Core Viewpoint - Jinzi Ham's stock surged to the daily limit, reaching 7.85 yuan, resulting in an increase of nearly 1 billion yuan in market capitalization following the announcement of a strategic investment in the semiconductor industry [1] Group 1: Investment Details - Jinzi Ham's wholly-owned subsidiary, Fujian Jinzi Semiconductor Co., plans to invest up to 300 million yuan to acquire no more than 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., indicating a strategic move into the AI and optical communication sectors [1] - The investment is characterized as a financial investment, with no consolidation of financial statements between the two companies [1] Group 2: Management and Strategic Shift - The decision to enter the semiconductor industry comes after a change in the company's controlling shareholder and the introduction of a new management team, reflecting a shift in strategic direction [1] - The company expressed optimism about Zhongsheng Microelectronics' growth prospects, although the investment is still in the negotiation phase, and specific details regarding the investment return period will be disclosed in future announcements [1] Group 3: Historical Context and Caution - Jinzi Ham has a history of less successful investments, which raises caution among investors regarding the current investment in Zhongsheng Microelectronics, especially since the latter is not yet profitable [1]

Core Viewpoint - The company Jinzi Ham is making a strategic investment in the AI and optical communication sectors by acquiring up to 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. for no more than 300 million RMB, indicating confidence in the domestic chip replacement capabilities in the optical communication field [1] Group 1 - The investment will be executed in two rounds, with the final amount and shareholding ratio to be determined after due diligence and consideration of the target company's future development plans and market valuation [1] - The board of directors of Jinzi Ham approved the investment framework agreement with Zhongsheng Microelectronics on September 19, 2025 [1] - The investment reflects the company's recognition of the market potential in the AI industry and optical communication sector [1]

Group 1 - The core point of the article is that Jinzi Ham (金字火腿) plans to invest up to 300 million RMB in Zhongsheng Microelectronics (中晟微) to acquire up to 20% equity, recognizing the potential of the AI and optical communication industries [1][2] - Jinzi Ham's subsidiary, Fujian Jinzi Semiconductor Co., Ltd., sees Zhongsheng Micro's capabilities in domestic substitution for optical communication chips as promising [1] - Zhongsheng Micro, founded in 2019 by key R&D personnel from U.S. optical communication chip design companies, focuses on the development of high-speed optical module core chips for applications in AI, cloud computing, and telecommunications [1] Group 2 - Zhongsheng Micro is currently not profitable, and its future profitability remains uncertain; the investment will occur in two rounds, with the first round valuing Zhongsheng Micro at 1 billion to 1.3 billion RMB [2] - The valuation for the first round is based on historical financing and industry characteristics, with a potential increase of 9710% based on a 1 billion RMB pre-investment valuation [2] - Jinzi Ham reported a revenue of 170 million RMB in the first half of the year, a decrease of 14.73% year-on-year, and a net profit of 22.92 million RMB, down 25.11% year-on-year [2]

Core Viewpoint - Jinzi Ham (002515) has seen a significant stock price increase, reaching a limit up of 7.85 CNY per share, following the announcement of a strategic investment in the AI and optical communication sectors through its subsidiary, Fujian Jinzi Semiconductor Co., Ltd [1] Group 1: Investment Details - Fujian Jinzi plans to invest up to 300 million CNY to acquire no more than 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd, recognizing its capabilities in domestic substitution for optical communication chips [1] - The investment will be funded through self-owned or self-raised funds and is not classified as a major asset restructuring under relevant regulations [1] Group 2: Company Background - Jinzi Ham specializes in various meat products, including Chinese and European-style hams, sausages, and pre-prepared meat products tailored for e-commerce and restaurant clients [1] - Zhongsheng Microelectronics focuses on the research and design of high-speed optical module core chips, including TIA and Driver chips for 400G, 800G, and 1.6T applications [1] Group 3: Management and Risks - The management acknowledges limitations in industry experience and past unsuccessful investments, indicating potential risks associated with this cross-industry investment [2] - The investment decision aligns with the company's future development strategy and will not adversely affect its normal operations or harm the interests of shareholders, particularly minority investors [2]

Core Viewpoint - The company Jinzi Ham (002515) plans to invest up to 300 million yuan in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. through capital increase and expansion to seize opportunities in the AI and optical communication industries [1] Investment Details - The investment will occur in two rounds, aiming to acquire no more than 20% equity in Zhongsheng Microelectronics, with the first round based on a pre-investment valuation of 1 billion to 1.3 billion yuan [1] - The specific amount and shareholding ratio will be finalized after due diligence and negotiations [1] Company Background - Zhongsheng Microelectronics, established in 2019, focuses on the R&D and design of high-speed optical module core chips for applications in AI, cloud computing, and 5G/5.5G [1] - The company has a top-tier design team and has been listed in the "China Future Unicorn TOP100" for 2024 and 2025 [1] Strategic Rationale - The investment aims to broaden investment channels and align with the trends of the digital economy, providing new opportunities for the company's future business growth [1] - The company's main business has been slow due to consumer market factors, and this cross-industry investment is expected to boost performance and achieve sustainable development in the medium to long term [1] Financial Considerations - Zhongsheng Microelectronics has not yet turned a profit, reporting a loss of 20.37 million yuan in the first seven months of the year, indicating uncertainty in future profitability [2] - The first round of investment is based on a pre-investment valuation of 1 billion yuan, which could imply a significant appreciation rate of 9710% by the end of 2024 if calculated from the lower end of the valuation range [2] - The company has acknowledged past unsuccessful investments, highlighting the risks associated with this cross-industry investment [2]

