Group 1 - The egg market is experiencing a "busy season without prosperity," with prices continuously declining, and a significant recovery in prices is not expected in the fourth quarter [1] - As of August 25, the average price of powdered eggs in Handan, Hebei, was 2.7 yuan per jin, while the national average price of eggs was 3.2 yuan per jin, both significantly lower than the same period last year [1] - The Agricultural and Rural Affairs Department reported that the average price of 28 types of vegetables was 4.8 yuan per jin as of August 22, indicating a slight increase but still at a low level compared to previous years, which has weakened the substitute demand for eggs [1] Group 2 - As of July 2025, the number of laying hens was 1.292 billion, a 2% increase month-on-month and a 7% increase year-on-year, with chick sales in July at 45.32 million, a 4% decrease month-on-month but a 2.7% increase year-on-year [2] - The new production capacity in the third quarter corresponds to the chick stocking volumes from March to May, which were significantly higher than in previous years, indicating that the overall capacity remains high [2] - As of August 22, feed prices were 2.68 yuan per jin, with breeding profits at -7 yuan per bird, reflecting a slight decline compared to the previous week but a significant recovery compared to July [2] Group 3 - As of August 22, the number of culling chickens was 16.76 million, a 15.2% increase week-on-week, with the average culling age at 502 days, indicating an accelerated culling pace [3] - The current market price for culling chickens is 5.2 yuan per jin, down 0.4 yuan from the previous week, suggesting that the market is under pressure from excess capacity [3] - The key to changing the current situation lies in the culling rhythm, with the age of culling chickens at a historical low, limiting the potential for further culling [3] Group 4 - The peak egg production period for the batch of chicks stocked from March to May is concentrated in the fourth quarter, despite a decline in new production capacity since June, the levels remain above the 10-year average [5] - The continuous low prices of vegetables this year have weakened the substitute demand for eggs, leading to a supply-demand balance in the fourth quarter [5]