连年亏损却砸4亿元跨界“追芯”！康欣新材遭火速问询

Core Viewpoint - Kangxin New Materials (600076) is acquiring a 51% stake in Wuxi Yubang Semiconductor Technology Co., Ltd. for 392 million yuan, raising questions from the Shanghai Stock Exchange regarding the rationale and valuation of the deal [1][3]. Group 1: Acquisition Details - The acquisition involves cash payment of 391.68 million yuan to gain control over Yubang Semiconductor, which specializes in integrated circuit manufacturing repair equipment and related services [1]. - Yubang Semiconductor was established in 2014 and provides a comprehensive service solution including repair equipment, parts, consumables, and technical support [1]. - Projected revenues for Yubang Semiconductor are 150 million yuan for 2024 and 166 million yuan for the first nine months of 2025, with net profits of approximately 13.00 million yuan and 22.18 million yuan respectively [1]. Group 2: Performance Commitments - The performance commitment from the sellers includes a net profit of no less than 50 million yuan for 2026, 53 million yuan for 2027, and 56 million yuan for 2028, totaling a minimum of 159 million yuan over the commitment period [2]. Group 3: Financial Concerns - Kangxin New Materials has reported significant losses in recent years, with revenues of 246 million yuan, 602 million yuan, and 278 million yuan for 2023, 2024, and the first nine months of 2025 respectively, and net losses of 297 million yuan, 334 million yuan, and 189 million yuan [3]. - The company has a total interest-bearing debt of 1.598 billion yuan, with short-term borrowings and current liabilities amounting to 419 million yuan and long-term borrowings totaling 1.179 billion yuan [3]. - The acquisition raises concerns about the company's ability to finance the deal and manage the integration of a business that is significantly different from its core operations [3][4]. Group 4: Regulatory Scrutiny - The Shanghai Stock Exchange has issued inquiries regarding the acquisition's rationale, the feasibility of the performance commitments, and the potential for insider trading due to a recent surge in the company's stock price [3][5]. - The stock price of Kangxin New Materials experienced a significant increase of 60.54% over the past 30 trading days, followed by a sharp decline after the announcement of the acquisition [5].