Core Insights - Yisheng Co., Ltd. reported its sales figures for October 2025, indicating a decline in broiler chick sales but a significant increase in breeding pig sales [2] Sales Performance - In October 2025, the company sold 53.01 million broiler chicks, generating sales revenue of 199.08 million yuan, reflecting a year-on-year change of -0.25% in quantity and -22.97% in revenue, while showing a month-on-month increase of 0.33% in quantity and 5.74% in revenue [2] - The company sold 16,107 breeding pigs in October 2025, with sales revenue reaching 32.13 million yuan, marking a year-on-year increase of 153.33% in quantity and 110.19% in revenue, alongside a month-on-month increase of 27.99% in quantity and 14.42% in revenue [2]

Core Viewpoint - Yisheng Co., Ltd. (益生股份) reported a decline in sales volume and revenue for its white feather broiler chicks in October 2025 compared to the previous year, indicating potential challenges in the market [1] Sales Performance - The company sold 53.01 million white feather broiler chicks, generating sales revenue of 199 million yuan, with year-on-year changes of -0.25% in sales volume and -22.97% in revenue [1] - The sales volume and revenue showed a quarter-on-quarter increase of 0.33% and 5.74%, respectively [1] Specific Product Performance - The sales of Yisheng 909 small white feather broiler chicks reached 8.87 million, with sales revenue of 6.82 million yuan, reflecting a year-on-year increase of 26.16% in sales volume but a decrease of 32.68% in revenue [1] - Quarter-on-quarter changes for this product showed an increase of 10.83% in sales volume but a slight decrease of 0.60% in revenue [1]

Core Viewpoint - Yisheng Co., Ltd. (002458) reported a decline in sales volume and revenue for broiler chicks in October 2025, while experiencing significant growth in sales volume and revenue for breeding pigs during the same period [1] Group 1: Broiler Chick Sales - In October 2025, the sales volume of broiler chicks reached 53.01 million, with a revenue of 199 million yuan, representing a year-on-year decline of 0.25% and 22.97% respectively [1] - On a month-on-month basis, the sales volume and revenue for broiler chicks increased by 0.33% and 5.74% respectively [1] Group 2: Breeding Pig Sales - The sales volume of breeding pigs in October 2025 was 16,107 heads, with a revenue of 32.1267 million yuan, showing a year-on-year increase of 153.33% in volume and 110.19% in revenue [1] - Month-on-month, the sales volume and revenue for breeding pigs grew by 27.99% and 14.42% respectively [1] - The company is steadily releasing breeding pig production capacity [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has experienced a rebound in chick prices, leading to a recovery in profitability, with continued growth in the sales of chick breeds and breeding pigs [1][4] - The company reported a revenue of 2.036 billion yuan for the first three quarters, a decrease of 5.44% year-on-year, and a net profit of 32 million yuan, down 89.42% year-on-year [7] - The sales volume of white feather chicks continued to grow, with a total of 490 million chicks sold in the first three quarters, an increase of 13.3% year-on-year [7] - The company has solid competitive advantages in breeding supply, with a significant increase in breeding pig sales [7] - The forecast for revenue from 2025 to 2027 is 3.385 billion yuan, 3.947 billion yuan, and 4.509 billion yuan respectively, with net profits expected to be 121 million yuan, 308 million yuan, and 588 million yuan [7][8] Financial Performance Summary - Revenue for 2023 is projected at 3.225 billion yuan, with a growth rate of 52.7% [5] - The net profit for 2023 is expected to be 541 million yuan, with an EPS of 0.54 yuan [5] - The PE ratio for 2025 is projected to be 83.7, decreasing to 17.3 by 2027 [5] - The company’s return on equity (ROE) is expected to be 2.9% in 2025, improving to 13.0% by 2027 [5][8]

Group 1 - The core point of the article is that Yisheng Co., Ltd. (益生股份) reported its sales figures for September 2025, showing mixed performance in various segments [1] Group 2 - The sales volume of broiler chicks reached 52.8372 million, with a sales revenue of 188 million yuan, reflecting a year-on-year change of 6.89% and -6.82%, respectively, and a month-on-month change of -8.77% and -12.01% [1] - The sales volume of Yisheng 909 small broiler chicks was 8.0069 million, generating a sales revenue of 6.8568 million yuan, with year-on-year changes of 42.34% and -18.48%, and month-on-month changes of 28.79% and -25.70% [1] - The sales volume of breeding pigs was 12,585 heads, with a sales revenue of 28.0791 million yuan, showing significant year-on-year changes of 475.45% and 356.68%, and month-on-month changes of 46.47% and 46.96% [1]

