Core Viewpoint - The announcement indicates that the controlling shareholder, Mr. Cao Jisheng, has completed the release of pledge on 17.585 million shares, which represents 3.89% of his holdings and 1.59% of the company's total share capital [1] Summary by Relevant Sections - Share Pledge Release - Mr. Cao Jisheng has released the pledge on 17.585 million shares [1] - This release accounts for 3.89% of his total shareholdings [1] - It also represents 1.59% of the company's total share capital [1] - Current Pledge Status - As of the announcement date, Mr. Cao Jisheng has a total of 204 million shares pledged [1] - This pledged amount constitutes 45.21% of his total shareholdings [1] - It represents 18.45% of the company's total share capital [1]

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The report emphasizes the high-quality development of the pig industry, recommending "platform + ecological" service-oriented enterprises like Dekang Agriculture and Animal Husbandry [4][18] - The Ministry of Agriculture held a meeting on July 23 to promote high-quality development in the pig industry, focusing on reducing breeding capacity, controlling new production capacity, and enhancing the competitiveness of the entire industry chain [6][60] - The report indicates that the pig price is currently at 14.1 CNY/kg, with a slight decrease in average weight to 128.48 kg, and a 15 kg piglet priced at 542 CNY/head, reflecting weak demand and a slight price drop [5][17] Summary by Sections 1. Pig Industry - The latest pig price is 14.1 CNY/kg, with a slight decrease in average weight to 128.48 kg, and a 15 kg piglet priced at 542 CNY/head. Weak demand has led to a slight price drop, with a 0.8% decrease in the national pig inventory in June, indicating a potential reduction in pig output in July and August [5][17] - The Ministry of Agriculture's meeting emphasized high-quality development, including reducing breeding capacity, strengthening disease prevention, and promoting resource utilization [6][18] - The report suggests that companies with cost advantages and strong connections with farmers may enjoy excess profits and valuation premiums, recommending Dekang Agriculture and Animal Husbandry and leading pig farming companies like Muyuan Foods and Wens Foodstuffs [18] 2. Poultry Industry - The price of chicken seedlings in Yantai is 2.5 CNY/chick, up 39% month-on-month but down 28% year-on-year. The price of broiler chickens is 3.43 CNY/kg, up 3.9% month-on-month but down 11.4% year-on-year. Demand pressure is easing, and if supply contracts in Q3, prices may rebound [19] - The report highlights the ongoing contradiction of "high capacity, weak consumption" in the white feather chicken industry, with losses forcing breeding farms to reduce capacity [19] 3. Feed Industry - The report recommends Haida Group due to the recovery of the industry, improved management effects, and increased capacity utilization, which is expected to lead to growth in volume and profit [21] 4. Pet Industry - In June, exports of dog and cat food decreased by 13.8% year-on-year, totaling 29,000 tons, with revenue of 820 million CNY (approximately 110 million USD), down 20.2% year-on-year [22][24] - The report notes that while there are concerns about export fluctuations due to tariff uncertainties, long-term prospects remain positive for domestic brands like Guibao and Zhongchong [24] 5. Agricultural Products - The report discusses uncertainties in soybean imports for Q4 and the upward trend in rubber prices, with natural rubber prices breaking through 15,000 CNY/ton [28]

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The report highlights the ongoing challenges in the pig farming sector, with prices experiencing fluctuations due to increased slaughtering and seasonal demand [10][21]. - The poultry sector, particularly white-feathered chickens, is seeing price increases driven by stocking up in anticipation of better market conditions [35][39]. - The report emphasizes the importance of policy measures aimed at stabilizing production capacity in the pig industry, which could lead to long-term price improvements [10][31]. Summary by Sections Pig Farming - The average price of pigs on July 25 was 14.10 CNY/kg, down 0.09 CNY/kg week-on-week [10]. - Slaughtering volumes remain low due to hot weather and weak market demand, with an average daily slaughter of 134,700 pigs, up 1.44% week-on-week [14]. - The average weight of pigs at market decreased to 128.48 kg, with group farms averaging 124.27 kg and smallholders at 141.92 kg [21]. - Recent policy discussions emphasize strict production capacity controls, including the reduction of breeding sows and the encouragement of large enterprises to collaborate with smaller farms [31]. Poultry Sector - The price of white-feathered chickens rose to 6.70 CNY/kg, an increase of 0.30 CNY/kg week-on-week, while chicken seed prices reached 1.93 CNY/bird, up 0.56 CNY/bird [35]. - Egg prices also showed strength, with an average of 6.73 CNY/kg, up 0.90 CNY/kg week-on-week [35]. - The ongoing avian influenza situation is affecting supply, with restrictions on imports from certain countries potentially leading to further price increases [39]. Agricultural Products - Soybean meal futures saw a decline, with the DCE soybean meal contract closing at 3,021 CNY/ton, down 35 CNY/ton week-on-week [48]. - The report notes that downstream feed enterprises are increasing purchases due to concerns over rising prices, while domestic oil mills maintain high processing volumes [50]. - The report anticipates limited downward price adjustments for soybean meal in the short term, with a gradual upward shift in price levels expected [50]. Industry Performance - The agricultural sector saw a 3.62% increase over the past week, outperforming major indices such as the Shanghai Composite Index, which rose by 1.67% [55]. - Within the agricultural sub-sectors, the livestock industry led with a 5.27% increase, followed by planting and aquaculture [55].

