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]

Market Overview - On August 27, the food processing sector declined by 1.84%, with Kangbiter leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable stock performances include: - ST Chuntian (600381) closed at 4.64, up 0.65% with a trading volume of 149,700 shares and a turnover of 70.91 million yuan [1] - Jinzi Ham (002515) closed at 7.15, down 0.28% with a trading volume of 348,800 shares and a turnover of 251 million yuan [1] - Shuanghui Development (000895) closed at 24.82, down 1.15% with a trading volume of 126,200 shares and a turnover of 316 million yuan [1] - Kangbiter (833429) closed at 21.61, down 3.87% with a trading volume of 47,700 shares and a turnover of 104 million yuan [2] Capital Flow - The food processing sector experienced a net outflow of 387 million yuan from institutional investors, while retail investors saw a net inflow of 273 million yuan [2] - The capital flow for specific stocks shows: - Guangming Meat Industry (600073) had a net inflow of 12.26 million yuan from institutional investors [3] - Huifa Food (603536) experienced a net outflow of 1.52 million yuan from institutional investors [3] - ST Chuntian (600381) had a net outflow of 2.11 million yuan from institutional investors [3]

Core Insights - The company Jinzi Ham reported a significant decline in net profit by 25.11% year-on-year for the first half of 2025, with total revenue decreasing by 14.73% to 170 million yuan [1] - The second quarter of 2025 saw an even sharper decline, with revenue dropping by 38.85% to 40.37 million yuan and a net loss of 1.42 million yuan, marking a 120.35% decrease in net profit [1] Financial Performance - Total revenue for the first half of 2025 was 170 million yuan, down from 199.5 million yuan in the same period of 2024, reflecting a 14.73% decrease [1] - Net profit attributable to shareholders was 22.92 million yuan, compared to 30.61 million yuan in the previous year, a decline of 25.11% [1] - Gross margin decreased to 24.97%, down 1.07 percentage points from the previous year, while net margin fell to 13.23%, a drop of 13.01 percentage points [1] - Operating cash flow per share turned negative at -0.02 yuan, a significant decrease of 115.15% year-on-year [1] Expense Analysis - Total selling, administrative, and financial expenses amounted to 12.89 million yuan, accounting for 7.6% of revenue, which is a slight decrease of 3.63% from the previous year [1] - The company reported a 51.05% increase in R&D investment, indicating a strategic focus on innovation despite declining profits [4] Asset and Liability Changes - Cash and cash equivalents decreased by 7.84% due to increased procurement payments [3] - Accounts receivable dropped by 30.54%, attributed to reduced customer receivables [3] - Inventory increased by 19.63%, reflecting a rise in raw material stock [3] - Contract liabilities decreased by 39.73%, linked to a reduction in advance payments [4] Return on Investment - The company's return on invested capital (ROIC) was reported at 1.34%, indicating weak capital returns, with a historical median ROIC of 1.83% over the past decade [5] - The net profit margin for the previous year was 17.91%, suggesting high added value in products or services despite overall weak financial performance [5]

Core Insights - In the first half of 2025, the company reported a revenue of 170 million yuan, a decrease of 14.73% compared to the same period last year [1] - The net profit attributable to shareholders was 22.92 million yuan, reflecting a year-on-year decline of 25.11% [1] Product Development - The company launched several new products, including sauce-flavored cured meat, crystal wind meat, reduced-salt cured meat, egg yolk ham cakes, and Buddha hand ham cakes, to meet new consumer demands [1] - Future strategies will focus on optimizing product structure and enhancing brand promotion and consumer education [1] Market Strategy - The company aims to develop both Chinese-style and European-style fermented ham products, as well as a variety of specialty meat products such as sausages, cured meats, sauce meats, lightly salted meats, grilled sausages, and XO sauce [1] - There is a commitment to steadily develop customized brand meat products that cater to the personalized needs of new channels and users, including fresh e-commerce, community e-commerce, food processing enterprises, and chain restaurants [1] - The company plans to expand online marketing efforts and strengthen its offline market presence [1]

2024年1至12月份，金字火腿的营业收入构成为：火腿行业占比87.43%，冷链服务占比7.42%，其他业 务占比5.14%。 截至发稿，金字火腿市值为87亿元。 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 每经AI快讯，金字火腿（SZ 002515，收盘价：7.16元）8月25日晚间发布公告称，公司第七届第二次董 事会会议于2025年8月22日在公司会议室以现场与通讯相结合的方式召开。会议审议了《关于公司2025 年半年度报告及其摘要的议案》等文件。 （记者 胡玲） ...

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月25日，金字火腿发布2025年半年报，报告期内，公司 实现营业收入1.7亿元，同比下降14.73%；实现归母净利润2292.04万元，同比下降25.11%。 ...

金字火腿股份有限公司 2025 年半年度财务报告 金字火腿股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 8 月 1 金字火腿股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：金字火腿股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 1,592,688,635.81 | 1,728,107,080.78 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 14,816,167.86 | 36,523,529.34 | | 应收款项融资 | | | | 预付款项 | 10,212,407.50 | 1,999,222.77 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 ...

证券代码：002515 证券简称：金字火腿 公告编号：2025-050 金字火腿股份有限公司 关于 2025 年半年度募集资金存放、管理与使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》（证监会公告〔2025〕 10 号）和深圳证券交易所印发的《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（2025 年修订）》（深证上〔2025〕480 号）的规定，金字火腿股 份有限公司（以下简称"公司"）2025 年半年度募集资金存放、管理与使用情况专项说 明如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据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），本公司由主承销商甬兴证券有限公司向 特定对象发行人民币普通股（A 股）股票 232,300,884 股，发行价为每股人民币 4.52 元，共计募集资金额 1,049,999,995.68 元，坐扣承销费用 6,000,000.00 ...

| 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算的 | 2025年期初 | 2025年1-6月占 用累计发生金额 | 2025年1-6月 占用资金的利 | 2025年1-6月 2025年1-6月 偿还累计发生 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 会计科目 | 占用资金余额 | （不含利息） | 息 （如有） | 占用资金余额 金额 | | | | 控股股东、实际控制人及其附 | | | | | | | | | 非经营性占用 | | 属企业 | | | | | | | | | 非经营性占用 | | 小 计 | - | - | - | | | | | | - | | 前控股股东、实际控制人及其 | | | | | | | | | 非经营性占用 | | 附属企业 | | | | | | | | | 非经营性占用 | | 小 计 | - | - | - | | | | | | - | | 其他关联方及其附属企业 | | | | | | ...

证券代码：002515 证券简称：金字火腿 公告编号：2025-048 金字火腿股份有限公司 第七届董事会第二次会议决议公告 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。 一、会议召开情况 金字火腿股份有限公司（以下简称"公司"）第七届董事会第二次会议（以 下简称"本次会议"）通知于 2025 年 8 月 11 日以传真、专人送达、邮件、电 话等方式发出，会议于 2025 年 8 月 22 日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《关于公司 2025 年半 年度报告及其摘要的议案》。 《 公 司 2025 年 半 年 度 报 告 》 刊 登 在 2025 年 8 月 26 日 巨 潮 资 讯 网 （www.cninfo.com.cn）上；《公司 2025 年半年度 ...