"从去年12月底到现在，这一轮亏损已经持续7个多月了，并且这一轮低谷期跟往常不一样， 其中有 4个多月处于深度亏损区 ，给行业带来的压力是非常巨大的。"12日，山东种鸭联盟理事长刘长胜对 财联社记者表示。 据悉，从4月起，白羽肉鸭种禽企业开始呼吁消减产能，截至当前， 共约900万只种鸭已经被 淘汰，日产苗量降低200万只左右， 但是消费端低迷，当前供应依然大幅高于需求。 "如果说去产能的第一阶段是以主动淘汰高周龄种鸭为主的话，第二阶段则是惨烈的被动淘汰 战。"有山东种鸭从业人士对财联社记者表示，现在， 已经有个别种禽企业因为资金压力，退 出了市场。 "未来， 可能还会有三成种鸭企业会被迫离开， 这一过程会比较残酷血腥，但白 羽肉鸭行业不同于生猪和白羽肉鸡，行业集中度低，周期波动往往比较剧烈。" 上市公司方面，全产业链龙头企业益客食品（301116.SZ）相关负责人对财联社记者表示， 公司本月已将肉鸭屠宰量进行了一定量的消减，此外，公司后续将在种源和食品端继续提升竞 争力；华英农业（002321.SZ）相关负责人表示，正努力寻求差异化发展空间。北京樱桃谷 育种科技股份有限公司相关负责人则表示，近两年公司祖代规模 ...

Core Insights - The company experienced a decline in industry prosperity, with a significant drop in net profit for Q1 2025, showing a year-on-year decrease of 191% [1] - In 2024, the company achieved a revenue of 20.837 billion yuan, a year-on-year decrease of 4.80%, while net profit increased by 158.59% to 100 million yuan, primarily due to lower feed raw material prices and higher prices for duck down by-products [1] Group 1: Slaughtering Segment - In 2024, the slaughtering segment maintained expansion with a sales volume increase of 4.09% to 1.6873 million tons, although revenue decreased by 10.24% to 14.583 billion yuan [2] - The gross margin improved by 1.28 percentage points to 2.73% [2] - Duck product sales volume increased by 6.59% to 986,400 tons, generating revenue of 8.319 billion yuan, with a gross margin increase of 2.53 percentage points to 3.86% [2] Group 2: Breeding Segment - In 2024, the breeding segment saw a sales volume decline of 18.48% to 280 million chicks, with revenue down 16.53% to 1.049 billion yuan, but gross margin improved significantly by 20.23 percentage points to 31.93% [3] - Duckling production decreased by 11.70% to 239 million, with revenue down 7.17% to 870 million yuan, while gross margin increased by 18.77 percentage points to 31.68% [3] - Chicken chick production increased by 9.22% to 89 million, but revenue fell by 26.66% to 180 million yuan, with a gross margin increase of 23.40 percentage points to 33.13% [3] Group 3: By-products Segment - The company benefited from the rise of the ice and snow economy, with duck down product sales volume increasing by 19.48% to 18,000 tons and revenue rising by 28.03% to 919 million yuan [3] - The gross margin for duck down products improved by 3.57 percentage points to 11.68% [3]