1. Report Industry Investment Rating - No information provided 2. Core Views of the Report - The spot price of eggs in the main producing areas rebounded from a low level this week, but the overall storage volume was small and the support for the market was limited. Currently in the seasonal off - season of demand, coupled with the plum rain season in the South, the egg price is under pressure [7][17]. - In May, the national laying - hen inventory reached a new high this year. Although it is expected that the laying - hen inventory will stop increasing in June, the reduction in supply is limited, and the demand is weak. The egg price may fall to a new low this year [7]. - The chicken - fry replenishment volume is currently at a historical high, and the supply of eggs is under pressure in the medium term. The egg price may continue to decline in the near term but may have bottom support in the second half of the year [9][10]. 3. Summary According to the Directory 3.1 Week - level Views and Strategies Fundamental Views - The spot price of eggs in the main producing areas was 2.73 yuan per catty, a decrease of 0.05 yuan per catty from last week, a decline of 1.80%. The low - price area reported 2.60 yuan per catty. Cold storage and food enterprises made tentative purchases, but the storage volume was small [7]. - In May, the national laying - hen inventory was about 1.275 billion, a month - on - month increase of 1.76% and a year - on - year increase of 6.78%. The number of newly opened - production chickens was greater than the number of old chickens leaving the market. In June, the number of newly opened - production chickens is expected to decline slightly, and the laying rate of laying hens will decrease. The overall demand is in the off - season, and the egg price is under pressure [7]. Strategy Views and Outlook - The chicken - fry replenishment volume is at a high level, and the egg price is under medium - term pressure. The egg price may continue to decline in the near term. It is recommended to continue holding the short position of out - of - the - money call options for near - month contracts. For far - month contracts, pay attention to the support at the 3600 level of the 09 contract and consider going long lightly in case of an over - decline [9][10]. - The 08 contract has a large premium. It is recommended to be cautious about chasing up, with a short - term pressure level of 3700 [10]. 3.2 Futures and Spot Markets - The spot price of eggs in the main producing areas rebounded from a low level. The average price was 2.73 yuan per catty, a decrease of 0.05 yuan per catty from last week, a decline of 1.80%. The low - price area reported 2.60 yuan per catty. Cold storage and food enterprises made tentative purchases, but the support for the market was limited. Currently in the seasonal off - season of demand, the egg price is under pressure [7][17]. 3.3 Supply Side - In May, the national laying - hen inventory was about 1.275 billion, a month - on - month increase of 1.76% and a year - on - year increase of 6.78%. It is expected that the laying - hen inventory will stop increasing in June, and the supply pressure may ease [29]. - In May, the total sales volume of chicken fry was 45.32 million, a month - on - month decrease of 3.66%. Although the sales volume decreased month - on - month, it was still at a high level. The supply pressure of eggs remains unchanged, and the egg price is under medium - term pressure [35]. - Due to low egg prices and rising feed costs, the enthusiasm for chicken culling has increased, but the number of cullable chickens is limited this month. The total culling volume of old hens this week was 539,100, a month - on - month decrease of 0.44% [40][43]. 3.4 Demand Side - The demand for eggs shows seasonal characteristics. The price usually reaches the lowest level around April, the highest level in late May, and the highest level of the year in mid - to - late September [60]. - Currently in the seasonal off - season of demand, the terminal replenishment is cautious, and the overall demand lacks positive support [7]. 3.5 Cost Side - Corn prices are rising due to reduced supply and trade frictions. Although the supply of soybean meal will be alleviated, the feed cost of laying - hen farming is expected to rise in the medium term, providing bottom support for the egg price [65]. - The egg cost line is an important driving factor for price changes, and the egg price, cost, and profit are generally positively correlated [69]. 3.6 Cost and Profit - This week, the cost of laying - hen farming was 3.55 yuan per catty, a month - on - month increase of 0.03 yuan per catty, an increase of 0.85%. The farming profit was - 0.82 yuan per catty, a month - on - month decrease of 0.08 yuan per catty, a decline of 8.89% [76].

