证券代码：002458 证券简称：益生股份 公告编号：2025-031 山东益生种畜禽股份有限公司 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）自可能对本公司证券及其衍生品种交易价格产生重大影响 的重大事项发生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 （1）委托价格不得为公司股票当日交易涨幅限制的价格； 因公司实施 2024 年前三季度权益分派，本次回购股份的价格上 限由不超过人民币 12.00 元/股（含）调整为不超过人民币 11.90 元 /股（含） ，具体内容详见 2025 年 01 月 04 日公司刊登于《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）的《关于 2024 年前三季度权益分派实施后调 整回购股份价格上限的公告》（公告编号：2025-003）。 根据《上市公司股份回购规则》 《深圳证券交易所上市公司自律 监管指引第 9 号——回购股份》等有关规定，在回购股份期间，公司 应当在每个月 ...

Group 1 - The company reported a net profit attributable to shareholders of 504 million yuan in 2024, a decrease of 6.8% year-on-year, with total revenue of 3.136 billion yuan, down 2.8% year-on-year [1] - In 2024, the company sold 585.55 million white feather broiler chicks, a decline of 9.3% year-on-year, while the sales price for parent stock chicks was approximately 40 yuan per set [1] - The company introduced 230,000 Hubbard grandparent stock chicks in 2024, a year-on-year increase of about 44%, laying a solid foundation for growth in parent stock and commercial chick sales in 2025 [1] Group 2 - The company sold 82.99 million 909 small white feather broiler chicks in 2024, an increase of 8% year-on-year, with an average selling price of 1.3 yuan per chick [2] - In the first two months of 2025, the company sold 16.29 million 909 small white feather broiler chicks, a year-on-year increase of 9.5% [2] Group 3 - The company has over 20 years of experience in breeding original breeding pigs, with significant advantages in disease prevention, breeding research, production management, and modern farming techniques [3] - From 2021 to 2024, the company's breeding pig sales increased from 200 heads to 3,000 heads, with a compound annual growth rate of 145.5% [3] - The company plans to sell 150,000 breeding pigs in 2025, with a potential full production sales volume of 200,000 heads [3] Group 4 - The company is the largest grandparent meat breed chicken farming enterprise in China and is expected to benefit from rising chick prices due to ongoing high pathogenic avian influenza in the U.S. and New Zealand [4] - The company is projected to sell 14 million parent stock chicks and 665 million commercial chicks from 2025 to 2027, with significant revenue growth anticipated [5] - The expected main business revenue for 2025 is 4.744 billion yuan, representing a year-on-year increase of 51.3% [5]

Core Viewpoint - The report provides a detailed account of non-operating fund occupation and other related party transactions for Shandong Yisheng Animal Husbandry Co., Ltd. for the year 2024, highlighting the financial interactions and responsibilities of the company and its subsidiaries [1][2]. Group 1: Financial Overview - The audit report for Shandong Yisheng Animal Husbandry Co., Ltd. for the year 2024 was issued on March 26, 2025, confirming that the financial statements were prepared in accordance with Chinese accounting standards [1]. - The total non-operating fund occupation and related party transactions amounted to 238,111.95 million, with a total of 429,909.41 million in transactions recorded [2]. Group 2: Related Party Transactions - The report includes a summary table detailing various related party transactions, including amounts owed to and from subsidiaries, with specific figures such as 36,620.99 million owed to Jiangsu Yisheng Poultry Industry Co., Ltd. and 12,320.55 million owed to Shandong Lunan Breeding Co., Ltd. [1][2]. - The company has a significant number of subsidiaries involved in these transactions, indicating a complex network of financial interactions within the group [2].

Group 1 - The company approved the 2024 profit distribution plan during the board meeting held on March 26, 2025, with a unanimous vote of 7 in favor [2] - The total distributable profit as of December 31, 2024, is approximately 1.39 billion RMB for the parent company and 1.57 billion RMB for the consolidated financial statements [2][3] - The proposed cash dividend is 1.00 RMB per 10 shares, amounting to a total cash distribution of approximately 218.41 million RMB [2][3] Group 2 - The company has not incurred any losses or allocated any reserves for the 2024 fiscal year [2] - The cash dividend for 2024 is lower than the previous year's total cash dividend of approximately 221.28 million RMB [3] - The cumulative cash dividends over the last three fiscal years amount to approximately 439.69 million RMB, which meets the requirement of being no less than 30% of the average net profit for the last three years [5][6] Group 3 - The company has not engaged in any trading financial assets or other investment activities in the last two fiscal years [6] - The profit distribution plan is subject to approval by the shareholders' meeting, indicating a level of uncertainty [6] - The plan aligns with relevant regulations and considers the company's industry characteristics, development stage, and shareholder returns [5]

