Group 1 - The food processing sector increased by 0.66% on September 11, with Jiyuan Group leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] - Key stocks in the food processing sector showed various performance, with Jiyuan Group closing at 32.99, up 3.32%, and *ST Chuntian at 4.90, up 2.51% [1] Group 2 - The food processing sector experienced a net outflow of 35.10 million yuan from institutional funds, while retail investors saw a net inflow of 62.52 million yuan [2] - Major stocks like Jiyuan Group and Guangming Meat Industry had significant net inflows from institutional and retail investors, indicating varied investor sentiment [3] - The overall trading volume and turnover in the food processing sector reflected active market participation, with notable transactions in stocks like Jiyuan Group and Jinzi Ham [1][2]

Group 1 - Dematech won a 900 million yuan overseas smart logistics project from a well-known e-commerce giant in Latin America, focusing on intelligent logistics cross-belt sorting systems and related services [1] - Kang En Bei received approval for the registration of short-term financing bonds and medium-term notes, with a total registration amount of 1 billion yuan, valid for two years [1][2] - Zhi Xiang Jin Tai's GR1803 injection for systemic lupus erythematosus clinical trial has been approved by the National Medical Products Administration [2] Group 2 - Jin Da Wei's subsidiary received approval for a veterinary drug product, pyridone, valid from September 3, 2025, to September 2, 2030 [4] - Fu Li Wang's subsidiary plans to invest 500 million yuan in a high-end wire material project, focusing on high-strength prestressed steel strands for various applications [5] - He Li Biological's subsidiary's Class III medical device registration application has been accepted, focusing on natural bone repair materials [12] Group 3 - Lin Yang Energy won a 244 million yuan metering equipment project from Southern Power Grid, expected to positively impact its 2025 and 2026 performance [20] - Sanxia Water plans to absorb its wholly-owned subsidiary, Chongqing Changdian United Energy, with all assets and liabilities to be inherited by Sanxia Water [13] - Tian Cheng Technology canceled the use of 91 million yuan of raised funds for permanent working capital, ensuring no impact on the normal operation of investment projects [24] Group 4 - Baosteel received approval to publicly issue bonds totaling 20 billion yuan to professional investors, valid for 24 months [52] - Tian Kang Biological reported a 10.15% year-on-year increase in pig sales in August, with a total of 263,800 pigs sold [53] - Xinjiang Construction won multiple major projects totaling 4.506 billion yuan, including a 2.4 billion yuan photovoltaic hydrogen synthesis project [18]

甬兴证券有限公司关于金字火腿股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 甬兴证券有限公司（以下简称"甬兴证券"或"保荐人"）作为金字火腿股 份有限公司（以下简称"金字火腿"或"公司"）2022 年度向特定对象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集资金 监管规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》等有关规定，对金字火腿使用部分暂时 闲置募集资金进行现金管理之事项进行了核查，核查情况及核查意见如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意金字火腿股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2023〕890 号）同意，公司向 13 名特定对象发 行人民币普通股（A 股）232,300,884 股，发行价格为 4.52 元/股，实际募集资金 总额为 1,049,999,995.68 元，扣除各项发行费用 11,921,981.96 元（不含税）后， 募集资金净额为 1,038,078,013.72 元，本次发行募集资金已于 2023 年 8 月 10 日 全部汇入公 ...

证券代码：002515 证券简称：金字火腿 公告编号：2025-052 金字火腿股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 金字火腿股份有限公司（以下简称"公司"）于近期召开第七届董事会第三 次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意 公司在不影响募集资金投资计划正常进行的情况下，使用不超过人民币 60,000 万元的闲置募集资金进行现金管理。现金管理期限为本次董事会审议通过之日起 12 个月内。在上述额度和期限内资金可滚动使用，但在任一时点的实际投资金 额不超过人民币 60,000 万元。本次使用部分闲置募集资金进行现金管理事项将 在上述额度内，授权公司管理层具体实施相关事宜。具体情况如下： 一、公司募集资金基本情况 经中国证券监督管理委员会《关于同意金字火腿股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2023〕890 号）同意，公司向 13 名特定对象 发行人民币普通股（A 股）232,300,884 股，发行价格为 4.52 元/股，实际募集 资金总额为 ...

