本报讯 （记者刘欢）近日，中国证监会官网披露，甘肃上峰水泥（000672）股份有限公司（以下简 称"上峰水泥"）参股企业——芯耀辉科技股份有限公司（以下简称"芯耀辉"）及其辅导券商国泰海通证 券股份有限公司向上海证监局提交了辅导工作完成报告。标志着这家半导体IP领域领军企业在合规性、 公司治理等方面已满足资本市场的准入要求，为后续IPO申报奠定了坚实基础。 芯耀辉成立于2020年6月份，总部位于上海，是一家专注于半导体高速互联技术及先进半导体IP研发与 服务的高科技企业。公司为数据中心、智能汽车、高性能计算、5G、物联网、人工智能和消费电子等 核心领域提供一站式IP平台完整解决方案。随着人工智能的迅速发展，芯耀辉推出的高速接口IP已广泛 应用在Chiplet和人工智能领域，技术方向与行业趋势高度契合。 2021年5月份，上峰水泥通过合作基金投资了芯耀辉的A轮融资，彼时距离芯耀辉成立尚不足一年。如 今，芯耀辉顺利完成上市辅导，再次印证了上峰水泥在新经济股权投资领域的前瞻性布局和精准投资能 力。 对芯耀辉而言，推动上市不仅将为自身的技术研发、业务扩张注入新动能，也将进一步推动国内半导体 IP产业链的自主化进程；对 ...

Market Overview - A-shares continued to decline on December 3, with the Shanghai Composite Index down 0.51% to 3878.00 points, the Shenzhen Component down 0.78% to 12955.25 points, and the ChiNext Index down 1.12% to 3036.79 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.67 trillion yuan, an increase of 76.5 billion yuan compared to December 2 [1] - The market saw more declines than gains, with 1443 stocks rising and 3876 stocks falling [1] Sector Performance - The rare metals and coal sectors performed well on December 3, driven by two main factors: expectations of a Federal Reserve interest rate cut and increased demand for coal due to colder weather [2] - The rare metals sector is benefiting from the strong demand in technology products, which rely heavily on these materials [2] - The coal sector is attracting investment due to the presence of many dividend-paying stocks, despite the overall poor market performance [2] Technical Analysis - The market has fully filled the upward gap left on December 1, which is generally considered a positive sign indicating a potential bottom in the near term [2] - The Shanghai Composite Index closed above the 10-day moving average, suggesting that investors are reluctant to see continued declines [2] - The MACD green bars are shortening, and the KDJ line shows an upward trend, indicating limited downside potential for the market [2] Company Insights - Heshun Petroleum, a company involved in retail chain gas stations, logistics, and wholesale, saw its stock hit the daily limit, marking its third limit-up in five days [3] - For the third quarter of 2025, Heshun Petroleum reported earnings per share of 0.13 yuan and a net profit of 21.81 million yuan, with a year-on-year decline of 49.44% [3] - The recent stock surge is attributed to the announcement of a cash acquisition and capital increase to gain control of at least 34% of Shanghai Kuixin Integrated Circuit, which will be consolidated into Heshun's financial statements [3]

Core Viewpoint - The stock of Heshun Petroleum has experienced a consecutive two-day limit-up, driven by market speculation surrounding its acquisition of semiconductor assets, specifically targeting the control of Kuixin Technology, which focuses on high-speed interface IP and chip design [1] Group 1: Stock Performance - Heshun Petroleum's stock reached a limit-up at 9:31 AM with a trading volume of 113 million yuan and a turnover rate of 2.07% [1] Group 2: Market Speculation - The market's interest is primarily fueled by the company's plans for acquisition and capital increase to gain control over Kuixin Technology, marking a significant strategic shift from traditional business operations [1] Group 3: Investment Considerations - The stock's volatility is noted, with a cautionary note on the risks of chasing high prices, emphasizing the need for rational investment decisions [1]

Core Viewpoint - Heshun Petroleum plans to acquire a controlling stake in Shanghai Kuixin Integrated Circuit Design Co., Ltd. for no more than 540 million yuan, marking its entry into the semiconductor industry to seek new growth opportunities [1][2] Group 1: Acquisition Details - The acquisition involves purchasing at least 34% of Kuixin Technology's equity and obtaining 51% of voting rights through cash payment and voting rights delegation [2] - The estimated value of 100% of Kuixin Technology's equity is confirmed to be no more than 1.588 billion yuan, with the final transaction amount expected to be under 540 million yuan [2] - Post-acquisition, Heshun Petroleum will have significant control over Kuixin Technology's operations, including decision-making in management, finance, and personnel [2][3] Group 2: Kuixin Technology's Performance - Kuixin Technology, established in 2021, focuses on high-speed interface IP and Chiplet solutions, serving over 60 clients, including major foundries like TSMC and Samsung [3][5] - The company has not achieved stable profitability, with projected revenues of 146 million yuan, 193 million yuan, and 110 million yuan for 2023, 2024, and the first half of 2025, respectively, alongside net losses in 2023 and 2025 [5] Group 3: Heshun Petroleum's Business Context - Heshun Petroleum is a private oil enterprise in Hunan, primarily engaged in retail, storage, logistics, and wholesale of refined oil products [6] - The company faces challenges from the rapid growth of electric vehicles, which is expected to further slow the growth of traditional gasoline and diesel retail [6][7] - To adapt, Heshun Petroleum is exploring diversification into non-oil businesses and transitioning some gas stations into charging stations, aiming to enhance service offerings [6][7] Group 4: Market Reaction and Stock Performance - Following the acquisition announcement, Heshun Petroleum's stock price surged, reaching a 69.39% increase over two months [7][9] - The stock had already been on an upward trend prior to the announcement, with a more than 100% increase from a low of 16.20 yuan per share on October 9 to November 20 [9]

