Core Viewpoint - The leadership of Jinzi Ham is undergoing a significant change with the appointment of Zheng Hu as the new president, following the resignation of Guo Bo just five months after taking office, indicating a shift in management strategy and potential for brand rejuvenation targeting younger consumers [1][10]. Management Changes - Guo Bo resigned from her position as president for personal reasons, while retaining her roles as vice chairman and a member of the board's strategic committee [1]. - Zheng Hu, a post-90s individual and son of the controlling shareholder Zheng Qingsheng, has taken over as president, marking a generational shift in the company's leadership [6][10]. Shareholding Structure - Zheng Qingsheng, the new controlling shareholder, holds 18.83% of the voting rights after acquiring shares from other shareholders, indicating a consolidation of control within the Zheng family [9][10]. - The Shi family, the original founders, have reduced their stake to approximately 7%-8%, relinquishing control and transitioning to a financial investor role [9][10]. Financial Performance - In the first half of the year, Jinzi Ham reported revenues of 170 million yuan, with a net profit of approximately 22.92 million yuan [11]. - The ham business remains the core revenue driver, contributing nearly 60% of total revenue, although sales volume has decreased by 14% year-on-year [12][13]. - For the first three quarters, the company experienced a revenue decline of 13.97% to 222 million yuan, with net profit down 26.25% to 22.01 million yuan [14]. Strategic Initiatives - The company is launching new products to adapt to market demands, including various types of ham and meat products, as well as exploring cross-industry innovations like ham ice cream [14][16]. - Jinzi Ham is also venturing into the semiconductor industry, establishing two chip companies and planning to invest up to 300 million yuan in acquiring a stake in Zhongzheng Microelectronics, aiming to leverage digital economy trends [16][19]. Market Position and Challenges - Jinzi Ham is recognized as a leading player in the traditional ham industry, but faces challenges from intensified market competition and changing consumer preferences [11][14]. - The company's past attempts at diversification into unrelated sectors have met with limited success, highlighting the risks associated with its investment strategies [19].

Core Insights - The food and beverage industry experienced a slight decline of 0.02% on December 16, with a net inflow of funds amounting to 302 million yuan [1] - Among the 124 stocks in the industry, 58 stocks rose, with 3 hitting the daily limit up, while 60 stocks fell, including 2 hitting the daily limit down [1] - The top net inflow stocks included Hei Zhima with 317 million yuan, followed by Anji Food and Huangshi Group with 309 million yuan and 65.43 million yuan respectively [1] Fund Inflow Summary - The top inflow stocks in the food and beverage sector included: - Hei Zhima: 10.05% increase, 10.83% turnover rate, 316.64 million yuan net inflow [1] - Anji Food: 10.01% increase, 23.87% turnover rate, 308.90 million yuan net inflow [1] - Huangshi Group: 10.10% increase, 6.79% turnover rate, 65.43 million yuan net inflow [1] Fund Outflow Summary - The top outflow stocks in the food and beverage sector included: - Bei Yin Mei: 1.41% decrease, 9.93% turnover rate, 50.93 million yuan net outflow [2] - Lianhua Holdings: 0.34% increase, 9.57% turnover rate, 43.76 million yuan net outflow [2] - Jinzi Ham: 4.16% decrease, 3.73% turnover rate, 34.25 million yuan net outflow [2]

Core Viewpoint - The management of Jinzi Ham is undergoing significant changes with the appointment of Zheng Hu as the new president, following the acquisition of control by Zheng Qing Sheng, who has no prior experience in the food industry [1][3]. Group 1: Management Changes - Guo Bo has resigned as president for personal reasons but will remain as vice chairman and a member of the board's strategic committee [1]. - Zheng Hu, born in 1991, has been appointed as the new president, marking a consolidation of power within the Zheng family, with both father and son holding key positions [1][2]. Group 2: New Business Directions - Jinzi Ham has been diversifying its business interests, recently entering the semiconductor sector by establishing subsidiaries and investing in a light communication chip company, Zhongsheng Microelectronics [3]. - The new investment in Zhongsheng Microelectronics focuses on high-speed optical module core chips, which are applicable in AI, cloud computing, and telecommunications [3]. Group 3: Financial Performance - In 2024, Jinzi Ham reported revenues of 344 million yuan and a net profit of 62.17 million yuan, with over 87% of revenue coming from ham and related meat products [5][6]. - However, in the first three quarters of 2025, the company experienced a significant decline, with revenues dropping by 13.97% to 222 million yuan and net profits decreasing by 26.25% to 22.01 million yuan [5][6].

Group 1 - The core point of the news is the resignation of Guo Bo as the president of Jinzi Ham, with Zheng Hu appointed as the new president after a brief tenure of only five months [1][5] - Guo Bo will continue to serve as the vice chairman and a member of the board's strategic committee [1] - Zheng Hu, born in 1991, has a background in automotive sales and has been promoted from vice president to president within a short period [5][6] Group 2 - Zheng Qing Sheng, the controlling shareholder and chairman, acquired 11.98% of Jinzi Ham's total shares, gaining significant voting rights [6] - The company has recently ventured into the semiconductor industry, establishing two companies focused on chip business [6] - Jinzi Ham's subsidiary plans to invest up to 300 million yuan to acquire up to 20% of Zhongsheng Microelectronics, a company currently not profitable [6][7] Group 3 - Jinzi Ham has previously attempted cross-industry investments in various sectors, including internet finance and healthcare, but has faced challenges with some investments [7] - For the first three quarters of 2025, the company reported a revenue of 222 million yuan, a year-on-year decrease of 13.97%, and a net profit of 22.01 million yuan, down 26.25% year-on-year [8]

