证券代码：603378 证券简称：亚士创能 公告编号：2026-010 亚士创能科技（上海）股份有限公司 关于累计诉讼、仲裁的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 是否会对上市公司损益产生负面影响：目前尚未开庭审理，本次诉讼对 公司本期利润或期后利润的影响尚具有不确定性，敬请广大投资者注意投资风险。 原告：重庆伯特斯阀门有限公司 被告：亚士防水科技（滁州）有限公司、亚士节能装饰建材销售（上海）有 限公司 （二）诉讼案件受理及进展情况 亚士创能科技（上海）股份有限公司（以下简称"公司"）近日收到上海市 青浦区人民法院送达的《应诉通知书》（（2025）沪 0118 民初 5399 号），现将 有关情况公告如下： 一、本次重大诉讼的基本情况 （一）诉讼案件各方当事人 公司近日收到上海市青浦区人民法院送达的《应诉通知书》（（2025）沪 0118 民初 5399 号），上海市青浦区人民法院已受理重庆伯特斯阀门有限公司（以 下简称"重庆伯特斯"）诉公司控股子公司票据纠纷一案，本案尚未开庭审理。 案件 ...

证券代码：603378 证券简称：亚士创能 公告编号：2026-009 亚士创能科技（上海）股份有限公司 关于控股股东所持公司部分股份被司法拍卖 的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 本次被拍卖的股份为亚士创能科技（上海）股份有限公司（以下简称"公 司"）控股股东上海创能明投资有限公司（以下简称"创能明"）所持有的公司 共计 12,500,000 股无限售流通股。 截至本公告披露日，本次司法拍卖网拍阶段已经结束，本次拍卖的 12,500,000 股股票全部成交，占公司总股本的 2.9165%。最终成交以杭州市上城 区人民法院出具的拍卖成交裁定为准，本次拍卖成交股份后续还涉及缴纳拍卖余 款、股权变更过户等环节，最终结果存在不确定性。 本次司法拍卖股份受让方取得拍卖股份后，应当遵守《上海证券交易所 上市公司自律监管指引第 15 号——股东及董事、高级管理人员减持股份》第十 四条及第二十二条的规定进行股票减持，本次司法拍卖股份，受让方在受让后 6 个月内不得减持。 （一）创能明所持有的公司 ...

立信会计师事务所（特殊普通合伙） 关于亚士创能科技（上海）股份有限公司 有关业绩预告事项的监管工作函回复 信会师函字[2026]第 ZA091 号 上海证券交易所上市公司管理一部： 根据贵部《关于亚士创能科技（上海）股份有限公司有关业绩预告事项的监 管工作函》（上证公函[2026]0352 号）（以下简称"监管工作函"）的要求,立信会 计师事务所（特殊普通合伙）（以下简称"年审会计师"、"本所"或"我"）作为 亚士创能科技（上海）股份有限公司（以下简称"亚士创能"或"公司"）2025 年度财务报表的审计机构，对监管工作函中要求年审会计师说明的事项进行了认 真核查与落实，现回复如下: 本回复部分合计数与各明细直接相加之和在尾数上如有差异，这些差异是由 于四舍五入造成。 本回复所引用的财务数据和财务指标，如无特殊说明，指合并报表口径的财 务数据和根据该类财务数据计算的财务指标。 问题一、关于收入情况 公告显示，公司 2025 年前三季度实现营业收入 3.97 亿元，较 2024 年前三 季度大幅下降 76.97%。公司称受房地产和建筑行业持续疲软和订单大幅下滑影 响，公司营业收入下滑，毛利率下降。 请公司：（1） ...

证券代码：603378 证券简称：亚士创能 公告编号：2026-008 亚士创能科技（上海）股份有限公司 关于有关业绩预告事项监管工作函的 回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 亚士创能科技（上海）股份有限公司（以下简称"公司"）于近日收到上海证 券交易所《关于亚士创能科技（上海）股份有限公司有关业绩预告事项的监管工作 函》（上证公函【2026】0352号）（以下简称"监管工作函"）。公司高度重视并 积极组织相关方对监管工作函所涉问题逐项进行落实，现就监管工作函相关问题回 复如下： 本回复部分合计数与各明细直接相加之和在尾数上如有差异，均为四舍五入所 致。 本回复所引用的财务数据和财务指标，如无特殊说明，指合并报表口径的财务 数据和根据该类财务数据计算的财务指标。其中2025年财务数据未经审计，最终以 公司年度审计结果为准。 本回复所称"公司""本公司"指亚士创能科技（上海）股份有限公司，也包 括亚士创能科技（上海）股份有限公司及合并报表范围内下属公司。 问题一、关于收入情况。公告显示，公司2025年 ...