Core Viewpoint - The egg market in Jinan has seen a significant price drop, reaching a five-year low, primarily due to oversupply and stable demand, leading to a decrease in both wholesale and retail prices [1][2][4]. Group 1: Price Trends - The retail price of eggs in Jinan has fallen to around 2.99-3.19 yuan per pound, which is 10% lower than the previous month [2]. - The wholesale price of eggs is reported at 2.99 yuan per pound, down 0.71 yuan compared to the same period last year [4]. - The price of a box of eggs (30 pounds) has decreased from approximately 130 yuan before the Spring Festival to 83 yuan as of June 18 [4]. Group 2: Supply and Demand Dynamics - The supply of eggs has increased significantly due to a rise in the number of laying hens, with the national stock reaching 1.334 billion, a 7.23% increase year-on-year [6]. - Despite the increase in production, the overall market demand has not risen correspondingly, leading to an oversupply situation [6]. - The stable demand has resulted in a situation where prices are not significantly affecting sales volume, maintaining overall profit levels for retailers [2]. Group 3: Impact on Producers - Egg producers are facing substantial losses, with wholesale prices down 20%-30% year-on-year, leading to selling prices around 2.79 yuan per pound [5][6]. - The production cost for egg producers is estimated to be between 3.5-3.65 yuan per pound, resulting in losses of 0.7-0.9 yuan per pound sold [6]. - Producers are currently cautious about expanding their operations further, with many opting to observe market conditions before making additional investments [6].

Core Viewpoint - The global egg-laying hen industry is transitioning from traditional caged systems to cage-free models, driven by consumer concerns for animal welfare and food safety, government regulations, and corporate sustainability strategies. Group 1: Commercial Factors - Over 2,500 cage-free commitments have been made globally, with a transition rate of 75% in 2023, particularly notable in Europe (80%) and the U.S. (73%) [1][19][27] - The EU and several countries have banned or plan to phase out caged systems, while 10 states in the U.S. have prohibited battery cages, necessitating proactive planning by companies in regions without such legislation [1][30] - Transitioning to cage-free systems requires capital investment, with lower stocking densities impacting profitability and increasing feed and labor costs. Strategies to mitigate these costs include phased transitions, raising prices, securing contracts, and employee training [1][40][41] Group 2: Animal Welfare - Cage-free systems significantly improve the living conditions of hens, with no significant difference in mortality rates compared to enriched cages, and health issues can be managed through better design and management [3][61] - Cage-free systems allow hens to express natural behaviors such as flapping, dust bathing, and perching, which are severely restricted in caged environments [3][65] - Psychological well-being is enhanced in cage-free systems, with reduced fear and stress levels, leading to increased positive behaviors like exploration and dust bathing [4] Group 3: Human Factors - Consumers are increasingly concerned about hen welfare and are willing to pay a premium for cage-free eggs, believing them to be more nutritious, safe, and natural [5][6] - The nutritional quality of cage-free eggs can be superior under good management, and food safety risks are more related to management practices than the type of system used [6][7] - Farmers face challenges in transitioning due to costs and labor, but consumer demand and market access opportunities drive the shift, with professional training improving success rates [7] Group 4: Environmental Impact - Cage-free systems increase feed, electricity, and land use, with feed being the primary environmental impact source, particularly due to land use changes from soybean and palm oil production [8][9] - Strategies to mitigate environmental impacts include using alternative feeds, optimizing formulations, selecting specific breeds, and adjusting consumption patterns, as demonstrated by companies like Barilla and Kipster [9]

Core Insights - The egg price is continuously declining, leading the egg-laying industry into a loss situation, despite an increase in the enthusiasm for replenishing stock among producers [1][2] Group 1: Market Dynamics - In the first half of 2025, the egg market is experiencing a downturn, with producers facing losses, yet the sales of commercial layer chicks increased by 20% year-on-year from January to April [1] - The cash flow cost for egg-laying operations in Hebei is between 2.6 to 2.7 yuan per jin, with prices dropping below this cost since early June, indicating a critical cash flow loss situation [2] - The market sentiment is pessimistic regarding short-term price increases due to high production capacity, with many producers and traders planning to stockpile eggs at low prices in anticipation of a price recovery before the Mid-Autumn Festival [3] Group 2: Production Challenges - The industry is facing a cash flow loss threshold, with daily losses of approximately 500 yuan for every 10,000 hens, highlighting the financial strain on producers [2] - There is a notable increase in the rate of old hen culling, but the overall resilience of producers is evident, as many are opting for molting strategies instead of panic culling [2] - The market is experiencing a supply-demand imbalance, with small-sized eggs being oversupplied and facing sales pressure, while larger eggs are in short supply [3] Group 3: Health Issues - The prevalence of chicken diseases has increased, with infection rates in some areas reaching 30%, leading to a significant drop in egg production rates among affected flocks [4] - The market price for non-productive chickens has decreased from approximately 5 yuan per jin last year to 3.6 yuan per jin, exacerbating the financial pressures on producers [4]

