YISHENG(SZ:002458)2026-01-07 11:46Group 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]