Group 1 - The company plans to acquire at least 34% equity in Shanghai Kuixin Integrated Circuit Design Co., Ltd. (Kuixin Technology) for cash, aiming to control 51% of the voting rights through a voting rights entrustment [2] - The total valuation of Kuixin Technology is not to exceed 1.588 billion yuan, with the expected transaction amount not exceeding 540 million yuan [2] - Kuixin Technology has committed to achieving audited annual revenues of no less than 300 million yuan, 450 million yuan, 600 million yuan, and 750 million yuan from 2025 to 2028 [2] Group 2 - The actual controllers of the company have signed a share transfer agreement to transfer a total of 10,314,360 shares, representing 6% of the total share capital, to the controlling person of Kuixin Technology [3] - The controlling person of Kuixin Technology, Chen Wanyi, has over 23 years of experience in the semiconductor industry, having worked for several notable companies [3] Group 3 - Kuixin Technology, established in 2021, focuses on high-speed interface IP and Chiplet solutions, filling a domestic gap and gradually breaking foreign monopolies [4] - The company has developed a strategic cooperation network with international foundries like TSMC and Samsung, covering process nodes from 5nm to 55nm [4] - The main products and services of Kuixin Technology include various high-speed interface IPs and Chiplet solutions, while the company has no prior management experience in this industry, indicating potential challenges in cross-industry operational management [4]

Core Viewpoint - Hunan Heshun Petroleum Co., Ltd. plans to acquire at least 34% of Shanghai Kuixin Integrated Circuit Design Co., Ltd. through equity purchase and capital increase, aiming to gain control over the company with a total valuation not exceeding 1.588 billion yuan and an expected transaction amount not exceeding 540 million yuan [1][8][24]. Group 1: Transaction Overview - The acquisition will allow Heshun Petroleum to control 51% of Kuixin's voting rights, appoint two-thirds of the board members, and have decision-making authority over its operations, personnel, and finances [1][8][12]. - The transaction is classified as a related party transaction, as Chen Wanyi, the actual controller of Kuixin, will hold 6% of Heshun Petroleum's shares post-transaction [2][9]. - The performance commitment for Kuixin includes revenue targets of at least 300 million yuan in 2025, increasing to 750 million yuan by 2028, with net profits being positive for each year [5][11][27]. Group 2: Kuixin Technology Overview - Kuixin Technology, established in 2021, specializes in high-speed interface IP and Chiplet solutions, filling a gap in the domestic market and breaking foreign monopolies [4][18]. - The company has developed a complete product matrix covering various protocols and has established strategic partnerships with major foundries like TSMC and Samsung [4][18]. - Kuixin has served over 60 clients, including major players in AI and data centers, and has a strong focus on high-performance, low-power products [5][19]. Group 3: Financial and Operational Aspects - Kuixin's financial data shows total assets of approximately 224.42 million yuan as of June 30, 2025, with a net profit of -9.75 million yuan for the first half of 2025 [22][23]. - The company has a high gross margin of 43.5% and has applied for over 100 intellectual property rights, indicating a strong innovation capability [19][22]. - The business model includes providing semiconductor IP, ASIC design services, and Chiplet solutions, with flexible cooperation models to meet diverse client needs [19][20].

北京商报讯(记者马换换王蔓蕾)11月14日股价涨停收盘的和顺石油（603353），于11月16日晚间披露了 重组消息。11月16日晚间，公司披露公告称，拟以现金方式，通过收购股权及增资购买上海奎芯集成电 路设计有限公司(以下简称"奎芯科技")不低于34%的股权，同时通过表决权委托，合计控制标的公司 51%表决权，即取得标的公司的控制权。 公告显示，奎芯科技100%的股权价值不高于15.88亿元(增资后估值)，预计最终交易金额不高于5.4亿 元。本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组。本次交易不涉及公司发 行股份，也不会导致公司控股股东和实际控制人发生变更。 和顺石油表示，奎芯科技是一家专注于集成电路IP和Chiplet产品研发的供应商，致力于解决算力扩展与 高速互联问题，主要产品和服务包括各种高速接口IP和基于互联IP的Chiplet解决方案和芯片设计服务。 同日晚间，和顺石油披露公告称，公司实际控制人晏喜明、赵尊铭及其一致行动人赵雄拟将合计持有的 公司无限售条件流通股份1031.44万股，占公司总股本的6%，通过协议转让的方式转让给陈琬宜。 交易行情显示，11月14日，和顺石油涨停 ...

