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金字火腿3亿跨界押注光通信芯片:高估值与未盈利标的的博弈
Xin Lang Cai Jing· 2025-09-25 08:25
Core Viewpoint - The investment by Jinzi Ham is a strategic move to acquire up to 20% of Zhongsheng Microelectronics, a company specializing in optical communication chips, amidst the backdrop of declining traditional meat product sales and the need for diversification [1][4]. Group 1: Investment Details - Jinzi Ham's wholly-owned subsidiary plans to invest no more than 300 million yuan in Zhongsheng Microelectronics through a capital increase [1]. - The investment will occur in two rounds, with the first round of 100 million yuan based on a pre-investment valuation of 1 billion to 1.3 billion yuan, indicating a potential appreciation rate of 9710% if calculated at the lower end of the valuation [3]. Group 2: Zhongsheng Microelectronics Overview - Zhongsheng Microelectronics, established in 2019, focuses on the research and design of high-speed optical module core chips, including TIA and Driver chips, which are essential for AI computing centers, 5G/5.5G base stations, and cloud computing data centers [2]. - The company has achieved mass production testing of chips required for 400G/800G optical modules and has completed the R&D design for chips needed for 1.6T and above speed optical modules [2]. Group 3: Financial Performance and Challenges - Zhongsheng Microelectronics reported revenue of only 51.11 thousand yuan from January to July 2025, with a net loss of 20.37 million yuan, highlighting the challenges of high R&D investment and a mismatch in commercialization cycles [3]. - Jinzi Ham's traditional business has been under pressure, with a 14.73% year-on-year decline in revenue to 170 million yuan and a 25.11% drop in net profit to 22.92 million yuan in the first half of 2025 [4]. Group 4: Strategic Implications - The investment is seen as a last-ditch effort for Jinzi Ham to pivot from its declining core business, which has faced challenges from consumer upgrades and previous unsuccessful diversification attempts [4]. - The combination of traditional meat products and semiconductor technology reflects a broader trend of digital transformation in traditional industries and the capital market's enthusiasm for domestic substitution themes [5].
金字火腿跨界屡败屡战
Bei Jing Shang Bao· 2025-09-24 16:37
Core Viewpoint - Jinzi Ham is expanding into the semiconductor industry by investing up to 300 million yuan to acquire up to 20% of Zhongsheng Microelectronics, marking a strategic move to diversify beyond its traditional meat products business [1][3]. Group 1: Company Background and Strategic Moves - Jinzi Ham, primarily engaged in ham products and traditional meat products, has faced slow growth in its main business due to market factors, prompting the need for diversification [3]. - The investment in Zhongsheng Microelectronics is the first major capital action under the new control of Zheng Qingsheng, who became the controlling shareholder in June 2023 [1][7]. - The company has a history of cross-industry investments, including ventures into rare earths, internet finance, new energy vehicles, and healthcare, although past attempts have not significantly boosted performance [6][7]. Group 2: Investment Details and Market Context - The investment will occur in two rounds, with the first round involving a 100 million yuan capital increase based on a pre-investment valuation of Zhongsheng Microelectronics between 1 billion and 1.3 billion yuan [4]. - Zhongsheng Microelectronics, founded in 2019, focuses on high-speed optical module core chips and has been recognized in the "China Future Unicorn TOP 100" list for 2024 and 2025, although it has yet to achieve profitability [3][4]. - The optical module chip market is expected to grow rapidly due to the global AI data center construction wave, presenting a potential opportunity for Jinzi Ham to benefit from technological advancements [8]. Group 3: Challenges and Risks - There are concerns regarding the high valuation of Zhongsheng Microelectronics, with a potential increase of 9710% based on the lowest valuation, which may lead to risks of impairment in long-term equity investments [4]. - Jinzi Ham's management may face challenges in technical accumulation and management capabilities in the semiconductor sector, which could impact the success of this investment [4][5]. - The company's previous cross-industry investments have not yielded significant results, raising questions about the effectiveness of this new strategy [6][7].