股东大会通知 证券代码：002458 证券简称：益生股份 公告编号：2025-026 山东益生种畜禽股份有限公司 司"）2024 年度股东大会（以下简称"本次股东大会"） 关于召开 2024 年度股东大会的通知 本公司及董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。 一、召开会议的基本情况 。 经公司第六届董事会第二十七次会议审议通过，决定召开本次年 度股东大会。 行政法规、部门规章、规范性文件、 《上市公司股东大会规则》和《公 司章程》的规定。 （1）现场会议召开时间：2025 年 04 月 21 日下午 14：30。 （2）网络投票时间：2025 年 04 月 21 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 下午 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 04 月 21 日上午 09:15-下午 15:00 期间的任意时间。 的方式。 公司将通过深圳证券交易所交易系统和互联网投票系统 股东大会通知 （http://wltp.cninfo.com.cn）向公司全体股东提供网络形式的投票平台 ...

Group 1: Company Overview and Strategy - Tangrenshen Group focuses on the pig farming industry, primarily in regions such as Hunan, Guangdong, and Guangxi, with future expansion plans in these areas [2] - The company employs a combination of "self-breeding and self-raising" and "company + farmer" models, with the latter expected to account for approximately 70% of pig output by 2024 [3] Group 2: Meat Product Development - The meat division integrates research, production, and sales, emphasizing Chinese-style specialty products and modern production bases [3] - The company is developing the "Xiangxiang Pig" brand and exploring fresh meat branding opportunities [3] Group 3: Feed Procurement and Cost Management - Tangrenshen implements centralized procurement for major feed ingredients, enhancing bargaining power and ensuring quality while controlling costs [3] - The company employs strategic purchasing and "futures hedging" strategies to mitigate risks associated with feed price fluctuations [3] Group 4: Stock Buyback and Financial Management - The company has conducted multiple stock buybacks, with the latest plan involving a budget of 50 million to 100 million yuan, having repurchased 4,610,100 shares, representing 0.32% of total shares [3] - The scale of the company's hedging activities is relatively small, focusing on mitigating price risks related to production and necessary raw materials [3]

Group 1 - The core viewpoint of the report indicates that the supply pressure in the pig market has eased, leading to price fluctuations, while chicken prices are stabilizing and showing signs of recovery [1][5][30] - The report maintains a positive investment rating for the industry, suggesting a focus on efficiency improvements rather than just scale growth in the long term [5][15] - The report highlights that the agricultural sector has shown an overall increase, with the agricultural and forestry sector index rising by 2.84% week-on-week, outperforming the Shanghai and Shenzhen 300 index [10][11] Group 2 - In the pig farming segment, the number of breeding sows has decreased, with January's breeding sow inventory reported at 40.62 million heads, reflecting a month-on-month decline of 0.40% [17][18] - The price of commodity pigs as of March 13 was 14.57 CNY/kg, showing a week-on-week increase of 0.07%, while the average price of pork was 19.07 CNY/kg, up 0.53% [23][25] - The report notes that the cost of raw materials has shown mixed trends, with soybean meal, corn, wheat, and soy prices reported at 3,458 CNY/ton, 2,262 CNY/ton, 2,429 CNY/ton, and 3,857 CNY/ton respectively, indicating a week-on-week change of -5.05%, +1.50%, +0.20%, and 0.00% [26][27] Group 3 - In the poultry farming segment, the average price of white feathered broilers was 7.11 CNY/kg as of March 14, reflecting a week-on-week increase of 7.89%, while the profit from broiler farming was reported at -0.51 CNY/bird [30][35] - The report indicates that the supply of parent stock chicken is facing uncertainties due to ongoing avian influenza outbreaks abroad, which may support future prices of parent stock chicks [29][31] - The total inventory of grandparent stock chickens was reported at 2.0394 million sets, with a week-on-week increase of 0.24% [32][33]

