the reallocation of funds from the "Weihai Yisheng Pig Breeding Co., Ltd. New Pig Farm Construction Project" to three new projects: (1) 120,000 sets of breeding chicken farm project in Tazhuang Village, Shanxi; (2) Tazhuang Village Chicken Breeding Second Farm Project; (3) Shijiahui Chicken Farm Project [1] - These three projects are part of the larger "1 million sets of parent breeding chicken farm and supporting projects" in Datong City, Shanxi Province, which consists of nine parent breeding farms [1] - The original plan was to use self-raised or self-sourced funds for the "1 million sets of parent breeding project," but the company will now use the funds raised from the stock issuance for the three new projects, with any funding shortfall to be supplemented by the company’s own or self-sourced funds [1]

Group 1 - The aquaculture sector increased by 1.58% on December 29, with Jingji Zhino leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the aquaculture sector showed varied performance, with Jingji Zhino rising by 10.01% to a closing price of 16.27 [1] Group 2 - The main funds in the aquaculture sector saw a net inflow of 90.42 million yuan, while retail funds had a net inflow of 10.91 million yuan [2] - Major stocks like Muyuan Foods and Wen's Foodstuffs experienced significant net outflows from retail investors [3] - Jingji Zhino had a net inflow of 67.42 million yuan from main funds, indicating strong institutional interest [3]

Group 1 - The poultry concept sector declined by 0.40%, ranking among the top declines in concept sectors, with major declines seen in companies like Roniu Mountain, Yisheng Shares, and Yike Foods [1] - Among the poultry concept stocks, only two companies saw price increases, with Jingji Zhino rising by 4.49% and Tangrenshen by 0.23% [1] - The top gainers in other concept sectors included Terahertz with a rise of 4.02% and Commercial Aerospace with 3.60% [1] Group 2 - The poultry concept sector experienced a net outflow of 209 million yuan, with 17 stocks seeing net outflows, and 8 stocks exceeding 10 million yuan in outflows [1] - Roniu Mountain had the highest net outflow of 95.06 million yuan, followed by Wens Shares and Tianma Technology with outflows of 33.15 million yuan and 12.76 million yuan, respectively [1] - The top net inflows were seen in Jingji Zhino, Tangrenshen, and Shuanghui Development, with net inflows of 9.19 million yuan, 3.65 million yuan, and 2.42 million yuan, respectively [2]

Macro and Strategy - Silver prices have reached historical highs, driven by its dual industrial and financial attributes, with over 60% of silver used in industrial applications as of December 2025 [6][7] - The recent surge in silver prices was triggered by significant physical deliveries at the New York COMEX, with registered inventories dropping over 70% from their peak in 2020 [6] - Long-term demand for silver is expected to grow due to industrial applications in solar energy, AI, and electric vehicles, alongside continued global monetary easing [6] Industry and Company - The agricultural sector is witnessing a bullish trend in livestock prices, particularly for beef and milk, with expectations of a cyclical recovery in the meat and dairy markets [24][26] - The price of live pigs has increased to 11.57 CNY/kg, reflecting a week-on-week rise of 2.03%, while beef prices are also on an upward trajectory [24][26] - The media and internet industry has shown resilience, with a 0.54% increase in the sector, outperforming major indices, driven by upcoming IPOs and strong box office performances from films like "Avatar 3" [27][28] - The copper industry is facing a significant shift as long-term processing fees for copper concentrate have been set to zero, indicating a potential improvement in the industry structure [31] - The home appliance sector is experiencing a downturn, with retail sales down 19% year-on-year in November, although there are signs of recovery in exports for certain categories like refrigerators and washing machines [32][33]

Group 1 - The core viewpoint of the news is that Yisheng Co., Ltd. has experienced fluctuations in its stock performance and financing activities, indicating a high level of trading activity and investor interest [1][2]. Group 2 - On December 19, Yisheng Co., Ltd. saw a stock price increase of 2.51%, with a trading volume of 99.608 million yuan. The financing buy-in amount was 7.9055 million yuan, while the financing repayment was 8.7180 million yuan, resulting in a net financing buy of -0.8125 million yuan [1]. - As of December 19, the total financing and securities lending balance for Yisheng Co., Ltd. was 484 million yuan, with the financing balance accounting for 5.29% of the circulating market value, which is above the 70th percentile level over the past year [1]. - On the same day, Yisheng Co., Ltd. had a securities lending repayment of 900 shares and a securities lending sell of 100 shares, with a sell amount of 858 yuan. The securities lending balance was 1.9091 million yuan, exceeding the 90th percentile level over the past year [1]. Group 3 - Yisheng Co., Ltd. is primarily engaged in the breeding and sales of various poultry and livestock, with chicken revenue accounting for 76.18%, pig revenue 15.47%, and other revenues from equipment and dairy products making up the remainder [2]. - As of September 30, the number of shareholders for Yisheng Co., Ltd. was 42,200, a decrease of 12.13% from the previous period, while the average circulating shares per person increased by 13.80% to 17,754 shares [2]. - For the period from January to September 2025, Yisheng Co., Ltd. reported an operating income of 2.036 billion yuan, a year-on-year decrease of 5.44%, and a net profit attributable to shareholders of 31.7869 million yuan, down 89.42% year-on-year [2]. Group 4 - Since its A-share listing, Yisheng Co., Ltd. has distributed a total of 1.692 billion yuan in dividends, with 602 million yuan distributed over the past three years [3]. - As of September 30, 2025, the sixth largest circulating shareholder of Yisheng Co., Ltd. was the Guotai Zhongzheng Livestock Breeding ETF, holding 14.8357 million shares, an increase of 5.3849 million shares from the previous period [3]. - Hong Kong Central Clearing Limited was the tenth largest circulating shareholder, holding 7.1349 million shares as a new shareholder [3].

