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 Insights - In the first half of 2025, the company reported a revenue of 170 million yuan, a decrease of 14.73% compared to the same period last year [1] - The net profit attributable to shareholders was 22.92 million yuan, reflecting a year-on-year decline of 25.11% [1] Product Development - The company launched several new products, including sauce-flavored cured meat, crystal wind meat, reduced-salt cured meat, egg yolk ham cakes, and Buddha hand ham cakes, to meet new consumer demands [1] - Future strategies will focus on optimizing product structure and enhancing brand promotion and consumer education [1] Market Strategy - The company aims to develop both Chinese-style and European-style fermented ham products, as well as a variety of specialty meat products such as sausages, cured meats, sauce meats, lightly salted meats, grilled sausages, and XO sauce [1] - There is a commitment to steadily develop customized brand meat products that cater to the personalized needs of new channels and users, including fresh e-commerce, community e-commerce, food processing enterprises, and chain restaurants [1] - The company plans to expand online marketing efforts and strengthen its offline market presence [1]