Core Viewpoint - Jinzi Ham is investing between 1 billion to 1.3 billion yuan in Zhongsheng Microelectronics, a company focused on high-speed optical module core chip development, despite its current loss status. This investment follows a recent shift in control and attempts to diversify into the semiconductor sector, raising questions about the success of this cross-industry venture given past failures in similar investments [1][2][3]. Investment Details - Jinzi Ham's subsidiary, Fujian Jinzi Semiconductor, plans to invest up to 300 million yuan in Zhongsheng Microelectronics to acquire up to 20% equity, with the first round of investment being 100 million yuan based on a pre-investment valuation of 1 billion to 1.3 billion yuan [1][2]. - Zhongsheng Microelectronics, established in 2019, specializes in the development of high-speed optical module core chips for applications in AI, cloud computing, and telecommunications, but is currently operating at a loss [2][3]. Financial Performance - Jinzi Ham's revenue for the first half of the year was 170 million yuan, a decrease of 14.73% year-on-year, with net profit dropping 25.11% to 22.92 million yuan. The company has seen a decline in revenue since 2021, with a significant drop in its core ham business [5][6]. - Zhongsheng Microelectronics reported a projected loss of 38.83 million yuan for 2024 and 20.37 million yuan for the first seven months of 2025, with revenues of only 20,490 yuan in 2024 and 51,110 yuan in the first seven months of 2025 [2][3]. Market Context - The AI sector's rapid growth has created a demand for computing power, leading to increased interest in the optical module market. However, many companies that entered the computing power rental market have not achieved expected growth, indicating a potential risk for Jinzi Ham's new investment [3][4]. - Jinzi Ham's previous investment in a cloud computing company, Yindun Cloud, ended in failure, raising concerns about the company's ability to successfully navigate cross-industry investments [3][4]. Operational Challenges - Jinzi Ham faces high inventory levels, reaching 278 million yuan, which is 1.64 times its revenue, alongside negative cash flow from operating activities, marking the first negative cash flow since 2021 [6]. - The company is also experiencing underutilization of production capacity, particularly in its specialty meat products, which could lead to significant challenges in managing new production capacities [7].

Core Viewpoint - Jinzi Ham is expanding into the semiconductor industry by investing up to 300 million yuan to acquire up to 20% of Zhongsheng Microelectronics, marking a strategic move to diversify beyond its traditional meat products business [1][3]. Group 1: Company Background and Strategic Moves - Jinzi Ham, primarily engaged in ham products and traditional meat products, has faced slow growth in its main business due to market factors, prompting the need for diversification [3]. - The investment in Zhongsheng Microelectronics is the first major capital action under the new control of Zheng Qingsheng, who became the controlling shareholder in June 2023 [1][7]. - The company has a history of cross-industry investments, including ventures into rare earths, internet finance, new energy vehicles, and healthcare, although past attempts have not significantly boosted performance [6][7]. Group 2: Investment Details and Market Context - The investment will occur in two rounds, with the first round involving a 100 million yuan capital increase based on a pre-investment valuation of Zhongsheng Microelectronics between 1 billion and 1.3 billion yuan [4]. - Zhongsheng Microelectronics, founded in 2019, focuses on high-speed optical module core chips and has been recognized in the "China Future Unicorn TOP 100" list for 2024 and 2025, although it has yet to achieve profitability [3][4]. - The optical module chip market is expected to grow rapidly due to the global AI data center construction wave, presenting a potential opportunity for Jinzi Ham to benefit from technological advancements [8]. Group 3: Challenges and Risks - There are concerns regarding the high valuation of Zhongsheng Microelectronics, with a potential increase of 9710% based on the lowest valuation, which may lead to risks of impairment in long-term equity investments [4]. - Jinzi Ham's management may face challenges in technical accumulation and management capabilities in the semiconductor sector, which could impact the success of this investment [4][5]. - The company's previous cross-industry investments have not yielded significant results, raising questions about the effectiveness of this new strategy [6][7].

