Core Insights - The export of 18,000 domestically bred seed eggs from Beijing to Mali represents a significant step in agricultural cooperation between China and Mali under the Belt and Road Initiative [1] - Beijing Customs has established a specialized task force to facilitate the export of poultry seeds, addressing challenges faced by companies in their first export attempts [2] - The successful export of high-yield egg-laying chickens to Tanzania in 2023 and subsequent exports to other African countries highlight the growing international presence of China's poultry industry [3] Group 1: Export Initiatives - The first batch of seed eggs was successfully exported to Mali, marking a breakthrough in poultry seed exports [1] - Beijing Customs has implemented a "one enterprise, one policy" service mechanism to support companies in overcoming export challenges [2] - The export of 26,300 poultry in 2024 represents a 59.39% increase compared to the previous year, indicating a growing market for Chinese poultry products [4] Group 2: Global Expansion - In 2025, Beijing Customs aims to enhance the global presence of the poultry industry by facilitating the export of seed eggs to countries like Tajikistan and Mali [5] - The customs authority has successfully reduced the export clearance time by 30%, ensuring timely delivery of seed eggs to international markets [5] - Over 50,000 seed eggs have been exported this year, marking the first time Beijing's seed eggs have reached African countries, thus expanding market opportunities for Chinese enterprises [5]

种猪产能逐步释放，业绩增幅显著。2025Q1 公司种猪实现销量14,099 头，同比+344.1%；营收3,026 万 元，同比+216.9%。由于公司种猪产能逐步释放，2025Q1 猪业务销售量营收均实现大幅增加。 事件：公司于4 月29 日发布2025 年一季报，公司2025Q1 实现营收6.2亿元，同比-9.4%，环比-36.6%； 实现归母净利润-0.1 亿元，同比-112.0%，环比-106.5%。 禽业务追加投资，进一步拓展公司白羽肉鸡业务。根据公司战略发展规划，为进一步拓展公司白羽肉鸡 业务，扩大公司父母代肉种鸡的养殖规模，提高公司商品代白羽肉雏鸡的供给能力，公司拟投资5 亿元 在山西省大同市云州区建设100 万套父母代白羽肉鸡养殖场及配套饲料厂项目，主要建设内容为9 个父 母代种鸡养殖场和1 个配套饲料厂。 鸡苗供应增加导致苗价低迷，一季度业绩承压。2025Q1 公司合计销售白羽肉鸡苗（父母代+商品代） 1.5 亿只，环比-0.4%，同比+18.2%；实现营收4.1亿元，环比+45.0%，同比-25.8%；鸡苗销售均价2.6 元/羽，环比-44.1%，同比-37.1%。根据禽业协会数据，202 ...

| 推荐 | 维持评级 | | --- | --- | | 当前价格： | 8.28 元 | 益生股份（002458.SZ）2025 年一季报点评 供应增加导致苗价低迷，一季度业绩承压 2025 年 05 月 03 日 ➢ 事件：公司于 4 月 29 日发布 2025 年一季报，公司 2025Q1 实现营收 6.2 亿元，同比-9.4%，环比-36.6%；实现归母净利润-0.1 亿元，同比-112.0%，环 比-106.5%。 ➢ 鸡苗供应增加导致苗价低迷，一季度业绩承压。2025Q1 公司合计销售白羽 肉鸡苗（父母代+商品代）1.5 亿只，环比-0.4%，同比+18.2%；实现营收 4.1 亿元，环比+45.0%，同比-25.8%；鸡苗销售均价 2.6 元/羽，环比-44.1%，同 比-37.1%。根据禽业协会数据，2025Q1 父母代鸡苗均价 47.4 元/套，环比 -13.0%；商品代鸡苗均价 2.1 元/羽，环比-34.8%。随着 2023 年起海外引种逐 步恢复，国内祖代更新偏充裕。2023 年和 2024 年国内祖代引种量 127.9 万套 和 157.5 万套，同比+57.2%和+23.1%。2 ...