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [74]. Core Insights - The agricultural sector index increased by 3.62% week-on-week, but underperformed compared to the Shanghai Composite Index [13][14]. - The report highlights a focus on high-quality development in the pig farming industry, with a call for better market guidance and policy support [3][22]. - The poultry farming sector is experiencing price adjustments due to weak downstream demand, but there are expectations for recovery as consumer demand improves [4][35]. - The beef and dairy sectors are seeing price stability, with expectations for a new cycle in beef prices as supply constraints continue [5][39][42]. - The planting industry is stabilizing, with potential improvements if grain production decreases due to external uncertainties [6][45]. Summary by Sections 1. Market Review - The agricultural index closed at 2855.04 points, with a week-on-week increase of 3.62%, while the Shanghai Composite Index rose by 1.67% [13][14]. 2. Key Data Tracking 2.1 Pig Farming - The average weight of pigs at market was 128.48 kg, with a slight increase in slaughter rates due to high temperatures [3][22]. - The average price of pigs was 14.15 yuan/kg, showing a week-on-week decrease of 0.84% [21]. - Leading pig farming companies are expected to maintain profitability above 200 yuan per pig, with a focus on low-cost operations [3][23]. 2.2 Poultry Farming - The average price of white feather chickens was 6.70 yuan/kg, with a week-on-week increase of 4.69% [29]. - The overall poultry sector is stabilizing, with expectations for price recovery as consumer demand improves [4][35]. 2.3 Livestock - The price of live cattle was 26.49 yuan/kg, with a slight increase of 0.04% week-on-week [5][40]. - The dairy sector is expected to see a stabilization in prices as supply constraints continue [5][42]. 2.4 Planting Industry - Domestic corn prices were 2,332.86 yuan/ton, showing a slight increase of 0.12% [44]. - The planting sector is stabilizing, with potential improvements if grain production decreases [6][45]. 2.5 Feed & Aquaculture - Feed prices for fattening pigs remained stable at 3.35 yuan/kg [61]. - Aquaculture prices are showing positive trends, with certain fish prices increasing [61][66].

关于控股股东无偿提供财务资助暨关联交易的公告 证券代码：002458 证券简称：益生股份 公告编号：2025-055 山东益生种畜禽股份有限公司 关于控股股东无偿提供财务资助暨关联交易 的公告 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、关联交易概述 为支持山东益生种畜禽股份有限公司（以下简称"公司"）子公 司江苏益生禽业有限公司（以下简称"江苏益生"）业务的发展，2025 年 7 月 23 日，江苏益生与公司控股股东曹积生先生签订了《借款协 议》，曹积生先生为江苏益生提供无息借款人民币 5,000.00 万元。 根据《深圳证券交易所股票上市规则》的相关规定，公司控股股 东、董事长曹积生先生为公司关联自然人，本次财务资助构成关联交 易。 2025 年 7 月 23 日，公司第六届董事会第三十次会议和第六届监 事会第二十二次会议审议通过了《关于控股股东无偿提供财务资助暨 关联交易的议案》。关联董事曹积生先生在审议该议案时予以回避表 决。上述议案已经公司独立董事专门会议 2025 年第二次会议审议通 过，全体独立董事同意该议案。 根据《深圳证券交易所股票上市 ...

关于控股股东部分股份质押的公告 证券代码：002458 证券简称：益生股份 公告编号：2025-052 山东益生种畜禽股份有限公司 关于控股股东部分股份质押的公告 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。 1、本次股份质押基本情况 2、控股股东股份累计质押情况 截至公告披露日，控股股东及其一致行动人所持质押股份情况如 下： 山东益生种畜禽股份有限公司（以下简称"公司"）近日接到控股 股东、实际控制人曹积生先生通知，获悉其所持有公司的部分股份办理 了股份质押业务，具体事项如下: 一、控股股东股份质押情况 | 股东 名称 | 是否为控股 股东或第一 大股东及其 | 本次质押 数量 | 占其所 持股份 比例 | 占公司 总股本 比例 | 是否 为限 售股 | 是否为 补充质 押 | 质押 起始日 | 质押 到期日 | 质权人 | 质押 用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 一致行动人 | （股） | | | | | | | | | | 曹积 | 是 ...

证券代码：002458 证券简称：益生股份 公告编号：2025-054 监事会决议公告 山东益生种畜禽股份有限公司 第六届监事会第二十二次会议 一、监事会会议召开情况 2025 年 7 月 23 日，山东益生种畜禽股份有限公司（以下简称 "公司"）第六届监事会第二十二次会议在公司会议室以现场方式召 开。会议通知已于 2025 年 7 月 20 日通过通讯方式送达监事。会议应 出席监事三人，实际出席监事三人，会议由监事会主席任升浩先生召 集并主持。 本次会议的召集、召开程序符合《中华人民共和国公司法》及《公 司章程》的有关规定。 二、监事会会议审议情况 决议公告 本公司及监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。 《关于控股股东无偿提供财务资助暨关联交易的议案》刊登于 《中国证券报》《上海证券报》《证券时报》《证券日报》和巨潮资讯 网（www.cninfo.com.cn）。 三、备查文件 第六届监事会第二十二次会议决议。 本次会议经记名投票表决方式，通过决议如下： 审议通过《关于控股股东无偿提供财务资助暨关联交易的议案》。 表决情况：3 票同意，0 票反对，0 票 ...

