Core Viewpoint - The recent leadership change at Jinzi Ham is significant, with the appointment of Zheng Hu as the new president following the resignation of Guo Bo, indicating a strategic shift within the company as it navigates challenges in its core business and explores new ventures in the semiconductor industry [1][4]. Company Leadership Changes - Guo Bo resigned as president of Jinzi Ham after only five months in the role, while still retaining her position as vice chairman and on the board's strategic committee [1]. - Zheng Hu, born in 1991 and previously serving as vice president, has been appointed as the new president, with a term lasting until the end of the current board's tenure [1][3]. Family Background and Influence - Zheng Hu is the son of Zheng Qing Sheng, the company's controlling shareholder, which raises questions about nepotism and the potential for familial influence in corporate governance [3][4]. - Zheng Qing Sheng, a notable entrepreneur with a diverse business background, has been pivotal in Jinzi Ham's recent strategic direction, including the establishment of semiconductor companies [4][6]. Financial Performance - Jinzi Ham reported a revenue of 170 million yuan for the first half of 2025, a decline of 14.73% year-on-year, with a net profit of 22.92 million yuan, down 25.11% [4][6]. - The company's ham business saw a revenue drop of 1.47 billion yuan compared to its peak in 2021, indicating ongoing struggles in its core operations [4][6]. Product Performance Metrics - Sales volume for ham decreased by 14% to 1,004,568 kg in the first half of 2025 compared to the same period in 2024 [5]. - The production volume of ham also fell by 17.55%, while the inventory increased by 10.81%, suggesting potential overproduction issues [5]. Strategic Ventures - Jinzi Ham is venturing into the semiconductor industry, with plans to invest up to 300 million yuan in acquiring a stake in Zhongsheng Microelectronics, which is currently operating at a loss [6][9]. - The company aims to leverage its semiconductor investments to diversify its revenue streams, although the long-term viability of this strategy remains uncertain [9][10]. Market Trends and Opportunities - The high-end market for ham products is growing, with premium offerings like gift boxes and aged hams becoming increasingly popular, presenting a potential growth opportunity for Jinzi Ham [11]. - The company is also focusing on enhancing its online sales channels and direct marketing efforts to capture a larger market share [10][11].

Core Viewpoint - The company Jinzi Ham (002515) is making a strategic investment in the AI and optical communication sectors by acquiring up to 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. for no more than RMB 300 million through capital increase and expansion [1][4]. Group 1: Investment Details - The investment will occur in two rounds, with the final amount and shareholding ratio to be determined after due diligence on Zhongsheng Microelectronics [4]. - Zhongsheng Microelectronics was founded in 2019 by core R&D personnel from American optical communication chip design companies and has been recognized as a "future unicorn" in China for two consecutive years [5]. - The company specializes in the R&D and design of high-speed optical module core chips, with applications in AI, cloud computing, and telecommunications networks [5]. Group 2: Financial Performance - Jinzi Ham reported a revenue of RMB 170 million in the first half of the year, a decrease of 14.73% year-on-year, with a net profit attributable to shareholders of RMB 22.92 million, down 25.11% year-on-year [8]. - The company aims to diversify its investment channels to enhance performance and adapt to market challenges, while maintaining stable operations in its core business [8]. Group 3: Strategic Rationale - The investment aligns with the company's overall development strategy, allowing for more efficient use of idle funds and capitalizing on the trends of the digital economy [8]. - The framework agreement signed is a preliminary intention, and the transaction is still subject to uncertainties, making it difficult to predict its impact on the company's operational performance [8].

Core Viewpoint - Jinzi Ham may face a change in actual control as the current controller, Ren Guilong, is planning to transfer shares, which could lead to a change in the company's control [1][2] Group 1: Shareholder Changes - The current actual controller, Ren Guilong, holds 18.83% of the company's shares and became the actual controller in 2021 through share acquisition [2] - Ren Guilong's entry as the actual controller involved a change from the original intended controller, Ren Qifeng, due to conditions related to the acquisition [2] - The previous actual controller, Shi Yanjun, has been reducing his stake, with a total of 14.01 million shares sold recently, decreasing his holding from 6.16% to below 5% [3] Group 2: Financial Performance - Jinzi Ham's revenue has been declining since Ren Guilong took control, with a slight recovery in 2023, achieving revenue of 344 million yuan, a year-on-year increase of 9.62% [4] - The net profit attributable to the parent company was 62 million yuan in 2023, reflecting a year-on-year growth of 55.19% [4] - The main products, ham and specialty meat products, generated 54.46% and 22.26% of revenue respectively, with both categories experiencing revenue growth in 2024 but a decline in gross margin [6] Group 3: Industry Context - The overall ham industry faced challenges in 2023, with reduced customer spending and declining sales reported by major companies [7] - Despite the industry's difficulties, the company remains optimistic about future demand for meat products, emphasizing the need to adapt to market and consumer preferences [7]