Investment Rating - The industry rating is "Outperform the Market" [4][71]. Core Insights - The report highlights that the supply of live pigs is increasing, leading to a rebound in prices followed by a decline. As of February 8, the price of live pigs was 11.84 CNY/kg, down 0.47 CNY/kg week-on-week. The profits for self-bred and purchased piglets were -38.09 CNY and 91.42 CNY per head, respectively, showing significant week-on-week declines [2][10][30]. - The beef market is experiencing price increases due to pre-Spring Festival stocking, with the price of fattened bulls at 25.74 CNY/kg and calves at 33.81 CNY/kg, reflecting a positive trend for beef prices in the long term [3][33]. - The poultry sector is facing downward pressure on prices due to increased output of broilers and a decrease in demand for poultry products, with the price of white feather broilers at 7.53 CNY/kg, down 0.21 CNY/kg week-on-week [3][40]. Summary by Sections Swine Industry - The price of live pigs has shown volatility, with a rebound followed by a decline due to increased supply and faster slaughtering rates. The average weight of pigs at slaughter has decreased to 127.40 kg, down 0.46 kg week-on-week [2][20][30]. - The industry is entering a seasonal consumption peak, with an increase in slaughtering volume and a decrease in frozen product inventory, which is currently at 17.91%, down 0.40 percentage points week-on-week [2][13][30]. Beef Industry - The beef market is seeing an upward trend in prices, driven by increased demand from slaughterhouses as they prepare for the Spring Festival. The long-term outlook for beef prices is positive due to tightening supply from reduced breeding stock [3][33][34]. Poultry Industry - The poultry sector is experiencing a decline in prices due to increased output and reduced demand for poultry products. The price of eggs has also decreased to 7.67 CNY/kg, down 0.78 CNY/kg week-on-week, with expectations for future price recovery driven by supply constraints [3][40][42]. Seed Industry - The 2026 Central Document No. 1 emphasizes the promotion of biological breeding industrialization, which is expected to enhance agricultural productivity and quality. This initiative is likely to benefit leading seed companies [3][55][56].

南财智讯2月9日电，益生股份在投资者关系活动中表示，2025年我国祖代白羽肉种鸡引种量同比下降超 过10%，叠加2025年11—12月法国主产区暴发禽流感，当前祖代肉种鸡引种处于暂停状态；根据养殖周 期传导规律，祖代减少将在7个月后传导至父母代鸡苗环节，预计父母代鸡苗供给偏紧，价格继续上 行。 ...

Company Overview - Yisheng Biotechnology Co., Ltd. was established in 1989, focusing on breeding parent stock of white feather broilers, commercial broiler chicks, breeding pigs, agricultural equipment, and dairy products [1] - The company is the largest breeding enterprise for grandparent broilers in China and Asia, with over 400,000 grandparent broiler stocks and 7 million parent broiler stocks, selling over 600 million commercial broiler chicks annually [1][2] - The company has a strong competitive edge in high-generation livestock breeding and has been recognized with several honors, including the first national-level purification farm for white feather broilers [2] Industry Situation - China's total poultry meat production is increasing, with white feather broilers expected to account for nearly 50% of poultry meat by 2024 [3] - Despite the growth, China's per capita chicken consumption remains lower than that of the US and Brazil, indicating significant market potential [3] - The demand for chicken is expected to rise due to the growth of downstream breeding and slaughter enterprises, as well as the increasing popularity of ready-to-eat meals and pet food [3][4] 2026 Development Outlook - The company's core strategy for 2026 focuses on strengthening breeding sources, expanding chicken production, and increasing pig production [6] - In 2025, the company imported 266,000 grandparent broiler stocks, accounting for 43% of the national total, maintaining its industry-leading position [6] - The company aims to increase parent stock to 10 million and commercial broiler chick production to 1 billion within four years [6] Investor Q&A Highlights - The company positions itself as a supplier of high-generation livestock breeding, focusing on the upstream of the industry chain [7] - Due to a decrease in grandparent broiler imports in 2025, parent broiler chick prices are expected to continue rising [8] - The company anticipates a tight supply of quality commercial broiler chicks in the second half of 2026, driven by ongoing demand from expanding breeding farms [9] - The company plans to expand production capacity to meet the growing market for white feather broilers, with ongoing projects in Shanxi expected to add significant capacity [10][11]

Group 1 - The company Yisheng Co., Ltd. (002458) closed at 9.7 yuan on February 6, 2026, with an increase of 0.83% and a turnover rate of 2.22%, totaling a trading volume of 166,400 shares and a transaction amount of 163 million yuan [1] - The company expects to sell approximately 150,000 breeding pigs in 2026, showing significant growth compared to 2025. The breeding pigs include both original and hybrid breeds, with original breeds having a higher profit margin [2] - The company’s breeding pigs are high-quality, high-health dual-negative pigs, which have a clear premium capability in the market. As production capacity continues to be released and management becomes more refined, there is still room for cost reduction, further enhancing overall cost competitiveness [2] Group 2 - On February 6, 2026, the net inflow of main funds was 5.3392 million yuan, indicating an active buying trend [3] - The trading information shows that on the same day, retail investors experienced a net outflow of 2.7144 million yuan, while speculative funds had a net outflow of 2.6248 million yuan [4]

证券日报网2月8日讯，益生股份（002458）在接受调研者提问时表示，公司当前新建产能为位于山西省 的100万套父母代白羽肉鸡养殖场及配套饲料厂项目，总投资金额约5亿元人民币，该项目将根据用地到 位情况分期实施，其中3个种鸡场项目使用募集资金建设，其余部分使用自有资金或自筹资金解决，公 司短期资本开支不大。 ...

