Group 1: Core Insights - The global egg industry is undergoing a significant transformation from traditional cage systems to cage-free production, driven by increasing consumer concern for animal welfare, tightening regulations, and corporate sustainability strategies [1][10] - As of 2023, over 2,500 cage-free procurement commitments have been made globally, with a transformation rate of 80% in Europe, 73% in the U.S., and 57% in the Asia-Pacific region, marking a 6.9% increase from 2022 [2][14][17] - The European Union has banned traditional battery cages since 2012, with several countries moving towards phasing out enriched cages, while the U.S. has seen 10 states prohibit cage production [2][22] Group 2: Business Factors - The transition to cage-free systems involves significant costs, including barn renovations and reduced stocking densities, which can impact production capacity [2][29] - A study in Greece indicated that while production and capital costs increased by 18.1%, the premium income from cage-free eggs offset 11.4% of these costs [2][30] - Companies can mitigate transition costs through strategies such as price increases, transitional arrangements, and securing contracts [2][29] Group 3: Animal Welfare - Cage-free systems significantly improve animal welfare, with mortality rates comparable to enriched cages and better bone and foot health due to improved living conditions [3][4] - Behavioral expression is enhanced in cage-free systems, allowing hens to engage in natural behaviors such as dust bathing and foraging, which are restricted in cage systems [3][4] Group 4: Consumer and Environmental Considerations - Consumer awareness of animal welfare is rising, with many willing to pay a premium for cage-free eggs, believing they are more nutritious and safer [5][20] - The environmental impact of transitioning to cage-free systems includes increased feed and land consumption, but can be mitigated through alternative feed sources and sustainable practices [5][20]

Core Viewpoint - The global egg-laying hen industry is transitioning from traditional caged systems to cage-free models, driven by consumer concerns for animal welfare and food safety, government regulations, and corporate sustainability strategies. Group 1: Commercial Factors - Over 2,500 cage-free commitments have been made globally, with a transition rate of 75% in 2023, particularly notable in Europe (80%) and the U.S. (73%) [1][19][27] - The EU and several countries have banned or plan to phase out caged systems, while 10 states in the U.S. have prohibited battery cages, necessitating proactive planning by companies in regions without such legislation [1][30] - Transitioning to cage-free systems requires capital investment, with lower stocking densities impacting profitability and increasing feed and labor costs. Strategies to mitigate these costs include phased transitions, raising prices, securing contracts, and employee training [1][40][41] Group 2: Animal Welfare - Cage-free systems significantly improve the living conditions of hens, with no significant difference in mortality rates compared to enriched cages, and health issues can be managed through better design and management [3][61] - Cage-free systems allow hens to express natural behaviors such as flapping, dust bathing, and perching, which are severely restricted in caged environments [3][65] - Psychological well-being is enhanced in cage-free systems, with reduced fear and stress levels, leading to increased positive behaviors like exploration and dust bathing [4] Group 3: Human Factors - Consumers are increasingly concerned about hen welfare and are willing to pay a premium for cage-free eggs, believing them to be more nutritious, safe, and natural [5][6] - The nutritional quality of cage-free eggs can be superior under good management, and food safety risks are more related to management practices than the type of system used [6][7] - Farmers face challenges in transitioning due to costs and labor, but consumer demand and market access opportunities drive the shift, with professional training improving success rates [7] Group 4: Environmental Impact - Cage-free systems increase feed, electricity, and land use, with feed being the primary environmental impact source, particularly due to land use changes from soybean and palm oil production [8][9] - Strategies to mitigate environmental impacts include using alternative feeds, optimizing formulations, selecting specific breeds, and adjusting consumption patterns, as demonstrated by companies like Barilla and Kipster [9]

Group 1: Industry Overview - The egg chicken industry in China is characterized by a "small scale, large group" structure, leading to low price control and significant profit fluctuations [3][4] - The market share of the company exceeds 20%, establishing it as a benchmark enterprise in the industry [4][6] - The average sales price of chicken products increased by approximately 19.72% year-on-year, reaching about 3.36 CNY per bird [24] Group 2: Business Strategy - The company aims to enhance its brand and product quality through a focus on safety, traceability, and brand recognition [3][20] - Future strategies include optimizing the chicken breeding industry scale and product structure while ensuring sustainable development [7][11] - The company has established a comprehensive biosecurity system, evolving through four stages to ensure safety and efficiency in production [5][13] Group 3: Market Dynamics - The demand for high-quality, traceable products is increasing among consumers, leading to a shift towards branded and premium products [3][20] - The company is actively expanding its product range, including non-cage eggs and processed food products, to meet diverse consumer preferences [10][20] - The company has not encountered significant barriers in expanding its market presence, despite regional differences in breeding standards [16] Group 4: Financial Performance - The company reported a slight decrease in the sales volume of chicken products by 2.58% year-on-year, but maintained a market share of over 20% [24] - The company’s revenue and market share have been steadily increasing, indicating strong financial health [4][18] Group 5: Risk Management - The company has implemented a robust risk assessment framework to address climate anomalies and their impact on production cycles [17] - A complete biosecurity system is in place to mitigate risks associated with animal diseases, with no major outbreaks reported since the company's inception [13] Group 6: Future Outlook - The egg chicken industry is expected to see increased supply from imported breeds and a steady rise in consumer demand, particularly in the food service sector [21][22] - The company plans to maintain a focus on core business areas while exploring new opportunities in emerging markets such as pre-prepared foods and pet food [7][25]

公开信息显示，晓鸣股份目前采取的一个非常重要的经营模式为"集中养殖、分散孵化"，公司在宁夏闽 宁、青铜峡、红寺堡以及内蒙古阿拉善建成4个高标准蛋种鸡生态养殖基地，下设4座祖代养殖场，37座 父母代养殖场。在宁夏闽宁、河南兰考、湖南常德、新疆五家渠、吉林长春共建有5座孵化厂。 杜建峰表示，晓鸣股份的养殖基地都是在当地的戈壁滩上建成的，除具有低固定成本、高生物安全的区 位优势外，也为公司进行非笼养模式养殖提供了便利。公司采用"全网面高床平养"的模式养鸡，在这种 模式下，鸡饲养在高床网架上，可充分发挥自然习性，自由运动，鸡群能够自由饮水、觅食、振翅、运 动，采取自然本交模式繁育后代，能最大限度地发挥鸡的优良性能和遗传潜力，有利于保持鸡的健康与 蛋的高品质。 杜晓峰强调，晓鸣股份已于2023年获得了"非笼养鸡蛋"认证证书，公司将充分把握技术和成本优势， 以"让世界看见戈壁滩的生命力"的品牌主张，加强拓展非笼养蛋品等业务，打造中国蛋鸡产业生物安全 第一品牌，争做中国蛋种鸡产业的领导者，做中国食品安全的贡献者。 晓鸣股份副总经理、董事会秘书杜建峰向《证券日报》记者表示，作为国内一体化蛋鸡制种产业龙头企 业，2024年起， ...