Group 1 - The core point of the article is that Jinzi Ham (金字火腿) plans to invest up to 300 million RMB in Zhongsheng Microelectronics (中晟微) to acquire up to 20% equity, recognizing the potential of the AI and optical communication industries [1][2] - Jinzi Ham's subsidiary, Fujian Jinzi Semiconductor Co., Ltd., sees Zhongsheng Micro's capabilities in domestic substitution for optical communication chips as promising [1] - Zhongsheng Micro, founded in 2019 by key R&D personnel from U.S. optical communication chip design companies, focuses on the development of high-speed optical module core chips for applications in AI, cloud computing, and telecommunications [1] Group 2 - Zhongsheng Micro is currently not profitable, and its future profitability remains uncertain; the investment will occur in two rounds, with the first round valuing Zhongsheng Micro at 1 billion to 1.3 billion RMB [2] - The valuation for the first round is based on historical financing and industry characteristics, with a potential increase of 9710% based on a 1 billion RMB pre-investment valuation [2] - Jinzi Ham reported a revenue of 170 million RMB in the first half of the year, a decrease of 14.73% year-on-year, and a net profit of 22.92 million RMB, down 25.11% year-on-year [2]

Core Viewpoint - The company Jinzi Ham (002515) is making a strategic investment in the AI and optical communication sectors by acquiring up to 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. for no more than RMB 300 million through capital increase and expansion [1][4]. Group 1: Investment Details - The investment will occur in two rounds, with the final amount and shareholding ratio to be determined after due diligence on Zhongsheng Microelectronics [4]. - Zhongsheng Microelectronics was founded in 2019 by core R&D personnel from American optical communication chip design companies and has been recognized as a "future unicorn" in China for two consecutive years [5]. - The company specializes in the R&D and design of high-speed optical module core chips, with applications in AI, cloud computing, and telecommunications networks [5]. Group 2: Financial Performance - Jinzi Ham reported a revenue of RMB 170 million in the first half of the year, a decrease of 14.73% year-on-year, with a net profit attributable to shareholders of RMB 22.92 million, down 25.11% year-on-year [8]. - The company aims to diversify its investment channels to enhance performance and adapt to market challenges, while maintaining stable operations in its core business [8]. Group 3: Strategic Rationale - The investment aligns with the company's overall development strategy, allowing for more efficient use of idle funds and capitalizing on the trends of the digital economy [8]. - The framework agreement signed is a preliminary intention, and the transaction is still subject to uncertainties, making it difficult to predict its impact on the company's operational performance [8].

Core Viewpoint - Company Jinzi Ham (002515) is making a strategic investment in the AI and optical communication sectors by acquiring up to 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. for no more than RMB 300 million through capital increase and expansion [2][4]. Group 1: Investment Details - The investment will occur in two rounds, with the final amount and shareholding ratio to be determined after due diligence on Zhongsheng Microelectronics [4]. - Zhongsheng Microelectronics was founded in 2019 by core R&D personnel from U.S. optical communication chip design companies and has been recognized as a "future unicorn" in China for two consecutive years [5]. - The company specializes in the R&D and design of high-speed optical module core chips, with applications in AI, cloud computing, and telecommunications networks [5]. Group 2: Financial Performance - Jinzi Ham reported a revenue of RMB 170 million in the first half of the year, a decrease of 14.73% year-on-year, with a net profit of RMB 22.92 million, down 25.11% [7]. - The company aims to diversify its investment channels to enhance performance and adapt to market challenges, while maintaining stable operations in its core business [7]. Group 3: Market Position and Future Outlook - Jinzi Ham's core business includes various meat products, with a leading market share and brand recognition [7]. - The investment in Zhongsheng Microelectronics aligns with the company's long-term strategy to leverage idle funds and capitalize on the digital economy trend, potentially improving future business performance [7].