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 - 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 [2][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 U.S. 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 of RMB 22.92 million, down 25.11% [7]. - The company aims to diversify its investment channels to enhance performance and adapt to market challenges, while maintaining stable operations in its core business [7]. Group 3: Market Position and Future Outlook - Jinzi Ham's core business includes various meat products, with a leading market share and brand recognition [7]. - The investment in Zhongsheng Microelectronics aligns with the company's long-term strategy to leverage idle funds and capitalize on the digital economy trend, potentially improving future business performance [7].

Core Viewpoint - Despite a significant decline in performance in the second quarter of 2025, the company's stock price has surged over 60% this year, raising questions about the underlying changes in its fundamentals and the reasons behind the stock price increase [1][4]. Financial Performance - In the first half of 2025, the company reported operating revenue of 170 million yuan, a year-on-year decrease of 14.73%, and a net profit of 22.92 million yuan, down 25.11% [1]. - The second quarter saw an even steeper decline, with operating revenue dropping by 38.85% and a net loss of 1.42 million yuan, marking a year-on-year decline of 120.35% [1]. - The operating cash flow turned negative for the first time since 2021, recording a net cash flow of -18.82 million yuan [1]. Business Overview - The company specializes in various meat products, including Chinese and European-style hams, sausages, and other processed meat products, with a leading market share and brand recognition in the industry [1]. - As of June 30, 2025, the company had 2,230 distributors, an increase of 93 from the beginning of the year, although revenue from various sales channels decreased compared to the same period last year [1]. Sales and Inventory Data - The sales volume of the company's primary ham products decreased by 14%, while inventory increased by over 10% year-on-year [2]. - Sales of branded meat products fell by over 10%, with inventory rising by 45.52% [2][3]. - Conversely, sales of specialty meat products grew by over 10%, and inventory saw a significant reduction of 42.71% [2][3]. Shareholder Changes - In June 2025, the company's actual controller changed, with Zheng Qingsheng acquiring 145 million shares for 870 million yuan, becoming the largest shareholder with 11.98% of the shares and 18.83% of the voting rights [4][5]. New Business Ventures - Following the change in control, the company has begun to venture into the semiconductor industry, establishing a wholly-owned subsidiary, Fujian Jinzi Semiconductor Co., Ltd., with a registered capital of 100 million yuan [6]. - Additionally, the company formed Jinzi Chip (Shanghai) Technology Co., Ltd., focusing on semiconductor device sales and integrated circuit design [7]. Market Context - The strong performance of the semiconductor sector in the capital market, with related indices rising over 35%, may have contributed to the company's stock price increase [9].

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