Core Viewpoint - The semiconductor industry is attracting significant interest from various companies, including Jinzi Ham, which is diversifying into this sector through a substantial investment in Zhongsheng Microelectronics [2][4]. Investment Details - Jinzi Ham plans to invest up to 300 million yuan to acquire up to 20% equity in Zhongsheng Microelectronics, driven by the growth potential in the AI and optical communication sectors [2][4]. - The investment will occur in two rounds, with the first round involving 100 million yuan based on a pre-investment valuation of Zhongsheng Microelectronics between 1 billion and 1.3 billion yuan [4][5]. - Zhongsheng Microelectronics, founded in 2019, specializes in high-speed optical module core chip design and has been recognized in the "China Future Unicorn TOP100" list for two consecutive years [4]. Financial Performance - Zhongsheng Microelectronics reported revenue of 51,110 yuan and a net loss of 20.37 million yuan in the first seven months of the year, with a total loss of 38.83 million yuan for the previous year [4]. - The company's debt-to-asset ratio improved from 84.70% at the end of last year to 17.83% by the end of July this year [4]. Market Reaction - Following the announcement of the investment, Jinzi Ham's stock price surged by 9.94% to 7.85 yuan per share, with a market capitalization increase of over 800 million yuan in a single day [3][6]. Company Background - Jinzi Ham, under the leadership of Zheng Qingsheng, has a history of cross-industry ventures, having previously attempted to diversify into various sectors, including healthcare and finance, with mixed results [7][10]. - The company has seen a decline in revenue since reaching a peak of 710 million yuan in 2020, with a reported revenue of 170 million yuan in the first half of 2025, down 14.73% year-on-year [10][12].

Core Viewpoint - The article highlights the increasing trend of listed companies in China venturing into cross-industry investments, particularly in the fields of humanoid robots and semiconductor industries, driven by the AI wave [3][4][5]. Group 1: Company Activities - Companies like Xiangrikui and Jinziham have recently made significant investments in the semiconductor sector, with Xiangrikui planning to acquire 100% of Zhangzhou Xipu Material Technology Co., Ltd. and 40% of Zhejiang Beide Pharmaceutical Co., Ltd. [3] - Jinziham announced plans to invest up to 300 million yuan in Zhongsheng Microelectronics to capitalize on opportunities in the AI and optical communication markets [3][4]. - Over 20 listed companies have announced their entry into the humanoid robot sector, while more than 10 have invested in the semiconductor industry this year [5]. Group 2: Market Reactions - Following announcements of cross-industry ventures, companies typically experience significant stock price increases. For instance, Xiangrikui's stock surged by 1083% over 16 trading days after its announcement [6]. - Tianpu Co. also saw its stock rise by 317.77% after announcing its entry into the semiconductor industry, with a total increase of 795% this year [7]. Group 3: Industry Insights - The AI revolution is driving a new wave of technological opportunities, prompting companies from various sectors, including pharmaceuticals and food, to explore cross-industry investments [4][8]. - While the trend is gaining momentum, experts caution that not all companies are suited for cross-industry ventures, and blind investments may carry potential risks [8].

Core Viewpoint - Traditional ham producer Jinzi Ham is attempting to enter the rapidly growing semiconductor sector with a 300 million yuan investment, leading to a significant increase in its market value [1][3]. Investment Details - Jinzi Ham's wholly-owned subsidiary, Fujian Jinzi Semiconductor Co., Ltd., plans to acquire up to 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. through a capital increase, with a total investment not exceeding 300 million yuan [3]. - The investment will occur in two rounds, with the first round amounting to 100 million yuan based on a pre-investment valuation of Zhongsheng Microelectronics between 1 billion yuan and 1.3 billion yuan [3]. - Zhongsheng Microelectronics specializes in the research and design of high-speed optical module core chips, with applications in AI, cloud computing, and 5G technologies [3]. Company Background - Jinzi Ham, established in 1994 and listed in December 2010, primarily produces various types of ham and meat products [4]. - The company has previously attempted to diversify into sectors such as healthcare and internet finance, but these efforts were largely unsuccessful [4]. Recent Changes in Management - In June 2023, entrepreneur Zheng Qingsheng acquired Jinzi Ham for 870 million yuan, becoming the new actual controller [5]. - Under the new management, Jinzi Ham has initiated its foray into the semiconductor industry, establishing two wholly-owned subsidiaries focused on semiconductor devices and integrated circuit sales [5]. Financial Performance - Jinzi Ham's financial performance has faced significant pressure, with a reported revenue of 170 million yuan in the first half of 2025, a decline of 14.73% year-on-year [6]. - The net profit attributable to shareholders decreased by 25.11% to approximately 22.92 million yuan during the same period [5][6].

