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]

Company Performance - The company, Jingji Zhino (000048), forecasts a net profit attributable to shareholders for 2025 between 125 million to 165 million yuan, representing a year-on-year decline of 76.88% to 82.49% [4] - The expected non-net profit is projected to be between 120 million to 160 million yuan, indicating a year-on-year decrease of 79.63% to 84.72% [4] - The basic earnings per share are estimated to be between 0.2375 yuan and 0.3151 yuan [4] Valuation Metrics - As of January 29, the company's price-to-earnings (P/E) ratio (TTM) is approximately between 58.91 and 77.76 times, with a price-to-book (P/B) ratio (LF) of about 2.35 times and a price-to-sales (P/S) ratio (TTM) of around 1.93 times [4] Business Operations - The company primarily engages in pig farming and sales, feed production and sales, breeding and sales of chickens, real estate development, and trendy fashion art IP business [13] - In 2025, the company sold 2.3129 million pigs (including 324,200 piglets), reflecting a year-on-year growth of 7.77% compared to 2024 [13] - The company has optimized feed nutrition formulas to enhance pig health, leading to significant improvements in operational efficiency and cost control in pig farming [13] - However, due to industry cyclical fluctuations, the sales prices of pigs have decreased significantly year-on-year, adversely affecting the revenue and profit from pig farming [13] - The real estate business is in a late-stage sales phase, resulting in a year-on-year decline in sales revenue, which impacts the overall operating income and net profit for 2025 [13]

Company Overview - Yisheng Co., established in 1989, is the largest ancestor meat chicken breeding enterprise in China and Asia, holding a 1/3 market share of the domestic imported breeding chicken market [1] - The company has been the top in ancestor meat chicken breeding for 20 consecutive years, with the highest sales of commercial chicken seedlings in the country [1] - The company is expanding its breeding pig business, with sales expected to reach approximately 30,000 pigs in 2024 and 98,400 pigs in 2025 [1] Performance Metrics - In 2025, Yisheng Co. introduced 266,000 sets of ancestor white feather meat chickens, accounting for 43% of the national introduction volume, which is a historical high [2] - The company sold over 10 million parent chicken seedlings and over 640 million commercial chicken seedlings in 2025, with an expected annual profit of 150 to 190 million yuan [2][3] Future Outlook - For 2026, the company anticipates an increase in parent chicken seedlings supply compared to 2025, with expected sales of over 600 million commercial chicken seedlings and 150,000 pigs [3][6] - The market for parent white feather meat chicken seedlings is expected to remain strong due to increased demand and limited supply from external sources [4] Price Trends - The price of parent chicken seedlings has been rising since September 2025 due to supply shortages caused by avian influenza outbreaks [4] - The price of commercial chicken seedlings is expected to improve in 2026, supported by anticipated increases in pork prices [4] Production Capacity - The company's production capacity for parent chicken seedlings is directly linked to the import volume of ancestor chickens, with plans to increase the parent chicken stock to 10 million sets and commercial chicken seedlings to 1 billion in the next four years [6] - A new breeding facility in Shanxi is expected to add 100 million commercial chicken seedlings to the production capacity [6] Cost Management - The company aims to reduce costs in 2026 through improved internal management and production efficiency, assuming stable prices for raw materials [7]

Group 1 - The core point of the news is that Jingji Zhino has experienced a decline in stock price, dropping 1.2% to 14.88 yuan per share, with a total market value of 7.891 billion yuan and a cumulative drop of 6% over three consecutive days [1] - Jingji Zhino's main business includes modern agriculture and real estate, with revenue composition: pig products 79.38%, feed products 11.67%, commercial housing 5.38%, rental income 1.36%, poultry products 1.29%, hotel business 0.83%, and others 0.07% [1] - The company is located in Shenzhen, Guangdong Province, and was established on January 1, 1979, with its listing date on November 1, 1994 [1] Group 2 - The Qianhai Kaiyuan Fund holds a significant position in Jingji Zhino, with its fund, Qianhai Kaiyuan Hong Kong-Shenzhen Agricultural Mixed (LOF) A, reducing its holdings by 10.47 million shares, now holding 1.3673 million shares, which accounts for 6.29% of the fund's net value [2] - The fund has reported a floating loss of approximately 246,100 yuan today and a cumulative floating loss of 1,298,900 yuan during the three-day decline [2] - The fund was established on July 20, 2016, with a current scale of 239 million yuan, and has experienced a loss of 1.65% this year, ranking 8713 out of 8838 in its category [2]

