益生股份 20260109 摘要 受法国禽流感影响，2026 年父母代鸡苗价格预计维持高位，商品代鸡 苗价格亦有上涨空间。2025 年 9 月以来父母代鸡苗价格已显著上涨， 主要因美国禽流感导致引种减少及新种引进中断。 益生股份 2025 年祖代引进量占全国四成以上，具备充足的产能支撑 2026 年销量目标，预计商品蛋苗销量可达 16 亿只左右，具体数据待市 场部门测算。 公司通过提高生产效率和降低原材料采购成本等措施控制成本，前三季 度父母代完全成本约 17 元，商品代完全成本在 2.4 至 2.5 元之间。 预计 2026 年国内玉米市场供需宽松，豆粕市场供强需弱，整体稳为主。 原材料波动对益生股份成本影响相对有限，因其处于产业链上游。 益生股份蛋鸡研发已通过中试，新体系蛋鸡生产性能优异，70 周产蛋率 超 90%，未来将根据市场推广情况增加蛋种鸡出栏规模，并可能出口海 外。 2025 年我国首次实现鸡肉出口量大于进口量，同比增长近 40%，预计 2026 年出口趋势将持续，支撑鸡肉价格。同时，毛鸡供应偏紧也将推 动价格上涨。 当前祖代种鸡供应明显不足，前四个月供应量远低于需求量。益生股份 909 品种 ...

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：2026-01 投资者关系 活动类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 天风证券：陈 潇、林毓鑫、孙 涛、邱 天 天风国际：Lihua Zhang 中信证券：魏 巍、梁 爽 世纪证券：周 维 第一创业：练 伟 五矿资本：王 坤 中庸资本：杨 崞 青骊投资：刘 淼 金科投资：荣富志 循远资产：田超平 鹤禧私募：潮礼君 益恒投资：钱 坤 创金合信：陈建军 中柏资产：戴 晔 米仓资产：管晶鑫 润晖资产：李 勇 亘曦私募：王海亮 颐和久富：米永峰 清和泉资本：柳超然 进门财经：李少芳 时间 2026 年 1 月 7 日 地点 山东益生种畜禽股份有限公司会议室 形式 电话会议 上市公司 接待人员姓名 总裁、董事会秘书兼财务总监：林杰 先生 交流内容及具体 问答记录 一、公司情况介绍： 益生股份成立于 1989 年，主要引进、繁育世界优质畜禽良种， 向社会推广种鸡、种猪及商品肉雏鸡，公司以高代次畜禽种源供应为 核心竞争力 ...

竞争优势稳固，利润或将迎来改善 本报告导读： 白鸡产业链价格未来或将逐渐回暖，公司业务集中于利润最丰厚的种鸡环节，且公 司龙头优势明显。未来销量有望继续增长，单羽盈利也将迎来改善。 投资要点： | 风险提示：引种中断，消费不及预期；出现超预期畜禽疫病。 | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业总收入 | 3,225 | 3,136 | 2,989 | 3,514 | 3,873 | | (+/-)% | 52.7% | -2.8% | -4.7% | 17.5% | 10.2% | | 净利润(归母) | 541 | 504 | 196 | 625 | 818 | | (+/-)% | 247.3% | -6.8% | -61.1% | 218.4% | 31.0% | | 每股净收益(元) | 0.49 | 0.46 | 0.18 | 0.56 | 0.74 | | 净资产收益率(%) | 12.2% ...

当前时点如何看待白羽鸡价格？20251222 摘要 近期毛鸡价格上涨主要受供给端影响，屠宰端面临大鸡短缺，毛鸡体重 普遍偏轻，叠加种禽端去产能操作，导致整体出栏量偏低。11 月起鸡胸 价格上调改善屠宰企业盈利，提高收购积极性。 预计 2026 年毛鸡养殖成本与 2025 年基本持平，饲料价格波动影响有 限。但由于 2025 年毛鸡价格较低，预计 2026 年均价将略高于 2025 年，养殖盈利情况或将更为乐观。 白羽肉鸡产业链利润重新分配是常态，上游种禽企业通过灵活调整产能 保持利润空间，而养殖环节受孵化场和屠宰企业双重压力，利润趋向微 利化，未来微利化将成为主流。 目前父母代种禽存栏水平接近今年 2 月水平，预计明年 1-2 月出栏量较 低，3 月起逐步增加，7 月达最高点后缓慢减少，下半年月均供应量高 于上半年。商品代肉鸡出栏增速预计在 3%-4%之间。 祖代种禽更新量符合预期，将影响明年商品肉鸡出栏，但可能因生产性 能周期推迟至三季度显现。1-2 月禽流感引种暂停也将影响明年三季度 后供应。预计 2026 年商品代肉鸡出栏增速在 3%-4%之间。 Q&A 如何看待最近白羽鸡价格的上涨趋势及其原因？ 最近 ...