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 - Heshun Petroleum (603353.SH), operating 35 gas stations in Hunan, plans to diversify into the semiconductor industry by acquiring control of Shanghai Kuixin Integrated Circuit Design Co., Ltd. (Kuixin Technology) through cash transactions and share transfers [1][3]. Group 1: Acquisition Details - Heshun Petroleum intends to acquire at least 34% of Kuixin Technology's equity, with a total valuation of Kuixin Technology not exceeding 1.588 billion yuan (post-investment valuation) and an expected final transaction price not exceeding 540 million yuan [3][4]. - The actual controllers of Heshun Petroleum will transfer 6% of the company's shares to Kuixin Technology's actual controller, Chen Wanyi, for 237 million yuan, with the unlocking period tied to Kuixin Technology's performance commitments [4][5]. - Kuixin Technology has committed to achieving a total revenue of no less than 2.1 billion yuan from 2025 to 2028, with annual profitability [1][6]. Group 2: Financial Performance - For the first three quarters of 2025, Heshun Petroleum reported revenues of 2.126 billion yuan, a slight decrease of 0.13% year-on-year, and a net profit attributable to shareholders of 21.81 million yuan, down 49.44% year-on-year [1][9]. - Heshun Petroleum's revenues for 2023 and 2024 are projected to be 3.273 billion yuan and 2.812 billion yuan, respectively, reflecting year-on-year declines of 18.04% and 14.11% [9]. - Kuixin Technology's revenues for 2023 and the first half of 2025 were 146 million yuan and 110 million yuan, respectively, with net losses reported in both periods [8][9]. Group 3: Market Context - Heshun Petroleum is facing challenges from fluctuating international oil prices, increased industry competition, and the expansion of the electric vehicle market, which have contributed to its declining performance [9]. - The stock price of Heshun Petroleum experienced a significant increase prior to the announcement of the acquisition, indicating market speculation or investor interest [2][10].

Core Viewpoint - Heshun Petroleum (603353) is gaining investor interest due to its plan to acquire control of semiconductor IP company Shanghai Kuixin Integrated Circuit Design Co., Ltd. (Kuixin Technology), despite facing performance pressures and the target company's projected losses in the near term [1][3][4]. Group 1: Acquisition Details - Heshun Petroleum plans to acquire at least 34% of Kuixin Technology's equity through cash and control 51% of the voting rights via a voting rights entrustment [3]. - The total valuation of Kuixin Technology is estimated at no more than 1.588 billion yuan, with the final transaction amount expected to be under 540 million yuan [3]. - The controlling shareholders of Heshun Petroleum will transfer 10.3144 million shares, representing 6% of the total share capital, to Kuixin Technology's controlling shareholder at a price of 22.932 yuan per share, totaling 237 million yuan [3]. Group 2: Financial Performance - Kuixin Technology is projected to report losses in net profit for the first half of 2025, with revenues of approximately 146 million yuan, 193 million yuan, and 110 million yuan for 2023, 2024, and the first half of 2025, respectively [5]. - Heshun Petroleum's revenue and net profit have been declining, with revenues of approximately 3.994 billion yuan, 3.273 billion yuan, and 2.812 billion yuan from 2022 to 2024, and corresponding net profits of approximately 104 million yuan, 52.23 million yuan, and 29.27 million yuan [6]. Group 3: Strategic Outlook - The acquisition represents a cross-industry merger, as Heshun Petroleum's main business is in refined oil retail and wholesale, while Kuixin Technology focuses on integrated circuit IP and Chiplet product development [4]. - Heshun Petroleum aims to leverage the semiconductor IP sector's growth potential to find new revenue streams and ensure sustainable development [6][7].

