Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 9.40 [1]. Core Insights - The company has solidified its leading position in the breeding chicken business, with a significant increase in breeding pig sales [1][5]. - In 2025, the company achieved a revenue of 2.952 billion yuan, a year-on-year decrease of 5.85%, and a net profit attributable to shareholders of 165 million yuan, down 67.17% year-on-year [4][5]. - The breeding chicken segment saw a decline in revenue and gross margin due to low prices in the first half of the year, despite a 10% increase in the sales volume of white feather broiler chicks [4]. - The breeding pig business experienced explosive growth, with sales volume increasing by 228.43% year-on-year, positioning the company among the top tier of breeding pig suppliers in the country [5]. Financial Summary - Revenue and Profit Forecast: - 2025 Revenue: 2,952 million yuan - 2026 Revenue Estimate: 3,760 million yuan (growth of 27.36%) - 2025 Net Profit: 165 million yuan - 2026 Net Profit Estimate: 547 million yuan (growth of 241.14%) [5][9]. - Earnings Per Share (EPS) Forecast: - 2025 EPS: 0.15 yuan - 2026 EPS Estimate: 0.49 yuan [5][9]. - Price-to-Earnings (PE) Ratio: - 2025 PE: 62.87 - 2026 PE Estimate: 19.02 [5][9]. Business Segment Performance - Breeding Chicken Segment: - Revenue: 2.288 billion yuan, down 15.15% year-on-year - Gross Margin: 18.49%, a decrease of 15.05 percentage points from the previous year [4]. - Breeding Pig Segment: - Revenue: 418 million yuan, up 87.28% year-on-year - Gross Margin: 20.7%, an increase of 17.62 percentage points from the previous year [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MUYUAN FOODS CO., LTD. 牧 原 食 品 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號: 2714） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，牧原食品股份有限公司（「本公司」）在巨 潮資訊網（www.cninfo.com.cn）刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 牧原食品股份有限公司 董事長兼總裁 秦英林先生 中國，河南省南陽市，2026年3月27日 於本公告日期，本公司董事會成員包括：(i)執行董事秦英林先生、曹治年先生及楊瑞華 女士；(ii)非執行董事錢瑛女士及蘇黨林先生；及(iii)獨立非執行董事周明笙先生、閻磊 先生及馮根福先生。 牧原食品股份有限公司 2025 年年度报告摘要 | 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.95 billion yuan in 2025, a year-on-year decrease of 5.8%, and a net profit attributable to the parent company of 165 million yuan, down 67.2% year-on-year [3] - The company has successfully established a new import channel for breeding chickens from France, which is expected to significantly increase the average price of chicken seedlings in 2026 due to supply constraints [3][4] - The company plans to increase its breeding pig sales from 98,000 heads in 2025 to 150,000 heads in 2026, capitalizing on its high-quality breeding stock [4][5] Financial Performance - In 2025, the company achieved a net profit of 165 million yuan, with quarterly profits showing a significant increase in Q4 [3] - The projected revenues for 2026, 2027, and 2028 are 3.58 billion yuan, 4.16 billion yuan, and 4.43 billion yuan, respectively, with corresponding net profits of 802 million yuan, 1.01 billion yuan, and 983 million yuan [6][8] - The gross margin is expected to improve significantly from 17.8% in 2025 to 34.0% in 2026 [8] Sales and Pricing Outlook - The average price of parent stock chicken seedlings is projected to rise significantly in 2026, with prices in January and February reaching 3.2 yuan and 3.5 yuan per chick, representing year-on-year increases of 20.8% and 46.6%, respectively [3] - The company anticipates selling 15 million breeding pigs in 2026, meeting the demand from large-scale farming enterprises [5][6] Market Position - The company has established itself among the top tier of breeding pig enterprises in China, with a focus on high health and performance breeding stock [5] - The company has successfully navigated supply chain disruptions caused by avian influenza, positioning itself to benefit from increased prices in the poultry market [3][4]