Group 1: Production and Sales Performance - In February, the company sold 2.6 million pigs, including 2.51 million live pigs and fresh products, and 90,000 piglets [1] - The company sold 82 million meat chickens in February, with a slight decrease in sales volume due to fewer actual sales days [1] - The pig farming listing rate reached 93%-94% in February, indicating stable production management [2] Group 2: Cost Management and Profitability - The comprehensive cost of pig farming dropped to approximately 6.3 CNY/kg in February, with a narrowing cost difference among regional units [2] - Despite a decline in pig prices, the average selling price of pigs remained higher than that of competitors, maintaining a leading profit level in the industry [2] Group 3: Poultry Business Insights - In February, the chicken farming listing rate was 95.2%, with the total cost of live chickens decreasing to 5.6 CNY/kg [4] - The company anticipates a 5% or more increase in chicken sales volume in 2025, despite facing short-term losses [4] Group 4: Financial Health and Debt Management - The company's asset-liability ratio decreased to 51%-52% in February, indicating a strong financial position [5] - The company plans to balance debt reduction with cash dividend needs to ensure long-term operational stability [5] Group 5: Future Planning and Market Strategy - The company aims for long-term stable and high-quality development, focusing on cost reduction and profitability as primary considerations for business growth [7] - Fixed asset investment for 2025 is planned at around 5 billion CNY, targeting construction and upgrades of pig farms, chicken farms, and slaughterhouses [14]

Investment Rating - The industry is rated as "Buy" [4] Core Viewpoints - The current market for pig farming shows a low price fluctuation, with the average price of live pigs at 14.57 yuan/kg, a week-on-week increase of 0.48% [19] - The average weight of pigs at slaughter is 127.92 kg, which has increased by 0.68 kg week-on-week, indicating a rising inventory level [19] - The report highlights a significant increase in piglet sales, with a year-on-year growth of 181.22% in the first two months of the year [2] Summary by Sections 1. Industry Performance - The agricultural sector outperformed the market, with the agricultural index rising by 2.84% compared to the Shanghai Composite Index's 1.39% increase [10] - The sub-sectors within agriculture showed varied performance, with aquaculture and animal health sectors leading the gains [10] 2. Key Data Tracking - The average price of piglets is 34.08 yuan/kg, reflecting a week-on-week increase of 4.03% [19] - The average weight of pigs sold has increased, indicating a trend towards higher weights in the market [19] - The inventory levels in slaughterhouses are rising, with a cold storage capacity utilization rate of 13.76%, up by 0.44 percentage points [19] 3. Investment Recommendations - The report recommends focusing on pig farming companies with high output and cost recovery, specifically mentioning Muyuan Foods, Wens Foodstuff Group, and Shennong Group [3] - It suggests that the feed and veterinary sectors will benefit from a rebound in pig prices, recommending Hai Da Group for investment [3] - The seed industry is highlighted as having investment opportunities due to stabilizing grain prices and advancements in genetically modified crops, with companies like Suqian Agricultural Development and Beidahuang being recommended [3] 4. Market Trends - The report notes that the pig farming sector is experiencing a significant increase in output, with a total of 2,806.15 million pigs sold in January and February, a year-on-year increase of 20.92% [2] - The prices of feed ingredients such as corn and wheat are showing upward trends, while soybean meal prices are declining, indicating a mixed outlook for feed costs [42]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The recent announcement by the State Council to impose additional tariffs on certain U.S. agricultural products is expected to benefit both planting and breeding sectors, leading to an increase in domestic agricultural product prices [3][5] - The range of products affected by the tariffs has expanded from agricultural machinery to major agricultural products such as grains and meats, which will increase import costs and support domestic prices [4][5] - The domestic soybean market, heavily reliant on imports, is expected to see reduced import volumes and increased prices, supporting a strong market for soybeans and soybean meal [4][6] - The overall self-sufficiency rate for meat in China is high, but imports from the U.S. still account for about 1% of total consumption, and the reduction in imports is expected to support domestic meat prices [4][6] Summary by Sections Tariff Impact - Starting from March 10, 2025, China will impose a 15% tariff on chicken, wheat, corn, and cotton, and a 10% tariff on sorghum, soybeans, pork, beef, seafood, fruits, vegetables, and dairy products [3][5] Planting Chain - The increase in tariffs on corn, wheat, and sorghum is expected to pressure overall import volumes and costs, supporting a rebound in corn prices [4][6] - The domestic soybean market is projected to remain strong due to limited imports and increased prices, with Brazil being the main alternative supplier [6][8] Breeding Chain - The reduction in imports and increased costs are anticipated to support the recovery of domestic meat prices, particularly for pork and chicken [4][6] - Recommendations for investment in the breeding sector include companies such as Muyuan Foods, Huazhong Agricultural University, and New Hope Liuhe [9][12] Investment Recommendations - For the planting chain, companies such as Qianyuan High-Tech, Fengle Seed Industry, Longping High-Tech, and Denghai Seeds are highlighted as key investment opportunities [9][12] - In the breeding chain, recommended companies include Muyuan Foods, Huazhong Agricultural University, and Tiankang Biological [9][12]