JINZI HAM(SZ:002515) 3 6 Ke·2025-12-16 11:35Core Viewpoint - The recent leadership change at Jinzi Ham is significant, with the appointment of Zheng Hu as the new president following the resignation of Guo Bo, indicating a strategic shift within the company as it navigates challenges in its core business and explores new ventures in the semiconductor industry [1][4]. Company Leadership Changes - Guo Bo resigned as president of Jinzi Ham after only five months in the role, while still retaining her position as vice chairman and on the board's strategic committee [1]. - Zheng Hu, born in 1991 and previously serving as vice president, has been appointed as the new president, with a term lasting until the end of the current board's tenure [1][3]. Family Background and Influence - Zheng Hu is the son of Zheng Qing Sheng, the company's controlling shareholder, which raises questions about nepotism and the potential for familial influence in corporate governance [3][4]. - Zheng Qing Sheng, a notable entrepreneur with a diverse business background, has been pivotal in Jinzi Ham's recent strategic direction, including the establishment of semiconductor companies [4][6]. Financial Performance - Jinzi Ham reported a revenue of 170 million yuan for the first half of 2025, a decline of 14.73% year-on-year, with a net profit of 22.92 million yuan, down 25.11% [4][6]. - The company's ham business saw a revenue drop of 1.47 billion yuan compared to its peak in 2021, indicating ongoing struggles in its core operations [4][6]. Product Performance Metrics - Sales volume for ham decreased by 14% to 1,004,568 kg in the first half of 2025 compared to the same period in 2024 [5]. - The production volume of ham also fell by 17.55%, while the inventory increased by 10.81%, suggesting potential overproduction issues [5]. Strategic Ventures - Jinzi Ham is venturing into the semiconductor industry, with plans to invest up to 300 million yuan in acquiring a stake in Zhongsheng Microelectronics, which is currently operating at a loss [6][9]. - The company aims to leverage its semiconductor investments to diversify its revenue streams, although the long-term viability of this strategy remains uncertain [9][10]. Market Trends and Opportunities - The high-end market for ham products is growing, with premium offerings like gift boxes and aged hams becoming increasingly popular, presenting a potential growth opportunity for Jinzi Ham [11]. - The company is also focusing on enhancing its online sales channels and direct marketing efforts to capture a larger market share [10][11].