Jinzi Ham (002515.SZ) Cross-Border Transformation Investment Analysis Report

Jinzi Ham Co., Ltd. (stock code: 002515.SZ) is a well-known Chinese meat product processing enterprise mainly engaged in the production and sales of ham and meat products. According to the latest market data [0], the company currently has a market capitalization of approximately 5.51 billion yuan. The current stock price is $6.16 per share (equivalent to about 45 yuan per share), and the cumulative stock price increase in 2025 is 35.98% [4].

From the financial indicators perspective, the company has obvious growth bottlenecks. The latest financial report shows [0]:

• High Valuation Level
  : The price-to-earnings (P/E) ratio is as high as 137.24 times, and the price-to-book (P/B) ratio is 2.86 times
• Weak Profitability
  : The return on equity (ROE) is only 2.07%, and the net profit margin is 17.66%
• Worrisome Cash Flow Status
  : The enterprise value to operating cash flow ratio (EV/OCF) is -114.76 times

From the recent performance [0], the company’s quarterly revenue fluctuates greatly. The revenue in the third quarter of 2025 was 52.61 million yuan, and that in the first quarter of 2025 was 129 million yuan, showing an unstable trend overall. This reflects that the traditional meat product business is facing multiple pressures such as intensified market competition and changes in consumer demand.

Regarding the cross-border semiconductor transformation that the market is concerned about, according to public information, Jinzi Ham has indeed been seeking a diversified business development path in recent years, mainly through the following ways:

The company once planned to acquire related assets of Bama Co., Ltd., which involves cross-border investment direction. However, from the currently available information, the specific progress of the acquisition, transaction amount, and specific planning of the semiconductor business have not been clearly disclosed [0].

The core reasons for Jinzi Ham to choose cross-border transformation are:

• Obvious Ceiling of Main Business
  : The domestic meat product market is highly competitive, and the industry growth rate is slowing down
• Need for Valuation Support
  : High P/E ratio needs new growth stories to support
• Pressure of Shareholder Return
  : The company needs to provide new value growth points for investors

From meat product processing to semiconductor manufacturing, there are huge differences in technical barriers, industrial chain structure, talent demand, etc. The semiconductor industry is a typical capital-intensive and technology-intensive industry with extremely high thresholds.

The core challenges faced by cross-border mergers and acquisitions include:

• Adaptation of Management Team
  : The original management team lacks experience in the semiconductor industry
• Difficulty in Cultural Integration
  : There are significant differences in corporate culture between manufacturing and technology industries
• Conflict in Resource Allocation
  : How to balance the development needs of new and old businesses

The semiconductor industry requires continuous high investment, while the free cash flow status of Jinzi Ham [0] shows that the company’s cash generation capacity is limited, which may restrict its continuous investment capacity in the semiconductor field.

• The stock price has risen by 36% year-to-date, indicating that the market has positive expectations for the transformation [4]
• The current stock price is higher than the 20-day moving average (6.45 yuan) and the 50-day moving average (6.43 yuan), and the short-term technical aspect is bullish [4]
• The company’s current ratio is as high as 54.49, and its financial policy is relatively conservative [0]

• High valuation level (PE 137 times), extremely optimistic about performance growth expectations
• ROE is only 2.07%, and shareholder return capacity is weak
• Cross-border transformation has high uncertainty, and the success probability is questionable

Jinzi Ham’s attempt at cross-border semiconductor transformation reflects the strategic breakthrough intention of traditional manufacturing enterprises under the background of weak growth in their main business. However, from the perspective of professional investment analysis, this transformation faces the following key issues:

At present, core information such as specific planning, investment scale, and technical path of the semiconductor business cannot be obtained through public channels, making it difficult for investors to accurately evaluate the transformation prospects.

The meat product business and the semiconductor business have almost zero industrial correlation, and the synergy effect of cross-border integration is difficult to predict.

Investors should pay close attention to the disclosure of cross-border business in the company’s subsequent announcements, including but not limited to:

• Specific plan and progress of the acquisition of Bama Co., Ltd.
• Technical source and talent team of the semiconductor business
• Capital source and financial impact on the original business
• Business integration plan and risk control measures

: In the absence of more substantive information disclosure, the actual effect of cross-border semiconductors on improving the weak growth of the main business is still unclear. It is recommended that investors maintain a cautious wait-and-see attitude and focus on the company’s subsequent announcement disclosures.

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[0] Jinling API Company Fundamental and Financial Data
[4] Jinling API Stock Price Historical Data