Company Overview - Yisheng Livestock and Poultry Co., Ltd. was established in 1989, focusing on the breeding of white feather broiler chickens, pigs, and agricultural equipment [1] - The company has significant scale advantages due to its large-scale breeding operations and has implemented a disease purification strategy to ensure the health of its breeding stock [1][2] Production Capacity and Growth - The company has been expanding its breeding operations, with parent stock chicken sales increasing from over 30 million before its IPO in 2010 to 644 million by 2025, representing a growth of over 20 times [3] - The company plans to increase its parent stock inventory to 10 million sets and chicken production capacity to 1 billion by 2025 [3] - The pig breeding segment is also set to grow, with expected sales of 15,000 pigs in 2026, meeting the demand from large-scale farms [3] Market Outlook - For 2027, the supply of broiler chicks is expected to be tight due to a decrease in the import of parent stock chickens in 2025 and the impact of avian influenza [4] - The company anticipates that the price of broiler chicks will rise in the second half of 2026, influenced by the expected increase in pork prices [6] International Expansion Plans - The company is currently exporting hatching eggs and agricultural equipment to Southeast Asia and plans to explore further international opportunities through team, technology, and capital exports [7] Industry Trends - The demand for poultry meat is increasing, with chicken consumption rising steadily, indicating significant growth potential for the white feather broiler industry [8]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company reported a total revenue of 2.952 billion yuan in 2025, a year-on-year decrease of 5.85%, and a net profit attributable to shareholders of 165 million yuan, down 67.17% year-on-year [2] - In Q4 2025, the company achieved a revenue of 916 million yuan, a year-on-year decline of 6.75% but a quarter-on-quarter increase of 28.02%, with a net profit of 134 million yuan, down 34.26% year-on-year but up 421.36% quarter-on-quarter [2] - The chicken segment faced short-term performance pressure, while the pig and equipment segments showed significant growth, leading to structural improvements [3] - The price of chicken chicks has been rising seasonally, and restrictions on breeding imports are expected to support a recovery in the second half of 2026 [4] - The pig business experienced explosive growth, with sales of breeding pigs reaching 98,400 heads, a year-on-year increase of 228.43%, contributing significantly to revenue [5] - The company plans to invest in a new breeding farm and feed factory in Shanxi Province to expand its production capacity [7] Financial Summary - The company expects revenues of 3.532 billion yuan in 2026, 4.063 billion yuan in 2027, and 4.511 billion yuan in 2028, with corresponding net profits of 1.024 billion yuan, 1.216 billion yuan, and 1.535 billion yuan respectively [8] - The gross profit margin is projected to improve significantly from 17.8% in 2025 to 42.1% in 2026 and further to 46.1% in 2028 [8] - Earnings per share (EPS) are forecasted to be 0.93 yuan in 2026, 1.10 yuan in 2027, and 1.39 yuan in 2028, with price-to-earnings (PE) ratios of 10, 8, and 7 respectively for those years [8]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant recovery in Q4 earnings, driven by both chicken and pig segments, indicating a positive outlook for the future [2][3] - The company achieved total revenue of 2.952 billion yuan in 2025, a year-on-year decrease of 5.85%, with a net profit attributable to shareholders of 165 million yuan, down 67.17% year-on-year [2][3] - The chicken segment faced short-term performance pressure, while the pig and equipment segments showed high growth, leading to structural improvements [3] - The price of chicken chicks has been rising quarterly, with a recovery expected in the second half of 2026 due to limited breeding imports and low terminal chicken prices [4] - The pig business experienced explosive growth, with sales of breeding pigs reaching 98,400 heads, a year-on-year increase of 228.43% [5] Summary by Sections Financial Performance - In Q4 2025, the company achieved total revenue of 916 million yuan, a year-on-year decrease of 6.75% but a quarter-on-quarter increase of 28.02%, with a net profit of 134 million yuan, down 34.26% year-on-year but up 421.36% quarter-on-quarter [2] - The chicken segment generated 2.288 billion yuan in revenue, down 15.15% year-on-year, while the pig segment generated 419 million yuan, up 87.28% year-on-year [3] Business Segments - The chicken segment accounted for 77.51% of total revenue, while the pig segment contributed 14.19% and the livestock equipment segment contributed 5.66% [3] - The company introduced 266,000 sets of grandparent white feather meat chickens in 2025, solidifying its leading position in the industry [6] Future Outlook - The company plans to invest in a new breeding farm and feed factory in Shanxi Province to expand its parent chicken breeding scale [7] - Revenue projections for 2026 and 2027 are 3.532 billion yuan and 4.063 billion yuan, respectively, with net profits expected to be 1.024 billion yuan and 1.216 billion yuan [6][10]

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].

