登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 图6：标的公司产品TIA/Driver可应用方案 图7：LPO/CPO方案示意图 维度2，更高速的TIA/Driver能力，以应对互联速率迭代的冲击：标的公司目前已启动数通单波200G芯 片和相干128G Baud芯片的研发设计，凭借强大的研发团队持续迭代产品，性能比肩目前主流厂商。 维度3，更全面的互联芯片，以拓宽成长天花板：标的公司拟后续拓展单波200G ACC ReDriver和PCIe转 光芯片等光通信以外的互联芯片，进一步开拓潜在的市场空间。目前ACC ReDriver等产品已取得较快 的研发进展，预计于2025年底推出。 标的公司作为国内领先实现单波100G TIA/Driver系列高速互联芯片量产出货的供应商，打破了海外巨 头对单波100G及以上高端电芯片市场的垄断，公司与多家头部客户开展深度合作和测试验证，已成为 国产替代的核心力量。 6.标的公司竞争优势及核心竞争力 （1）团队优势 标的公司拥有全球一流光通信电芯片设计团队，核心团队20年专注于高速光模块电芯片研发设计，一贯 秉持深耕研发、服务客户、创新卓越的发展理念，在完成400G/80 ...

Core Viewpoint - After the new controlling shareholder took over, the company Jinzi Ham (002515) is attempting cross-industry investment by acquiring a stake in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. [2][8] Group 1: 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 through capital increase [2][6] - The investment will occur in two rounds: the first round involves 100 million yuan at a pre-investment valuation of 1 billion to 1.3 billion yuan, while the second round will depend on the successful verification of a specific chip [6][7] - Zhongsheng Microelectronics specializes in high-speed optical module core chips and has been recognized as a potential unicorn in China [6][9] Group 2: Financial Performance - Zhongsheng Microelectronics has not yet turned a profit, reporting revenues of 204,900 yuan in 2024 and a net loss of 38.83 million yuan [7] - For the first seven months of 2025, the company generated revenues of 51,110 yuan with a net loss of 2.04 million yuan [7] - Jinzi Ham's management acknowledged the risk of overvaluation in this transaction, with a potential appreciation rate of 9,710% based on the pre-investment valuation [7] Group 3: Company Background - Jinzi Ham, established in 1994 and listed in 2010, primarily produces various types of ham and meat products [9] - The company has faced declining performance, with a 14.73% year-on-year drop in revenue to 170 million yuan in the first half of the year [9] - The new controlling shareholder, Zheng Qingsheng, took over in June 2023, marking a significant shift in the company's direction [9][10]