1. Report Industry Investment Rating No relevant information provided in the text. 2. Core Viewpoints of the Report - The company's white - feather broiler segment faced performance pressure in the first half of 2025 but gradually recovered in the second half. The prices of commercial - generation chicken seedlings and parent - generation chicken seedlings showed an upward trend, and the pig - breeding business achieved explosive growth, becoming a new performance growth point [26]. - The shortage of grandparent - stock chickens will be transmitted to the parent - stock chicken and commercial - generation chicken seedling links. The parent - stock chicken price has been rising since September 2025, indicating that the industry's boom cycle has been established, and the company's parent - stock chicken business is expected to achieve "both volume and price increase" in 2026 [26][27]. - In 2026, the demand for commercial - generation chicken seedlings is expected to continue to increase, the supply is expected to be tight, and the price is expected to be better than that in 2024 [28]. 3. Summary by Directory 3.1 Research Basic Situation - Research object: Yisheng Co., Ltd. - Industry: Agriculture, Animal Husbandry, Feed and Fishery - Reception time: March 26, 2026 - Reception personnel: President, Secretary of the Board of Directors, Financial Director Lin Jie, and Securities Affairs Representative Li Ling [16] 3.2 Detailed Research Institutions - A total of 30 institutions participated in the research, including Guosheng Securities, Huazheng Securities, Shenyin Wanguo, etc. Each institution has relevant personnel participating [17][18]. 3.3 Research Institution Proportion No relevant information provided in the text. 3.4 Main Content Data Company Overview - Yisheng Co., Ltd. was established in 1989, mainly engaged in the introduction and breeding of high - quality livestock and poultry breeds. It is the largest grandparent - stock broiler breeding enterprise in China and Asia, with its grandparent - stock broiler breeding scale ranking first in China for 20 consecutive years, accounting for about 1/3 of the domestic imported broiler market. The company's commercial - generation chicken seedlings also have the largest sales volume in China. In 2025, the company focused on the two core main businesses of white - feather broilers and pigs, and adhered to stable operation to improve quality and efficiency [25]. 2025 Introduction of Grandparent - Stock White - Feather Broilers in China - Since December 2024, the introduction of grandparent - stock white - feather broilers in China has been interrupted due to avian influenza in the United States and New Zealand. In March 2025, the company was the first to introduce from France. In 2025, the company introduced 266,000 sets, accounting for more than 42% of the national introduction volume. The shortage of grandparent - stock chickens will be transmitted to the parent - stock chicken and commercial - generation chicken seedling links. The price of the company's parent - stock chickens has been rising since September 2025, and the industry's boom cycle has been established. In November - December 2025, avian influenza occurred in the main chicken - producing areas in France, and the domestic introduction plan was suspended, indicating that the future price of parent - stock chickens still has room to rise [26][27]. Answers to Investors' Questions - **Difference between "Yisheng 909" and "Yisheng 817"**: "Yisheng 817" is mainly used for the production of small - and medium - sized products, while "Yisheng 909" is mainly used for the production of medium - and large - sized products, forming a differentiated market layout [27]. - **Customer group of the company's pigs**: The company's pig customers are mainly large - scale group - based breeding enterprises, such as Wen's Group, Dabeinong, and COFCO [27]. - **Future production capacity planning of the company's commercial - generation chicken seedlings**: The company aims to increase the parent - stock inventory scale to 1 million sets and the commercial - generation chicken seedling production capacity to 1 billion in the next 4 years [27]. - **Expected price of the company's commercial - generation chicken seedlings in 2026**: From the demand side, the demand for chicken seedlings in the industry is expected to continue to increase in 2026. From the supply side, the supply of high - quality commercial - generation chicken seedlings is expected to be tight in 2026. In addition, the expected recovery of pork prices in the second half of 2026 is expected to drive up chicken prices, which will support the price of commercial - generation chicken seedlings. It is expected that the market of commercial - generation chicken seedlings in 2026 will be better than that in 2024 [28]. - **Introduction situation**: According to the latest announcement of the General Administration of Customs on March 20, 2026, France's Maine - Loire and Côtes - d'Armor are still on the prohibited list, and it is temporarily unable to introduce. The company will continue to consolidate the stability of seed source supply, expand introduction channels, and improve seed source supply capacity. In terms of production capacity layout, it will promote the construction of a 1 - million - set parent - stock chicken farm and supporting feed mill project in Datong, Shanxi, and improve the large - scale supply capacity of commercial - generation white - feather broiler seedlings [29].

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]

Company Overview - Yisheng Biological Co., Ltd. was established in 1989, focusing on the breeding and promotion of high-quality livestock and poultry breeds, particularly broiler chickens and pigs [1] - The company is the largest ancestor broiler chicken breeding enterprise in China and Asia, holding approximately one-third of the domestic imported breeding chicken market [1] - Yisheng has established breeding farms in seven provinces, maintaining its leading position in the ancestor broiler chicken industry while expanding parent stock chicken production [1] Quality Improvement Initiatives - The company has implemented a source purification strategy to eliminate diseases such as avian leukosis and chicken coryza, becoming the first certified avian leukosis purification demonstration farm in China [2] - The self-bred "Yisheng 909" small white feather broiler chicken has been recognized as a national livestock and poultry new variety, noted for its high purification level and low feed-to-meat ratio [2] - Yisheng has established a core breeding pig farm since 2000, certified as a national core breeding farm, with plans to increase high-quality pig supply starting from the end of 2023 [2] Industry and Policy Context - The 2024 guidelines from the National Health Commission aim to enhance public health and reduce obesity rates, promoting chicken as a preferred protein source due to its high protein and low fat content [3] - The 2025-2030 Food and Nutrition Development Outline emphasizes optimizing poultry meat production and consumption, with a target to reduce feed consumption by over 0.2 kg per kg of animal product by 2030 [3] - China's per capita meat consumption reached over 70 kg in 2024, with poultry consumption still below half of that in developed countries, indicating a significant growth opportunity for white meat [4] Market Trends and Projections - The pet food market is expanding, with chicken being a key ingredient, which is expected to boost chicken consumption [6] - The development of prepared dishes is extending the market for white feather chicken, driving demand for processed chicken products [6] - Yisheng anticipates an increase in parent stock chicken sales in 2025, with a projected volume of approximately 660 million chicks [11] Pricing and Supply Dynamics - The company expects a tight supply of quality parent stock chicken in the second half of 2025 due to a significant decrease in the import of ancestor broiler chickens [10] - The price of parent stock chicken is projected to rise, with recent quotes at 45 RMB per set in May and 50 RMB in June 2025 [9] - The company has imported 36,000 sets of ancestor broiler chickens in March and May 2025, with a total of 18,000 sets in April [12] Financial and Strategic Plans - Yisheng has repurchased 10,686,900 shares, totaling approximately 98 million RMB, to support employee stock ownership plans [12] - The company emphasizes sustainable development while focusing on shareholder returns and plans to continue sharing growth benefits with investors [12]