1. Report Industry Investment Rating No relevant information provided in the text. 2. Core Viewpoints of the Report - The company's white - feather broiler segment faced performance pressure in the first half of 2025 but gradually recovered in the second half. The prices of commercial - generation chicken seedlings and parent - generation chicken seedlings showed an upward trend, and the pig - breeding business achieved explosive growth, becoming a new performance growth point [26]. - The shortage of grandparent - stock chickens will be transmitted to the parent - stock chicken and commercial - generation chicken seedling links. The parent - stock chicken price has been rising since September 2025, indicating that the industry's boom cycle has been established, and the company's parent - stock chicken business is expected to achieve "both volume and price increase" in 2026 [26][27]. - In 2026, the demand for commercial - generation chicken seedlings is expected to continue to increase, the supply is expected to be tight, and the price is expected to be better than that in 2024 [28]. 3. Summary by Directory 3.1 Research Basic Situation - Research object: Yisheng Co., Ltd. - Industry: Agriculture, Animal Husbandry, Feed and Fishery - Reception time: March 26, 2026 - Reception personnel: President, Secretary of the Board of Directors, Financial Director Lin Jie, and Securities Affairs Representative Li Ling [16] 3.2 Detailed Research Institutions - A total of 30 institutions participated in the research, including Guosheng Securities, Huazheng Securities, Shenyin Wanguo, etc. Each institution has relevant personnel participating [17][18]. 3.3 Research Institution Proportion No relevant information provided in the text. 3.4 Main Content Data Company Overview - Yisheng Co., Ltd. was established in 1989, mainly engaged in the introduction and breeding of high - quality livestock and poultry breeds. It is the largest grandparent - stock broiler breeding enterprise in China and Asia, with its grandparent - stock broiler breeding scale ranking first in China for 20 consecutive years, accounting for about 1/3 of the domestic imported broiler market. The company's commercial - generation chicken seedlings also have the largest sales volume in China. In 2025, the company focused on the two core main businesses of white - feather broilers and pigs, and adhered to stable operation to improve quality and efficiency [25]. 2025 Introduction of Grandparent - Stock White - Feather Broilers in China - Since December 2024, the introduction of grandparent - stock white - feather broilers in China has been interrupted due to avian influenza in the United States and New Zealand. In March 2025, the company was the first to introduce from France. In 2025, the company introduced 266,000 sets, accounting for more than 42% of the national introduction volume. The shortage of grandparent - stock chickens will be transmitted to the parent - stock chicken and commercial - generation chicken seedling links. The price of the company's parent - stock chickens has been rising since September 2025, and the industry's boom cycle has been established. In November - December 2025, avian influenza occurred in the main chicken - producing areas in France, and the domestic introduction plan was suspended, indicating that the future price of parent - stock chickens still has room to rise [26][27]. Answers to Investors' Questions - **Difference between "Yisheng 909" and "Yisheng 817"**: "Yisheng 817" is mainly used for the production of small - and medium - sized products, while "Yisheng 909" is mainly used for the production of medium - and large - sized products, forming a differentiated market layout [27]. - **Customer group of the company's pigs**: The company's pig customers are mainly large - scale group - based breeding enterprises, such as Wen's Group, Dabeinong, and COFCO [27]. - **Future production capacity planning of the company's commercial - generation chicken seedlings**: The company aims to increase the parent - stock inventory scale to 1 million sets and the commercial - generation chicken seedling production capacity to 1 billion in the next 4 years [27]. - **Expected price of the company's commercial - generation chicken seedlings in 2026**: From the demand side, the demand for chicken seedlings in the industry is expected to continue to increase in 2026. From the supply side, the supply of high - quality commercial - generation chicken seedlings is expected to be tight in 2026. In addition, the expected recovery of pork prices in the second half of 2026 is expected to drive up chicken prices, which will support the price of commercial - generation chicken seedlings. It is expected that the market of commercial - generation chicken seedlings in 2026 will be better than that in 2024 [28]. - **Introduction situation**: According to the latest announcement of the General Administration of Customs on March 20, 2026, France's Maine - Loire and Côtes - d'Armor are still on the prohibited list, and it is temporarily unable to introduce. The company will continue to consolidate the stability of seed source supply, expand introduction channels, and improve seed source supply capacity. In terms of production capacity layout, it will promote the construction of a 1 - million - set parent - stock chicken farm and supporting feed mill project in Datong, Shanxi, and improve the large - scale supply capacity of commercial - generation white - feather broiler seedlings [29].

Core Viewpoint - Yisheng Co., Ltd. has successfully developed a new breed of broiler chicken, "Yisheng 817," which has been approved by the National Animal Genetic Resources Committee, indicating a significant advancement in poultry breeding technology [1] Group 1: Company Developments - Yisheng Co., Ltd. collaborated with the Shandong Academy of Agricultural Sciences Poultry Research Institute to achieve breakthroughs in breeding [1] - The "Yisheng 817" broiler chicken breed is characterized by low breeding costs, thorough purification of vertically transmitted diseases, high-quality meat products, and high survival rates [1] - This new breed follows the previously developed "Yisheng 909" small white feather broiler chicken breed, showcasing the company's ongoing commitment to innovation in poultry genetics [1]

Core Viewpoint - Yisheng Biotechnology Co., Ltd. has successfully developed the "Yisheng 817" broiler breeding system in collaboration with the Shandong Academy of Agricultural Sciences, which has been approved by the National Animal Genetic Resources Committee as part of the national breeding revitalization strategy [1] Group 1 - The company is responding to the national breeding revitalization strategy and implementing the Ministry of Agriculture and Rural Affairs' "National Livestock and Poultry Genetic Improvement Plan (2021-2035)" [1] - The "Yisheng 817" broiler breeding system has received certification from the National Animal Genetic Resources Committee, which will provide the company with a new variety breeding system certificate [1] - The breeding efforts are part of a broader initiative to enhance livestock and poultry genetic resources in China [1]