这家火腿公司,要花3亿搞芯片……
Guo Ji Jin Rong Bao· 2025-09-24 06:13
Group 1 - The transaction will occur in two rounds, with the final investment amount and shareholding ratio to be determined after due diligence on Zhongsheng Microelectronics [1][3] - Zhongsheng Microelectronics, established in 2019, focuses on the R&D and design of high-speed optical module core chips, with applications in AI, cloud computing, and telecommunications [2][6] - The company has not yet achieved profitability, with revenues of 204,900 yuan and 511,100 yuan for 2024 and the first seven months of 2025, respectively, and net losses of 38.83 million yuan and 20.37 million yuan [2][3] Group 2 - The first round of investment will be based on a pre-investment valuation of 1 billion to 1.3 billion yuan, with an investment amount of 10 million yuan [3][4] - The second round of investment, contingent on the successful verification of a specific chip, will not exceed 200 million yuan [3][4] - After both rounds of investment, the company will hold up to 20% equity in Zhongsheng Microelectronics [4] Group 3 - The main company, Jinzi Ham, has faced a decline in its core business and aims to diversify into the semiconductor sector to enhance performance and achieve sustainable development [5][7] - Financial data from 2020 to 2024 shows a decline in total revenue from 710 million yuan to 344 million yuan, with net profit fluctuating [7] - Jinzi Ham has a history of unsuccessful investments, indicating potential risks in this new venture [7]
投资光通信芯片企业,金字火腿再谋跨界
Bei Jing Shang Bao· 2025-09-23 12:39
Group 1 - The core point of the article is that Jinzi Ham is diversifying its business by investing in the semiconductor industry, specifically in Zhongsheng Microelectronics, to adapt to market challenges in its main business of meat products [2][3] - Jinzi Ham's investment in Zhongsheng Microelectronics will not exceed 300 million yuan, aiming to acquire up to 20% equity in the company, marking a significant move under the new control of Zheng Qingsheng [2][3] - The investment is a strategic response to the slow growth in Jinzi Ham's main business, which has faced performance declines due to market factors, and aims to enhance long-term sustainable development [3][4] Group 2 - Zhongsheng Microelectronics, founded by key R&D personnel from a U.S. optical communication chip design company, focuses on high-speed optical module core chip development and has been recognized in the "China Future Unicorn TOP 100" list for 2024 and 2025 [3][4] - Currently, Zhongsheng Microelectronics has not yet achieved profitability, reporting revenue of 511,100 yuan and a net loss of 20.37 million yuan for the first seven months of 2025 [4] - The investment will occur in two rounds, with the first round of 100 million yuan based on a pre-investment valuation of Zhongsheng Microelectronics between 1 billion and 1.3 billion yuan, indicating a potential high valuation risk [4][5] Group 3 - Jinzi Ham has previously attempted multiple cross-industry ventures, including investments in rare earths, internet finance, and new energy vehicles, but these efforts have not significantly improved its financial performance [5][6] - Under the previous control of Ren Guilong, Jinzi Ham sought transformation by developing prepared dishes and investing in cloud computing, but these initiatives also faced challenges [6][7] - The recent investment in Zhongsheng Microelectronics is seen as a strategic move to tap into the high-growth potential of the semiconductor industry, which is expected to benefit from the global AI data center construction wave [7]
金字火腿“跨界”造芯背后,隐现福建富商郑庆昇的资本阳谋
Huan Qiu Lao Hu Cai Jing· 2025-09-23 11:52
金字火腿跨界芯片有了新进展。 9月22日晚间,金字火腿公告,公司拟以自有或自筹资金不超过3亿元,通过增资扩股的方式取得中晟微 电子(杭州)有限公司(简称"中晟微")不超过20%的股权。 资料显示,中晟微主营400G/800G/1.6T及以上高速光模块核心电芯片的研发设计,而金字火腿主营中式 火腿、欧式发酵火腿,公司此次投资属于跨界光通信芯片领域。受跨界造芯刺激,9月23日,金字火腿 开盘快速拉升涨停,报7.85元/股,最新市值95.03亿元。 需要注意的是,今年4月,福建富商郑庆昇刚出资8.7亿元拿下金字火腿控制权。郑庆昇正式入主一个 月,金字火腿便成立了两家半导体相关的公司,彼时资本市场对金字火腿跨界半导体已经有了预期。 而郑庆昇本人本就是"跨界狂魔",八十年代从榨蔗糖起家,产业涉及房地产、教育、汽车等多个领域。 不过,此前郑庆昇在资本市场上鲜有露面,金字火腿是他旗下首家上市公司。 金字火腿跨界芯片 9月23日,金字火腿开盘涨停,报7.85元/股,公司总市值增至95亿元,逼近百亿大关。 消息面上,9月22日晚间,金字火腿发布公告称,公司全资子公司福建金字半导体有限公司(简称"福建 金字公司")看好AI产业趋 ...
