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Stepping into the semiconductor field.
Recently, Sunyes Electronic Manufacturing announced that it is planning to acquire a controlling stake in Shanghai Qiyuan Gas Development Co., Ltd. (hereinafter referred to as "Qiyuan Gas") by issuing shares and paying cash, and to raise matching funds. This transaction is expected to constitute a major asset restructuring.
This marks a critical leap for an electronic process products company into the semiconductor sector.
A Listed Company in Need of a New Story
Founded in 2003, Sunyes Electronic Manufacturing (Sunyes) was listed on the SME Board of the Shenzhen Stock Exchange in 2010. Its main businesses include electronic information product sales services, chemical materials (adhesives) manufacturing, and lithium-ion battery materials manufacturing.
One of the company's main businesses is the production of lithium-ion battery electrolyte and its key raw material, lithium hexafluorophosphate. The products are mainly applied in power batteries, energy storage batteries, and 3C consumer batteries, and the company has established cooperative relationships with many leading enterprises in the industry.
The electronic information product sales service business, as another core business segment of the company, focuses on providing full-category, one-stop electronic information products and professional supply chain services for the electronic information manufacturing industry. It has currently established long-term cooperative relationships with multiple industry leaders such as Huawei and BYD.
Notably, Sunyes experienced a significant turning point at the beginning of this year.
In November 2024, Sunyes received an advance notice of administrative penalty from the Zhejiang Securities Regulatory Bureau. Due to the inflation of total profits in the 2022 annual report, the company's stock was subjected to other risk warnings. The company completed retrospective restatements of the involved financial data. After item-by-item self-inspection confirming that the circumstances listed in the risk warning did not exist, its application to remove the other risk warning was approved by the Shenzhen Stock Exchange.
On January 13, 2026, the company's stock abbreviation was changed from "ST Xinya" to "Sunyes", making it the first A-share listed company to remove its risk warning hat in 2026. However, rebuilding confidence in the capital market requires solid financial performance.
In terms of performance, according to the company's 2026 semi-annual report, the company's main business revenue in the first half of the year was CNY 935 million, a year-on-year increase of 6.24%; net profit attributable to the parent company was CNY -11.7108 million, a year-on-year decrease of 278.91%; and net profit after deducting non-recurring gains and losses was CNY 2.1947 million, a year-on-year increase of 124.58%.
Among them, revenue from electronic information product sales services was CNY 563 million, accounting for 60.26%, a year-on-year decrease of 9.49%; revenue from chemical materials manufacturing was CNY 354 million, accounting for 37.89%, a year-on-year increase of 49.29%, becoming the core engine for performance in this period.
Electronic information product sales services remain the main source of revenue, but the scale has contracted. Specifically, revenue from electronic components and instruments & meters decreased by 27.41% and 22.71%, respectively; the electronic equipment business performed relatively well, with revenue increasing by 15.95% year-on-year.
It is the chemical materials manufacturing segment that truly drove growth. Revenue from electrolyte and lithium hexafluorophosphate products surged by 117.20% year-on-year, and the gross profit margin increased by 24.56 percentage points to 17.17%.
Against the backdrop of adjusting the existing business structure and continued pressure on net profit attributable to the parent company, the company is also exploring new business layouts. It is reported that in March this year, the company participated in the B+ round of financing of Shenzhen Ruishi Zhixin Technology Co., Ltd. through its wholly-owned subsidiary with CNY 10 million, laying out the integrated vision sensor track.
This plan to acquire a controlling stake in Qiyuan Gas represents an even larger cross-sector attempt.
A Scarce Target with "Dual Certifications" in the Lithography Gas Field
This transaction is still in the planning stage. The company has currently preliminarily determined the counterparty to be Shanghai QiYuan Gas Development Co., Ltd. (hereinafter referred to as "Qiyuan Semiconductor"). The final counterparty will be subject to the information disclosed in the subsequent restructuring plan or restructuring report.
Equity penetration data from Qichacha shows that Qiyuan Semiconductor holds a direct stake of 29.76%, making it the largest shareholder of Qiyuan Gas.
Founded in 2009 and registered in Jiading, Shanghai, Qiyuan Gas is a well-known domestic supplier of electronic bulk gases and electronic specialty gases.
