JINZI HAM(SZ:002515) Bei Ke Cai Jing·2025-06-04 13:40Core Viewpoint - The transfer of shares from Ren Guilong to Zheng Qingsheng has been completed, making Zheng the controlling shareholder of Jinzi Ham, which may lead to new strategic directions for the company [1][4][6]. Share Transfer Details - Ren Guilong transferred 145 million shares to Zheng Qingsheng, who now holds 11.98% of the company's shares and 18.83% of the voting rights, becoming the largest shareholder [1][5]. - The share transfer was valued at 870 million yuan [4][7]. Financial Performance - Since Ren Guilong took control in 2021, Jinzi Ham's revenue has been on a downward trend, although 2024 showed a year-on-year increase in revenue and net profit [2][12]. - In 2024, Jinzi Ham achieved approximately 344 million yuan in revenue, a 9.62% increase, and a net profit of about 62.17 million yuan, a 55.19% increase [13]. - Despite revenue growth, the gross margin for ham products decreased by 1.51% to 26.14% in 2024, indicating challenges in maintaining profitability [14][15]. Strategic Challenges - Jinzi Ham has been diversifying into various sectors since 2013, including mining, banking, e-commerce, and new energy vehicles, but these ventures have not significantly supported its performance [3][19]. - The company's total market value has halved from its peak, reflecting the impact of its strategic decisions [18][23]. Future Outlook - Zheng Qingsheng's background in real estate and automotive sectors raises questions about his ability to navigate the food industry, which may present both opportunities and risks for Jinzi Ham [7][9]. - The company plans to focus on cost reduction, sales expansion, and structural adjustments in 2025, with an emphasis on developing ham-related products [16][17].