Core Viewpoint - Two food companies, Jinzi Ham and Yangyuan Beverage, are diversifying into the semiconductor industry due to stagnation in their core business growth, seeking new growth opportunities [1][8]. Group 1: Jinzi Ham's Investment - Jinzi Ham announced plans to invest up to 300 million to acquire no more than 20% of Zhongsheng Microelectronics [3]. - Zhongsheng Microelectronics focuses on the development of high-speed optical communication chips and has not yet turned a profit, reporting revenue of 511,100 and a net loss of 20.37 million from January to July this year [3]. - Jinzi Ham has previously attempted cross-industry investments, including acquiring stakes in coal resources and healthcare, but these efforts have had limited success in boosting performance [5][11]. Group 2: Yangyuan Beverage's Investment - Yangyuan Beverage invested 1.6 billion to acquire 0.99% of Changjiang Storage Technology, a company involved in chip design and manufacturing [5]. - The company has also diversified its investments into artificial intelligence and new energy sectors, indicating a broader strategy to mitigate risks from its core beverage business [6]. - Yangyuan Beverage's revenue and net profit have declined significantly, with a 16.19% drop in revenue and a 27.76% drop in net profit in the first half of 2025 [8][10]. Group 3: Industry Challenges - Both companies face challenges in their core markets, with Jinzi Ham reporting a 14.73% decline in revenue and a 25.11% decline in net profit in the first half of 2025 [10][11]. - Yangyuan Beverage's core product, walnut milk, still accounts for 88.7% of its total revenue, highlighting its reliance on a single product line [10]. - The significant differences in technology, talent, and operational models between the food and semiconductor industries raise questions about the potential success of these investments [11].

Core Viewpoint - Jinzi Ham is investing between 1 billion to 1.3 billion yuan in Zhongsheng Microelectronics, a company focused on high-speed optical module core chip development, despite its current loss status. This investment follows a recent shift in control and attempts to diversify into the semiconductor sector, raising questions about the success of this cross-industry venture given past failures in similar investments [1][2][3]. Investment Details - Jinzi Ham's subsidiary, Fujian Jinzi Semiconductor, plans to invest up to 300 million yuan in Zhongsheng Microelectronics to acquire up to 20% equity, with the first round of investment being 100 million yuan based on a pre-investment valuation of 1 billion to 1.3 billion yuan [1][2]. - Zhongsheng Microelectronics, established in 2019, specializes in the development of high-speed optical module core chips for applications in AI, cloud computing, and telecommunications, but is currently operating at a loss [2][3]. Financial Performance - Jinzi Ham's revenue for the first half of the year was 170 million yuan, a decrease of 14.73% year-on-year, with net profit dropping 25.11% to 22.92 million yuan. The company has seen a decline in revenue since 2021, with a significant drop in its core ham business [5][6]. - Zhongsheng Microelectronics reported a projected loss of 38.83 million yuan for 2024 and 20.37 million yuan for the first seven months of 2025, with revenues of only 20,490 yuan in 2024 and 51,110 yuan in the first seven months of 2025 [2][3]. Market Context - The AI sector's rapid growth has created a demand for computing power, leading to increased interest in the optical module market. However, many companies that entered the computing power rental market have not achieved expected growth, indicating a potential risk for Jinzi Ham's new investment [3][4]. - Jinzi Ham's previous investment in a cloud computing company, Yindun Cloud, ended in failure, raising concerns about the company's ability to successfully navigate cross-industry investments [3][4]. Operational Challenges - Jinzi Ham faces high inventory levels, reaching 278 million yuan, which is 1.64 times its revenue, alongside negative cash flow from operating activities, marking the first negative cash flow since 2021 [6]. - The company is also experiencing underutilization of production capacity, particularly in its specialty meat products, which could lead to significant challenges in managing new production capacities [7].

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]

Core 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].