The company's core businesses mainly include electronic specialty gases, semiconductor equipment, and bulk gases. It can provide complete electronic gas supply solutions, including electronic gas production, electronic equipment manufacturing, and bulk gas supply.
Products such as krypton, xenon, neon, helium, carbon dioxide, liquid oxygen, and laser gases produced by Qiyuan Gas can meet electronic-grade specifications, and the company has officially started providing high-quality electronic specialty gas products to end-users in semiconductors and panels. Furthermore, the company has signed a joint venture agreement with a well-known South Korean gas company to build a localized production platform for materials required by Korean and domestic fabs.
In the field of ultra-pure oxygen products, Qiyuan Gas has been widely applied in semiconductor end-users such as SMIC, YMTC, and Hefei Jinghe. Its xenon and krypton have been certified by Samsung and SK Hynix in South Korea, and long-term supply agreements have been secured.
According to its official website, the company has nearly 20 years of research, development, and manufacturing capabilities in air separation equipment. Currently, it has sold over 300 sets of air separation equipment externally and has formed a series of exclusive patents related to gas equipment manufacturing and gas production processes.
The most core qualification barrier for Qiyuan Gas lies in its "dual certifications" in the field of lithography gases. In April 2024, the company obtained the qualified supplier certification from GIGAPHOTON, a Japanese manufacturer of excimer laser light sources for lithography; in July 2025, it further received the qualified supplier certification certificate for lithography gases issued by Cymer (a subsidiary of ASML) in the United States.
Lithography is a critical step in chip manufacturing. The purity and stability of lithography gases directly affect the final yield of chips. Very few enterprises can obtain certifications from mainstream international equipment manufacturers, and this qualification constitutes an extremely high barrier to competition.
Therefore, if this acquisition is successfully completed, Sunyes's business landscape will extend from lithium battery materials and adhesives to the high-purity electronic gas track, stepping into the core field of domestic substitution for key semiconductor materials.
Structural Turning Point for Electronic Specialty Gases
Electronic specialty gases are indispensable key materials in the production and manufacturing processes of industries such as ICs, display panels, semiconductor lighting, and photovoltaics.
Although the usage in a single chip is limited, electronic specialty gases are crucial consumables in wafer manufacturing, second only to silicon wafers. They are used in multiple processes such as thin film deposition, etching, and cleaning, and directly affect chip yield, stability, and production efficiency.
Taking helium as an example, on chip production lines, helium provides a pure protective atmosphere for wafer processing with its extreme chemical inertness, preventing materials from being oxidized and contaminated; at the same time, relying on its excellent thermal conductivity, it provides fast and stable cooling guarantees for core processes such as etching and deposition.
However, the supply of helium resources is highly concentrated in a few countries such as the United States and Qatar, and China has long relied on imports. In critical fields such as semiconductors, healthcare, and aerospace, once the supply of helium is cut off, the impact is not on costs, but on whether the production line can continue to operate. This also makes the independence of gas sources an issue that domestic high-end manufacturing must face.
On July 10, the Ministry of Commerce and the General Administration of Customs jointly issued an announcement to implement temporary export ban management on helium. China's choice to set a gate for helium exports at this moment is essentially using the hand of policy to prioritize meeting the rigid demands of domestic high-tech industries.
What makes it even harder is that semiconductor customers have extremely high requirements for gas purity, impurity control, and batch stability. From research and development to entering the supply chain, a product often needs to go through a long validation cycle. The supplier certification cycle for international equipment manufacturers is long and the standards are strict, often taking years from sample testing to mass supply.
Meanwhile, driven by AI demands, the semiconductor industry over the past two decades has been in a strong cyclical upswing.
According to SEMI data, the global electronic specialty gas market size exceeded USD 6 billion in 2023 and is expected to grow at an annual average rate of 8.5% by 2028. Among them, the growth rate of the Chinese market is as high as 12%, making it the most dynamic electronic specialty gas consumption region globally.
The vulnerability on the supply side, the high barriers on the certification side, and the strong growth on the demand side overlap to create a window of opportunity for domestic substitution for domestic electronic specialty gas enterprises.
Holding dual certifications, Qiyuan Gas is in an advantageous position. How much more road there is to travel from certification to volume production, and from partial categories to multi-category coverage, is what truly requires time to test in this acquisition.
Text | Zhouyu Editor | Yida