Key Points - The national electricity market transaction volume in October increased by 7.9% year-on-year, with a total of 563.8 billion kWh traded, marking a 15.6% increase compared to the previous year [2] - The green certificate issuance reached 2.478 billion units in the first ten months of 2025, with 370 million units issued in October alone, indicating a strong growth in renewable energy projects [2] - The southern five provinces of China experienced a 10% year-on-year increase in electricity consumption in October, marking the first double-digit growth since February [3] - The first carbon-neutral demonstration project in the postal and express delivery industry in Jiangsu has been launched, expected to consume approximately 75 million kWh of green electricity annually and reduce carbon emissions by about 60,000 tons [4] - The Anhui-Hubei back-to-back interconnection project has received approval from the National Development and Reform Commission, laying a solid foundation for its subsequent construction [4] - The world's first 630℃ ultra-supercritical secondary reheating national power demonstration project has completed the main equipment delivery, featuring the highest pressure, temperature, efficiency, and lowest coal consumption for a single-shaft 1 million kW unit [6]

每经编辑｜许绍航 据新华社，11月25日从国家税务总局获悉，税务部门与公安、商务、市场监管等部门紧密协作，持续加大对加油站涉税违法行为的查处力度，协同规范行 业秩序，促进市场公平竞争。 2025年1月至10月，全国税务部门累计查处高风险加油站3904户，查补税费款和加收滞纳金、罚款共计36.44亿元。 今年以来，针对部分加油站存在加油机作弊、账外经营、隐匿销售收入等偷逃税款的违法行为，税务部门官方网站实名曝光了一系列依法查处的违法案 件。 经测试，个别加油站私自加装了一款具有偷油功能的作弊软件，并用这个软件控制外边的加油机实施偷油。 通过在作弊软件上任意设置参数，就可以控制偷油比例，比如数值设成2，就代表每100升油偷2升油；设置成9，就代表每100升油偷9升油。 据央视新闻此前报道，有执法人员在突击检查中发现，个别加油站利用"阴阳电脑"和作弊软件进行"偷油"。 而前台电脑上的数据跟外边加油机上显示的数据一样，都是假数据，用来欺骗消费者、应付检查；后台隐蔽的电脑则控制加油机实施作弊。 为了不让消费者有所察觉，偷油量通常都设在2%到5%左右，这样消费者加一箱60升的油，加油站至少要少给1.2升，广大车主的利益受 ...

Core Viewpoint - The tax authorities in China are intensifying efforts to combat tax violations in gas stations, collaborating with various departments to ensure fair market competition and compliance in the industry [1] Summary by Relevant Sections Tax Violations and Enforcement - From January to October 2025, tax authorities investigated 3,904 high-risk gas stations, recovering a total of 3.644 billion yuan in taxes, late fees, and fines [1] - The tax department has publicly exposed a series of illegal cases involving gas stations, including fuel dispenser cheating, off-the-books operations, and concealed sales revenue [1] Industry Significance - Gas stations are identified as critical nodes in the refined oil distribution network and essential for stabilizing the energy supply chain [1] - The enforcement actions taken by tax authorities are aimed at promoting compliance and integrity in the gas station industry, fostering healthy and regulated development [1] Future Actions - The tax authorities plan to continue strengthening collaboration with relevant departments, enhancing tax service while legally addressing tax violations in the gas station sector [1] - There will be a regular exposure of illegal cases to protect national interests and consumer rights, ensuring fair competition in the market and supporting high-quality economic development [1]

