益生股份公告称，2026年1月，白羽肉鸡苗销售4379.94万只，收入14145.93万元，同比降19.37%、 2.62%，环比降29.06%、45.52%；益生909小型白羽肉鸡苗销售546.56万只，收入677.74万元，同比降 27.27%、19.17%，环比降14.79%、4.29%；种猪销售8752头，收入1787.31万元，同比增797.64%、 565.27%，环比增161.64%、130.86%。因停孵期，白羽肉鸡苗收入环比降；种猪产能释放及基数低，销 售数量和收入同比、环比大增。公告提醒，产品价格波动或影响业绩。 ...

公司种猪产能稳步释放，故2026年1月公司种猪销售数量和销售收入同比大幅增加；受季节性因素影 响，部分客户已于2025年12月前完成引种封群，导致该月基数偏低，故2026年1月公司种猪销售数量和 销售收入环比大幅增加。 公司2026年1月种猪销售数量8752头，销售收入1787.31万元，同比变动分别为797.64%、565.27%，环比 变动分别为161.64%、130.86%。 受供给偏紧影响，公司父母代白羽肉鸡苗价格已连续数月环比上涨；但受年度停孵期影响，2026年1月 公司商品代白羽肉鸡苗销售数量环比减少、销售价格环比回落，对公司商品代白羽肉鸡苗的收入影响较 大，导致公司2026年1月白羽肉鸡苗销售总收入环比下降。 格隆汇2月10日丨益生股份(002458.SZ)公布，公司2026年1月白羽肉鸡苗销售数量4379.94万只，销售收 入1.41亿元，同比变动分别为-19.37%、-2.62%，环比变动分别为-29.06%、-45.52%。益生909小型白羽 肉鸡苗销售数量546.56万只，销售收入677.74万元，同比变动分别为-27.27%、-19.17%,环比变动分别 为-14.79%、-4.29% ...

销售情况简报 （二）种猪销售情况 公司2026年1月种猪销售数量8,752头，销售收入1，787.31万元， 同比变动分别为797.64%、565.27%，环比变动分别为161.64%、130.86%。 证券代码：002458 证券简称：益生股份 公告编号：2026-014 山东益生种畜禽股份有限公司 2026 年 1 月鸡苗和种猪销售情况简报 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、2026年1月销售情况 （一）鸡苗销售情况 山东益生种畜禽股份有限公司（以下简称"公司"）2026 年 1 月 白羽肉鸡苗销售数量 4,379.94 万只，销售收入 14,145.93 万元，同 比变动分别为-19.37%、-2.62%，环比变动分别为-29.06%、-45.52%。 益生 909 小型白羽肉鸡苗销售数量 546.56 万只，销售收入 677.74 万元，同比变动分别为-27.27%、-19.17%,环比变动分别为-14.79%、 -4.29%。 特此公告。 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，仅作为阶段性财务数据供投资者 ...

关于设立募集资金专项账户并签署募集资金监管协议的公告 证券代码：002458 证券简称：益生股份 公告编号：2026-015 山东益生种畜禽股份有限公司 关于设立募集资金专项账户并签署募集资金 监管协议的公告 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。 山东益生种畜禽股份有限公司（以下简称"公司"）于 2026 年 1 月 29 日召开第七届董事会第二次会议，审议通过了《关于设立募集 资金专项账户并授权签署募集资金监管协议的议案》，董事会同意公 司的子公司山西益生种禽有限公司在中国银行、中国农业银行、中国 建设银行设立募集资金专项账户（以下简称"专户"），用于募集资金 用途改变后的三个募投项目募集资金的专项存放、管理和使用。董事 会授权董事长与保荐机构、募集资金专户开户银行签署募集资金监管 协议。现将有关情况的进展公告如下： 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 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The agricultural sector is expected to experience a cyclical recovery, particularly in the beef and dairy markets, driven by domestic and international demand [3] - The pig farming sector is anticipated to stabilize due to capacity control measures, benefiting leading companies with improved cash flow and cost advantages [3] - Poultry supply is expected to remain stable, with potential for increased cash flow returns for leading enterprises as demand recovers [3] - The feed industry is likely to see enhanced competitive advantages for leading companies due to deeper industrialization and specialization [3] - The pet industry is identified as a growth sector benefiting from demographic trends [3] Summary by Sections Livestock - Beef prices are expected to continue rising, with the average price for fattened bulls at 25.20 CNY/kg, stable week-on-week and up 8.15% year-on-year [2] - Dairy cow depopulation is likely to accelerate, with raw milk prices expected to reach a turning point in 2026 [2] - The pig price on February 6, 2026, was 12.05 CNY/kg, down 1.31% week-on-week and down 20.67% year-on-year [13] Poultry - Chicken supply has slightly increased, with a focus on seasonal consumption recovery [13] - Egg prices in major production areas were 3.44 CNY/jin, up 6.83% week-on-week and up 19.44% year-on-year [13] Feed - Soybean meal prices are at historical lows, with potential catalysts from weather or trade factors [2] - Corn prices are expected to maintain a stable upward trend, with a current price of 2331 CNY/ton, down 0.09% week-on-week but up 8.52% year-on-year [2] Key Companies and Investment Recommendations - Recommended livestock companies include YouRan MuYe and Modern MuYe [3] - Recommended pig farming companies include HuaTong Co., DeKang Agriculture, and MuYuan Co. [3] - Recommended poultry companies include LiHua Co. and YiSheng Co. [3] - Recommended feed company is HaiDa Group [3] - Recommended pet company is GuaiBao Pet [3]

