金字火腿股份有限公司宣布全资子公司福建金字半导体拟对高速光芯片企业中晟微电子进行第二轮增资，投资金额不超过2亿元[1]。按照投前估值13.5亿元至18.5亿元计算，完成后公司持股比例不超过20%[1]。这是继2025年11月首轮1亿元增资后的再次加码，当时公司已获得中晟微9.0909%的股权[1]。
然而这一追加投资的公告引发了市场担忧。金字火腿同日披露的2026年中期报告显示公司陷入困顿：营业收入1.54亿元，同比下降9.26%；净利润亏损812.87万元，这是公司自2010年上市以来首次中报亏损[1]。公司整体业绩已严重滑坡，2025年全年营收3.17亿元，相比2020年7.1亿元的峰值已腰斩[1]。
对被投资方的忧虑更深。中晟微电子2025年营收仅为241.36万元，净利润亏损1.07亿元，至今未实现盈利[1]。金字火腿在2025年度和2026年一季度来自该公司的投资收益分别为-66.29万元和-67.14万元，持续负收益[1]。公司在公告中直言："可能存在本次交易估值过高，后期计提长期股权投资减值准备的风险"[1]。
投资者信心受到沉重打击，金字火腿股价随后三个交易日内跌幅超过25%[1]。实控人郑庆昇高达82.46%的股权质押率更加重了市场对公司风险的担忧[1]。以2025年12月31日为基准日，若按18.5亿元估值计算中晟微，增值率高达1497.19%，这一估值与公司实际亏损状况形成巨大反差[1]。
Zhongzi Ham Corporation announced plans to increase its investment in high-speed optical chip manufacturer Zhongsheng Microelectronics through a wholly-owned subsidiary, Fujian Zhongzi Semiconductor, with a second-round capital injection not exceeding 200 million yuan [1]. Based on a pre-investment valuation between 1.35 billion and 1.85 billion yuan, the company's stake would not exceed 20% following the completion of this round [1]. The first-round investment of 100 million yuan was completed in November 2025, resulting in the company holding 9.0909% of the target enterprise [1].
However, the announcement came alongside troubling financial disclosures that raised investor concerns. The company reported its first loss in a mid-year report since its 2010 listing, with operating revenue of 154 million yuan for the first half of 2026, representing a 9.26% year-over-year decline, and a net loss of 8.1287 million yuan [1]. Full-year 2025 revenues stood at 317 million yuan, less than half the 710 million yuan peak achieved in 2020 [1]. The poor financial performance was compounded by revelations that controlling shareholder Zheng Qingsheng has pledged 82.46% of his shareholdings as collateral [1], raising concerns about potential liquidity pressures.
The underlying investment itself presents additional risks. Zhongsheng Microelectronics generated only 2.4136 million yuan in revenue during 2025 while posting a net loss of 107 million yuan, and has yet to achieve profitability [1]. Zhongzi Ham recorded investment losses from this venture of 662,900 yuan and 671,400 yuan respectively in 2025 and the first quarter of 2026 [1]. The company's own disclosures flagged the possibility that the transaction valuation may prove excessive, potentially necessitating impairment provisions on long-term equity investments in future periods [1]. Based on the 1.85 billion yuan valuation as of December 31, 2025, the estimated appreciation rate reaches 1,497.19% [1].
