来源：饲料市场 2025年白羽肉鸡产业链利润出现断崖式下跌，白羽肉鸡价格更跌破 2018 年以来近八年行业最低点。 1-10月白羽肉鸡全产业链利润同比降幅超94% 从图1可以看出，2020年起，随着非洲猪瘟带动猪价上涨的红利逐步消退，白羽肉鸡全产业链利润从 2019年的9.86元/只回落至2020年的1.10元/只，行业利润自此进入震荡下滑通道。2023年白羽肉鸡产业 链总利润进一步下滑至0.68元/只，跌破1元/只关口。2025年最新数据显示，截至10月底，国内白羽肉鸡 孵化、养殖及屠宰环节理论盈利分别为-0.06元/羽、-0.15元/只、0.22元/只，同比分别下滑110.71%、 141.67%，上涨168.19%；产业链整体利润同步下滑至0.01元/只，同比降幅达94.55%。 整体而言，2025 年白羽肉鸡产业链利润出现断崖式下跌，白羽肉鸡价格更跌破 2018 年以来近八年行业 最低点。这一行情直接导致商品代肉鸡养殖利润下滑，进而传导至上游孵化环节，最终使得 2025 年孵 化及养殖环节均由盈转亏；而屠宰端成本降至低位，为下游屠宰环节释放了利润空间，拉动其盈利上 行。（备注：图中盈利均为理论计算值， ...

白羽鸡：虽然2024年祖代种鸡进口同比增加，但未恢复至引种中断前正常年份引种数量；预计2025年优 质父母代鸡苗需求较好；加之受海外引种大幅下降影响，2025年下半年父母代鸡苗供给将更紧，后续也 将影响2026年商品代鸡苗的供给。看好种禽端景气，重点推荐成本改善的一体化龙头企业圣农发展。 黄羽鸡：当前父母代种鸡存栏已降至历史偏低位水平，再加之行业亏损持续了一段时间，供给收缩为后 续鸡价上涨奠定基础。当前黄鸡养殖成本回落至低位，四季度需求有望支撑鸡价景气并带动盈利释放。 重点推荐立华股份。 后周期：需求边际修复，龙头海外维持高增 饲料方面，生猪养殖和禽养殖板块存栏逐步恢复，带动畜禽料需求明显修复，下游水产养殖端景气度回 升提振水产料需求。饲料需求整体呈现恢复趋势。展望25Q4，畜禽料需求景气有望持续，水产料需求 逐步步入淡季，龙头市占率有望继续提升。此外，龙头饲企海外扩张或打开成长空间。重点推荐海大集 团。 动保方面，受益于下游养殖端盈利持续，动保需求整体呈现恢复趋势，具备产品力优势的动保公司盈利 率先修复。展望25Q4，预计主要动保公司盈利端或呈改善趋势。标的选择方面，重点推荐科前生物， 建议关注生物股份、瑞 ...

Group 1 - The core point of the article is the sales performance of the company's commodity chick seedlings in October 2025, showing significant year-on-year and month-on-month growth [1] - In October 2025, the company sold 26.8511 million commodity chick seedlings, representing a year-on-year increase of 34.43% and a month-on-month increase of 1.64% [1] - The sales revenue for the same period was 89.6031 million yuan, reflecting a year-on-year increase of 7.82% and a month-on-month increase of 4.99% [1] Group 2 - The increase in chick seedlings sales is attributed to a rise in the number of breeding chickens and an increase in hatching eggs [1] - The announcement specifies that the disclosed data only represents the sales situation of commodity chick seedlings and does not include other business operations [1] - It is noted that the prices of chick seedlings can fluctuate significantly, which directly impacts the company's operating performance [1]

Core Insights - The company reported a significant increase in the sales of broiler chicks for October 2025, with a total of 26.85 million chicks sold, representing a year-on-year increase of 34.43% and a month-on-month increase of 1.64% [1] - The sales revenue for the same period reached 89.60 million yuan, showing a year-on-year growth of 7.82% and a month-on-month growth of 4.99% [1] Sales Performance - Total broiler chicks sold in October 2025: 26.85 million [1] - Year-on-year sales growth: 34.43% [1] - Month-on-month sales growth: 1.64% [1] Revenue Performance - Sales revenue for October 2025: 89.60 million yuan [1] - Year-on-year revenue growth: 7.82% [1] - Month-on-month revenue growth: 4.99% [1]