格隆汇12月8日丨益生股份(002458.SZ)在投资者互动平台表示，2025年中央一号文件《中共中央国务院 关于进一步深化农村改革扎实推进乡村全面振兴的意见》再次提出，要确保国家粮食安全；农业农村 部、国家卫生健康委、工业和信息化部关于印发《中国食物与营养发展纲要（2025—2030年）》的通 知，把"优化畜禽肉类产销结构，扩大禽肉消费"作为重点任务之一。农业农村部制定了《养殖业节粮行 动实施方案》，力争到2030年，标准化规模养殖方式的每公斤动物产品平均饲料消耗量比2023年减少 0.2公斤以上（降幅达7%以上），白羽肉鸡产业具有节粮节地节水、低碳环保、生产周期短、产出效益 快等优势，是国家大力发展的产业。根据中国畜牧业协会统计，今年1月-10月我国祖代白羽肉种鸡的更 新量同比下降15%，祖代种鸡的更新量将影响7个月以后父母代种鸡苗的供给，14个月以后商品代鸡苗 的供给，公司增加祖代肉种鸡的引种量，有利于保障未来我国白羽肉鸡苗的市场供应。受供给偏紧的影 响，自今年8月份以来，公司的父母代鸡苗价格呈逐月上涨趋势。 ...

Core Viewpoint - The report from China Merchants Securities indicates that in Q3 2025, the profitability of listed pig companies has significantly declined due to falling pig prices and rising raw material costs, while the cost variance within the industry remains substantial, leading to an expansion of cost advantages for high-quality pig companies. The overall demand is showing signs of recovery in the later cycle, suggesting a potential increase in pig prices in 2026 due to accelerated sow capacity reduction [1][2]. Group 1: Swine Farming - In Q3 2025, the profitability of 18 listed pig companies dropped to 5.54 billion yuan, reflecting a year-on-year decrease of 71% and a quarter-on-quarter decrease of 38% [2]. - The cost variance in the industry remains significant, with high-quality pig companies further enhancing their cost advantages [2]. - The operational cash flow of listed pig companies continues to improve, while capital expenditures remain low and debt ratios are high [2]. - The report anticipates an acceleration in sow capacity reduction, which may elevate the average pig price in 2026 [2]. - Recommended companies include Muyuan Foods and Wens Foodstuff Group, with additional attention on Shennong Group, Dekang Agriculture, Dongrui Co., and COFCO Joycome [2][5]. Group 2: Poultry Farming - The white feather chicken market is expected to see an increase in the import of grandparent stock chickens in 2024, but it will not return to pre-disruption levels until 2025 [3]. - The supply of parent stock chickens is expected to tighten in the second half of 2025, impacting the supply of commercial chickens in 2026 [3]. - The yellow feather chicken sector is experiencing a reduction in parent stock numbers to historically low levels, which may support future price increases [3]. - Recommended companies in poultry farming include San Nong Development for white feather chickens and Lihua Food for yellow feather chickens [3][5]. Group 3: Post-Cycle Demand - The demand for feed in the swine and poultry sectors is gradually recovering, leading to a notable improvement in feed demand [4]. - The demand for aquaculture feed is also expected to rise as the aquaculture sector recovers [4]. - The report forecasts continued demand growth for livestock feed in Q4 2025, while aquaculture feed demand may enter a seasonal decline [4]. - Recommended companies for feed include Haida Group, which is expected to benefit from overseas expansion [4][5]. - In the animal health sector, demand is recovering due to sustained profitability in the downstream farming sector, with major animal health companies expected to see improved profitability [4]. Recommended companies include Kexin Biological and attention on BioStock and Reap Biological [4][5].

