根据禽业协会及博亚和讯数据，25年1-12月，国内祖代鸡累计更新量为157.4万套，同比增长4.9%。从 结构上看，国内自繁更新、法国引种占比分别约60%、40%。海外引种方面，据ECDC数据，2025年12 月，法国爆发高致病性禽流感，海外引种再次中断，禽流感疫情加剧海外种鸡供应不确定性。此外，国 产品种种鸡替代继续加速，国产品种在抗病性、适应性等方面展现优势，整体种鸡性能持续提升，正在 逐步追平国外品种。据禽业协会，2025年，3个国产祖代鸡品种更新量合计占比为33.6%。 智通财经APP获悉，广发证券发布研报称，近期白鸡产业链价格有所反弹，根据前期祖代引种量、鸡苗 环节销量，预计26年行业供给有望逐步改善，产业链或迎来景气回升。此外，受法国禽流感疫情影响， 海外引种再次中断，或有效支撑上游种鸡价格保持盈利。考虑到强制换羽等行业产能调节仍是扰动正常 供给节奏的重要扰动因素，重点关注父母代鸡苗销量等。近年来养殖企业加速上下游整合，全产业链趋 势明显。 广发证券主要观点如下： 25年白鸡行业保持微利，全产业链整合趋势明显 受供给相对充足、猪价下行等因素影响，25年毛鸡价格和商品代鸡苗价格整体低位震荡，父母代鸡 ...

Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 9.36 CNY [6]. Core Views - The white chicken industry chain is experiencing persistent price weakness, but the company is continuously enhancing its capabilities in adversity. As the industry prices stabilize and recover, the company's performance is expected to show greater upward elasticity [2]. - The company is positioned as a leader in the domestic market, and the future development trends in the industry support a positive outlook for its earnings growth [12]. Financial Summary - The total revenue for 2023 is projected at 35,970 million CNY, with a decline to 32,545 million CNY in 2024, followed by a recovery to 40,649 million CNY in 2025 and further growth to 44,156 million CNY in 2026, and 47,519 million CNY in 2027 [12][13]. - The company’s gross margin for the poultry business was 2.1% in the first half of 2025, down from 2.8% for the entire year of 2024, but significantly improved from 1.0% in the first half of 2024 [12]. - The average price of chicken products in the first half of 2025 was 8,966 CNY/ton, lower than the annual average of 9,435 CNY/ton in 2024 [12]. Business Segments - The poultry segment is expected to generate revenues of 113.4 billion CNY in 2024, increasing to 136.6 billion CNY in 2025, and 152.6 billion CNY in 2026 [16]. - The feed business is projected to see revenues rise from 125.1 billion CNY in 2024 to 172.8 billion CNY in 2025, and 190.4 billion CNY in 2026 [16]. - The pig farming segment is expected to generate revenues of 33.2 billion CNY in 2024, with a slight decline to 34.3 billion CNY in 2025, before recovering to 37.9 billion CNY in 2027 [16]. Market Position - The company has maintained a strong market position by focusing on cost reduction and efficiency improvements in its poultry operations while actively expanding its market reach and optimizing marketing strategies [12]. - The company has ceased expansion in meat chicken farming temporarily due to sufficient industry supply, focusing instead on high-quality processing and premium market channels [12].