KANGXIN NEW MATERIALS(SH:600076) Chang Jiang Shang Bao·2026-01-22 00:08Core Viewpoint - Kangxin New Materials (600076.SH) is facing ongoing losses in its main business while planning a high-premium cross-industry acquisition of semiconductor assets, raising significant concerns about the rationale and financial implications of the deal [1][6]. Group 1: Acquisition Details - Kangxin New Materials plans to acquire 51% of Wuxi Yubang Semiconductor Technology Co., Ltd. for 392 million yuan, marking a significant cross-industry investment for a company primarily engaged in container flooring [1][4]. - The overall valuation of Yubang Semiconductor is set at 692 million yuan, with an impressive appraisal premium of 430.8% [3][4]. - Yubang Semiconductor has made performance commitments to achieve a cumulative net profit of no less than 159 million yuan from 2026 to 2028, significantly exceeding its historical performance [4][5]. Group 2: Financial Concerns - Kangxin New Materials has reported cumulative losses of 1.012 billion yuan from 2022 to the first nine months of 2025, raising questions about its financial capacity to complete the cash-based acquisition [1][6]. - As of September 2025, the company has total assets of 6.727 billion yuan and interest-bearing liabilities of 1.598 billion yuan, with a cash flow deficit of 61.7948 million yuan in the first nine months of 2025 [7]. - The company’s stock price surged by 10.02% on the day of the acquisition announcement, prompting regulatory scrutiny regarding potential insider trading [2][7]. Group 3: Business Transition - The acquisition is part of Kangxin New Materials' strategy to transition into the semiconductor industry, aiming to diversify its business and enhance profitability amid ongoing losses in its core operations [6][1]. - The company has faced continuous losses since 2020, with net profits showing a downward trend, indicating a pressing need for strategic transformation [6][7].