益生股份 20250826 摘要 益生股份 2025 年上半年总盈利约 600 万元，其中父母代种鸡盈利 4,000 万元，种猪盈利 4,000 万元，但商品代鸡苗亏损 5,000 万元，合 资公司和农牧设备公司亏损 2000 万元，盈利与亏损业务并存。 受农忙、高温及学校放假等因素影响，商品代鸡苗价格 7 月中旬开始快 速上涨，公司报价 14.2 元/只，成本 2.6-2.7 元/只。中美贸易战及禽流 感也推高了翅中和爪的价格。 国内暂停从美国和新西兰进口种鸡后，益生股份积极从法国引种，今年 3-7 月已引进祖代鸡 13.2 万套，预计本月再引进 3 万套，占全国进口量 的近 60%。但今年 1-7 月全国引种量同比下降 30%以上。 当前父母代报价 50 多元/套，商品代鸡苗报价 4.2 元/只，父母代报价预 计与本月持平，商品代鸡苗价格每日调整。公司 817 品系获得新品系认 定，更适合小规格饲养，与 909 品系形成差异化布局。 公司种猪业务快速扩张，2024 年销量达 3 万头，2025 年上半年已销售 近 4 万头，预计全年销量超 10 万头，2026 年目标为 20 万头。目前种 猪产能利用率高 ...

投资者关系活动记录表 证券代码：002458 证券简称：益生股份 山东益生种畜禽股份有限公司 投资者关系活动记录表 编号：2025-07 持续在祖代种鸡场、父母代种鸡场开展禽白血病、鸡白痢、鸡滑液囊 支原体、鸡败血支原体的疫病净化工作，确保种源健康，产品质量得 到市场的高度认可。公司是中国首家白羽肉鸡国家级禽白血病净化 场、首批家禽疫病净化示范区建设企业、首批白羽肉鸡国家肉鸡良种 扩繁推广基地、国家重点研发计划项目示范种禽场、动物疫病净化创 建场。 公司在发展种鸡业务的同时，大力扩展种猪产业，公司的种猪产 量从 2023 年 10 月份开始逐步放量，2024 年销售种猪 3 万头，2025 年上半年销售种猪 3.85 万头，预计全年销售 10 万多头，种猪产能持 续放量。 未来公司将继续立足畜禽种业，为我国两大主要肉类的种源供应 贡献力量。 二、回答投资者的有关问题： 1、2025 年公司和全国祖代肉种鸡进口情况？ 答：公司 2025 年 1-7 月祖代肉种鸡的进口量为 13.2 万套，全国 进口量约 23 万套，公司进口量占进口总量近 6 成比例。 2025 年 1-7 月，我国祖代肉种鸡的进口量和更新量（ ...

Core Viewpoint - The poultry industry, particularly the white feather chicken sector, has experienced a rapid price increase in chick and broiler chicken markets, transitioning from a period of low prices and overcapacity to a situation of supply shortages and rising prices [1][4][6]. Price Trends - The price of commodity chick has surged from 1.5 yuan per chick in early July to 4.2 yuan per chick by August 11, marking a 180% increase [2][4]. - Broiler chicken prices in Shandong dropped to 3 yuan per pound in early July but have since risen to 3.55 yuan, with some slaughterhouses paying as much as 3.7 yuan per pound [2][4]. Supply and Demand Dynamics - The poultry industry has seen a significant shift in supply dynamics due to previous overproduction and recent weather changes, leading to increased demand for chicks as temperatures cool and schools prepare for the new term [4][5]. - The supply of commodity chicks decreased by 0.95% in July, with expectations of a further decline in August [5]. Profitability Across the Supply Chain - As of August 5, profitability across the poultry supply chain is positive, with theoretical profits of 0.50-0.80 yuan per chick at the breeding level, 1.73 yuan per commodity chicken, and 0.36 yuan per chicken at the slaughtering level [3]. Market Influences - The increase in prices is attributed to reduced imports of chicken meat due to avian influenza and trade tensions, alongside a decrease in domestic production capacity [4][6]. - The overall inventory of chicken products has decreased significantly, with slaughterhouse stocks dropping from high levels in mid-July to lower levels currently [3]. Future Outlook - Despite the current price increases, there are concerns about long-term sustainability due to potential overcapacity and weak terminal demand, which may pressure prices downward in the future [6].

Sales Performance - In July 2025, the company sold 27.66 million chicks, representing a year-on-year increase of 26.87% and a month-on-month increase of 13.74% [1] - The sales revenue for the same period was 41.36 million yuan, showing a year-on-year decrease of 27.30% and a month-on-month decrease of 18.56% [1] Guarantee Matters - The company approved a guarantee of 1 billion yuan for its subsidiaries' financing needs, with mutual guarantees among subsidiaries totaling 50 million yuan [6] - Recently, the company signed loan-related documents with banks for credit applications, including a 10 million yuan loan for its subsidiary, Weifang Minhe Food Co., Ltd., with a three-year joint liability guarantee [8] - The total amount of guarantees provided by the company and its subsidiaries to external units is 64.83 million yuan, with actual guarantees amounting to 57.14 million yuan, which is 2.83% of the company's latest audited net assets [12]

证券日报网讯 8月8日晚间，民和股份发布公告称，2025年7月商品代鸡苗销售情况，销售商品代鸡苗 2，766.04万只，同比变动26.87%，环比变动13.74%；销售收入4，136.02万元，同比变动-27.30%，环 比变动-18.56%。上述数据均未经审计，与定期报告披露的数据之间可能存在差异，仅作为阶段性数据 供投资者参考。 （文章来源：证券日报） ...

