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益生股份发挥种源优势强化业绩韧性
Core Viewpoint - Yisheng Shares has become a leader in the domestic white feather broiler breeding industry by successfully importing grandparent stock from France, breaking a 10-year hiatus in imports from that country, and addressing supply shortages caused by avian influenza outbreaks in the U.S. and New Zealand [1][2]. Group 1: Import and Supply Dynamics - In March 2024, Yisheng Shares imported 233,500 sets of grandparent broiler chickens, capturing one-third of the domestic market share for imported breeding stock [1]. - The company is actively working to ensure a stable supply of breeding stock through a purification strategy, with no current impact from avian influenza on its April import plans from France [2]. - The supply of parent stock broiler chickens is expected to tighten in the second half of 2025 due to the previous import disruptions, which may lead to higher prices [2][3]. Group 2: Financial Performance and Growth - In 2024, Yisheng Shares reported revenues of 3.136 billion yuan and a net profit of 504 million yuan, with significant growth in its breeding pig business, which saw sales increase by 806% year-on-year [4]. - The breeding pig segment is projected to become a key growth driver for the company, with full production capacity expected to be reached in 2025 [4]. - The company has implemented share buyback plans and cash dividends, with a total of 337 million yuan allocated for buybacks and dividends, representing 67% of net profit [5]. Group 3: Market Trends and Consumer Behavior - The company anticipates that the "Weight Management Year" initiative will boost demand for chicken as a healthy dietary option, positioning white feather broilers as a core choice in health-conscious diets [5]. - The integration of chicken and pig breeding operations is expected to enhance profitability and support the company's long-term sustainable growth [4].