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]

南方财经9月23日电，金字火腿（002515.SZ）开盘涨停，报7.85元，市值单日飙升近10亿元。消息面 上，昨日晚间，金字火腿披露公告称，全资子公司福建金字半导体有限公司看好AI产业趋势和光通信 行业的市场前景，拟以不超过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 微电子"）不超过20%的股权。对于为何跨界芯片一事？21财经·南财快讯记者以投资者身份致电金字火 腿证券部，接线工作人员表示，此次跨界是公司实控人变更后，新团队入主公司后的操作。公司看好中 晟微电子发展前景，但目前尚处在洽谈阶段，具体投资回报周期等问题，需关注后续公告。本次投资为 财务投资，双方财务不并表，且公司过往有过不太成功的投资事项，而此次投资公司也尚未盈利，因此 投资者需格外注意风险。查看原文："火腿第一股"涨停！多次投资失败后跨界芯片，公司回应刚刚 ...

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]

每经AI快讯，金字火腿（SZ 002515，收盘价：7.14元）9月22日晚间发布公告称，金字火腿股份有限公 司于2025年9月19日召开第七届董事会第四次会议，审议通过了《关于使用部分闲置自有资金购买理财 产品的议案》，同意公司及子公司在保证正常经营、资金安全和确保流动性的前提下，使用不超过3亿 元的闲置自有资金购买低风险理财产品，使用期限自董事会审议通过之日起不超过12个月，在上述使用 期限及额度范围内，资金可循环滚动使用。无需提交公司股东会审议。 2025年1至6月份，金字火腿的营业收入构成为：火腿行业占比91.56%，冷链服务占比6.83%，其他业务 占比1.61%。 截至发稿，金字火腿市值为86亿元。 每经头条（nbdtoutiao）——报价太低遭严防，投标企业还得"解释清楚"，一场国家组织的大型采购， 为何引发全行业关注 （记者 张明双） ...

2025年1至6月份，金字火腿的营业收入构成为：火腿行业占比91.56%，冷链服务占比6.83%，其他业务 占比1.61%。 截至发稿，金字火腿市值为86亿元。 每经AI快讯，金字火腿（SZ 002515，收盘价：7.14元）9月22日晚间发布公告称，公司第七届第四次董 事会会议于2025年9月19日在公司会议室以现场与通讯相结合的方式召开。会议审议了《关于全资子公 司对外投资暨签署框架协议的议案》等文件。 每经头条（nbdtoutiao）——报价太低遭严防，投标企业还得"解释清楚"，一场国家组织的大型采购， 为何引发全行业关注 （记者 张喜威） ...

当波兰琥珀的神秘柔光在河南博物院遇见洛阳唐三彩的盛唐风华，当中欧班列的汽笛声回荡在波兰华沙与郑 州的铁路线上，当农业博览会的洽谈迈向跨国企业本土化运营，一场始于文明共鸣、成于务实合作的"双向奔 赴"正在欧亚大陆两端生动演绎。 在共建"一带一路"倡议、中国—中东欧国家合作机制引领下，河南与波兰越走越近、越走越亲。今天，河南 日报特别推出豫波合作专题报道，解码这段跨越山水的友谊。 中欧班列 打通经贸往来"快车道" 9月7日，繁忙的中铁联集郑州中心站。波兰作为中欧班列欧洲核心枢纽，与郑州合作紧密。我国有90%的中 欧班列抵达或过境波兰，助力郑州构建起辐射40多国的高水平内陆开放网络。记者 聂冬晗 摄 "首列从华沙直发中国的货运列车已经启程。"波兰当地时间9月8日上午，本报波兰前方报道组发布了这一令 人振奋的消息。 核心提示 当天，河南中豫国际港务集团与波兰国家铁路货运连接有限公司签订战略合作协议。同时，一列中欧班列 （华沙—郑州）满载货物，一路向东直奔中原腹地河南，让豫波合作纽带愈发紧密，协同提升中波欧多式联 运通道效能进入新阶段。 作为中欧班列进出欧洲的重要门户，波兰在亚欧物流网络中占据关键地位。数据显示，我国9 ...