Core Viewpoint - Hunan Heshun Petroleum Co., Ltd. plans to acquire control of Shanghai Kuixin Integrated Circuit Design Co., Ltd. through cash purchase and capital increase, marking its entry into the semiconductor industry, specifically in the high-barrier semiconductor IP and Chiplet sector [2][3] Group 1: Acquisition Details - Heshun Petroleum intends to acquire no less than 34% of Kuixin Technology's equity and control 51% of its voting rights through a voting rights entrustment [3] - The post-transaction valuation of Kuixin Technology is set at no more than 1.588 billion yuan, with the total transaction amount not exceeding 540 million yuan, which is considered low compared to its potential technical value [3] - Kuixin Technology, established in 2021, specializes in high-speed interface IP and Chiplet solutions, with its technology covering process nodes from 5nm to 55nm [3] Group 2: Integration Mechanisms - Heshun Petroleum has established multiple mechanisms to ensure effective integration, including performance commitments, personnel dispatch, and equity binding [4] - From 2025 to 2028, Kuixin Technology is required to achieve specific revenue targets, with a minimum of 3 billion yuan in 2025 and increasing to 7.5 billion yuan by 2028 [4] - The controlling shareholder of Kuixin Technology will acquire 6% of Heshun Petroleum's shares, with conditions for unlocking shares tied to performance commitments [4] Group 3: Financial Position and Market Context - Heshun Petroleum reported a significant increase in operating cash flow, reaching 429 million yuan in the first three quarters of 2025, a year-on-year increase of 260.4% [5] - The company's revenue for the first three quarters of 2025 was 2.126 billion yuan, a slight decrease of 0.13%, with net profit down 49.44% to approximately 21.81 million yuan [5] - The domestic semiconductor IP market is growing at over 20% annually, with Chiplet technology gaining traction due to AI computing demands, positioning Kuixin Technology to benefit from industry growth [5]

Core Viewpoint - Heshun Petroleum plans to acquire at least 34% of Shanghai Kuixin Integrated Circuit Design Co., Ltd. (Kuixin Technology) to gain control through a complex transaction structure, addressing both companies' industry challenges and opportunities [2][5]. Group 1: Transaction Structure - The acquisition involves a combination of cash purchase and voting rights delegation, allowing Heshun Petroleum to control 51% of Kuixin Technology's voting rights at a lower cost than a full acquisition [3]. - A reverse shareholding arrangement is included, where Heshun Petroleum's actual controllers will transfer 6% of their shares to Kuixin Technology's actual controller, aligning interests and reducing potential friction during integration [3][4]. - Kuixin Technology commits to specific revenue targets from 2025 to 2028, with annual revenues set at no less than 3 billion, 4.5 billion, 6 billion, and 7.5 billion respectively, alongside profitability commitments [4]. Group 2: Financial Performance and Challenges - Heshun Petroleum's traditional business has faced declining revenues, dropping from 39.94 billion in 2022 to 28.12 billion in 2024, with net profit decreasing from 1.04 billion to 0.29 billion in the same period [5]. - Kuixin Technology, established in 2021, has shown rapid growth but is still in the investment phase, with projected revenues of 1.46 billion, 1.93 billion, and 1.10 billion for 2023, 2024, and the first half of 2025, respectively, alongside significant losses [6][7]. Group 3: Market Position and Future Prospects - Kuixin Technology operates in the high-speed interface IP market, which is expected to grow significantly, with a projected compound annual growth rate of 19% from 2020 to 2025 [6]. - The company has established a strong client base, serving over 60 clients, including major international firms, and holds numerous patents, indicating its competitive position in the domestic market [6][7]. - Despite its technological strengths, Kuixin Technology faces financial pressures, with a high debt ratio of 65.29% and cumulative losses exceeding 85 million, raising concerns about its sustainability and growth potential [7].

Core Viewpoint - Heshun Petroleum (603353) is gaining investor interest due to its plan to acquire a controlling stake in semiconductor IP company Shanghai Kuixin Integrated Circuit Design Co., Ltd. (Kuixin Technology), leading to a significant increase in its stock price, despite the target company's projected losses in the near term [1][3][4]. Group 1: Acquisition Details - Heshun Petroleum plans to acquire at least 34% of Kuixin Technology's equity through cash and control 51% of the voting rights, with the total transaction amount not exceeding 540 million yuan [3]. - The valuation of Kuixin Technology is set at no more than 1.588 billion yuan, with the expected transfer price for shares held by Heshun's actual controllers at 2.37 billion yuan [3][4]. Group 2: Financial Performance of Kuixin Technology - Kuixin Technology is projected to report losses in net profit for the first half of 2025, with revenues of approximately 146 million yuan, 193 million yuan, and 110 million yuan for 2023, 2024, and the first half of 2025, respectively [5]. - The company has performance commitments for 2025 to 2028, with expected revenues of at least 300 million yuan, 450 million yuan, 600 million yuan, and 750 million yuan, alongside positive net profits for those years [5]. Group 3: Heshun Petroleum's Financial Situation - Heshun Petroleum's revenues have been declining, with figures of approximately 3.994 billion yuan, 3.273 billion yuan, and 2.812 billion yuan for 2022, 2023, and 2024, respectively, and a significant drop in net profit [6]. - In the first three quarters of the current year, the company reported revenues of about 2.126 billion yuan, a slight decrease of 0.13% year-on-year, and a net profit decline of 49.44% [6]. Group 4: Industry Outlook - The semiconductor IP sector is viewed as having strong growth potential, driven by technological innovation and market demand, which Heshun Petroleum aims to leverage for future growth [6].