HSPC(SH:603353) Sou Hu Cai Jing·2025-11-16 16:47Core Viewpoint - The company Heshun Petroleum plans to diversify from its traditional gas station business into the semiconductor industry, specifically targeting high-barrier semiconductor IP and Chiplet markets, in response to slowing growth in its core business [1][2][3]. Group 1: Business Transition - Heshun Petroleum's main business includes gas station retail, refined oil storage, logistics, and wholesale, primarily dealing with diesel and gasoline [2]. - The management believes that the semiconductor IP industry has significant growth potential and aims to find new revenue streams to support the company's future development [2][3]. - The company intends to acquire at least 34% of the equity in Shanghai Kuixin Integrated Circuit Design Co., Ltd. (Kuixin Technology) and gain control over 51% of the voting rights through this transaction [2]. Group 2: Financial Aspects of the Target Company - Kuixin Technology, established in 2021, has incurred losses exceeding 80 million yuan over three and a half years, despite holding 49 authorized invention patents [4][5]. - The company's projected revenues for 2023, 2024, and the first half of 2025 are 146 million yuan, 193 million yuan, and 110 million yuan, respectively, with net profits of -74.87 million yuan, 0.53 million yuan, and -9.75 million yuan [5][7]. - Kuixin Technology has a debt ratio of 65.29% as of June 2025, with total assets of 224.4 million yuan and equity of 77.89 million yuan [7]. Group 3: Performance Commitments - The transaction includes performance commitments, requiring Kuixin Technology to achieve cumulative revenues of 2.1 billion yuan over four years, with annual net profits being positive [8]. - The revenue targets for the years 2025 to 2028 are set at no less than 300 million yuan, 450 million yuan, 600 million yuan, and 750 million yuan, respectively [8]. Group 4: Recent Performance of Heshun Petroleum - Heshun Petroleum reported a revenue of 2.126 billion yuan for the first three quarters of 2025, a slight decrease of 0.13% year-on-year, with a net profit of 21.81 million yuan, down 49.44% [10]. - The company’s third-quarter revenue was 670 million yuan, reflecting an 11.23% decline year-on-year, with a net profit of 7.76 million yuan, down 50.65% [10].