Core Viewpoint - Yisheng Co., Ltd. (002458) currently has a capacity of over 600 million commercial broiler chicks, with plans to increase capacity by approximately 100 million chicks following the completion of the Shanxi project for 1 million sets of parent breeding chicken farms and supporting projects [1] Group 1 - The current production capacity of Yisheng Co., Ltd. is over 600 million commercial broiler chicks [1] - The Shanxi project, once operational, is expected to add around 100 million chicks to the company's capacity [1] - The company plans to achieve remaining capacity through self-construction or acquisitions [1]

Group 1 - The company Yisheng Co., Ltd. (002458) plans to start construction of one brooding farm in 2025 [1] - In 2026, the company will build three egg-laying farms, one brooding farm, and one feed factory [1] - The production capacity from these developments is expected to be released in 2027 [1]

Investment Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [4] Core Views - The central government emphasizes comprehensive regulation of pig production capacity in the recently released No. 1 Central Document, indicating a shift in industry policy towards protecting farmers' rights and stimulating enterprise innovation [6][16] - The pig farming sector is experiencing a gradual recovery despite a 0.1% decline in the SW pig farming sector, with current market pressures expected to ease as production capacity is regulated [6][16] - The poultry sector faces ongoing challenges with high production capacity and weak consumption, but leading companies are likely to gain market share [18] - The feed sector is recommended to focus on Hai Da Group, which aims to increase its dividend payout ratio and expand its market presence [10][20] - The pet industry is expected to see significant growth, with a projected market size exceeding 400 billion yuan by 2028, driven by changing consumer perceptions [51] Summary by Sections 1. Pig Farming - The pig price continues to decline, with a current price of 11.84 yuan/kg, and the industry is facing dual pressures of supply and demand [6][16] - The central government's policy shift aims to regulate the breeding stock and enhance market adaptability [6][16] - Companies with cost advantages and innovative models are expected to outperform [17] 2. Poultry - The poultry sector is experiencing price fluctuations, with broiler prices at 3.6 yuan/kg, down 5.2% week-on-week [18] - The impact of avian influenza in France may reduce the supply of imported breeding chickens, potentially increasing prices [18] - Integrated companies and those with contract farming models are likely to expand their market share [18] 3. Feed - Hai Da Group is recommended due to its clear long-term growth path and plans to increase dividend payouts [10][20] - The company aims for a global sales target of 100 million tons by 2050, with significant overseas market expansion [20] 4. Pet Industry - The pet industry is projected to grow rapidly, with expectations of reaching a market size of over 400 billion yuan by 2028 [51] - Companies with strong domestic and international sales are recommended for long-term investment opportunities [21] 5. Agricultural Products - Domestic soybean meal prices have decreased by 1.5%, while corn prices have shown slight fluctuations [22] - The market is expected to remain oversupplied in the near term, with a focus on weather and import impacts [22]

Group 1 - The company, Yisheng Co., Ltd. (002458.SZ), is progressing on its project for a "1 million sets of parent breeding chicken farms and supporting projects" in Shanxi [1] - By 2025, the company plans to start construction on one brooding facility, with three egg-laying facilities, one brooding facility, and one feed factory scheduled for construction in 2026 [1] - The production capacity from these projects is expected to be released in 2027 [1]

Core Viewpoint - The company anticipates a tighter supply of quality broiler chicks in the second half of 2026, leading to favorable pricing conditions due to a decrease in grandparent stock and ongoing demand from downstream breeding farms [1] Supply Side Analysis - The reduction in grandparent stock will impact the supply of broiler chicks approximately 14 months later, indicating a potential supply constraint in 2026 [1] Demand Side Analysis - Downstream breeding farms are continuing to expand their production capacity, resulting in strong incremental demand for broiler chicks [1] - The market conditions for broiler chicks in 2026 are expected to outperform the favorable price performance seen in 2024 [1]