标的公司是国内少数能提供完整Chiplet解决方案的企业之一，推出了基于IO Die的互联解决方案，通过 UCIe协议实现不同芯粒间的高速互联，提升计算性能、降低延迟;面向AI与数据中心客户并实现落地;生 态合作伙伴广泛，包括和晶圆厂的合作，以及Die设计交付、Interposer设计等。 和顺石油（603353）(603353.SH)公告，公司拟以现金方式，通过收购股权及增资购买上海奎芯集成电 路设计有限公司(简称"奎芯科技")不低于34%的股权，同时通过表决权委托，合计控制标的公司51%表 决权，即取得标的公司的控制权。本次交易价格尚未确定，标的公司100%的股权价值不高于15.88亿元 (增资后估值)，预计最终交易金额不高于5.4亿元。 据公告所示，标的公司专注于打造高速接口IP和Chiplet解决方案，是国内少数具备完整的高速接口IP产 品矩阵的企业。最新产品UCIeChiplet互联IP已用于国产大算力芯片中，支持万卡级算力集群扩展。标的 公司构建了覆盖台积电、三星等国际晶圆厂的战略合作网络，成功开发出覆盖5nm至55nm工艺的接口 IP，广泛应用于数据中心、人工智能、汽车电子及消费电子领域。 公告 ...

据公告所示，标的公司专注于打造高速接口IP和Chiplet解决方案，是国内少数具备完整的高速接口IP产 品矩阵的企业。最新产品UCIeChiplet互联IP已用于国产大算力芯片中，支持万卡级算力集群扩展。标的 公司构建了覆盖台积电、三星等国际晶圆厂的战略合作网络，成功开发出覆盖5nm至55nm工艺的接口 IP，广泛应用于数据中心、人工智能、汽车电子及消费电子领域。 智通财经APP讯，和顺石油(603353.SH)公告，公司拟以现金方式，通过收购股权及增资购买上海奎芯 集成电路设计有限公司(简称"奎芯科技")不低于34%的股权，同时通过表决权委托，合计控制标的公司 51%表决权，即取得标的公司的控制权。本次交易价格尚未确定，标的公司100%的股权价值不高于 15.88亿元(增资后估值)，预计最终交易金额不高于5.4亿元。 公告提示，公司主营业务与标的公司主营业务属于不同的行业，本次交易前上市公司无相关行业的管理 经验，公司在跨行业运营管理能力、协调整合能力等方面将面临一定的考验。 标的公司是国内少数能提供完整Chiplet解决方案的企业之一，推出了基于IO Die的互联解决方案，通过 UCIe协议实现不同芯粒间 ...

本次交易完成后，公司委派董事占据标的公司董事会席位三分之二，标的公司财务总监将由公司推荐的 人员担任，公司将对标的公司的经营、人事、财务等事项拥有决策权，标的公司将纳入公司合并报表范 围，成为公司控股子公司。本次交易的评估/审计工作尚未完成，交易价格尚未确定。双方确认，标的 公司100%的股权价值不高于15.88亿元(增资后估值)，预计最终交易金额不高于5.4亿元，在此基础上最 终的交易价格以公司聘请的符合《证券法》规定的资产评估机构出具的评估结果作为依据确定，双方将 签署正式股权收购协议予以约定。 格隆汇11月16日丨和顺石油(603353.SH)发布公告，公司拟以现金方式，通过收购股权及增资购买上海 奎芯集成电路设计有限公司(以下简称"奎芯科技"或"标的公司")不低于34%的股权，同时通过表决权委 托，合计控制标的公司51%表决权，即取得标的公司的控制权(以下简称"本次交易")。 标的公司成立于2021年，专注于打造高速接口IP和Chiplet解决方案。标的公司是国内少数具备完整的高 速接口IP产品矩阵的企业，填补国内空白，逐步打破外商垄断。协议迭代及工艺制程比部分同行有一代 的领先优势。目前已覆盖UCI ...

转自：证券时报 奎芯科技是一家专注于集成电路IP和Chiplet产品研发的供应商，致力于解决算力扩展与高速互联问题， 主要产品和服务包括各种高速接口IP和基于互联IP的Chiplet解决方案和芯片设计服务。奎芯科技目前已 服务超60家客户，主要覆盖AI、数据中心等多个行业，标杆客户包括国际存储行业巨头以及AI领域独 角兽企业。 人民财讯11月16日电，和顺石油(603353)11月16日公告，公司拟以现金方式通过收购股权及增资购买上 海奎芯集成电路设计有限公司（简称"奎芯科技"）不低于34%的股权，同时通过表决权委托，合计控制 奎芯科技51%表决权，即取得奎芯科技的控制权。双方确认，奎芯科技100%的股权价值不高于15.88亿 元（增资后估值），预计最终交易金额不高于5.4亿元。 ...

