12月23日，金字火腿盘中下跌2.04%，截至09:44，报6.25元/股，成交3255.96万元，换手率0.43%，总市 值75.66亿元。 资料显示，金字火腿股份有限公司位于浙江省金华市工业园区金帆街1000号，成立日期1994年11月15 日，上市日期2010年12月3日，公司主营业务涉及从事金华火腿、火腿制品等发酵肉制品及各类低温肉 制品的研发、生产及销售。主营业务收入构成为：火腿58.94%，特色肉制品24.82%，冷链服务6.83%， 品牌肉5.98%，火腿制品1.82%，其他1.61%。 资金流向方面，主力资金净流出484.62万元，特大单买入0.00元，占比0.00%，卖出120.52万元，占比 3.70%；大单买入585.25万元，占比17.97%，卖出949.35万元，占比29.16%。 金字火腿所属申万行业为：食品饮料-食品加工-肉制品。所属概念板块包括：芯片概念、光通信、人造 肉概念、腾讯概念、微信概念等。 金字火腿今年以来股价涨38.89%，近5个交易日涨0.48%，近20日涨2.97%，近60日跌12.46%。 责任编辑：小浪快报 分红方面，金字火腿A股上市后累计派现2.57亿元。 ...

Core Viewpoint - The leadership of Jinzi Ham is undergoing a significant change with the appointment of Zheng Hu as the new president, following the resignation of Guo Bo just five months after taking office, indicating a shift in management strategy and potential for brand rejuvenation targeting younger consumers [1][10]. Management Changes - Guo Bo resigned from her position as president for personal reasons, while retaining her roles as vice chairman and a member of the board's strategic committee [1]. - Zheng Hu, a post-90s individual and son of the controlling shareholder Zheng Qingsheng, has taken over as president, marking a generational shift in the company's leadership [6][10]. Shareholding Structure - Zheng Qingsheng, the new controlling shareholder, holds 18.83% of the voting rights after acquiring shares from other shareholders, indicating a consolidation of control within the Zheng family [9][10]. - The Shi family, the original founders, have reduced their stake to approximately 7%-8%, relinquishing control and transitioning to a financial investor role [9][10]. Financial Performance - In the first half of the year, Jinzi Ham reported revenues of 170 million yuan, with a net profit of approximately 22.92 million yuan [11]. - The ham business remains the core revenue driver, contributing nearly 60% of total revenue, although sales volume has decreased by 14% year-on-year [12][13]. - For the first three quarters, the company experienced a revenue decline of 13.97% to 222 million yuan, with net profit down 26.25% to 22.01 million yuan [14]. Strategic Initiatives - The company is launching new products to adapt to market demands, including various types of ham and meat products, as well as exploring cross-industry innovations like ham ice cream [14][16]. - Jinzi Ham is also venturing into the semiconductor industry, establishing two chip companies and planning to invest up to 300 million yuan in acquiring a stake in Zhongzheng Microelectronics, aiming to leverage digital economy trends [16][19]. Market Position and Challenges - Jinzi Ham is recognized as a leading player in the traditional ham industry, but faces challenges from intensified market competition and changing consumer preferences [11][14]. - The company's past attempts at diversification into unrelated sectors have met with limited success, highlighting the risks associated with its investment strategies [19].

Core Viewpoint - The stock of Jinzi Ham fell by 2.04% on November 7, 2023, with a current price of 6.23 CNY per share, reflecting a significant decline in recent trading days despite a year-to-date increase of 38.44% [1] Financial Performance - For the period from January to September 2025, Jinzi Ham reported a revenue of 222 million CNY, a year-on-year decrease of 13.97%, and a net profit attributable to shareholders of 22.01 million CNY, down 26.25% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 257 million CNY, with 80.1 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 41.57% to 46,200, while the average circulating shares per person decreased by 29.36% to 26,221 shares [2] - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 25.51 million shares as a new shareholder [3] Stock Market Activity - On November 7, 2023, the stock experienced a trading volume of 51.26 million CNY, with a turnover rate of 0.67% and a total market capitalization of 7.542 billion CNY [1] - The stock has seen a decline of 5.46% over the last five trading days, 20.23% over the last 20 days, and 13.59% over the last 60 days [1] Business Overview - Jinzi Ham, established on November 15, 1994, and listed on December 3, 2010, specializes in the research, production, and sales of Jinhua ham and various fermented meat products [1] - The company's revenue composition includes 58.94% from ham, 24.82% from specialty meat products, 6.83% from cold chain services, 5.98% from branded meat, 1.82% from ham products, and 1.61% from other sources [1] Industry Classification - Jinzi Ham is classified under the food and beverage industry, specifically in the food processing and meat products sector [1] - The company is associated with several concept sectors, including WeChat concept, pork concept, Tencent concept, online marketing, and chip concept [1]

Core Viewpoint - The stock price of Jinzi Ham fell by 2.12% on November 4, 2023, with a current price of 6.46 CNY per share, reflecting a significant decline in recent trading days despite a year-to-date increase of 43.56% [1]. Financial Performance - For the period from January to September 2025, Jinzi Ham reported a revenue of 222 million CNY, a year-on-year decrease of 13.97%, and a net profit attributable to shareholders of 22.01 million CNY, down 26.25% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 257 million CNY, with 80.1 million CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 41.57% to 46,200, while the average circulating shares per person decreased by 29.36% to 26,221 shares [2]. - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 25.51 million shares as a new shareholder [3]. Market Activity - The stock's trading volume on November 4 was 33.44 million CNY, with a turnover rate of 0.42% and a total market capitalization of 7.82 billion CNY [1]. - The main capital outflow was 4.83 million CNY, with significant selling pressure observed in large orders [1].