Core Insights - The company reported a total of 52.84 million white feather broiler chicks sold in September 2025, generating sales revenue of 188.27 million yuan, with year-on-year changes of 6.89% and -6.82% respectively, and quarter-on-quarter changes of -8.77% and -12.01% [1] - The sales of the 909 small white feather broiler chicks reached 8.01 million, with sales revenue of 6.86 million yuan, showing year-on-year changes of 42.34% and -18.48%, and quarter-on-quarter changes of 28.79% and -25.70% [1] - The company sold 12,585 breeding pigs in September 2025, with sales revenue of 28.08 million yuan, reflecting significant year-on-year changes of 475.45% and 356.68%, and quarter-on-quarter changes of 46.47% and 46.96% [1]

Core Viewpoint - Yisheng Co., Ltd. (002458) reported significant changes in sales figures for September 2025, indicating a mixed performance in its poultry and breeding sectors [1] Sales Performance - The company sold 52.8372 million broiler chicks in September 2025, generating sales revenue of 188 million yuan, with year-on-year changes of +6.89% in quantity and -6.82% in revenue, and month-on-month changes of -8.77% in quantity and -12.01% in revenue [1] - In contrast, the company sold 12,585 breeding pigs in September 2025, achieving sales revenue of 28.0791 million yuan, with year-on-year changes of +475.45% in quantity and +356.68% in revenue, and month-on-month changes of +46.47% in quantity and +46.96% in revenue [1] Capacity and Growth - The significant increase in breeding pig sales is attributed to the steady release of breeding pig capacity, leading to substantial year-on-year and month-on-month growth in both sales quantity and revenue [1]

Core Insights - The company reported a total sales volume of 52.8372 million white feather broiler chicks in September 2025, generating a revenue of 188 million yuan, with year-on-year changes of 6.89% and -6.82% respectively, and month-on-month changes of -8.77% and -12.01% [1] - The sales volume of the company's 909 small white feather broiler chicks reached 8.0069 million, with a revenue of 6.8568 million yuan, showing year-on-year changes of 42.34% and -18.48%, and month-on-month changes of 28.79% and -25.70% [1] - The company sold 12,585 breeding pigs in September 2025, resulting in a revenue of 28.0791 million yuan, with significant year-on-year changes of 475.45% and 356.68%, and month-on-month changes of 46.47% and 46.96% [1]

Core Viewpoint - The A-share chicken sector is experiencing a rebound, with the white feather broiler market showing signs of recovery, particularly in chick prices, which are expected to reach new highs in August [1][3]. Industry Summary - The white feather broiler industry faced a significant price drop in June, with chick prices hitting a low of 0.73 yuan per chick, but began to recover in July due to reduced hatchery output and rising prices of broilers [1][2]. - As of July 31, the mainstream market price for white feather broiler chicks rose to 2.95 yuan per chick, with enterprise quotes increasing to 3.4 yuan per chick [1]. - The parent stock of white feather broiler chicks decreased by 2.13% in July, with an expected further decline of 1.54% in August, leading to lower hatchling output compared to the previous year [2]. Demand and External Factors - The demand for chicks is increasing due to seasonal factors, such as school preparations, and the correlation between chick and broiler prices is driving up demand as broiler prices rise [2][3]. - External factors, including strict regulations on Thai poultry exports and ongoing import restrictions from Brazil, are contributing to a positive sentiment in the chick market, with broiler prices increasing by 500 to 1000 yuan per ton [2]. Company Performance - Major companies in the white feather broiler sector, such as Shandong Minhe Livestock and Poultry Co., reported a 26.87% increase in chick sales in July, although revenue decreased by 27.3% [3]. - Yisheng Livestock and Poultry Co. also saw a 7.51% increase in chick sales, but a significant revenue drop of 46.39%, indicating the ongoing impact of the market downturn on company performance [3].

Sales Performance Summary - In July 2025, the company sold 56.96 million white feather broiler chicks, generating sales revenue of 100.56 million yuan, representing a year-on-year change of -46.39% in revenue and a decrease of 6.18% in sales volume [2] - The sales of the company's 909 small white feather broiler chicks amounted to 5.12 million, with sales revenue of 5.06 million yuan, showing a year-on-year decline of 34.02% in revenue and a decrease of 26.69% in sales volume [2] - The company sold 8,171 breeding pigs in July 2025, with sales revenue of 19.48 million yuan, reflecting a significant year-on-year increase of 1,680.16% in revenue [2] Reasons for Sales Changes - The decrease in sales revenue for white feather broiler chicks in July 2025 is attributed to a lower selling price compared to the previous year [2] - The industry has seen early culling of parent stock due to low prices for white feather broiler chicks, but there has been a recent increase in the price of live chickens since late July 2025 [3] - Following the end of high-temperature weather, there has been an increase in the enthusiasm for restocking among farms, leading to a surge in demand for chick sales, which has resulted in a rapid increase in the selling price of white feather broiler chicks [3]