证券代码：002515 证券简称：金字火腿 公告编号：2025-051 金字火腿股份有限公司 第七届董事会第三次会议决议公告 一、会议召开情况 金字火腿股份有限公司（以下简称"公司"）第七届董事会第三次会议（以 下简称"本次会议"）于近期在公司会议室以现场与通讯相结合的方式召开。应 出席会议董事 7 人，实际出席会议董事 7 人。本次会议由公司董事长郑庆昇先 生主持，公司高级管理人员列席了会议。本次会议的召开符合《中华人民共和国 公司法》《公司章程》等有关法律、规定，表决所形成的决议合法、有效。 二、会议审议情况 1.以 7 票同意、0 票反对、0 票弃权，审议通过了《关于使用部分闲置募 集资金进行现金管理的议案》。 为提高募集资金使用效率，在确保不影响公司募集资金安全和募集资金投资 计划正常进行的前提下，拟使用不超过人民币 60,000 万元的闲置募集资金进行 现金管理。 现金管理期限为本次董事会审议通过之日起 12 个月内。在上述额 度和期限内资金可滚动使用，但在任一时点的实际投资金额不超过人民币 60,000 万元。本次使用部分闲置募集资金进行现金管理事项将在上述额度内， 授权公司管理层具体实施相关事宜 ...

Market Overview - On September 2, the food processing sector declined by 0.3% compared to the previous trading day, with Xianle Health leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - The following stocks in the food processing sector showed notable performance: - ST Chuntian (600381) closed at 5.48, up 4.98% with a trading volume of 242,300 shares and a turnover of 132 million yuan [1] - Gai Shi Food (836826) closed at 14.23, up 4.10% with a trading volume of 157,300 shares and a turnover of 223 million yuan [1] - Huadong Co. (002840) closed at 11.39, up 3.17% with a trading volume of 348,600 shares and a turnover of 395 million yuan [1] - Xianle Health (300791) closed at 24.77, down 2.94% with a trading volume of 49,100 shares and a turnover of 123 million yuan [2] Capital Flow - The food processing sector experienced a net outflow of 77.54 million yuan from institutional funds, while retail investors saw a net inflow of 127 million yuan [2]

Group 1 - The core viewpoint of the article highlights the significant decline in Jinzi Ham's performance in the first half of 2025, with a 14.73% decrease in revenue and a 25.11% drop in net profit compared to the previous year [2] - In Q2 2025, the company's revenue fell by 38.85% year-on-year, resulting in a net loss of 1.42 million, marking a staggering decline of 120.35% [2] - Despite the poor financial performance, Jinzi Ham's stock price has increased by over 60% year-to-date, with a market capitalization of approximately 8.8 billion [2] Group 2 - The company underwent a change in its controlling shareholder in June 2025, with Ren Guilong transferring 145 million shares to Zheng Qingsheng for a total price of 870 million [2] - Following the change in control, Jinzi Ham has begun to venture into the semiconductor industry, establishing a wholly-owned subsidiary, Fujian Jinzi Semiconductor Co., Ltd., with a registered capital of 100 million in July 2025 [2] - Additionally, on July 2, 2025, Jinzi Ham set up Jinzi Chip (Shanghai) Technology Co., Ltd. with a registered capital of 8 million, and on August 5, 2025, the controlling shareholder of Jinzi Chip changed to Jinzi Semiconductor [2]

Core Viewpoint - Despite a significant decline in performance in the second quarter of 2025, the company's stock price has surged over 60% this year, raising questions about the underlying changes in its fundamentals and the reasons behind the stock price increase [1][4]. Financial Performance - In the first half of 2025, the company reported operating revenue of 170 million yuan, a year-on-year decrease of 14.73%, and a net profit of 22.92 million yuan, down 25.11% [1]. - The second quarter saw an even steeper decline, with operating revenue dropping by 38.85% and a net loss of 1.42 million yuan, marking a year-on-year decline of 120.35% [1]. - The operating cash flow turned negative for the first time since 2021, recording a net cash flow of -18.82 million yuan [1]. Business Overview - The company specializes in various meat products, including Chinese and European-style hams, sausages, and other processed meat products, with a leading market share and brand recognition in the industry [1]. - As of June 30, 2025, the company had 2,230 distributors, an increase of 93 from the beginning of the year, although revenue from various sales channels decreased compared to the same period last year [1]. Sales and Inventory Data - The sales volume of the company's primary ham products decreased by 14%, while inventory increased by over 10% year-on-year [2]. - Sales of branded meat products fell by over 10%, with inventory rising by 45.52% [2][3]. - Conversely, sales of specialty meat products grew by over 10%, and inventory saw a significant reduction of 42.71% [2][3]. Shareholder Changes - In June 2025, the company's actual controller changed, with Zheng Qingsheng acquiring 145 million shares for 870 million yuan, becoming the largest shareholder with 11.98% of the shares and 18.83% of the voting rights [4][5]. New Business Ventures - Following the change in control, the company has begun to venture into the semiconductor industry, establishing a wholly-owned subsidiary, Fujian Jinzi Semiconductor Co., Ltd., with a registered capital of 100 million yuan [6]. - Additionally, the company formed Jinzi Chip (Shanghai) Technology Co., Ltd., focusing on semiconductor device sales and integrated circuit design [7]. Market Context - The strong performance of the semiconductor sector in the capital market, with related indices rising over 35%, may have contributed to the company's stock price increase [9].

