Core Viewpoint - The control of Jinzi Ham Co., Ltd. is set to change as the controlling shareholder Ren Guilong has signed a share transfer agreement with Zheng Qingsheng, transferring 145 million shares, which is 11.98% of the total share capital, and delegating voting rights for an additional 82,974,679 shares, totaling 18.83% voting rights post-transfer [1][2]. Shareholding and Voting Rights - Before the transaction, Ren Guilong held 227,974,679 shares (18.83% of total shares) and had 18.83% voting rights. After the transaction, Zheng Qingsheng will hold 145,000,000 shares (11.98%) and Ren Guilong will hold 82,974,679 shares (6.85%) with no voting rights [2]. - The total share capital of the company is 1,210,614,164 shares, with other shareholders holding 81.17% [2]. Financial Performance - Jinzi Ham's revenue from 2022 to 2024 showed a decline, with revenues of 4.45 billion, 3.14 billion, and 3.44 billion respectively. The net profit attributable to the parent company also decreased from 353.04 million to 235.47 million, reflecting a year-on-year decline of 7.75% and 27.70% [4][5]. - In 2024, the company's revenue was 343.88 million, a 9.62% increase from 2023, while the net profit attributable to shareholders increased by 55.19% to 62.17 million [5][6]. Product Revenue Breakdown - In 2024, the revenue from ham products was 187.29 million (54.46% of total revenue), while specialty meat products generated 76.54 million (22.26%) [6][7]. - The gross margin for ham products was 26.14%, down 1.51% year-on-year, and for specialty meat products, it was 7.67%, down 15.49% [6][7]. Control Changes and Historical Context - Ren Guilong became the controlling shareholder in October 2021, acquiring 20.30% of the shares from the previous major shareholder Anji Bama at a price of 5.00 yuan per share [8]. - The recent transfer of shares does not trigger a mandatory takeover bid and is not classified as a related party transaction [1].

Core Viewpoint - Jinzi Ham Co., Ltd. is planning a share transfer that may involve a change in control, leading to a temporary suspension of its stock trading. The company has struggled to meet performance commitments since its founder sold shares in 2021, and recent profit increases have been attributed to asset sales rather than core business growth [1][11]. Financial Performance - In 2024, Jinzi Ham achieved revenue of 344 million yuan, a year-on-year increase of 9.62%, and net profit of 62.17 million yuan, up 55.19% from the previous year. However, the non-recurring net profit fell to 23.55 million yuan, a decline of 27.70% [2][3]. - The increase in net profit was primarily due to the sale of a 12.2807% stake in Zhejiang Yindun Cloud Technology Co., Ltd. for 428 million yuan, contributing an additional 26.26 million yuan to net profit [3]. Investment Strategy - Jinzi Ham has a history of diversifying into various sectors since 2013, including rare earths, banking, e-commerce, health, and new energy vehicles. However, many of these ventures have not been successful, leading to performance issues [1][6]. - The company has made significant investments in the AI and computing sectors, but faced challenges in achieving performance targets set in investment agreements with Yindun Cloud, which has struggled financially [4][5]. Market Position and Challenges - The company's core products, particularly ham and specialty meat products, have seen declining gross margins for four consecutive years, with ham's margin at 26.14% and specialty meat's at 7.67% in 2024 [14][15]. - Jinzi Ham is attempting to capture the young consumer market by launching innovative products, but its pre-prepared food offerings have been limited and are still in the trial phase [16][17]. Future Outlook - The company plans to enhance its product offerings and improve profitability through capital operations and market expansion, particularly in e-commerce and international markets [15][16]. - Despite the challenges, Jinzi Ham aims to develop new products and optimize its operations to recover from declining margins and improve overall performance [15][16].

【导读】金字火腿筹划控制权变更，自4月21日开市起停牌 4月18日晚间，金字火腿发布公告称，公司实控人任贵龙正在筹划股份转让事项，可能涉及公司控制权变更，交易对方主要从事投资管理行业。 对此，金字火腿申请自4月21日开市起停牌，预计停牌时间不超过2个交易日。截至4月18日收盘，公司股价报5.36元/股，总市值为64.89亿元。 任贵龙有意出让控制权 当前所持部分股权被质押 公告显示，4月18日，金字火腿收到任贵龙通知，后者正在筹划股份转让事项，可能涉及金字火腿控制权变更。 截至2024年底，任贵龙为金字火腿的实控人，直接持有金字火腿18.83%的股权。 | 实际控制人姓名 | 与实际控制人关系 | | 国籍 | 是否取得其他国家或地区居 | | --- | --- | --- | --- | --- | | | | | | 留权 | | 任贵龙 | 本人 | 中国 | | 否 | | 主要职业及职务 | 公司实际控制人 | | | | | 过去 10 年曾控股的境内外 | 元 | | | | | 上市公司情况 | | | | | 来源：金字火腿2024年年报 任贵龙入主金字火腿已有三年多。 2021年10月1 ...

4月9日下午，金字火腿在线上召开2024年度业绩说明会。 根据金字火腿（SZ002515，股价5.23元，市值63.31亿元）此前发布的2024年财报，2024年公司实现营收3.44亿元，同比增长9.62%，归母净利润为6217.3万 元，同比增长55.19%。对比金字火腿近些年财报来看，2024年是金字火腿时隔3年营收重回增长的一年，归母净利润规模也达到了近7年来的高位。 值得注意的是，金字火腿的营收规模较2020年的7.1亿元仍然相差较远，归母净利润的增长也主要得益于在去年出售了一家联营公司股权。在9日下午举行的 业绩说明会上，如何增强盈利能力、如何拓展第二增长曲线等问题被投资者关注。 每经记者 范芊芊 每经编辑 马子卿 分产品来看，火腿产品仍然是金字火腿的支柱性产品，去年，火腿产品实现营收1.87亿元，营收占比为54.46%，其次是特色肉制品，实现营收7654.06万 元，营收占比为22.26%。 这两大产品在2024年都实现了营收的同比增长，但毛利率同比均有所下滑：火腿产品毛利率下滑了1.51个百分点，特色肉制品毛利率下滑了15.49个百分点。 这也在一定程度上导致了金字火腿在2024年扣非净利润仍呈 ...