For stock trading, see the Jinlin Analyst Research Report — authoritative, professional, timely, and comprehensive, helping you uncover potential thematic opportunities.

On the evening of October 7, Xinya Process (002388) announced that the company is planning to acquire a controlling stake in Shanghai Qiyuan Gas Development Co., Ltd. ("Qiyuan Gas") through the issuance of shares and cash payment, and to raise supporting funds. This transaction is expected to constitute a major asset restructuring, but does not constitute a related-party transaction, will not result in a change of the company's actual controller, and does not constitute a restructuring listing. The company's shares will be suspended from trading starting October 8, 2026, and the transaction plan is expected to be disclosed within no more than 10 trading days. In addition, the company announced on the same day that on September 28, September 29, and September 30, 2026, the cumulative deviation of closing price gains over three consecutive trading days exceeded 20%, which constitutes abnormal stock trading fluctuations. Among these, the company's shares hit the daily limit up on September 30. "The company's stock price has risen 95.70% since August of this year, with a relatively large short-term cumulative gain. The company's production and operating fundamentals have not undergone major changes, and there exists overheating market sentiment and irrational speculation, with possible correction risks," Xinya Process stated.

Cross-Industry Acquisition

It is understood that Qiyuan Gas was established in August 2009, with a registered capital of 34.40785 million yuan, legal representative Yu Jun, and enterprise type of limited liability company (foreign-invested, non-sole proprietorship). Its business scope covers hazardous chemical operations and gas technology-related services. According to the company's official website, Qiyuan Gas can provide complete electronic gas supply solutions including electronic gas production, electronic equipment manufacturing, and bulk gas supply. Multiple products from the company have entered the terminal supply chains of international mainstream advanced processes. On April 11, 2024, Qiyuan Gas received a qualified supplier certification certificate from Japanese excimer laser lens manufacturer GIGAPHOTON. In July 2025, Qiyuan Gas received a photolithography gas qualified supplier certification certificate from Cymer (a subsidiary of ASML). At this point, Qiyuan Gas officially possesses dual certification for photolithography gas. Currently, the company is positioned in semiconductor equipment, electronic gases, chemical materials supply and services, aiming to become a leading domestic holding enterprise for semiconductor process solutions. According to Tianyancha, Qiyuan Semiconductor is the largest shareholder of Qiyuan Gas, with a direct shareholding ratio of 29.76%. The controlling shareholder of Qiyuan Semiconductor is Yu Jun, who is also the actual controller of Qiyuan Gas. It is worth noting that Qiyuan Gas has completed multiple rounds of financing, with investors including Central Enterprise Rural Industry Investment Fund Co., Ltd., Feidong County Science and Technology Innovation Industry Investment Partnership (Limited Partnership), and other state-owned investment platforms, as well as South Korean local electronic gas producer TEMC. In contrast, the listed company, Xinya Process, was listed in 2010, with its main business being lithium-ion battery electrolyte manufacturing, chemical materials-adhesive manufacturing, and electronic process supporting services. From a business perspective, this acquisition is a cross-industry acquisition.

Three Consecutive Years of Losses

However, the company's profitability has come under significant pressure in recent years. From 2021 to 2025, the company achieved operating revenue of 2.265 billion yuan, 1.742 billion yuan, 2.146 billion yuan, 2.196 billion yuan, and 1.930 billion yuan respectively, with net profit attributable to shareholders of 60.4145 million yuan, 5.8403 million yuan, -241 million yuan, -236 million yuan, and -22.2772 million yuan, remaining negative for three consecutive years. In the first half of 2026, Xinya Process reported revenue of 935 million yuan, a year-on-year increase of 6.24%; net profit attributable to shareholders was -11.7108 million yuan, turning from profit to loss year-on-year, a decrease of 278.91%. Regarding the performance loss, the company's announcement pointed out that the company's electronic information product sales service business has developed steadily, and the chemical materials-adhesive manufacturing business has maintained stable growth. However, affected by supply-demand changes in the upstream raw material market for lithium-ion batteries and industry cyclical factors, electrolyte and lithium hexafluorophosphate sales prices have remained sluggish, unit profitability has decreased, and the company's electrolyte segment has incurred losses. For Xinya Process, which has suffered consecutive losses, if this acquisition is successfully completed, the company's business footprint will extend from lithium battery materials and adhesives to the high-purity electronic gas sector, entering the core area of domestic substitution for key semiconductor materials.

It was found that the electrolyte segment dragging down the company originated from an acquisition in 2022. At the end of 2022, the listed company acquired 51% equity of Shanshan New Materials (Quzhou) Co., Ltd. ("Shanshan New Materials") for 703.8 million yuan, entering the electrolyte industry and planning to build a product supply solution system with three core products: cutting-edge electronic equipment, electronic adhesives, and lithium battery materials. At the time, regarding this acquisition, the listed company had high expectations in its announcement: "The company's electronic adhesive business and lithium-ion battery electrolyte share common terminal application scenarios. After acquiring Shanshan New Materials, it will form good synergies with the company's existing businesses." "The acquisition of Shanshan New Materials has good economic viability and can create good returns for the company's shareholders." However, from 2023 to 2025, Shanshan New Materials' net profit was -60.1655 million yuan, -132.9602 million yuan, and -55.9311 million yuan respectively. Before being acquired, in 2021 and January-August 2022, Shanshan New Materials was still profitable with 376 million yuan and 110 million yuan respectively. It is worth noting that in addition to performance decline, this acquisition also triggered multiple lawsuits, including the listed company acquiring 51% equity of Shanshan New Materials from Shanshan Co., Ltd., but the remaining transaction payment of 245 million yuan was delayed multiple times and unpaid, resulting in a lawsuit filed by Shanshan Co., Ltd.; while Xinya Process claimed that the actual production capacity of Shanshan New Materials differed from the disclosed annual production capacity of 4,000 tons of lithium hexafluorophosphate at the time of acquisition, and Xinya Process filed a counterclaim. Now, the listed company has once again initiated a cross-industry acquisition. Can it rescue the company's performance?