乱象屡禁不止的核心，在于作弊手段的升级迭代与黑色产业链的形成。如今的加油站作弊早已告 别"手工调整"的初级阶段，呈现出集团化、科技化、隐蔽化、链条化特征：从专业作弊软件的开发、加 油机设备的改装，到加油站的违规操作，形成了分工明确的黑色产业链。作弊软件可远程操控、参数任 意设置，既让普通消费者难以察觉，也给传统监管模式带来巨大挑战。 近日，央视《焦点访谈》栏目曝光了问题加油站作弊"花招"：有加油站私自加装偷油作弊软件操控 加油机，既克扣油量从消费者处"偷钱"，又隐瞒真实营业额逃避税款。这一乱象再次引发公众对成品油 市场的关注。国家市场监督管理总局有关负责人称，将持续加大对加油机作弊违法行为打击的高压态 势。 加油站"偷油"并非什么新鲜事儿，此前央视曾报道，一些加油站非法安装远程控制程序，"偷油"功 能的参数可任意设置。2023年8月，国家市场监管总局、公安部、商务部、国家税务总局等部门在全国 开展为期一年的综合治理加油机作弊专项行动，截至2024年5月，全国共查办加油机作弊案件1249件， 涉案金额20.02亿元。如此惊人的数字，足以说明乱象的严重性与治理的紧迫性。 在汽车普及的当下，加油站作弊乱象的危害，早 ...

Core Viewpoint - The recent acquisition plan by Heshun Petroleum to purchase a stake in Kuixin Technology has stirred the capital market, highlighting the company's shift from traditional fuel retailing to the semiconductor industry amid declining performance in its core business [1][3]. Company Overview - Heshun Petroleum primarily operates in the retail of refined oil in Hunan, facing challenges as the market for fuel vehicles declines with the rise of electric vehicles [3]. - The company has experienced a significant drop in profitability since its IPO in 2020, with net profit decreasing from 170 million yuan to approximately 29.27 million yuan in 2024 [3]. Acquisition Details - Heshun Petroleum plans to acquire at least 34% of Kuixin Technology, aiming to control 51% of voting rights, with the total transaction value not exceeding 540 million yuan [1]. - Kuixin Technology, established in 2021, specializes in semiconductor solutions and has raised over 100 million yuan in funding since its inception [5][6]. Market Reaction - Following the acquisition announcement, Heshun Petroleum's stock price surged nearly 60% within a short period, raising concerns about the sustainability of this price increase given the company's poor financial performance [4][12]. - The stock's rapid rise has been attributed to speculation surrounding the semiconductor acquisition rather than fundamental business improvements [4][12]. Financial Performance of Kuixin Technology - Kuixin Technology reported revenues of 146 million yuan in 2023, with projected revenues of 193 million yuan in 2024 and 110 million yuan in the first half of 2025 [7]. - The company has a high asset-liability ratio of 65.29%, indicating potential financial instability [10]. Valuation Concerns - Heshun Petroleum's market capitalization has approached 6 billion yuan, leading to concerns of overvaluation, with a price-to-earnings ratio exceeding 741 times [12]. - Analysts suggest that the valuation is disconnected from the company's declining profitability and that the stock price may face corrections if the acquisition does not meet expectations [12].

Core Viewpoint - The article highlights the ongoing issue of fuel theft at gas stations in China, revealing sophisticated methods used to cheat consumers and evade regulatory oversight, which not only harms consumers but also affects tax revenues and market integrity [1][28]. Group 1: Fuel Theft Methods - Gas stations are using hidden computers to control fuel dispensers, allowing them to manipulate fuel quantities dispensed to customers [5][10]. - A specific software was discovered that enables gas station operators to set parameters for fuel theft, typically ranging from 2% to 5% of the total fuel dispensed [10][12]. - The software can be activated or deactivated easily, making it difficult for regulatory bodies to detect the cheating during inspections [11][30]. Group 2: Tax Evasion - Gas stations not only engage in fuel theft but also commonly evade taxes by manipulating sales data recorded by fuel dispensers [12][14]. - The software used for cheating includes features that allow operators to adjust reported sales figures, thereby reducing their tax liabilities [13][23]. - A specific case revealed that a gas station concealed nearly 800 million yuan in sales over a month, significantly underreporting its earnings to tax authorities [23][20]. Group 3: Regulatory Response - Regulatory authorities have intensified their efforts to combat fuel theft and tax evasion, leading to a decline in reported cases of gas station fraud [28][30]. - The emergence of a black market for fuel dispenser manipulation software poses a significant challenge for regulators, necessitating a comprehensive approach to enforcement and prevention [26][30]. - The article emphasizes the need for a collaborative effort to ensure transparency and fairness in the fuel market, protecting consumer interests and maintaining tax revenue integrity [30].