Core Viewpoint - The company is involved in a land acquisition and compensation process related to the "breeding chicken farm" site, which is being repurposed for the Foshan Innovation Lighthouse Community project, with various agreements and compensation amounts established throughout the process [2][3][14]. Group 1: Land Acquisition and Compensation Overview - The Foshan Municipal Government plans to use the "breeding chicken farm" site for urban development, with Guangdong Fuhai Holdings Co., Ltd. managing the compensation process [2]. - A preliminary compensation agreement was signed on December 31, 2019, with a prepayment of RMB 200 million made to Nanhai Poultry Company [2]. - On September 25, 2020, the company approved a total compensation amount of RMB 952,340,105 for the land acquisition, with Nanhai Poultry Company receiving RMB 871,539,721 [3]. Group 2: Progress of Compensation Payments - As of November 25, 2020, Nanhai Poultry Company received the first installment of compensation amounting to RMB 435,769,860.50, which is 50% of the total compensation [4]. - On December 7, 2020, Nanhai Poultry Company returned the prepayment of RMB 200 million to Fuhai Holdings as per the agreement [4]. - A land handover confirmation was signed on December 21, 2020, for the first phase of land transfer, covering an area of approximately 520.98 acres [4]. Group 3: Subsequent Developments and Agreements - On August 8, 2022, the company approved Nanhai Poultry Company to participate in a land auction for the construction of its headquarters, with a budget of up to RMB 10 million [5]. - Nanhai Poultry Company successfully acquired a plot of land for RMB 72.73 million on November 14, 2022, for its headquarters [5]. - A supplementary agreement was signed on June 28, 2023, to address adjustments in land acquisition and compensation due to various factors affecting the original agreements [6][7]. Group 4: Financial Impact and Future Projections - The company anticipates an impact on its net profit of approximately RMB 21.45 million for the fiscal year 2025 due to adjustments in accounting treatment related to the supplementary agreement [14]. - The remaining compensation amount of RMB 137,769,860.50 is expected to be paid by December 31, 2026, for the remaining land acquisition [10].

Group 1 - The company, Shennong Development, indicated that its deep-processed meat products are primarily sold to Japan and South Korea, and it has successfully opened international markets for its breeding chicken business [2] - The company was asked about its product sales range, specifically regarding sales in Europe and EU countries, highlighting investor interest in the company's international operations [2]

Group 1: Company Overview - Yisheng Co., established in 1989, is the largest ancestor meat chicken breeding enterprise in China and Asia, holding approximately one-third of the domestic imported breeding chicken market [1][2] - The company has implemented a source purification strategy to ensure the health of breeding chickens, achieving high market recognition for product quality [2] Group 2: Production and Sales Performance - In 2025, the company sold over 640 million commercial white feather broiler chicks, a 20-fold increase compared to over 30 million before going public [2] - The company plans to sell nearly 30,000 breeding pigs in 2024 and 98,000 in 2025, with production capacity steadily increasing [2] Group 3: Market Conditions and Pricing - The price of parent breeding chickens has been rising since September 2025, with current prices exceeding 53 yuan per set [3][10] - The company sold over 1.63 billion commercial white feather broiler chicks in Q4 2025, with prices at their highest for the year [8] Group 4: Impact of Avian Influenza - The introduction of breeding chickens from France was affected by avian influenza outbreaks, leading to a suspension of planned imports [4] - In 2025, the company imported 266,000 sets of breeding chickens, accounting for over 40% of the national total [4] Group 5: Future Outlook - The company anticipates a continued increase in the price of parent breeding chickens due to tight supply from ancestor imports, with expectations for a favorable market in 2026 [10] - Plans to expand production capacity include increasing parent breeding stock to 10 million sets and commercial chick production to 1 billion over the next four years [10] Group 6: Strategic Changes - The company is considering changes in fundraising usage due to regulatory policies and aims to expand through acquisitions and international market exploration [10]

Core Viewpoint - Yisheng Co., Ltd. has approved a change in the use of part of the raised funds from a stock issuance, reallocating the investment from a pig breeding project to three chicken breeding projects in Shanxi Province [1] Group 1: Fund Allocation Changes - The company’s board approved the reallocation of funds from the "Weihai Yisheng Pig Breeding Co., Ltd. New Pig Farm Construction Project" to three new projects: (1) 120,000 sets of breeding chicken farm project in Taar Village, Shanxi; (2) Taar Village Chicken Breeding Second Farm Project; (3) Shijiahui Chicken Farm Project [1] - These three projects are part of the larger "1 million sets of parent breeding chicken farm and supporting projects" in Datong City, Shanxi, which consists of nine parent breeding farms [1] Group 2: Funding Sources - The original plan was to use self-owned or self-raised funds for the "1 million sets of parent breeding project" construction, but the company has now decided to use the funds raised from the 2022 stock issuance for the three new projects [1] - Any funding shortfall will be supplemented by the company’s own or self-raised funds [1]

Core Viewpoint - Yisheng Co., Ltd. has approved a change in the use of part of the raised funds from its stock issuance, reallocating the investment from a pig breeding project to three chicken breeding projects in Shanxi Province [1] Group 1: Fund Allocation Changes - The company’s board approved the reallocation of funds from the "Weihai Yisheng Pig Breeding Co., Ltd. New Pig Farm Construction Project" to three new projects: (1) 120,000 sets of breeding chicken farm project in Tazhuang Village, Shanxi; (2) Tazhuang Village Chicken Breeding Second Farm Project; (3) Shijiahui Chicken Farm Project [1] - These three projects are part of the larger "1 million sets of parent breeding chicken farm and supporting projects" in Datong City, Shanxi Province, which consists of nine parent breeding farms [1] - The original plan was to use self-raised or self-sourced funds for the "1 million sets of parent breeding project," but the company will now use the funds raised from the stock issuance for the three new projects, with any funding shortfall to be supplemented by the company’s own or self-sourced funds [1]