Core Viewpoint - The company Jinzi Ham (002515) is making a strategic investment in the AI and optical communication sectors by acquiring up to 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. for no more than RMB 300 million through capital increase and expansion [1][4]. Group 1: Investment Details - The investment will occur in two rounds, with the final amount and shareholding ratio to be determined after due diligence on Zhongsheng Microelectronics [4]. - Zhongsheng Microelectronics was founded in 2019 by core R&D personnel from American optical communication chip design companies and has been recognized as a "future unicorn" in China for two consecutive years [5]. - The company specializes in the R&D and design of high-speed optical module core chips, with applications in AI, cloud computing, and telecommunications networks [5]. Group 2: Financial Performance - Jinzi Ham reported a revenue of RMB 170 million in the first half of the year, a decrease of 14.73% year-on-year, with a net profit attributable to shareholders of RMB 22.92 million, down 25.11% year-on-year [8]. - The company aims to diversify its investment channels to enhance performance and adapt to market challenges, while maintaining stable operations in its core business [8]. Group 3: Strategic Rationale - The investment aligns with the company's overall development strategy, allowing for more efficient use of idle funds and capitalizing on the trends of the digital economy [8]. - The framework agreement signed is a preliminary intention, and the transaction is still subject to uncertainties, making it difficult to predict its impact on the company's operational performance [8].

Core Viewpoint - Company Jinzi Ham (002515) is making a strategic investment in the AI and optical communication sectors by acquiring up to 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. for no more than RMB 300 million through capital increase and expansion [2][4]. Group 1: Investment Details - The investment will occur in two rounds, with the final amount and shareholding ratio to be determined after due diligence on Zhongsheng Microelectronics [4]. - Zhongsheng Microelectronics was founded in 2019 by core R&D personnel from U.S. optical communication chip design companies and has been recognized as a "future unicorn" in China for two consecutive years [5]. - The company specializes in the R&D and design of high-speed optical module core chips, with applications in AI, cloud computing, and telecommunications networks [5]. Group 2: Financial Performance - Jinzi Ham reported a revenue of RMB 170 million in the first half of the year, a decrease of 14.73% year-on-year, with a net profit of RMB 22.92 million, down 25.11% [7]. - The company aims to diversify its investment channels to enhance performance and adapt to market challenges, while maintaining stable operations in its core business [7]. Group 3: Market Position and Future Outlook - Jinzi Ham's core business includes various meat products, with a leading market share and brand recognition [7]. - The investment in Zhongsheng Microelectronics aligns with the company's long-term strategy to leverage idle funds and capitalize on the digital economy trend, potentially improving future business performance [7].

Core Viewpoint - The article discusses the cross-industry investment by Jinzi Ham, highlighting its strategic move to invest in the AI and optical communication sectors through its subsidiary, aiming to leverage market opportunities and enhance future business performance [1][4]. Investment Details - Jinzi Ham's subsidiary, Fujian Jinzi Semiconductor Co., Ltd., plans to invest up to 300 million RMB to acquire no more than 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. through capital increase [1][4]. - The investment will occur in two rounds, with the final amount and shareholding ratio to be determined after due diligence and negotiations [4][6]. Company Background - Zhongsheng Micro was founded in 2019 by core R&D personnel from U.S. optical communication chip design companies and has been recognized as a "future unicorn" in China for 2024 and 2025 [4][5]. - The company specializes in the R&D and design of high-speed optical module core chips, including TIA and Driver chips, which are essential for applications in AI, cloud computing, and telecommunications [5][6]. Financial Performance - Jinzi Ham reported a revenue of 170 million RMB in the first half of the year, a decrease of 14.73% year-on-year, with a net profit of approximately 22.92 million RMB, down 25.11% from the previous year [6][7]. - The company aims to address the slow growth in its main business by diversifying its investment channels to enhance overall performance and provide better returns to investors [7]. Strategic Rationale - The investment aligns with the company's long-term strategy to utilize idle funds effectively and adapt to the trends of the digital economy, potentially improving future business opportunities [7].

Group 1 - The company, Jinzi Ham, announced on September 22 that it will use up to 300 million yuan of idle funds to purchase low-risk financial products, with a usage period not exceeding 12 months [1][1][1] - The revenue composition for Jinzi Ham in the first half of 2025 shows that the ham industry accounts for 91.56%, cold chain services for 6.83%, and other businesses for 1.61% [1][1][1] - As of the report date, Jinzi Ham has a market capitalization of 8.6 billion yuan [1][1][1]

Core Viewpoint - The company Jinzi Ham (002515.SZ) plans to invest up to 300 million RMB in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. to acquire up to 20% equity, recognizing the potential of the AI industry and the optical communication market [1][2] Group 1: Investment Details - The investment will be made through capital increase and expansion, with a focus on the optical communication chip sector [1] - The target company specializes in the R&D and design of high-speed optical module core chips for 400G/800G/1.6T and above, with applications in AI, cloud computing, and telecommunications [1] - The target company has a world-class design team with over 20 years of experience in high-speed module chip development [1] Group 2: Financial Considerations - The target company is currently not profitable, and its future profitability remains uncertain [2] - The first round of investment will be based on a pre-investment valuation of 1 billion to 1.3 billion RMB, with a potential appreciation rate of 9710% if calculated at the lower valuation [2] - The investment aligns with the company's overall development strategy and aims to utilize idle funds more efficiently in the context of the digital economy [2]