Core Viewpoint - The investigation reveals widespread cheating practices at gas stations in China, where operators use sophisticated software to manipulate fuel dispensing and evade taxes, significantly harming consumers and undermining market integrity [1][16]. Group 1: Cheating Mechanisms - Gas stations have been found using modified fuel dispensers with tampered mainboards, allowing them to cheat customers by delivering less fuel than paid for [3][7]. - A hidden computer system was discovered that controls the fuel dispensing software, enabling operators to set parameters for theft, such as stealing 2 to 9 liters per 100 liters sold [5][7]. - The software used for cheating is capable of hiding the actual sales data from regulatory authorities, allowing gas stations to report significantly lower revenues for tax purposes [11][14]. Group 2: Tax Evasion - Gas stations utilize the same cheating software to manipulate tax reporting, allowing them to evade value-added tax and corporate income tax by underreporting sales [11][16]. - Investigations revealed discrepancies between reported and actual sales figures, with one gas station hiding nearly 800 million yuan in revenue over three months [14]. Group 3: Regulatory Response - The market regulatory authorities are intensifying efforts to combat these cheating practices, employing advanced technology and conducting targeted enforcement actions [18]. - A comprehensive regulatory framework is being developed to address the entire supply chain of cheating, from software development to operational violations, aiming to deter illegal activities effectively [18].

Core Viewpoint - Heshun Petroleum plans to diversify into the semiconductor industry by acquiring a significant stake in Shanghai Kuixin Integrated Circuit Design Co., aiming to find new growth opportunities as its traditional gas station business slows down [1][2][3]. Group 1: Business Transition - Heshun Petroleum's main business includes gas station retail, oil storage, logistics, and wholesale, primarily dealing with diesel and gasoline [2]. - The company intends to acquire at least 34% of Kuixin Technology's equity and control 51% of its voting rights, allowing it to influence the company's operations and financial decisions [2][4]. - The acquisition is part of a strategic move to enter the high-barrier semiconductor IP and Chiplet market, which is expected to provide new profit growth points [3][4]. Group 2: Financial Performance of Target Company - Kuixin Technology, established in 2021, has incurred losses exceeding 80 million yuan over two and a half years, with projected revenues of 146 million yuan, 193 million yuan, and 110 million yuan for 2023, 2024, and the first half of 2025, respectively [4][5]. - The company has a high debt ratio of 65.29% as of June 2025, with total assets of 224 million yuan and equity of 77.89 million yuan [5][7]. - Despite its financial struggles, Kuixin Technology has developed a comprehensive product matrix for high-speed interface IP and Chiplet solutions, serving over 60 clients in various sectors, including AI and data centers [4][5]. Group 3: Performance Commitments - The acquisition agreement includes performance commitments, with Kuixin Technology promising cumulative revenues of at least 2.1 billion yuan over four years from 2025 to 2028 [8]. - The annual revenue targets are set at 300 million yuan, 450 million yuan, 600 million yuan, and 750 million yuan for the respective years, with net profits expected to be positive [8]. Group 4: Market Reaction - Following the announcement, Heshun Petroleum's stock price surged by 59%, closing at 28.03 yuan per share on November 13, up from 17.62 yuan on October 27 [10]. - Analysts caution that the significant leap from oil products to semiconductors may involve speculative elements, urging investors to monitor the transaction's evaluation report and performance commitments closely [10].

Core Viewpoint - The company Heshun Petroleum plans to diversify from its traditional gas station business into the semiconductor industry, specifically targeting high-barrier semiconductor IP and Chiplet markets, in response to slowing growth in its core business [1][2][3]. Group 1: Business Transition - Heshun Petroleum's main business includes gas station retail, refined oil storage, logistics, and wholesale, primarily dealing with diesel and gasoline [2]. - The management believes that the semiconductor IP industry has significant growth potential and aims to find new revenue streams to support the company's future development [2][3]. - The company intends to acquire at least 34% of the equity in Shanghai Kuixin Integrated Circuit Design Co., Ltd. (Kuixin Technology) and gain control over 51% of the voting rights through this transaction [2]. Group 2: Financial Aspects of the Target Company - Kuixin Technology, established in 2021, has incurred losses exceeding 80 million yuan over three and a half years, despite holding 49 authorized invention patents [4][5]. - The company's projected revenues for 2023, 2024, and the first half of 2025 are 146 million yuan, 193 million yuan, and 110 million yuan, respectively, with net profits of -74.87 million yuan, 0.53 million yuan, and -9.75 million yuan [5][7]. - Kuixin Technology has a debt ratio of 65.29% as of June 2025, with total assets of 224.4 million yuan and equity of 77.89 million yuan [7]. Group 3: Performance Commitments - The transaction includes performance commitments, requiring Kuixin Technology to achieve cumulative revenues of 2.1 billion yuan over four years, with annual net profits being positive [8]. - The revenue targets for the years 2025 to 2028 are set at no less than 300 million yuan, 450 million yuan, 600 million yuan, and 750 million yuan, respectively [8]. Group 4: Recent Performance of Heshun Petroleum - Heshun Petroleum reported a revenue of 2.126 billion yuan for the first three quarters of 2025, a slight decrease of 0.13% year-on-year, with a net profit of 21.81 million yuan, down 49.44% [10]. - The company’s third-quarter revenue was 670 million yuan, reflecting an 11.23% decline year-on-year, with a net profit of 7.76 million yuan, down 50.65% [10].

Core Viewpoint - The company, HeShun Petroleum, is diversifying into the semiconductor industry by acquiring a controlling stake in Shanghai KuiXin Integrated Circuit Design Co., Ltd. (KuiXin Technology) to seek new growth opportunities amid declining performance in its core business [2][3][7]. Group 1: Acquisition Details - HeShun Petroleum plans to acquire at least 34% of KuiXin Technology's equity through cash payment and will control 51% of the voting rights via a voting rights delegation agreement [2][3]. - The total valuation of KuiXin Technology is capped at 1.588 billion yuan, with the final transaction amount expected to be no more than 540 million yuan [2][3]. - The acquisition is structured as a "transfer + capital increase" model, with a control acquisition intention agreement signed on November 14 [3]. Group 2: Business Context - KuiXin Technology, established in 2021, focuses on integrated circuit IP and Chiplet product development, addressing computing power expansion and high-speed interconnection issues [6]. - The company has developed a strategic cooperation network with major foundries like TSMC and Samsung, and its products are utilized in data centers, AI, automotive electronics, and consumer electronics [6]. - KuiXin Technology has a performance commitment for revenue from 2025 to 2028, with targets set at no less than 300 million yuan, 450 million yuan, 600 million yuan, and 750 million yuan for each respective year [6]. Group 3: Financial Performance - HeShun Petroleum's main business, which includes gas station operations and oil logistics, has seen a decline in revenue from 39.94 billion yuan in 2022 to an expected 28.12 billion yuan in 2024, with net profit decreasing from 1.04 billion yuan to 290 million yuan over the same period [7][10]. - The company has initiated a strategic partnership with Huawei to develop supercharging stations, aiming to transform traditional energy stations into new energy stations [10]. - Despite efforts to diversify, HeShun Petroleum's revenue for the first three quarters of 2023 was 2.126 billion yuan, a slight decline of 0.13% year-on-year, with net profit dropping by 65.95% to approximately 10.9 million yuan [10][11].