Core Viewpoint - The company has announced changes in accounting estimates regarding the depreciation of fixed assets and investment properties to better reflect its financial status and operational results, effective from January 1, 2026 [2][3][20]. Group 1: Accounting Estimate Change - The change in accounting estimates will not require retrospective adjustments to previously disclosed financial reports and will not significantly impact the company's financial condition, operating results, or cash flows [2][3]. - The reason for the change is to provide a more accurate reflection of the company's financial status and operational results, considering the advancements in construction technology and materials used in new buildings [2][3]. - The new depreciation periods and rates for fixed assets and investment properties will align more closely with the actual usage of the assets, enhancing the quality of accounting information [4][5][20]. Group 2: Management Changes - The company has accepted the resignation of its president, Guo Bo, who will continue to serve as vice chairman and a member of the board's strategic committee [9]. - Zheng Hu has been appointed as the new president, effective from the date of the board's approval, with a term lasting until the end of the current board's tenure [10][18]. - Zheng Hu has a background in automotive sales and has served as the company's vice president prior to his appointment as president [13].

Group 1 - The core point of the news is the resignation of the president of Jinzi Ham, Guo Bo, due to personal reasons, while she will continue to serve as vice chairman and a member of the board's strategic committee [2] - Zheng Hu has been appointed as the new president of Jinzi Ham, effective from December 15, 2025, and his term will last until the end of the seventh board's term [2] - This marks the second presidential change for Jinzi Ham within the year, with Guo Bo previously replacing Zhou Guohua in July during the board's reshuffle [3] Group 2 - Zheng Hu, born in 1991, holds a bachelor's degree and has served as vice president for approximately five months prior to his new appointment [3] - Zheng Hu is also a director at Shanghai Aston Martin Automobile Sales Co., Ltd. since 2018, and he has a familial relationship with the company's controlling shareholder, Zheng Qingsheng [3] - Jinzi Ham was established in 1994 and listed on the Shenzhen Stock Exchange in 2010, recognized as a key leading enterprise in agricultural industrialization in China, specializing in various ham products [3]

Group 1: Company Changes - The president of Jinzi Ham, Guo Bo, has resigned for personal reasons but will continue to serve as vice chairman. Zheng Hu has been appointed as the new president until the end of the seventh board term. Zheng Hu, born in 1991, previously held positions at Aston Martin Automotive Sales Co., Ltd. [1] - The appointment of a young executive and the previous investment in semiconductors indicate that the new actual controller, Zheng Qingsheng, is accelerating business and team restructuring, which may boost sentiment in the short term. However, the company continues to face losses and high inventory levels, raising concerns about potential further losses if adjustments in the semiconductor layout do not meet expectations [1]. Group 2: Pricing Strategies - McDonald's has raised prices on various menu items by 0.5 to 1 yuan, including several burgers, snacks, and meal sets. The "1+1 flexible pairing" meal, humorously referred to as the "poor man's meal," has not seen a price increase, although some combinations within it have increased by 1 yuan [2]. - This price increase is expected to directly enhance the average selling price (ASP) per store by 1% to 2%, significantly contributing to profit elasticity. By maintaining low-priced meal options, McDonald's balances customer flow and brand affinity while countering inflation through "micro price increases and menu structure optimization" [2]. Group 3: Film Industry Developments - China Film has announced that major productions, including anticipated films like "The Wandering Earth 3," are scheduled for release in 2027 and beyond. The company currently has around 90 projects in development, with nearly 50 being original projects. The upcoming year is expected to focus on co-invested works or low to medium-budget films [3]. - The delay of major films may lead to a lack of blockbuster releases in 2026, putting pressure on short-term revenue growth. However, a strong project reserve and planned major films for 2027 could lead to significant performance releases if films pass approval and are released successfully [3]. Group 4: E-commerce Regulations - Douyin E-commerce has introduced new regulations to combat the spread of false information under the guise of "anti-counterfeiting," "evaluation," and "exposing black market activities." The platform will strictly regulate creators' content in these categories, requiring scientific evidence and industry standards to avoid misleading the public [4]. - These new regulations aim to purify the platform's ecosystem by reducing misleading evaluations that affect brands and consumers. In the long term, compliance requirements are expected to increase demand for third-party testing agencies, authoritative certifications, and scientific evaluation services, benefiting professional evaluation institutions and brands seeking credible endorsements [4].

金字火腿12月15日公告，郭波因个人原因申请辞去公司总裁职务，辞职后仍担任公司副董事长、董事会 战略委员会委员。公司于12月15日召开董事会，同意聘任郑虎为公司总裁，任期至第七届董事会任期届 满之日止。郑虎与公司控股股东、实际控制人、董事长郑庆昇为父子关系。 ...

北京商报讯（记者 郭秀娟 王悦彤） 12月15日，金字火腿发布公告，公司总裁郭波因个人原因辞职，辞 职后仍担任副董事长及董事会战略委员会委员职务。郭波辞职自送达公司董事会之日起生效，且未持有 公司股份，也不存在未履行的承诺事项。同时，公司召开董事会，聘任郑虎为新总裁，任期至第七届董 事会任期结束。公告显示，郑虎此前任副总裁，并与公司控股股东、实控人郑庆昇存在父子关系。 ...

（文章来源：证券日报） 证券日报网讯 12月15日晚间，金字火腿发布公告称，公司第七届董事会第六次会议审议通过《关于聘 任公司总裁的议案》《关于会计估计变更的议案》。 ...