Company Overview - Yisheng Co., established in 1989, is the largest ancestor meat chicken breeding enterprise in China and Asia, holding approximately 33% of the domestic imported chicken market [2] - The company focuses on the breeding and promotion of high-quality poultry breeds, particularly broiler chickens and pigs [2] - Yisheng has implemented a disease purification strategy to ensure the health of its breeding stock, achieving significant market recognition [2] Financial Performance - In 2025, the company reported a revenue of CNY 2.952 billion and a net profit of CNY 165 million [3] - The net cash flow from operating activities was CNY 562 million [3] Market Dynamics - The company faced challenges in the first half of 2025 due to factors such as overseas avian influenza outbreaks and low terminal chicken prices, but performance improved in the second half [2] - The price of commercial broiler chicks has been rising quarterly, with the price reaching CNY 59 per set in April 2026 [2] - The pig breeding business saw a significant growth of 228% year-on-year, becoming a new growth point for the company [2] Import and Supply Chain - In 2025, Yisheng imported 266,000 sets of ancestor white feather meat chickens, accounting for over 42% of the national total, despite a general decline in imports [4] - The shortage of ancestor chickens is expected to impact the supply chain, leading to price increases for parent and commercial chicks [5] Future Projections - The company aims to increase its parent stock to 10 million sets and commercial chick production to 1 billion within the next four years [7] - Demand for commercial chicks is projected to grow by over 10% in 2026 compared to 2024, while the company's production is expected to increase by 8.6% [8] - The anticipated tight supply of quality commercial chicks in 2026 is expected to support higher prices [8] Challenges and Strategies - The company is currently unable to resume imports from France due to ongoing avian influenza restrictions [10] - Yisheng plans to enhance its supply stability and expand import channels while improving internal management and cost control [10]

Investment Rating - The report assigns an "Accumulate" rating to the company [4]. Core Insights - The company is a leading player in the white feather broiler chicken industry, focusing on high-generation livestock and poultry breeding as its core competitive advantage [12][39]. - The supply of grandparent broiler chickens is currently restricted due to outbreaks of avian influenza in France, leading to a pause in imports, which is expected to tighten the supply of parent broiler chicks and drive prices upward [3][8]. - The company plans to expand its parent broiler chicken breeding capacity by investing in a new facility in Shanxi Province, which will enhance its ability to supply commercial broiler chicks [8][40]. Summary by Sections Company Overview - The company specializes in the introduction and breeding of grandparent and parent broiler chickens, production and sales of commercial broiler chicks, and breeding and sales of pigs and dairy products [2][12]. - From 2010 to 2024, the company's total revenue grew from 459 million to 3.136 billion, with a CAGR of 15% [2][16]. Market Dynamics - The outbreak of avian influenza in key regions has led to a significant reduction in the supply of grandparent broiler chickens, which will impact the supply of parent and commercial broiler chicks in the following months [3][22]. - The company’s sales of commercial broiler chicks are expected to increase, but the average selling price has seen a significant decline due to low market prices for chicken and live chickens [16][49]. Financial Projections - The company forecasts revenues of 2.65 billion, 3.53 billion, and 4.06 billion for 2025, 2026, and 2027 respectively, with net profits expected to be 165 million, 1.024 billion, and 1.216 billion [8][52]. - The earnings per share (EPS) are projected to be 0.15, 0.93, and 1.10 for the same years, with corresponding price-to-earnings (PE) ratios of 64, 10, and 9 [8][52]. Business Expansion - The company is expanding its parent broiler chicken breeding operations and has plans to construct a new facility to increase its production capacity [8][40]. - The sales of pigs are also expected to grow significantly, with plans to sell 150,000 pigs in 2026, up from nearly 100,000 in 2025 [44][49].

Market Strategy - Market risk appetite has rebounded significantly, with a notable rebound in the technology innovation sector [5][8] - The overall A-share market saw a rise, with the Wind All A Index increasing by 1.58% to 6832.57 points, while the Shanghai Composite Index rose by 0.65% to 4123.14 points [8][9] - The technology innovation sector, represented by the STAR 50 Index, increased by 2.16%, indicating strong performance in growth-oriented stocks [8][9] Economic Indicators - In January-February, China's exports increased by 21.8% year-on-year, with a trade surplus of 213.6 billion USD [17][18] - The People's Bank of China conducted a 395 billion CNY reverse repurchase operation with a fixed interest rate of 1.40% [19][20] Industry Dynamics - China's rare earth exports reached 10,468.3 tons in January-February, a year-on-year increase of 23.0% [30][31] - The import volume of copper ore and its concentrates totaled 4.934 million tons in January-February, reflecting a year-on-year growth of 4.9% [32][33] - The total sales of two-wheeled electric vehicles in 2025 reached 63.7 million units, representing a year-on-year increase of 29.47% [44] Company Tracking - New城控股 issued 355 million USD in offshore bonds with an interest rate of 11.8%, aimed at repaying maturing debts [52][53] - 天赐材料 reported a net profit of 1.362 billion CNY for 2025, a year-on-year increase of 181.43%, driven by strong sales of lithium battery materials [55] - 益生股份 saw a 1.15% year-on-year increase in the sales of white feather broiler chicks in February, while the sales of breeding pigs declined by 12.44% [57] - 大北农 reported a 39.38% year-on-year increase in pig sales in February, with sales revenue reaching 475 million CNY [59] - 巨星农牧's pig sales in February increased by 24.06% year-on-year, generating sales revenue of 425 million CNY [61]