Heshun Petroleum (603353) Limit-Up Analysis: Cross-Border Semiconductor Acquisition Draws Market Attention

This analysis is based on Tushare’s limit-up pool data [0]. Heshun Petroleum (603353) hit the limit-up on November 18, 2025. The core reason is that the company plans to acquire control of Quixin Technology, a semiconductor IP enterprise, for 540 million yuan, triggering market speculation about traditional oil enterprises transforming into the technology sector [0][1]. Key findings include: The company’s stock price has hit the limit-up for two consecutive days (November 17 and 18), with a current market capitalization of approximately 5.3 billion yuan [0][2]; Profits from the traditional refined oil core business have continued to decline, with net profit in the first three quarters of 2025 dropping 49.44% year-on-year [0][1]; Quixin Technology lost 9.7521 million yuan in the first half of 2025 but has set performance commitments for 2025-2028 [0][6].

Heshun Petroleum is an A-share listed company mainly engaged in refined oil distribution. It was listed on the Shanghai Main Board in 2020, operates 35 self-owned gas stations, and has expanded into new energy charging station businesses [0]. However, the company faces the challenge of continuous decline in the profitability of its traditional refined oil core business. In the first three quarters of 2025, its net profit was only 21.8062 million yuan, a year-on-year decrease of 49.44% [0][1].

On the evening of November 16, 2025, Heshun Petroleum announced plans to acquire control of Quixin Technology for no more than 540 million yuan. It will obtain no less than 34% equity through equity acquisition and capital increase, and control a total of 51% voting rights through voting rights entrustment [0][3]. Quixin Technology focuses on integrated circuit IP and Chiplet product research and development, with main products including high-speed interface IP and Chiplet solutions based on interconnection IP [0][5].

After the news was announced, the company’s stock price hit consecutive limit-ups: a one-word limit-up on November 17, and continued limit-up on November 18. As of the 18th, the stock price reached 30.83 yuan per share, with a total market capitalization of 5.3 billion yuan [0][2].

1. Transformation Expectations Drive Stock Price
   : Market expectations of traditional oil enterprises crossing over into the high-valued semiconductor sector are the core driver of the stock price increase [0][6].
2. Dual Nature of Performance Commitments
   : Quixin Technology has set performance commitments for 2025-2028 (annual revenue of 300/450/600/750 million yuan), which not only provide growth guidance but also bring risks of meeting the targets [0][6].
3. Cross-Border Integration Challenges
   : The company lacks experience in the semiconductor industry, making it difficult to integrate technology and talent after the acquisition [0][6].

1. Pressure from Core Business Decline
   : Profits from the traditional refined oil business continue to decline; if the transformation fails, performance will come under further pressure [0][1].
2. Short-Term Losses of the Target
   : Quixin Technology lost 9.75 million yuan in the first half of 2025, with insufficient short-term profitability [0][6].
3. Integration Risks
   : Cross-border acquisitions face technology and management integration risks, and it is difficult to meet performance commitments [0][6].

1. Valuation Reconstruction Potential
   : If the transformation is successful, the company’s valuation is expected to be reconstructed from the oil industry to the semiconductor industry [0][5].
2. New Energy Synergy
   : There is potential synergy between the existing new energy charging station business and the semiconductor sector [0].

Heshun Petroleum’s consecutive limit-ups were triggered by its plan to acquire Quixin Technology, reflecting the market’s interest in traditional enterprises transforming into technology. However, attention should be paid to risks such as core business decline, target losses, and integration difficulties. Investors should carefully evaluate the progress of the acquisition and the achievement of performance commitments [0][6].