HSPC(SH:603353) Di Yi Cai Jing·2025-11-17 10:42Group 1: Company Overview - HeShun Petroleum (603353.SH) is primarily engaged in the retail and wholesale of refined oil, operating 35 self-owned gas stations as of June 30, 2025 [5][6] - The company has recently announced plans to acquire a controlling stake in semiconductor IP firm Shanghai Kuixin Integrated Circuit Design Co., Ltd. for no more than 540 million yuan [1][2] - As of the end of Q3 this year, HeShun Petroleum reported cash reserves of 312 million yuan [2] Group 2: Financial Performance - In the first three quarters of this year, HeShun Petroleum achieved a revenue of 2.126 billion yuan, a slight decrease of 0.13% year-on-year, with a net profit of 21.81 million yuan, down 49.44% year-on-year [5][6] - The company's net profit has been on a downward trend since its peak of 175 million yuan in 2020, with significant declines in subsequent years [6] - The sales net profit margin fell to 1.02%, the lowest since the company went public [6] Group 3: Acquisition Details - The acquisition involves HeShun Petroleum obtaining at least 34% equity in Kuixin Technology and controlling 51% of its voting rights through a voting rights delegation [2] - Kuixin Technology, established in August 2021, has reported cumulative net losses of approximately 84 million yuan over the past two and a half years [4] - The acquisition agreement includes performance commitments from Kuixin Technology, requiring significant revenue growth and profitability from 2025 to 2028 [4] Group 4: Industry Context - The refined oil market is facing challenges due to changing consumer habits, increased competition, and the expansion of the electric vehicle market [5][6] - The semiconductor industry, while currently popular, presents its own risks, as Kuixin Technology has struggled with profitability despite being in a high-demand sector [1][4]