JINZI HAM(SZ:002515) IPO日报·2025-09-24 00:33Core Viewpoint - Jinzi Ham Co., Ltd. plans to invest up to 300 million yuan in Zhongsheng Microelectronics to acquire up to 20% equity, recognizing the potential in the AI and optical communication sectors [1][4]. Group 1: Investment Details - The investment will occur in two rounds, with the first round involving 100 million yuan at a pre-investment valuation of 1 billion to 1.3 billion yuan [5][6]. - The second round will depend on the successful verification of a specific chip and may involve up to 200 million yuan [5][6]. - After both rounds, Jinzi Ham will hold no more than 20% of Zhongsheng Microelectronics [6]. Group 2: Financial Performance of Zhongsheng Microelectronics - Zhongsheng Microelectronics, established in 2019, focuses on high-speed optical module core chips, with revenues of 204,900 yuan in 2024 and 511,100 yuan in the first seven months of 2025 [4]. - The company reported net losses of 38.83 million yuan in 2024 and 20.37 million yuan in the first seven months of 2025 [4]. Group 3: Jinzi Ham's Financial Situation - Jinzi Ham's revenue has declined from 710 million yuan in 2020 to 344 million yuan in 2024, with a net profit of 62.04 million yuan in 2024 [8]. - The company reported a 14.73% decrease in revenue and a 25.11% decrease in net profit in the first half of 2025 compared to the previous year [8]. Group 4: Strategic Rationale - The investment in the semiconductor sector is part of Jinzi Ham's strategy to diversify and enhance its performance amid slow growth in its core business [8]. - The management acknowledges limitations in industry experience and past unsuccessful investments, indicating potential risks in this new venture [9].