格隆汇11月16日丨和顺石油(603353.SH)发布公告，公司拟以现金方式，通过收购股权及增资购买上海 奎芯集成电路设计有限公司(以下简称"奎芯科技"或"标的公司")不低于34%的股权，同时通过表决权委 托，合计控制标的公司51%表决权，即取得标的公司的控制权(以下简称"本次交易")。 标的公司成立于2021年，专注于打造高速接口IP和Chiplet解决方案。标的公司是国内少数具备完整的高 速接口IP产品矩阵的企业，填补国内空白，逐步打破外商垄断。协议迭代及工艺制程比部分同行有一代 的领先优势。目前已覆盖UCIe、HBM、ONFI、LPDDR、PCIe、eDP、USB等协议，PPA指标比肩海外 龙头；最新产品UCIe Chiplet互联IP已用于国产大算力芯片中，支持万卡级算力集群扩展。标的公司构 建了覆盖台积电、三星等国际晶圆厂的战略合作网络，成功开发出覆盖5nm至55nm工艺的接口IP，广泛 应用于数据中心、人工智能、汽车电子及消费电子领域。 本次交易完成后，公司委派董事占据标的公司董事会席位三分之二，标的公司财务总监将由公司推荐的 人员担任，公司将对标的公司的经营、人事、财务等事项拥有决策权，标的公司 ...

Core Viewpoint - Hai Xi Communications is strategically expanding its business direction by increasing investment in its wholly-owned subsidiary, Hai Wanxin Technology Co., Ltd., and introducing strategic investors to enhance its presence in the renewable energy storage sector [1][2]. Group 1: Company Overview - Hai Xi Communications primarily operates in industrial wireless and renewable energy sectors, focusing on the manufacturing and sales of energy storage systems [1]. - The company established Hai Wanxin in July 2023 with a registered capital of 45 million RMB, aimed at supporting its long-term renewable energy strategy [1][2]. Group 2: Investment Details - Hai Wanxin plans to increase its registered capital from 45 million RMB to 160 million RMB, with new investments from strategic partners including Anji Economic Development National Innovation Equity Investment Partnership and Jing Tong Technology [2]. - After the capital increase, Hai Xi Communications will hold a 50.63% stake in Hai Wanxin, while Anji Economic Development will hold 40% and Jing Tong Technology will hold 9.375% [2]. Group 3: Strategic Investors - Anji Economic Development is a local state-owned enterprise that will provide tax incentives and policy support for Hai Wanxin's business expansion [2]. - Jing Tong Technology is a high-tech enterprise specializing in advanced packaging solutions for semiconductors, which will offer technical support for Hai Wanxin's renewable energy initiatives [2][3]. Group 4: Technological Capabilities - Jing Tong Technology is recognized for its expertise in wafer-level fan-out packaging and has developed proprietary technologies that meet various line width requirements [3][4]. - The company has a comprehensive patent portfolio in the Fan-out and Chiplet fields, providing customized packaging solutions for clients in the semiconductor industry [3][4]. Group 5: Future Prospects - The local government has reserved sufficient land for related projects, indicating a supportive environment for Hai Xi Communications' future developments in the renewable energy sector [4].

Investment Rating - The report rates the advanced packaging industry as "stronger than the market" [1] Core Viewpoints - The advanced packaging technology is positioned as a key path to overcome the limitations of Moore's Law, driven by the exponential growth in computing power required for AI and large model training [2][14] - The global advanced packaging market is projected to exceed $79 billion by 2030, highlighting its role as a core growth engine in the semiconductor industry [2][23] - The demand for advanced packaging is surging due to the increasing need for high-performance AI chips, with TSMC's CoWoS technology becoming a critical support process for high-performance AI chips [2][17] Summary by Sections Chapter 1: Growing Demand for Intelligent Computing - The demand for intelligent computing is rapidly increasing, with significant growth in enterprise-level markets [5][9] - China's intelligent computing scale is expected to reach 725.3 EFLOPS in 2024, a year-on-year increase of 74.1% [9][10] Chapter 2: Diverse Packaging Paths - Advanced packaging technologies are evolving rapidly, with a focus on 2.5D/3D packaging solutions that are gaining popularity [2][18] - The global advanced packaging market is expected to grow from $46.1 billion in 2024 to $79.1 billion by 2030, with a compound annual growth rate (CAGR) of 21.71% for 2.5D/3D packaging [23][24] Chapter 3: Investment Recommendations - The report suggests focusing on key players in the advanced packaging sector, such as Changdian Technology, Tongfu Microelectronics, and JCET [2][24]