Core Viewpoint - Traditional ham producer Jinzi Ham is attempting to enter the rapidly growing semiconductor sector with a 300 million yuan investment, which led to a significant increase in its market value by nearly 1 billion yuan in a single day [1][2]. Investment Details - Jinzi Ham's wholly-owned subsidiary, Fujian Jinzi Semiconductor Co., Ltd., plans to invest up to 300 million yuan to acquire no more than 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. [3] - The investment will occur in two rounds, with the first round involving 100 million yuan based on a pre-investment valuation of Zhongsheng Microelectronics between 1 billion yuan and 1.3 billion yuan [3]. Company Background - Jinzi Ham, established in 1994 and listed in 2010, primarily produces various types of ham and meat products, including sausages and marinated meats [4]. - The recent cross-industry move into semiconductors is attributed to a change in the company's controlling shareholder and management team, who are optimistic about the future of Zhongsheng Microelectronics [4][5]. Financial Performance - Jinzi Ham's financial performance has been under pressure, with a reported revenue of 170 million yuan in the first half of 2025, a decline of 14.73% year-on-year, and a net profit of 22.92 million yuan, down 25.11% [5]. - The company has previously attempted to diversify into other sectors, such as healthcare and internet finance, but these efforts were largely unsuccessful [4]. Market Context - Zhongsheng Microelectronics, founded in 2019, focuses on high-speed optical module core chip research and development, with applications in AI, cloud computing, and 5G technologies. However, it has not yet achieved profitability, reporting a revenue of 51,110 yuan and a net loss of 20.37 million yuan in the first seven months of the year [3].

Core Viewpoint - Jinzi Ham (002515) has seen a significant stock price increase, reaching a limit up of 7.85 CNY per share, following the announcement of a strategic investment in the AI and optical communication sectors through its subsidiary, Fujian Jinzi Semiconductor Co., Ltd [1] Group 1: Investment Details - Fujian Jinzi plans to invest up to 300 million CNY to acquire no more than 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd, recognizing its capabilities in domestic substitution for optical communication chips [1] - The investment will be funded through self-owned or self-raised funds and is not classified as a major asset restructuring under relevant regulations [1] Group 2: Company Background - Jinzi Ham specializes in various meat products, including Chinese and European-style hams, sausages, and pre-prepared meat products tailored for e-commerce and restaurant clients [1] - Zhongsheng Microelectronics focuses on the research and design of high-speed optical module core chips, including TIA and Driver chips for 400G, 800G, and 1.6T applications [1] Group 3: Management and Risks - The management acknowledges limitations in industry experience and past unsuccessful investments, indicating potential risks associated with this cross-industry investment [2] - The investment decision aligns with the company's future development strategy and will not adversely affect its normal operations or harm the interests of shareholders, particularly minority investors [2]

Core Viewpoint - The company Jinzi Ham (002515) plans to invest up to 300 million yuan in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. through capital increase and expansion to seize opportunities in the AI and optical communication industries [1] Investment Details - The investment will occur in two rounds, aiming to acquire no more than 20% equity in Zhongsheng Microelectronics, with the first round based on a pre-investment valuation of 1 billion to 1.3 billion yuan [1] - The specific amount and shareholding ratio will be finalized after due diligence and negotiations [1] Company Background - Zhongsheng Microelectronics, established in 2019, focuses on the R&D and design of high-speed optical module core chips for applications in AI, cloud computing, and 5G/5.5G [1] - The company has a top-tier design team and has been listed in the "China Future Unicorn TOP100" for 2024 and 2025 [1] Strategic Rationale - The investment aims to broaden investment channels and align with the trends of the digital economy, providing new opportunities for the company's future business growth [1] - The company's main business has been slow due to consumer market factors, and this cross-industry investment is expected to boost performance and achieve sustainable development in the medium to long term [1] Financial Considerations - Zhongsheng Microelectronics has not yet turned a profit, reporting a loss of 20.37 million yuan in the first seven months of the year, indicating uncertainty in future profitability [2] - The first round of investment is based on a pre-investment valuation of 1 billion yuan, which could imply a significant appreciation rate of 9710% by the end of 2024 if calculated from the lower end of the valuation range [2] - The company has acknowledged past unsuccessful investments, highlighting the risks associated with this cross-industry investment [2]

Group 1 - The core viewpoint of the article is that Jinzi Ham (002515) is optimistic about the AI industry and optical communication market, planning to invest up to 300 million yuan to acquire up to 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. through a capital increase [1] - The investment will be conducted in two rounds, with the first round amounting to 100 million yuan, and Zhongsheng Microelectronics' pre-investment valuation is estimated to be between 1 billion yuan and 1.3 billion yuan [1] - Zhongsheng Microelectronics, established in 2019, focuses on the research and design of core chips for high-speed optical modules, specifically for 400G, 800G, and 1.6T and above [1]