Group 1 - The core viewpoint of the article highlights the significant decline in Jinzi Ham's performance in the first half of 2025, with a revenue drop of 14.73% year-on-year and a net profit decrease of 25.11% [1] - In the second quarter of 2025, the company's performance worsened, showing a revenue decline of 38.85% year-on-year and a net loss of 1.4167 million yuan, marking a staggering decline of 120.35% [1] - Despite the poor financial performance, the company's stock price increased by over 60% year-to-date, with a market capitalization of approximately 8.8 billion yuan as of August 29, 2025 [1] Group 2 - The article notes a change in the actual controller of Jinzi Ham, with Ren Guilong transferring 145 million shares to Zheng Qingsheng for a total price of 870 million yuan in June 2025 [1] - Following the change in control, the company began to venture into the semiconductor industry, establishing a wholly-owned subsidiary, Fujian Jinzi Semiconductor Co., Ltd., with a registered capital of 100 million yuan on July 28, 2025 [1] - Additionally, on July 2, 2025, Jinzi Ham set up Jinzi Chip (Shanghai) Technology Co., Ltd. with a registered capital of 8 million yuan, and on August 5, 2025, the controlling shareholder of Jinzi Chip changed to Jinzi Semiconductor [1]

Core Viewpoint - The financial performance of Jinzi Ham (002515) in the 2025 mid-year report shows a significant decline in both revenue and net profit compared to the previous year, indicating potential challenges for the company moving forward [1] Financial Performance Summary - The total operating revenue for the first half of 2025 was 170 million yuan, a decrease of 14.73% year-on-year [1] - The net profit attributable to the parent company was 22.92 million yuan, down 25.11% year-on-year [1] - In Q2 2025, the operating revenue was 40.37 million yuan, reflecting a 38.85% decline year-on-year, while the net profit was -1.42 million yuan, a decrease of 120.35% [1] - The gross margin was 24.97%, down 1.07% year-on-year, and the net margin was 13.23%, down 13.01% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 12.89 million yuan, accounting for 7.6% of revenue, a decrease of 3.63% year-on-year [1] - Earnings per share were 0.02 yuan, down 33.33% year-on-year, and operating cash flow per share was -0.02 yuan, a decrease of 115.15% year-on-year [1] Changes in Financial Items - Cash and cash equivalents decreased by 7.84% due to increased procurement payments [3] - Accounts receivable decreased by 30.54% as customer receivables reduced [3] - Inventory increased by 19.63% due to a rise in raw materials [3] - Contract liabilities decreased by 39.73% due to a reduction in advance payments [3] - Prepayments increased significantly by 410.82% due to prepayment for renovations and rent [3] - Research and development expenses increased by 51.05% as the company intensified its R&D efforts [3] Cash Flow Analysis - The net cash flow from operating activities decreased by 115.15% due to increased cash payments for goods and services [4] - The net cash flow from investing activities decreased by 274.82% due to increased cash outflows for fixed asset purchases [4] - The net cash flow from financing activities decreased by 47.49% due to higher cash payments for dividends and interest [4] - The net increase in cash and cash equivalents decreased by 238.54% due to increased cash outflows for goods, fixed assets, and other investment-related payments [4] Business Evaluation - The company's return on invested capital (ROIC) was 1.34%, indicating weak capital returns [4] - The historical median ROIC over the past decade was 1.83%, suggesting generally poor investment returns [4] - The company has experienced one loss year since its IPO, warranting further investigation into potential underlying issues [4] - The company's cash assets are reported to be in a healthy state, indicating a strong liquidity position [4]