Core Viewpoint - Jinzi Ham Co., Ltd. is undergoing significant management changes, with the resignation of President Guo Bo and the appointment of Zheng Hu, the son of the new actual controller Zheng Qingsheng, as the new president. The company is attempting to diversify into the semiconductor industry amid slow growth in its core meat products business, raising questions about the effectiveness of this strategy [1][5][9]. Management Changes - The management transition began in April 2025 when former actual controller Ren Guilong transferred 11.98% of his shares to Zheng Qingsheng for 870 million yuan. Zheng Qingsheng became the new controlling shareholder after the share transfer was completed in June 2025 [1][2]. - The new management team was established in July 2025, with Zheng Qingsheng as chairman, Guo Bo as president and vice chairman, and Zheng Hu as vice president [3][4]. Business Diversification - Jinzi Ham has a history of attempting to diversify into various sectors, including e-commerce, new energy vehicles, and healthcare, but these efforts have often resulted in poor performance and have negatively impacted the company's financial results [2][12]. - The company is now focusing on the semiconductor sector, having established two subsidiaries in July 2025 that will engage in integrated circuit design and semiconductor device sales, with Zheng Hu as the legal representative [6][9]. Investment in Semiconductor - In September 2025, Jinzi Ham announced plans to invest up to 300 million yuan in Zhongsheng Microelectronics to acquire up to 20% equity, targeting the optical communication chip sector. Zhongsheng Microelectronics specializes in high-speed optical module core chip design [7][9]. - Despite being recognized as a potential unicorn and having a promising market outlook, Zhongsheng Microelectronics reported only 20,490 yuan in revenue and a net loss of 38.83 million yuan in 2024, raising concerns about the high valuation of the investment, which is estimated at a 9710% premium [8][9]. Financial Performance - Jinzi Ham's revenue for 2024 was 344 million yuan, less than half of its 2020 revenue of 710 million yuan, with a significant decline in net profit. The company's core meat product revenues have also been declining, with various product lines experiencing year-on-year decreases [10][11]. - The company's financial struggles have led to a pattern of cross-industry attempts that often result in minimal returns or losses, highlighting the challenges of balancing core business operations with diversification efforts [12][14].

Group 1 - The core point of the article is the leadership change at Jinzi Ham, with the appointment of Zheng Hu as the new president, following the resignation of Guo Bo, marking the second presidential change within the year [1] - Zheng Hu, the son of the controlling shareholder and chairman Zheng Qingsheng, has a background in automotive sales and has been with Jinzi Ham in a vice president role for less than six months before his promotion [1] - Zheng Qingsheng recently became the controlling shareholder of Jinzi Ham, acquiring an 11.98% stake from the previous controlling shareholder, which gives him a total voting power of 18.83% [1] Group 2 - Following Zheng Qingsheng's takeover, Jinzi Ham has ventured into the semiconductor industry, establishing two wholly-owned subsidiaries focused on chip business [2] - The company plans to invest up to 300 million yuan to acquire up to 20% of Zhongsheng Microelectronics, which is currently not profitable, indicating a significant potential valuation increase [2] - Strategic positioning expert Jian Junhao suggests that the leadership change and diversification into semiconductors reflect a need for strategic transformation due to stagnation in the main business [2] Group 3 - Financial results show that Jinzi Ham's revenue for the first three quarters of 2025 was 222 million yuan, a year-on-year decline of 13.97%, with a net profit drop of 26.25% [3] - The company's main products, including ham and specialty meat products, have also seen significant revenue declines, with the ham business down 9.1% and branded meat revenue down 35.25% [3] - Expert Jian Junhao advises a cautious approach to entering the semiconductor sector, emphasizing the importance of stabilizing the core ham business while exploring new growth opportunities [3]

Core Viewpoint - The company Jinzi Ham has undergone a leadership change with the appointment of Zheng Hu as president, following the resignation of Guo Bo, indicating a strategic shift as the company explores new business avenues in the semiconductor industry [2][3]. Group 1: Leadership Changes - Guo Bo resigned as president of Jinzi Ham due to personal reasons, while remaining as vice chairman and a member of the board's strategic committee [2]. - Zheng Hu, son of the controlling shareholder Zheng Qingsheng, has been appointed as the new president, marking the second presidential change within the year [2]. - Zheng Hu has a background in automotive sales and has been involved with Jinzi Ham since July 2025 as vice president [2]. Group 2: Strategic Shift to Semiconductors - Following Zheng Qingsheng's acquisition of controlling interest in Jinzi Ham, the company has established two wholly-owned subsidiaries focused on semiconductor business [3]. - Jinzi Ham plans to invest up to 300 million yuan to acquire up to 20% equity in Zhongsheng Microelectronics, a company currently not profitable, indicating a significant strategic pivot [3]. - The investment is based on a pre-investment valuation of 1 billion yuan, suggesting a potential increase in value of 9710% by the end of 2024 [3]. Group 3: Financial Performance - For the first three quarters of 2025, Jinzi Ham reported revenue of 222 million yuan, a year-on-year decline of 13.97%, with a net profit attributable to shareholders of 22.01 million yuan, down 26.25% [4]. - In Q3 alone, revenue fell by 11.45% to 52.61 million yuan, with a net loss of 905,800 yuan [4]. - The company's main product lines, including ham and specialty meat products, have also seen declines in revenue, with the ham business down 9.1% and branded meat business down 35.25% [4].