YISHENG(SZ:002458)2026-01-20 11:38Company Overview - Shandong Yisheng Livestock and Poultry Breeding Co., Ltd. was established in 1989 and listed in 2010, focusing on breeding parent stock of white feather broilers, commercial broiler chicks, breeding pigs, agricultural equipment, and dairy products [1][2] - The company is the largest ancestor breeding chicken enterprise in China, with over 400,000 sets of ancestor breeding chickens and a 43% share of the national import of ancestor breeding chickens in 2025 [1][2] - Yisheng has been recognized as a national core breeding farm for pigs and has a strong reputation in the industry, with plans to increase pig sales to nearly 100,000 heads by 2025 [3] Industry Situation - China's total poultry meat production and per capita consumption are increasing, with white feather chicken expected to account for nearly 50% of poultry meat by 2024 [4] - Despite the growth, China's per capita chicken consumption remains lower than that of the US and Brazil, indicating potential for market expansion [4] - The "Healthy China" initiative is expected to shift consumer preference towards white meat, particularly white feather chicken [4] 2026 Development Outlook - The company's core strategy for 2026 focuses on strengthening breeding sources, expanding chicken production, and increasing pig sales [7] - The company aims to increase parent stock to 10 million sets and commercial chick production to 1 billion by 2026, with a significant expansion project in Shanxi [7] - Expected pig sales for 2026 are projected at 150,000 heads, catering to large-scale farms' demand for high-quality breeding pigs [7] Price Trends and Market Dynamics - The price of parent white feather broiler chicks has been rising due to a decrease in ancestor breeding chicken imports caused by avian influenza outbreaks [8][9] - The supply of parent broiler chicks is expected to increase in 2026, following a decrease in ancestor breeding chicken imports in 2025 [11] - The market for commercial broiler chicks is anticipated to be favorable in 2026, supported by strong demand from downstream farms and potential increases in pork prices [12] Risk Management - The company implements a mandatory immunization policy against highly pathogenic avian influenza to mitigate risks associated with disease outbreaks [13] - To manage raw material price fluctuations, the company employs hedging strategies and considers options for risk mitigation [14]