董事会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2025-053 山东益生种畜禽股份有限公司 第六届董事会第三十次会议 决议公告 本次会议的召集、召开程序符合《中华人民共和国公司法》及《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方式表决，通过决议如下： 审议通过《关于控股股东无偿提供财务资助暨关联交易的议案》。 表决情况：6 票同意，0 票反对，0 票弃权。 根据《深圳证券交易所股票上市规则》的相关规定，公司控股股 东、董事长曹积生先生为公司关联自然人，本次财务资助构成关联交 易。 关联董事曹积生先生对本议案回避表决。 上述议案已经公司独立董事专门会议 2025 年第二次会议审议通 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、董事会会议召开情况 2025 年 7 月 23 日，山东益生种畜禽股份有限公司（以下简称 "公司"）第六届董事会第三十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 7 月 20 日通过通讯方式及书面 方式送达董事、监事、高级管理人员。会议应出席董事七人，实 ...

Core Viewpoint - The white feather broiler industry is experiencing a significant price decline due to high production capacity and insufficient terminal demand, leading to an accelerated industry reshuffle [1]. Group 1: Price Decline and Market Conditions - The average price of broilers in major production areas fell below 3 yuan/kg twice this year, with chick prices dropping by half within a month [1]. - As of July 4, the average price of broilers was 6.42 yuan/kg, down 0.21 yuan/kg from the previous day, while chick prices fell to 0.91 yuan/chick, a daily drop of 0.18 yuan/chick [2]. - The price of chicks has decreased by more than 50% in just one month, with some regions experiencing order cancellations and pressure on hatcheries to reduce prices [2]. Group 2: Supply and Demand Imbalance - The root cause of the price drop is the imbalance between supply and demand, with production capacity reaching historical highs after years of expansion [3]. - The average daily output of chicks is approximately 29.07 million, a year-on-year increase of 12.75%, while the demand growth is lagging [3]. - In 2024, the slaughter volume of white feather broilers is projected to reach 8.646 billion, a year-on-year increase of 2.57%, with a further increase in 2025 [3]. Group 3: Inventory and Sales Challenges - High inventory levels and poor market demand have led to difficulties in product sales, with significant price declines observed across various chicken products [4]. - The average purchase price of white feather broilers was 3.31 yuan/kg, down 0.1 yuan/kg from the previous week, reflecting a 2.93% week-on-week decline [4]. - The combination of high inventory and reduced demand has resulted in some companies reducing production and slaughtering volumes [4]. Group 4: Industry Response and Future Outlook - Some leading meat chicken companies are seeking solutions through innovation and transformation, such as enhancing product quality and optimizing feed formulas to reduce costs [6]. - There are signs of price stabilization after a series of declines, with some companies reporting increased hatchling output and improved sales speed [6]. - Expectations for a slight recovery in chick market demand are anticipated as hatcheries may reduce output in late July, potentially aligning with the next sales peak [6].

Summary of Key Points Overall Market Perspective - The economic cycle is expected to enter an upward phase in the second half of 2025, similar to the period of 2016-2017, driven by local government debt solutions and policy digestion [4][9][10] - The market anticipates a significant upward adjustment in expectations, with current asset prices reflecting a weak pricing environment, indicating potential for stock and bond market shifts [7][10] Industry Insights - **Hydropower Construction**: The commencement of the Yarlung Tsangpo River downstream hydropower project represents a significant opportunity for the infrastructure sector, with a total investment of approximately 1.2 trillion yuan, expected to drive over 100 billion yuan in annual infrastructure investment [12][15] - **Chemical Industry**: The glyphosate market is poised for recovery due to supply optimization and stable demand, with a focus on reducing excessive competition within the industry [16][17] - **Real Estate and Rental Market**: The introduction of the Housing Rental Regulations aims to standardize the rental market, enhancing transparency and stability, which is expected to benefit rental companies and real estate firms [19][24] - **Agriculture**: The poultry market is currently facing price pressures due to weak demand, but a potential recovery in restaurant demand could support prices in the coming months [25][26] Company-Specific Developments - **Lizu Group**: The company has shown promising results in its IL-17A/F psoriasis treatment, outperforming the control group, indicating strong potential for future growth and profitability [31][32] - **Mise Snow Group**: The company has expanded significantly, becoming the largest beverage chain in China, with plans for further global expansion and a projected revenue growth of 25.8% in 2025 [34][35] - **Great Wall Motors**: The company reported record high earnings in Q2 2025, driven by strong sales across its brands, particularly in the new energy vehicle segment, indicating robust growth prospects [38][39]