Group 1: Vegetable Industry Project - The Gao Ping City is accelerating the construction of the Wuguifeng Vegetable Industry Project, expected to be completed and operational by September, covering an area of 531 acres with four functional zones: modern agricultural demonstration area, facility greenhouse production area, leisure tourism picking area, and open-air vegetable production area [1] - The project aims to cultivate high-demand crops such as tomatoes, cucumbers, and strawberries, while also planting medicinal and edible crops like Tianma, with an expected annual production of 5 million high-quality seedlings, benefiting surrounding vegetable bases covering 100,000 acres [1][2] - The project utilizes advanced technology for precise control over the entire growth cycle of vegetable crops, achieving green, efficient, high-quality production goals, and enhancing both yield and quality [2] Group 2: Poultry Industry Project - The Ma Village is constructing a second phase of a high-quality egg chicken breeding project, with plans to build three modern chicken houses and related facilities, aiming to expand production based on market conditions [3] - Upon completion of both phases, the project will house 800,000 egg-laying hens, producing 35 tons of high-quality eggs daily, totaling 12,000 tons annually, and creating over 100 job opportunities [3]

Core Viewpoint - Ningxia Securities Regulatory Bureau is implementing measures to support private enterprises and enhance high-quality development through comprehensive company visits and problem-solving initiatives [1][2][3][4] Group 1: Company Visits and Support - The bureau aims for full coverage of listed companies in the region, having conducted five joint visits this year, with plans for a second round by the end of the year [2] - The bureau is focusing on high-tech, manufacturing, and traditional manufacturing companies, interpreting policies related to mergers, acquisitions, and dividends [2] - Companies eligible for dividends have announced a total cash dividend of 3.689 billion, a year-on-year increase of 41.85%, with the number of dividend-paying companies reaching a historical high [2] Group 2: Risk Management and Governance - The bureau emphasizes proactive risk management by visiting companies to assess their operational conditions and governance structures [3] - Two companies are set to raise over 3.4 billion through targeted placements and public REITs, with the bureau engaging in detailed discussions about their management and industry conditions [3] - The bureau is focusing on high-risk companies to ensure they implement necessary improvements and manage expectations effectively [3] Group 3: Addressing Challenges for SMEs - The bureau is addressing urgent issues faced by small and medium-sized enterprises, coordinating solutions for nearly 70% of the problems identified [4] - Specific companies in niche markets are being supported to enhance their core businesses and develop new productive capacities [4] - A mechanism for ongoing visits and follow-ups is being established to ensure continuous support and problem resolution for listed companies [4]

Group 1: Industry Overview - The egg chicken industry in China is characterized by a "small scale, large group" structure, leading to low price control and significant profit fluctuations [3][4] - The market share of the company exceeds 20%, establishing it as a benchmark enterprise in the industry [4][6] - The average sales price of chicken products increased by approximately 19.72% year-on-year, reaching about 3.36 CNY per bird [24] Group 2: Business Strategy - The company aims to enhance its brand and product quality through a focus on safety, traceability, and brand recognition [3][20] - Future strategies include optimizing the chicken breeding industry scale and product structure while ensuring sustainable development [7][11] - The company has established a comprehensive biosecurity system, evolving through four stages to ensure safety and efficiency in production [5][13] Group 3: Market Dynamics - The demand for high-quality, traceable products is increasing among consumers, leading to a shift towards branded and premium products [3][20] - The company is actively expanding its product range, including non-cage eggs and processed food products, to meet diverse consumer preferences [10][20] - The company has not encountered significant barriers in expanding its market presence, despite regional differences in breeding standards [16] Group 4: Financial Performance - The company reported a slight decrease in the sales volume of chicken products by 2.58% year-on-year, but maintained a market share of over 20% [24] - The company’s revenue and market share have been steadily increasing, indicating strong financial health [4][18] Group 5: Risk Management - The company has implemented a robust risk assessment framework to address climate anomalies and their impact on production cycles [17] - A complete biosecurity system is in place to mitigate risks associated with animal diseases, with no major outbreaks reported since the company's inception [13] Group 6: Future Outlook - The egg chicken industry is expected to see increased supply from imported breeds and a steady rise in consumer demand, particularly in the food service sector [21][22] - The company plans to maintain a focus on core business areas while exploring new opportunities in emerging markets such as pre-prepared foods and pet food [7][25]