Core Viewpoint - Yisheng Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, primarily due to weak terminal consumer demand affecting chicken and chick prices, leading to overall losses in the chicken business [1] Financial Performance - The company achieved operating revenue of 1.321 billion yuan, a year-on-year decrease of 3.98% [1] - The net profit attributable to shareholders was 6.1551 million yuan, down 96.64% year-on-year [1] - Basic earnings per share were 0.01 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.5 yuan (including tax) for every 10 shares to all shareholders [1] Business Operations - New parent stock breeding capacity is gradually being released, and the sales volume of commercial chicks increased year-on-year [1] - Unit costs decreased year-on-year; however, the sales price of commercial chicks saw a significant decline, leading to losses in this segment [1] - Despite the continued profitability of the parent chick business, it was insufficient to offset the losses from the commercial chick business, resulting in a slight overall loss in the chicken business [1]

Core Viewpoint - The company expects a significant decline in net profit for the first half of 2025, projecting a profit of 5 million to 7.5 million yuan, which represents a year-on-year decrease of 97.27% to 95.90% [3] Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to June 30, 2025 [1] - The company anticipates a positive net profit but with a downward trend [1] Group 2: Communication with Accounting Firm - The performance forecast has not been pre-audited by the accounting firm, but preliminary discussions have taken place, and there are no discrepancies between the company and the accounting firm regarding the forecast [2] Group 3: Reasons for Performance Changes - The company experienced a year-on-year increase in the sales volume of broiler chicks, but the selling price decreased significantly due to low market prices for chicken and live chickens, leading to losses in this segment [3] - The pig business saw a substantial increase in profit due to stable production capacity and effective cost control measures, despite the overall chicken business facing slight losses [3] - The combined effect of these factors results in a projected net profit of 5 million to 7.5 million yuan for the first half of 2025, a significant decline compared to the previous year [3] Group 4: Employee Stock Ownership Plan - The lock-up period for the company's 2024 employee stock ownership plan will end on July 16, 2025, following the approval of the plan by the board and shareholders [8] - The plan involved the purchase of 1,057,900 shares at an average price of 8.518 yuan per share, totaling approximately 9.01 million yuan [9] - After the lock-up period, the management committee will decide on the sale of shares based on market conditions, adhering to trading regulations [10]

Group 1 - The company expects a net profit attributable to shareholders of between 5 million to 7.5 million yuan, representing a year-on-year decline of 97.27% to 95.90% [1][2] - The basic earnings per share are projected to be between 0.00 yuan to 0.01 yuan, compared to 0.17 yuan per share in the same period last year [1] - The decline in performance is primarily due to the low prices of chicken and broiler chicks, leading to significant decreases in the sales price of commercial broiler chicks, resulting in losses in this segment [1][2] Group 2 - The parent stock chick business remains profitable but could not fully offset the losses from the commercial broiler chick business, leading to an overall slight loss in the chicken business [1] - The pig business has seen a substantial increase in profits year-on-year, attributed to strict biosecurity measures and optimized disease prevention systems, ensuring the health and quality of breeding pigs [1] - The company has implemented refined cost control measures, resulting in a downward trend in breeding pig rearing costs [1]

Group 1 - Star Stone Investment recently conducted research on Yisheng Livestock and Poultry Science and Technology Co., Ltd, revealing that large white feather broilers are primarily used for processing, while the Yisheng 909 small white feather broilers are more flexible in meeting market demands [1] - The price of parent breeding chicken seedlings increased from 45 yuan per set in May to 50 yuan per set in June, indicating a rising trend [1] - The company introduced 90,000 sets of grandparent meat breed chickens from March to May, which is a significant proportion, and expects tight supply of quality parent breeding chicken seedlings in the second half of 2025, which will support prices [1] Group 2 - Yisheng Livestock plans to invest in a project to build a breeding farm for 1 million sets of parent breeding chickens and a matching feed factory, which is expected to produce about 100 million commercial breeding chickens annually upon reaching full capacity [1] - The decision on which white feather chicken breed to raise is primarily based on which breed can generate more profit [1] - The company has extensive experience in breeding pigs and is strategically positioned in the breeding source sector [1]