证券日报网2月8日讯，益生股份（002458）在接受调研者提问时表示，2025年公司引进祖代白羽肉种鸡 26.6万套，全国祖代白羽肉种鸡引种量约62万套，公司引种占比43%。 ...

证券日报网2月8日讯，益生股份（002458）在接受调研者提问时表示，公司2026年2月父母代鸡苗报价 为60元/套，4月底前公司的父母代鸡苗销售计划已全部订完。 ...

Company Overview - Yisheng Co., established in 1989, specializes in breeding white feather broiler chickens, pigs, and agricultural equipment, with a strong presence in Shandong, Hebei, Jiangsu, Anhui, Shanxi, and Heilongjiang provinces [1] - The company is the largest ancestor broiler chicken breeding enterprise in Asia, with over 400,000 sets of ancestor broiler chickens and 7 million sets of parent broiler chickens, selling over 600 million commercial chicks annually [1][2] - Yisheng has a strong competitive edge in high-generation livestock breeding and has implemented a disease purification strategy to ensure healthy breeding sources [2] Industry Situation - China's total poultry meat production is increasing, with white feather chicken production on the rise, expected to account for nearly 50% of poultry meat by 2024 [3] - There is a significant gap in per capita chicken consumption in China compared to countries like the USA and Brazil, indicating growth potential for the white feather chicken industry [3] - The "Healthy China" initiative is expected to boost white meat consumption, while red meat consumption declines, favoring the growth of the white feather chicken market [3] 2026 Development Outlook - The company's core strategy for 2026 focuses on strengthening breeding sources, expanding chicken production, and increasing pig production [4] - In 2025, Yisheng's ancestor broiler chicken import volume reached 266,000 sets, accounting for 43% of the national total, maintaining industry leadership [5] - The company aims to increase parent chicken stock to 10 million sets and commercial chick production to 1 billion within four years [5] Investor Q&A Highlights - In 2025, Yisheng's introduction of ancestor white feather broiler chickens was 266,000 sets, with a national total of approximately 620,000 sets [6] - The company benefits from strong customer relationships and a high level of disease control, enhancing its market reputation [7] - The price for parent broiler chicks in February 2026 was set at 60 RMB per set, with all sales planned for April already booked [8] - The company anticipates a significant increase in parent chick supply in 2026 due to higher import volumes in 2025 [9] Market Outlook for 2026 - The market for parent broiler chicks is expected to be strong due to a decrease in ancestor chicken imports, leading to a supply shortage [11] - The anticipated rise in pork prices in the second half of 2026 may positively influence chicken prices, benefiting the commercial chick market [11]

Investment Rating - The report gives an "Overweight" rating for the agricultural industry, indicating that it is expected to outperform the overall market [3][10]. Core Insights - The 2026 Central Document emphasizes food security and agricultural modernization, reiterating the importance of "new agricultural productivity" and the continuous focus on seed industry revitalization, particularly in biological breeding [4]. - In livestock, there is a shift towards "strengthening" comprehensive regulation of pig production capacity, with a focus on stabilizing the beef and dairy industries, and promoting dairy product consumption [4]. - The document highlights the importance of grain security, aiming to stabilize grain production at around 14 trillion jin, and introduces measures to enhance grain circulation efficiency [4]. - The report outlines the implementation of agricultural technology, including the integration of artificial intelligence with agriculture, and identifies key application scenarios such as drones, IoT, and robotics [4]. - The report suggests three main investment focuses: the recovery of the beef and dairy industries, the expected rebound in the pig cycle, and the continued advancement of the seed industry and biological breeding [4]. Summary by Sections Livestock Industry - The report indicates a comprehensive approach to regulating pig production capacity and acknowledges the success of measures taken to support the beef and dairy industries [4]. - It also mentions the introduction of multiple measures to promote dairy product consumption for the first time [4]. Crop Production - The focus remains on food security, with a commitment to stabilize grain production and enhance the efficiency of grain circulation [4]. - The report introduces a new round of initiatives aimed at increasing grain production capacity, particularly for oilseed crops like soybeans [4]. Seed Industry - The report emphasizes the ongoing implementation of seed industry revitalization actions and the acceleration of biological breeding industrialization [4]. - It notes the continuous mention of biological breeding in the Central Document over the past six years, highlighting its growing importance [4]. Agricultural Technology - The report outlines the path for implementing new agricultural productivity, emphasizing the need for technology integration, particularly in AI applications [4]. Agricultural Trade - The report advocates for the coordination of agricultural trade and production, promoting diversification of agricultural imports and supporting the export of competitive agricultural products [4].

证券之星消息，益生股份(002458)02月06日在投资者关系平台上答复投资者关心的问题。 投资者提问：请教管理层，国家对发生禽流感的地区暂停引种，说的是一个国家，还是说一个区域？比 如，公司之前从法国的阿摩尔滨海省引种，现在中断了。未来如果要再次引种，是需要阿摩尔滨海省疫 情清零，还是说整个法国的疫情都要清零才能引种？国家的政策是需要清零后多久可以恢复引种？ 益生股份回复：不同国家发生禽流感后，我国对其暂停引种的政策是不同的，目前我国对美国和法国实 行区域化管理政策。以法国为例，我国暂停从发生禽流感的省份引种，该省无禽流感后，未来具备恢复 引种的条件，具体恢复时间，以海关总署发布的公告为准。感谢关注。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...