火腿公司,跨界芯片
半导体芯闻· 2025-09-23 10:38
Core Viewpoint - The company, Jinzi Ham Co., Ltd., is making a strategic investment in Zhongsheng Microelectronics, focusing on the AI and optical communication sectors, with an investment of up to 300 million RMB for a stake of no more than 20% [1][2]. Group 1: Investment Rationale - The investment aims to address the slow growth in the company's main business due to consumer market factors, enhancing overall performance and ensuring sustainable long-term development [2]. - The investment aligns with the company's strategic development plan, allowing for better utilization of idle funds and capitalizing on the trends of the digital economy [2]. Group 2: Target Company Overview - Zhongsheng Microelectronics, established in 2019, specializes in high-speed optical module core chip design, with applications in AI, cloud computing, and 5G technologies [2]. - The company has been recognized in the "China Future Unicorn TOP 100" list for 2024 and 2025, indicating strong growth potential despite currently not being profitable [2]. Group 3: Financial Performance - In the first seven months of this year, Zhongsheng Microelectronics reported revenue of 511,100 RMB and a net loss of 20.37 million RMB, highlighting the financial risks associated with the investment [2]. Group 4: Investment Structure and Future Considerations - The investment will be conducted in two phases, with the final amount and shareholding percentage to be determined after due diligence [1]. - The investment is classified as a financial investment, meaning the financials of both companies will not be consolidated, and the company has previously faced challenges with investments [3].
002515,直线涨停!拟跨界投资光通信芯片
中国基金报· 2025-09-23 04:21
Core Viewpoint - Jinzi Ham plans to invest no more than 300 million CNY to acquire up to 20% equity in Zhongsheng Microelectronics, focusing on the promising optical communication chip sector [2][6][8]. Investment Details - The investment will be conducted through capital increase and will be divided into two rounds, with the final amount and shareholding ratio to be determined after due diligence [7][11]. - The first round of investment is estimated at 100 million CNY, based on Zhongsheng Micro's pre-investment valuation of 1 billion to 1.3 billion CNY, indicating a potential appreciation rate of 9710% [11]. Company Background - Zhongsheng Micro was founded in 2019 by core R&D personnel from a US optical communication chip design company and has been recognized as a "future unicorn" in China [7][8]. - The company specializes in the development of high-speed optical module core chips, with products used in AI, cloud computing, and telecommunications [8]. Financial Performance - Zhongsheng Micro has not yet achieved profitability, reporting revenues of 204,900 CNY in 2024 and a net loss of 38.83 million CNY [9][10]. - For the first seven months of 2025, the company generated revenues of 511,100 CNY with a net loss of 20.37 million CNY [9][10]. Strategic Shift - Jinzi Ham's investment is part of a broader strategy to utilize idle funds effectively and align with the trends of the digital economy, aiming to enhance future business opportunities and improve performance [8][12]. - The company has faced challenges in its core business, leading to a decline in revenue from its traditional ham products [14][15][17]. Recent Changes in Control - The investment marks the first major move by the new controlling shareholder, Zheng Qingsheng, who took control of Jinzi Ham in June 2025 [21][22]. - Zheng Qingsheng has a background in real estate and automotive sales, indicating a shift in the company's strategic direction towards the semiconductor industry [22].
金字火腿:全资子公司拟以不超过3亿元取得中晟微电子不超过20%股权
Cai Jing Wang· 2025-09-23 03:02
Core Viewpoint - The company Jinzi Ham 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 300 million RMB, indicating confidence in the domestic chip replacement capabilities in the optical communication field [1] Group 1 - The investment will be executed in two rounds, with the final amount and shareholding ratio to be determined after due diligence and consideration of the target company's future development plans and market valuation [1] - The board of directors of Jinzi Ham approved the investment framework agreement with Zhongsheng Microelectronics on September 19, 2025 [1] - The investment reflects the company's recognition of the market potential in the AI industry and optical communication sector [1]
金字火腿拟3亿元投资光通信芯片企业中晟微
Mei Ri Jing Ji Xin Wen· 2025-09-23 02:56
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]
拟取得中晟微不超20%股权,金字火腿开盘涨停
Bei Jing Shang Bao· 2025-09-23 01:50
Core Viewpoint - Jinzi Ham (002515) has seen a significant stock price increase, reaching a limit up of 7.85 CNY per share, following the announcement of a strategic investment in the AI and optical communication sectors through its subsidiary, Fujian Jinzi Semiconductor Co., Ltd [1] Group 1: Investment Details - Fujian Jinzi plans to invest up to 300 million CNY to acquire no more than 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd, recognizing its capabilities in domestic substitution for optical communication chips [1] - The investment will be funded through self-owned or self-raised funds and is not classified as a major asset restructuring under relevant regulations [1] Group 2: Company Background - Jinzi Ham specializes in various meat products, including Chinese and European-style hams, sausages, and pre-prepared meat products tailored for e-commerce and restaurant clients [1] - Zhongsheng Microelectronics focuses on the research and design of high-speed optical module core chips, including TIA and Driver chips for 400G, 800G, and 1.6T applications [1] Group 3: Management and Risks - The management acknowledges limitations in industry experience and past unsuccessful investments, indicating potential risks associated with this cross-industry investment [2] - The investment decision aligns with the company's future development strategy and will not adversely affect its normal operations or harm the interests of shareholders, particularly minority investors [2]