金字火腿第二季度业绩大降，年内股价涨幅超60%，新实控人拟转型半导体？

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].