Core Viewpoint - The continuous decline in egg prices is attributed to high production levels and weak demand, leading to a supply-demand imbalance in the market [1][3][4]. Group 1: Current Market Conditions - As of May 20, the average wholesale price of eggs in China was 7.83 yuan/kg, down 5.9% from 8.32 yuan/kg on April 24, and down 27.8% from 10.84 yuan/kg in September 2024 [1]. - The high inventory of laying hens, approximately 1.13 billion, has resulted in a sufficient supply of eggs, contributing to the downward pressure on prices [1][3]. - The market saw a temporary increase in egg prices due to pre-holiday stocking during the "May Day" holiday, peaking at 8.32 yuan/kg on April 24 before declining again [1]. Group 2: Impact on Egg Producers - The egg production industry has been in a loss-making phase since February, with losses exceeding 0.6 yuan per kg of eggs produced [3]. - Rising feed costs, particularly for corn and soybean meal, have further strained the profitability of egg production [3]. - The majority of egg-laying hens are currently in a high production phase, maintaining a supply surplus in the market [3]. Group 3: Future Market Outlook - The egg prices are expected to remain low in the latter part of Q2 due to stable production levels from increased replenishment of laying hens and weak consumer demand [4]. - The third quarter is traditionally a peak season for egg consumption, which may lead to a potential recovery in prices as demand increases from various seasonal events [4]. - There is a possibility of a turnaround in the egg production sector as producers may eliminate outdated production capacity, potentially leading to profitability in Q3 [4].

Core Insights - The Hubei province has launched a series of initiatives to promote entrepreneurship and employment, featuring six recommended projects from Wuhan that focus on rural revitalization, cultural heritage, and the integration of agriculture and tourism [1][2] Group 1: Project Overview - The six recommended projects include: 1. Non-material cultural creative workshop in the Dongxihu District 2. Egg chicken breeding project in the Huangpi District 3. Rural homestay renovation project in the Yangluo Street of the Changjiang New District 4. Human resources industrial park project in the Caidian District 5. Wangji soup industry park project in the Xinzhou District 6. Pig Kingdom agricultural tourism experience project in the Jiangxia District [1] Group 2: Specific Project Details - The Yangluo Street rural homestay renovation project aims to upgrade idle farmhouses and the natural rural environment to create a boutique homestay cluster that integrates leisure, agricultural experiences, and cultural displays [2] - The target customer base for the Yangluo project includes families from the Wuhan metropolitan area, short-term tourists, and corporate team-building groups, leveraging local agricultural resources and cultural heritage [2] - The project is expected to generate diversified income through agricultural tourism education experiences, agricultural product sales, social media marketing, outdoor camping, and accommodation and dining services, with a reasonable investment recovery period and promising long-term returns [2] Group 3: Future Plans - Hubei province plans to continue selecting and promoting projects that are based on local characteristics and resource advantages, aiming to introduce a batch of "small investment, low risk, and predictable" entrepreneurial projects [2]

证券代码：300967 证券简称：晓鸣股份 宁夏晓鸣农牧股份有限公司 投资者关系活动记录表 编号：2025-001 杜建峰先生回复：尊敬的投资者您好，从蛋鸡存栏年度周 期性变化来看，周期一般在 3 年左右，在一个周期内蛋鸡存栏 量呈现"增-减-平"的变化规律。随着蛋鸡养殖行业规模化、 集约化程度的提升，传统的三年一周期波动正在逐渐减弱。现 代化养殖场通过科学管理（如恒温饲养）减少了季节性因素对 鸡蛋产量的影响，同时下游需求端的规模化采购也降低了市场 波动性。除了三年一周期外，蛋鸡行业还表现出一年内两个明 显的季节性波动点，即中秋国庆和春节两个消费高峰期，一般 情况下，这两个节日集中了大量消费需求，推动鸡蛋价格在短 期内上涨。目前每年的季节性波动还相对明显。感谢您的关注。 5、188****5795 问董事郭磊"请问公司年报中反复提及的"1 套祖代繁育约 60 套父母代，1 套父母代繁育约 80 羽商品代"， 1 套是指 1 只公鸡配 10 只母鸡吗？1 套父母代按 10 只母鸡计 算，为何只繁殖 80 只商品代？" | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | | □ ...