截至2025年11月21日收盘，和顺石油（603353）报收于30.59元，较上周的28.03元上涨9.13%。本周， 和顺石油11月20日盘中最高价报35.88元，股价触及近一年最高点。11月21日盘中最低价报30.53元。本 周共计2次涨停收盘，无跌停收盘情况。和顺石油当前最新总市值52.59亿元，在炼化及贸易板块市值排 名17/30，在两市A股市值排名3098/5167。 本周关注点 交易信息汇总 和顺石油（603353）因非ST、*ST和S证券连续三个交易日内收盘价格涨幅偏离值累计达到20%，于 2025年11月17日登上龙虎榜，为近5个交易日内首次上榜。 公司拟收购上海奎芯集成电路设计有限公司不低于34%股权，并通过表决权委托合计控制51%表决权， 取得其控制权。 标的公司100%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，公司将安 排中介机构进场开展尽职调查、审计与评估工作。 公司主营业务为加油站零售连锁，现金流充足，但受新能源汽车影响，归母净利润近年有所下滑，因此 寻求转型。奎芯科技是国内少数具备完整高速接口IP产品矩阵的企业，技术领先，半导体IP行业前景广 阔 ...

Core Viewpoint - The company, Heshun Petroleum, plans to acquire at least 34% of the equity of Shanghai Kuixin Integrated Circuit Design Co., Ltd. (Kuixin Technology) through cash payment, aiming to gain control over 51% of the voting rights of the target company [1][2] Group 1: Company Overview - Heshun Petroleum is deeply engaged in the refined oil distribution sector, establishing a complete industrial chain ecosystem that includes retail gas stations, refined oil storage, logistics distribution, and wholesale [1] - The company is the first in Hunan Province to obtain national wholesale qualifications for refined oil, indicating its strategic focus on expanding business into surrounding provinces [1] Group 2: Target Company Overview - Kuixin Technology, established in 2021, specializes in high-speed interface IP and Chiplet solutions, filling a domestic gap and gradually breaking foreign monopolies [2] - The company has a complete product matrix for high-speed interface IP and has a technological edge over some peers, with its latest UCIe Chiplet interconnect IP already utilized in domestic high-performance chips [2] Group 3: Financial Commitments and Projections - The target company has committed to achieving audited revenue of no less than 300 million, 450 million, 600 million, and 750 million yuan from 2025 to 2028, with specific revenue targets for IP and high-speed interconnect products [2] - The net profit attributable to the parent company for the same period is expected to be positive each year [2] Group 4: Transaction Details - The valuation of 100% equity of the target company is capped at 1.588 billion yuan, with the final transaction amount expected to be no more than 540 million yuan [3] - Heshun Petroleum's management believes that the semiconductor IP industry has good development prospects and aims to strategically position itself in this field to seek new growth points for future sustainability [3]

Core Viewpoint - Heshun Petroleum plans to acquire at least 34% of Kuixin Technology's equity, aiming to gain control over the company through a combination of equity purchase and capital increase, with an estimated transaction value not exceeding 540 million yuan [1][2]. Group 1: Acquisition Details - Heshun Petroleum signed a control acquisition intention agreement with Kuixin Technology and its actual controller, Chen Wanyi, to ensure control over 51% of Kuixin Technology's voting shares [1]. - The transaction will allow Heshun Petroleum to appoint two-thirds of the board members at Kuixin Technology and control its operational, personnel, and financial decisions [1]. - The total equity value of Kuixin Technology is estimated to be no more than 1.588 billion yuan, with the final transaction amount expected to be under 540 million yuan [1]. Group 2: Kuixin Technology Overview - Kuixin Technology, established in 2021, focuses on high-speed interface IP and Chiplet solutions, filling a domestic gap and gradually breaking foreign monopolies [2]. - The company has developed a complete product matrix for high-speed interface IP, covering protocols such as UCIe, HBM, ONFI, LPDDR, PCIe, eDP, and USB, with performance metrics comparable to leading foreign companies [2]. - Kuixin Technology has established strategic partnerships with international foundries like TSMC and Samsung, developing interface IP applicable from 5nm to 55nm processes [2]. Group 3: Performance Commitments - The performance commitment period for Kuixin Technology spans from 2025 to 2028, with audited revenue targets set at no less than 300 million yuan, 450 million yuan, 600 million yuan, and 750 million yuan for each respective year [3]. - Specific revenue targets for IP and high-speed interconnect products are set at no less than 105 million yuan, 157.5 million yuan, 210 million yuan, and 262.5 million yuan for the same years [3]. - The net profit for Kuixin Technology is expected to be positive for each year from 2025 to 2028 [3]. Group 4: Heshun Petroleum's Strategic Position - Heshun Petroleum operates in the refined oil circulation sector, with a complete industry chain including retail, storage, logistics, and wholesale [4]. - The company is expanding its business beyond Hunan province and is accelerating its layout in the ultra-fast charging sector, leveraging existing gas station resources [4]. - Management believes that the semiconductor IP industry has significant growth potential, prompting the strategic acquisition of Kuixin Technology to seek new performance growth points [4].

Core Viewpoint - The company, Hunan Heshun Petroleum Co., Ltd., plans to acquire at least 34% of the equity in Shanghai Kuixin Integrated Circuit Design Co., Ltd. to gain control over the company, aiming to diversify its business into the semiconductor industry, which is seen as having significant growth potential [2][3]. Group 1: Acquisition Details - The acquisition will allow the company to control 51% of the voting rights in Kuixin Technology, enabling it to influence operational, personnel, and financial decisions [2]. - The total valuation of Kuixin Technology is capped at 1.588 billion yuan, with the expected transaction amount not exceeding 540 million yuan [2]. - The final transaction price will be determined based on an assessment by a qualified asset evaluation agency as per the Securities Law of the People's Republic of China [2][9]. Group 2: Strategic Intent - The management believes that the semiconductor IP sector has promising development prospects and aims to find new growth points for the company's future sustainability [3]. - Kuixin Technology, established in 2021, focuses on high-speed interface IP and Chiplet solutions, filling a domestic gap and gradually breaking foreign monopolies [3][4]. Group 3: Kuixin Technology's Capabilities - Kuixin Technology is one of the few companies in China that can provide a complete Chiplet solution, enhancing computing performance and reducing latency through its UCIe protocol [4]. - The company has developed a strategic cooperation network with international foundries like TSMC and Samsung, covering process nodes from 5nm to 55nm, and its products are widely used in data centers, AI, automotive electronics, and consumer electronics [3][4]. Group 4: Product and Service Offerings - Kuixin Technology has delivered multiple IP products to over 60 clients, including major players in the AI and data center sectors, with a strong emphasis on high performance, low power consumption, and compatibility [5]. - The business model includes providing semiconductor IP to chip design companies and foundries, offering ASIC/Design services, and Chiplet solutions through various commercial arrangements [6].

Group 1 - The company held its fourth board meeting on November 14, 2025, where all seven directors attended, and the meeting was deemed legal and effective [2][5] - The board unanimously approved the proposal to sign a share acquisition intention agreement with Shanghai Kuixin Integrated Circuit Design Co., Ltd., aiming to acquire at least 34% of its shares and control 51% of its voting rights [3][32] - The board also approved a proposal to change the business scope, removing "tobacco product retail," which is not expected to significantly impact the company's performance [7][28] Group 2 - The company plans to hold its third extraordinary general meeting on December 5, 2025, with a combination of on-site and online voting to facilitate participation from minority investors [10][12] - The meeting will address the proposals previously approved by the board, including the share acquisition and business scope changes [12][39] Group 3 - The acquisition of Kuixin Technology is part of the company's strategic move into the semiconductor IP sector, which is expected to provide new growth opportunities [32][37] - The total value of Kuixin Technology's 100% equity is not expected to exceed 1.588 billion yuan, with the final transaction amount anticipated to be no more than 540 million yuan [32][47] - The target company has committed to achieving specific revenue and profit targets from 2025 to 2028, with annual revenues set at 300 million yuan, 450 million yuan, 600 million yuan, and 750 million yuan respectively [53][54]

Core Viewpoint - The company plans to acquire at least 34% of the equity of Shanghai Kuixin Integrated Circuit Design Co., Ltd. (Kuixin Technology) through cash payment, aiming to control 51% of the voting rights and thus gain control of the company [1][3] Group 1: Transaction Details - The total value of 100% equity of Kuixin Technology is not more than 1.588 billion yuan (post-investment valuation), with the expected final transaction amount not exceeding 540 million yuan [1][3] - After the transaction, the company will appoint two-thirds of the board seats at Kuixin Technology, and the financial director will be recommended by the company, allowing it to have decision-making power over operations, personnel, and financial matters [3] - The transaction does not constitute a major asset restructuring as defined by the relevant regulations, and it will not involve issuing new shares or changing the controlling shareholder [3] Group 2: Performance Commitments - 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, with specific revenue targets for IP and high-speed interconnect products [4] Group 3: Company Background and Financials - The company has been focusing on the refined oil distribution sector, establishing a complete industrial chain ecosystem that includes retail, storage, logistics, and wholesale [5] - In the first three quarters of 2025, the company reported total revenue of approximately 2.126 billion yuan, a year-on-year decrease of 0.13%, and a net profit attributable to shareholders of approximately 21.81 million yuan, down 49.44% year-on-year [5] - Kuixin Technology, established in 2021, specializes in high-value semiconductor IP solutions and is one of the few companies in China with a complete matrix of high-speed interface IP products, filling a domestic gap and gradually breaking foreign monopolies [6]

Core Insights - The company, Xinyaohui Technology Co., Ltd., completed a Series B financing round in May, with participation from notable investors including China Internet Investment Fund and Shanghai Guotou [1][2] - The funds from the Series B financing will be primarily used to accelerate core technology innovation, deepen industry ecosystem construction, and promote the large-scale application of domestic semiconductor IP [1] - Xinyaohui aims to become a leading semiconductor IP company in China and a key player in strengthening the domestic semiconductor industry [1] Company Overview - Xinyaohui Technology was established in June 2020 and is headquartered in Shanghai, focusing on the research and development of semiconductor high-speed interconnect technology and advanced semiconductor IP services [2] - The company’s self-developed IP products are characterized by high stability, strong compatibility, and cross-process portability, making them widely applicable in various core areas of the digital society [2] - With support from the Shanghai municipal government, Xinyaohui has introduced a full suite of IP licenses from leading industry players, covering all process nodes from 22nm to 4nm [2] Industry Context - The semiconductor IP industry is currently undergoing dual transformations driven by technological and market changes, particularly with the emergence of new processes and chiplet technology, presenting new opportunities for domestic semiconductor IP manufacturers [2] - The company employs a dual strategy of "self-research + introduction" to provide foundational "root technology" support for the chip industry [2] - The chairman of Xinyaohui emphasized that interface IP is a crucial component for AI computing power, predicting that it will define the competitiveness of AI chips in the next decade [1]

Core Viewpoint - The acquisition of Chiplet by Chip Origin is seen as a strategic move to enhance its position in the RISC-V industry, aiming to become a leading player in this sector while also addressing its own market valuation challenges [2][4][11]. Group 1: Acquisition Details - Chip Origin announced the acquisition of Chiplet, a well-known RISC-V CPU IP supplier, through a combination of stock issuance and cash payment [2]. - Analysts view the acquisition as a win-win situation, with Chip Origin needing to establish itself as a leader in a specific field to enhance its strength [3][11]. - The market reacted positively, with Chip Origin's stock hitting a 20% limit up on the first trading day after the announcement [3]. Group 2: Strategic Implications - The acquisition is expected to have long-term strategic significance for Chip Origin, enhancing its product portfolio, although it may not immediately impact financial performance [4][11]. - There are concerns about how this acquisition might affect Chip Origin's relationships with existing partners, particularly with Arm, as it shifts to a more direct involvement in the RISC-V space [4][15]. - The acquisition aligns with Chip Origin's long-term goal of becoming a leader in the RISC-V industry, which is currently fragmented among a few key players [7][12]. Group 3: Market Position and Financials - Chiplet, established in 2018, has developed numerous IP products and is close to breakeven, making it an attractive target for acquisition [8][10]. - Chiplet's valuation before the acquisition was estimated between 2.5 billion to 3 billion yuan, which is relatively low compared to Chip Origin's market capitalization of nearly 100 billion yuan [10]. - Chip Origin's financial performance shows significant growth in its core businesses, with a notable increase in IP licensing revenue and a record high in orders [20][21]. Group 4: Future Acquisition Plans - Analysts suggest that the acquisition of Chiplet is just one part of Chip Origin's broader strategy, with expectations of further acquisitions to enhance its market position [19][22]. - The company is likely to target other IP companies, particularly in high-speed interface IP, to complement its existing offerings [22]. - The favorable market conditions and Chip Origin's substantial market capitalization provide a strong foundation for future acquisitions [22].

Core Viewpoint - The article discusses the recent pricing and business performance of Chip Origin Technology Co., Ltd. (芯原股份), highlighting its revenue structure and market positioning in the semiconductor IP industry. Group 1: Shareholder Transfer and Pricing - Chip Origin plans to transfer 5% of its total shares at a price of 105.21 yuan per share, following inquiries from institutional investors [1] - The company's market capitalization is reported at 83.01 billion yuan, with a closing stock price of 157.90 yuan as of August 25 [1] Group 2: Revenue Structure - The revenue from knowledge property licensing fees for the first half of 2025 reached 281 million yuan, marking an 8.20% year-on-year increase, while the franchise fee was 50.74 million yuan, showing a slight decline of 0.03% [1] - In the first half of 2025, knowledge property licensing fees accounted for 84.64% of the IP business, while franchise fees made up 15.36% [2] Group 3: Business Model Comparison - Chip Origin's revenue model is primarily based on one-time licensing fees, contrasting with the industry trend where semiconductor IP firms typically rely more on royalty income [1][6] - For comparison, Arm's royalty income constituted 65%, 58%, and 63% of its total revenue in 2021, 2022, and 2023, respectively [3] Group 4: Market Position and Growth - Chip Origin is recognized as a leader in AI ASIC chip design, with significant growth attributed to its ASIC chip offerings [7][8] - The company has developed a comprehensive platform for AI applications, serving major international clients and shipping nearly 200 million AI chips globally [8] Group 5: Profitability Concerns - The gross margin for Chip Origin's one-stop custom chip service is reported at 18.17%, significantly lower than competitors like Broadcom and Marvell, which have margins around 60% [8] - The company acknowledges the need for continuous technological upgrades and innovation to maintain competitiveness in the market [8]

Group 1: Company Overview - Xinyuan Co., Ltd. is a leading semiconductor IP company that provides platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services [3] - The company's main business applications include consumer electronics, automotive electronics, computers, and peripherals [3] - According to IPnest, Xinyuan ranks eighth globally in terms of IP licensing revenue for 2024 and is second in terms of IP variety [3] Group 2: Stock Performance - On August 20, Xinyuan's stock price surged, reaching a "20cm" limit up during trading, but closed with a gain of 15.52% after the limit was quickly lifted [1] - The stock's closing price was 147.04, with a trading volume of 30.94 million shares and a turnover rate of 6.18% [2] - The stock's highest price during the day was 152.74, while the lowest was 121.00 [2] Group 3: Market News - There were rumors that ByteDance was collaborating with Xinyuan to design an advanced AI computing chip, but ByteDance denied any such cooperation [1]