Core Viewpoint - The company reported a significant increase in the sales volume and revenue of its commodity broiler chicks for October 2025, indicating strong growth driven by increased inventory and hatching egg production [1] Group 1: Sales Performance - The company sold 26.8511 million commodity broiler chicks in October 2025, representing a year-on-year increase of 34.43% and a month-on-month increase of 1.64% [1] - The sales revenue reached 89.6031 million yuan, showing a year-on-year growth of 7.82% and a month-on-month growth of 4.99% [1] Group 2: Growth Drivers - The increase in sales volume is primarily attributed to a rise in the inventory of breeding chickens and an increase in the production of hatching eggs [1]

Group 1 - The core point of the article is that Minhe Holdings (002234.SZ) reported significant growth in both the sales volume and revenue of its broiler chicks for October 2025, indicating a positive trend in the company's performance [1] Group 2 - The company sold 26.8511 million broiler chicks in October 2025, representing a year-on-year increase of 34.43% and a month-on-month increase of 1.64% [1] - The sales revenue reached 89.6031 million yuan in October 2025, showing a year-on-year growth of 7.82% and a month-on-month growth of 4.99% [1]

Core Viewpoint - The company reported a significant increase in the sales volume and revenue of commodity chick seedlings for October 2025, indicating positive growth trends in its operations [1] Sales Volume Summary - The company sold 26.8511 million commodity chick seedlings in October 2025, representing a year-on-year increase of 34.43% and a month-on-month increase of 1.64% [1] Revenue Summary - The sales revenue for the company reached 89.6031 million yuan in October 2025, showing a year-on-year growth of 7.82% and a month-on-month growth of 4.99% [1] Growth Drivers Summary - The increase in sales volume is attributed to a rise in the number of breeding chickens and an increase in the hatching of breeding eggs, which contributed to the higher output of chick seedlings during the period [1]

Core Viewpoint - The company reported an increase in sales volume and revenue for its broiler chicks in October 2025, indicating positive growth trends in its operations [1] Group 1: Sales Volume - The company sold 26.8511 million broiler chicks in October 2025, representing a year-on-year increase of 34.43% and a month-on-month increase of 1.64% [1] Group 2: Sales Revenue - The sales revenue reached 89.6031 million yuan in October 2025, showing a year-on-year growth of 7.82% and a month-on-month growth of 4.99% [1] Group 3: Contributing Factors - The increase in broiler chick sales volume is primarily attributed to a rise in the number of breeding chickens and an increase in hatching eggs [1]

Group 1: Sales Performance - In September 2025, the company sold 26.42 million chicks, representing a year-on-year increase of 36.97% and a month-on-month increase of 3.47% [2] - The sales revenue for the same period was 85.34 million yuan, showing a year-on-year increase of 25.16% but a month-on-month decrease of 1.23% [2] - The increase in chick sales is attributed to a rise in the number of breeding chickens and an increase in hatching eggs [3] Group 2: Guarantee Matters - The company approved a guarantee of 1 billion yuan for its subsidiaries to meet operational funding needs, with mutual guarantees among subsidiaries totaling 50 million yuan [8] - Recent developments include a guarantee of 19.56 million yuan for a subsidiary's bank acceptance bill and a loan of 20 million yuan, both with a guarantee period of three years [10] - The company has provided a total of 648.31 million yuan in guarantees to external units, with actual guarantees amounting to 545.18 million yuan, which is 2.70% of the latest audited net assets [19]

Core Viewpoint - The company reported a significant increase in the sales volume of commodity broiler chicks and sales revenue for the period ending September 2025, indicating positive growth trends in its operations [1] Group 1: Sales Performance - The company sold 26.4172 million commodity broiler chicks, representing a year-on-year increase of 36.97% and a quarter-on-quarter increase of 3.47% [1] - The sales revenue reached 85.3445 million yuan, showing a year-on-year increase of 25.16% but a quarter-on-quarter decrease of 1.23% [1] Group 2: Operational Factors - The increase in chick sales volume is attributed to a rise in the number of breeding chickens and an increase in the hatching of breeding eggs [1]