Group 1 - The stock of Jinzi Ham fell by 5.04%, trading at 6.59 CNY per share, with a total market capitalization of 7.978 billion CNY as of the report date [1] - Jinzi Ham Co., Ltd. specializes in the research, production, and sales of Jinhua ham and various fermented meat products, with its main business revenue composition being: ham 58.94%, specialty meat products 24.82%, cold chain services 6.83%, branded meat 5.98%, ham products 1.82%, and others 1.61% [1] Group 2 - The Guotai Zhongzheng 2000 ETF (561370) holds 4,200 shares of Jinzi Ham, accounting for 0.25% of the fund's net value, ranking as the eighth largest holding [2] - The fund has experienced a year-to-date return of 31.27%, ranking 1427 out of 4218 in its category, and a one-year return of 37.08%, ranking 1035 out of 3875 [2] Group 3 - The fund managers of Guotai Zhongzheng 2000 ETF are Ma Yiwen and Liu Fangyuan, with Ma having a cumulative tenure of 2 years and 78 days and Liu having a tenure of 196 days [3] - Ma's fund has achieved a best return of 87.91% and a worst return of -7.24% during his tenure, while Liu's fund has a best return of 47.93% and a worst return of -2.39% [3]

Core Viewpoint - The stock of Jinzi Ham has experienced fluctuations, with a notable decline in recent trading days despite a significant year-to-date increase in price [1][2]. Financial Performance - As of June 30, 2025, Jinzi Ham reported a revenue of 170 million yuan, representing a year-on-year decrease of 14.73% [2]. - The net profit attributable to shareholders for the same period was 22.92 million yuan, down 25.11% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 257 million yuan, with 80.1 million yuan distributed over the past three years [3]. Stock Market Activity - On October 16, Jinzi Ham's stock price fell by 2.09%, trading at 7.04 yuan per share, with a total market capitalization of 8.523 billion yuan [1]. - The stock has seen a year-to-date increase of 56.44%, but has declined by 12.44% over the last five trading days and 5.76% over the last twenty days [1]. - The net outflow of main funds was 16.203 million yuan, with significant selling pressure observed [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 32,600, a reduction of 9.15% from the previous period [2]. - The average number of circulating shares per shareholder increased by 14.78% to 37,121 shares [2]. - Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]. Business Overview - Jinzi Ham, established on November 15, 1994, and listed on December 3, 2010, specializes in the research, production, and sales of Jinhua ham and various fermented meat products [1]. - The company's main business revenue composition includes: ham (58.94%), specialty meat products (24.82%), cold chain services (6.83%), branded meat (5.98%), ham products (1.82%), and others (1.61%) [1].

Group 1 - The core point of the article highlights the recent performance of Jinzi Ham, which saw a 5.08% increase in stock price, reaching 8.06 CNY per share, with a trading volume of 284 million CNY and a turnover rate of 3.03%, resulting in a total market capitalization of 9.758 billion CNY [1] - Jinzi Ham Co., Ltd. is located in Jinhua City, Zhejiang Province, and was established on November 15, 1994. The company was listed on December 3, 2010, and its main business involves the research, production, and sales of Jinhua ham, ham products, and various fermented meat products, as well as low-temperature meat products [1] - The revenue composition of Jinzi Ham includes: ham 58.94%, specialty meat products 24.82%, cold chain services 6.83%, branded meat 5.98%, ham products 1.82%, and others 1.61% [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under Guotai Fund has Jinzi Ham as a significant holding. The Guotai CSI 2000 ETF (561370) held 4,200 shares in the second quarter, accounting for 0.25% of the fund's net value, ranking as the eighth largest holding [2] - The Guotai CSI 2000 ETF (561370) was established on September 13, 2023, with a latest scale of 9.7484 million CNY. Year-to-date returns are 32.78%, ranking 1709 out of 4221 in its category; the one-year return is 43.68%, ranking 1141 out of 3848; and since inception, the return is 33.42% [2] Group 3 - The fund managers of Guotai CSI 2000 ETF (561370) are Ma Yiwen and Liu Fangyuan. As of the report, Ma Yiwen has a cumulative tenure of 2 years and 64 days, with total fund assets of 6.894 billion CNY, achieving a best fund return of 100.53% and a worst return of 0.49% during the tenure [3] - Liu Fangyuan has a cumulative tenure of 182 days, managing total fund assets of 2.677 billion CNY, with a best fund return of 51.71% and a worst return of 0.06% during the tenure [3]

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].

Group 1 - The core issue involves a consumer complaint against Jinzi Ham Co., Ltd. regarding insufficient product weight in a ham purchase made on July 14, 2025 [1] - The complaint was filed on July 21, 2025, and the consumer requested a refund and compensation for losses [1] - The complaint was resolved on July 31, 2025, either through mutual agreement or withdrawal by the complainant, with the handling department being the Jinhua Economic Development Zone Market Supervision Administration [1] Group 2 - Jinzi Ham Co., Ltd. was established on November 15, 1994, and is located in Jinhua City, Zhejiang Province [1] - The company primarily engages in the processing of agricultural and sideline food products [1] - The registered capital of Jinzi Ham Co., Ltd. is approximately 1.21 billion RMB, and the legal representative is Zheng Qingsheng [1]