YISHENG(002458)2024-11-20 10:52Group 1: Investor Relations Activity Overview - The investor relations activity involved specific object research and strategy meetings, with participation from various securities firms and funds [2] - The event took place from November 19 to November 20, 2024, at the company's conference room and the Shangri-La Hotel in Shanghai [2] Group 2: Key Questions and Answers - The company has introduced approximately 200,000 sets of grandparent white feather broilers this year, with an expected total of 230,000 sets by the end of November [2][3] - The high price of commercial broiler chicks is attributed to a decrease in grandparent stock imports since May 2022, leading to tight supply and strong demand from downstream breeding and slaughtering sectors [2][3] - The company anticipates that the price of commercial broiler chicks will remain high in Q1 2025 due to continued tight supply influenced by reduced grandparent stock imports [5] Group 3: Market Trends and Production Capacity - The white feather chicken industry is experiencing increased production capacity due to its cost-effectiveness as a protein source, with per capita consumption rising and its market share in poultry meat increasing [4] - The company plans to increase its production capacity for commercial broiler chicks next year with new parent stock facilities in Shanxi, Dongying, and Hebei [6] Group 4: Cost Control and Production Measures - The company aims to control costs by improving breeding performance, enhancing survival rates of breeding chickens, and optimizing feed efficiency [7] - The company’s incubation period is scheduled to start in mid-December and will last for over ten days [8] Group 5: Future Sales Projections - The company expects to sell 150,000 breeding pigs next year, with a projected full production capacity of 200,000 breeding pigs [10] - The cost impact of rising raw material prices on the industry varies, with feed costs accounting for approximately 70% of total costs in commercial chicken farming and 40-50% in breeding chicken farming [11][13]