证券研究报告 | 2025年12月21日 农产品研究跟踪系列报告（187） 优于大市 牧业产能维持去化，看好肉奶周期共振反转 鸡蛋：在产父母代存栏维持增长，中期供给压力较大。12 月 19 日，鸡蛋主 产区价格 3.07 元/斤，周环比-0.65%，同比-5.98%。 周度农产品跟踪：牛价有望持续上涨，反内卷支撑中长期生猪价格。 生猪：行业反内卷有望支撑猪价中长期表现。12 月 19 日生猪价格 11.57 元/ 公斤，周环比+2.03%；7kg 仔猪价格约 218.57 元/头，周环比-0.43%。 白鸡：供给小幅增加，关注旺季消费修复。12 月 19 日，鸡苗价格 3.37 元/ 羽，周环比-0.30%；毛鸡价格 7.28 元/公斤，周环比+0.55%。 黄鸡：供给维持底部，有望率先受益内需改善。12 月 18 日浙江快大三黄鸡/ 青 脚 麻 鸡 / 雪 山 草 鸡 斤 价 分 别 为 5.0/5.9/7.5 元 ， 周 环 比 分 别 +8.70%/+5.36%/-8.54%。 肉牛：新一轮牛价上涨开启，看好牛周期反转上行。12 月 12 日，国内育肥 公牛出栏价为 25.40 元/kg，环比+0.79 ...

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [9]. Core Insights - The agricultural sector index has shown a slight increase of 0.79% week-on-week, but it has underperformed compared to the Shanghai Composite Index [13]. - The pig farming industry is currently facing a downward price trend, with an average pig price of 11.58 yuan/kg, indicating ongoing losses across the sector [22][23]. - Poultry farming is experiencing a stabilization at the bottom of the price cycle, with white feather chicken prices at 7.35 yuan/kg, reflecting a slight recovery in profits [29]. - The beef market is expected to see price increases as it enters the consumption peak season, with live cattle prices in Shandong at 26.68 yuan/kg [36]. - The planting industry is witnessing a tightening supply-demand situation, with corn prices rising to 2244.29 yuan/ton, indicating potential for price increases [41][42]. - Feed prices have stabilized, with pig feed at 3.33 yuan/kg, while aquatic product prices are showing upward trends [55]. Summary by Sections 1. Pig Farming - The average weight of pigs at market is 130.18 kg, with ongoing losses in the industry prompting a reduction in production capacity [23][22]. - The report anticipates further price declines in the short term, but a potential recovery in the medium to long term due to improved profit margins for leading companies [23][22]. 2. Poultry Farming - White feather chicken prices are under pressure, while yellow feather chicken prices are showing resilience due to improved demand and reduced supply [29]. - The overall profitability in poultry farming is expected to improve as consumer demand recovers [29]. 3. Livestock - The beef market is poised for price increases, supported by a seasonal demand surge and reduced supply from imports [36]. - Dairy prices are stabilizing, with average purchase prices for raw milk at 3.02 yuan/kg, indicating a potential for recovery in the dairy sector [39]. 4. Planting Industry - Corn prices are on the rise, with a current price of 2244.29 yuan/ton, reflecting a tightening supply situation [41]. - The report highlights the potential for improved conditions in the planting sector if there are significant reductions in crop yields due to adverse weather [42]. 5. Feed and Aquaculture - Feed prices have stabilized, with pig feed at 3.33 yuan/kg, while aquatic product prices are trending upwards, particularly for shrimp and fish [55][60].

Core Viewpoint - The report highlights the growth in China's fresh and chilled meat production, indicating a significant increase in both production volume and year-on-year growth rates, which presents potential investment opportunities in the meat processing industry [1]. Industry Summary - According to the National Bureau of Statistics, the production of fresh and chilled meat in China reached 4.03 million tons in October 2025, marking a year-on-year increase of 17% [1]. - From January to October 2025, the cumulative production of fresh and chilled meat in China was 36.554 million tons, reflecting a cumulative growth of 12.4% [1]. - The report from Zhiyan Consulting provides a comprehensive market survey and investment outlook for the meat processing industry in China from 2026 to 2032, emphasizing the industry's potential for growth and investment [1]. Company Summary - Listed companies in the meat processing sector include Shuanghui Development (000895), Roniu Mountain (000735), Huaying Agriculture (002321), New Hope (000876), Tangrenshen (002567), and Yisheng Shares (002458), which are positioned to benefit from the industry's growth trends [1].