Core Insights - The company reported sales of 27.66 million day-old chicks in July, representing a year-on-year increase of 26.87% and a month-on-month increase of 13.74% [1] - The sales revenue for the same period was 41.36 million yuan, showing a year-on-year decrease of 27.30% and a month-on-month decrease of 18.56% [1] Sales Performance - July sales volume of day-old chicks reached 27.66 million, marking a significant year-on-year growth of 26.87% [1] - Month-on-month sales volume increased by 13.74%, indicating a positive trend in sales activity [1] Revenue Analysis - The sales revenue for July was 41.36 million yuan, which is a decline of 27.30% compared to the same month last year [1] - There was also an 18.56% decrease in revenue compared to the previous month, suggesting potential challenges in pricing or market demand [1]

智通财经APP讯，民和股份(002234.SZ)披露2025年7月份鸡苗销售情况，公司)2025年7月销售商品代鸡 苗2766.04万只，同比变动26.87%，环比变动13.74%;销售收入4136.02万元，同比变动-27.30%，环比变 动-18.56%。 ...

Group 1 - The company reported a revenue of 1.32 billion yuan in the first half of 2025, a year-on-year decrease of 3.98%, and a net profit attributable to shareholders of 6 million yuan, down 96.6% year-on-year [1] - In Q2 2025, the company achieved a revenue of 698 million yuan, a year-on-year increase of 1.42%, while the net profit attributable to shareholders was 19 million yuan, a decrease of 73.75% year-on-year [1] - The company estimated the sales of commodity broiler chicks in Q2 2025 to be approximately 160 million, an increase of 14% year-on-year, with an average selling price of 2.4 yuan per chick, up about 0.1 yuan from Q1 2025 [1] Group 2 - The sales of 909 chicks in Q2 2025 were approximately 21 million, a year-on-year decrease of 5%, with an average selling price of 0.8 yuan per chick, which declined compared to Q1 2025 [2] - The company sold about 24,000 breeding pigs in Q2 2025, a year-on-year increase of 361%, with an average selling price of 2,471.3 yuan per pig, indicating a continuous release of breeding pig capacity [2] - Due to the low prices of chicks, the company has adjusted its profit forecast, expecting net profits attributable to shareholders of 200 million, 570 million, and 590 million yuan for 2025-2027, representing year-on-year changes of -60.2%, +186.3%, and +2.6% respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.32 billion yuan in the first half of 2025, a year-on-year decrease of 3.98%, and a net profit attributable to shareholders of 6 million yuan, down 96.6% year-on-year [1] - In Q2 2025, the company achieved a revenue of 698 million yuan, a year-on-year increase of 1.42%, while the net profit attributable to shareholders was 19 million yuan, a decrease of 73.75% year-on-year [1] - The company sold approximately 160 million broiler chicks in Q2 2025, a year-on-year increase of 14%, with an average selling price of 2.4 yuan per chick, up about 0.1 yuan from Q1 2025 [1] - The report highlights a seasonal rebound in chick prices expected in Q3 2025, driven by market replenishment in the peak season of September and October [1] - The company experienced a loss of 6.46 million yuan in investment income in Q2 2025, primarily due to losses from its stake in Beidahuang Baoquanling Agriculture and Animal Husbandry [1] Financial Summary - The company expects net profits attributable to shareholders for 2025-2027 to be 200 million, 570 million, and 590 million yuan, representing year-on-year changes of -60.2%, +186.3%, and +2.6% respectively [2] - The estimated P/E ratio for 2026 is 17 times [2] - The financial indicators for 2025E show a revenue of 3.113 billion yuan, a net profit of 200 million yuan, and an EPS of 0.18 yuan per share [4]

Sales Performance - In June 2025, the company sold 24.32 million chick seedlings, representing a year-on-year increase of 10.58% and a month-on-month decrease of 4.00% [2] - The sales revenue for the same period was 50.79 million yuan, showing a year-on-year increase of 4.54% but a month-on-month decrease of 28.58% [2] Guarantee Matters - The company approved a guarantee of 1 billion yuan for its subsidiaries' financing needs, with mutual guarantees among subsidiaries totaling 50 million yuan [7] - Recent progress includes the company providing guarantees for various loans and financial instruments for its subsidiaries, including a 10 million yuan loan for Weifang Minhe Food Co., Ltd. and a 3.8 million yuan loan for Penglai Minhe Food Co., Ltd. [9][10] - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries was 57.14 million yuan, which is 2.83% of the company's latest audited net assets [17]