SUNFLOWER(SZ:300111) Jing Ji Guan Cha Wang·2025-12-26 08:17Core Viewpoint - The company Sunflower (300111.SZ) is facing scrutiny from the Shenzhen Stock Exchange regarding its proposed acquisition of semiconductor materials company Xipu Materials, raising concerns about the asset quality and operational capacity of the target company [1][2]. Group 1: Acquisition Details - Sunflower plans to acquire 100% equity of Xipu Materials through a combination of issuing shares and cash payments, as disclosed in its asset acquisition proposal [1]. - Xipu Materials, based in Fujian, operates under a model that combines customized processing and self-production, serving as a core supplier to various wafer fabs [1]. - The core products of Xipu Materials include high-purity electronic specialty gases and silicon-based precursors, with a complete product matrix covering mainstream electronic gases and precursors [1]. Group 2: Regulatory Concerns - The Shenzhen Stock Exchange has requested detailed financial information from Xipu Materials, including revenue, costs, and gross margins for 2023 and 2024, as well as specifics on transactions with related parties [2]. - There are concerns regarding potential legal issues affecting Xipu Materials, particularly a lawsuit against its actual controller, which could impact the company's operations and asset transfer [2]. Group 3: Market Reaction and Company Background - Following the announcement of the scrutiny, Sunflower's stock price dropped significantly, opening down 16% and closing at 6.36 yuan, a decrease of 10.80% [2]. - Sunflower's main business is in pharmaceuticals, with a focus on anti-infection drugs and cardiovascular medications, facing challenges due to ongoing healthcare reforms and price pressures [3]. - The company aims to diversify into the high-end semiconductor materials sector to create a dual business model, enhancing its profitability and sustainability [3].