Investment Rating - The report maintains a positive outlook on the building materials sector, emphasizing the potential for growth in specific segments such as waterproof materials and fiberglass [2][6][18]. Core Insights - The overall view on building materials is that EPS is becoming less correlated with real estate, but valuations are benefiting from low expectations in the real estate sector, leading to a focus on stocks with solid fundamentals [2][6]. - The report highlights that the consumption building materials sector is expected to see price stabilization due to policy expectations and raw material cost adjustments, with specific recommendations for companies like Oriental Yuhong and China Liansu [3][14]. - The fiberglass segment is entering a price increase cycle, driven by rising costs and demand, with companies like China Jushi and Zhongcai Technology being highlighted for their potential profitability [4][5][15]. Summary by Sections Consumption Building Materials - Policy expectations are stable, and raw material prices are expected to bottom out, benefiting companies in the waterproof, plastic pipeline, and gypsum board sectors [3][14]. - Recommended stocks include Oriental Yuhong, China Liansu, and Weixing New Materials, which are positioned well for growth [3][14]. Fiberglass - The fiberglass market is experiencing upward price pressure, with small manufacturers leading price increases, and larger companies expected to follow [5][15]. - The report notes that if price increases are successfully implemented, profitability for leading companies could improve significantly [5][7]. Cement - The cement industry is entering a phase where price increases are anticipated, with companies like Conch Cement and Huaxin Cement being highlighted for their growth potential [18][46]. - The report emphasizes the importance of overseas expansion for cement companies, particularly in light of stable exchange rates and improving profitability from international operations [24][27]. Glass - Leading companies in the glass sector, such as Xinyi Glass, are showing better-than-expected profitability, driven by structural optimization and increased overseas sales [10][12]. - The report suggests that the glass industry is at a valuation low point, with significant upside potential as demand stabilizes [16][17]. Investment Recommendations - The report recommends a focus on companies with independent growth or valuation advantages, particularly in the waterproof materials sector and traditional fiberglass products [34][38]. - Specific stock picks include China Jushi, Jiantao Laminated Board, and Zhongcai Technology, which are expected to benefit from price increases and market demand [9][22][39].

Investment Rating - The report maintains a positive outlook on the building materials sector, emphasizing the potential for growth in specific segments such as waterproof materials and fiberglass [2][6][34]. Core Insights - The overall sentiment for the building materials industry is that earnings per share (EPS) are becoming less correlated with real estate, but valuations are benefiting from low expectations in the real estate sector. The focus is on buying stocks with solid fundamentals and the potential for macroeconomic improvements [2][6]. - The report highlights that the consumption building materials sector is expected to see price stabilization due to policy expectations and raw material cost adjustments, with specific recommendations for companies like Oriental Yuhong and China Liansu [3][6]. - The fiberglass segment is entering a price increase cycle, driven by rising costs and demand, with companies like China Jushi and International Composites being highlighted as key players [4][5][6]. Summary by Sections Consumption Building Materials - Policy expectations are stable, and raw material prices are expected to bottom out, providing opportunities for price increases in consumer building materials [3]. - Recommended stocks include Oriental Yuhong, China Liansu, and Weixing New Materials, which are positioned well for growth [3][34]. Fiberglass - The fiberglass market is experiencing upward price pressure, with small manufacturers leading price increases. The report notes that if price increases are successfully implemented, major companies could see improved profitability [5][7]. - Key recommendations include China Jushi and International Composites, which are expected to benefit from these trends [15][22]. Cement - The cement industry is at a potential turning point, with expectations for price increases as the market stabilizes. Companies like Conch Cement and Huaxin Cement are highlighted for their growth potential, especially in overseas markets [18][46]. - The report emphasizes the importance of policy execution and governance improvements in driving future growth opportunities [43][45]. Glass - The glass sector, particularly companies like Xinyi Glass, is showing stronger-than-expected profitability at the bottom of the market cycle, driven by structural optimization and increased overseas sales [10][12]. - Recommendations include Xinyi Glass and Qibin Group, which are expected to benefit from product upgrades and market recovery [17][16]. Overall Market Outlook - The report suggests that the building materials industry is entering a phase of clearer fundamentals, with potential for macroeconomic improvements to enhance stock performance. The focus is on companies with independent growth drivers and strong dividend yields [23][25][35].

Group 1 - On February 27, a block trade of 400,000 shares of Yashichuangneng was executed, with a transaction amount of 2.528 million yuan, accounting for 3.79% of the total transaction volume for the day [1] - The transaction price was 6.32 yuan, which represents an 11.24% discount compared to the market closing price of 7.12 yuan [1]

Core Insights - The Chinese paint industry is characterized by a fragmented competitive landscape with varying levels of market concentration and significant competition among established players [12][15]. Group 1: Competitive Landscape - The top tier of the Chinese paint industry includes companies with sales exceeding 10 billion yuan, such as Nippon Paint, PPG, and Skshu Paint, while the second tier includes companies with sales between 3 billion and 10 billion yuan, such as BASF and North New Building Materials [1]. - The sales rankings for 2024 show Nippon Paint leading with 25.1 billion yuan, followed by PPG and Skshu Paint with 10.8 billion yuan and 10.32 billion yuan respectively [8]. - The market share for the leading companies in 2024 indicates that Nippon Paint holds 6.14%, PPG 2.74%, and Skshu Paint 2.52% of the total market [10]. Group 2: Regional Distribution - The majority of paint industry enterprises are concentrated in Guangdong Province, with 5,931 companies, along with significant numbers in Shandong, Zhejiang, Jiangsu, and Shanghai [3][4]. - Representative companies are primarily located in the eastern regions of China, including Shanghai, Zhejiang, and Anhui, as well as provinces like Fujian and Guangdong [4]. Group 3: Market Concentration - The market concentration metrics for the Chinese paint industry in 2024 show a CR3 of 11.4%, CR7 of 18.8%, and CR10 of 21.7%, indicating a low overall market concentration [12]. Group 4: Company Profiles - Nippon Paint's business encompasses a wide range of products including decorative paints, industrial coatings, and protective coatings [14]. - PPG offers a diverse product line including automotive coatings, industrial coatings, and architectural coatings [14]. - Skshu Paint focuses on providing integrated solutions in the construction sector, including interior and exterior wall paints and waterproof materials [14]. - AkzoNobel specializes in high-performance coatings, including automotive and aerospace coatings [14].

Core Viewpoint - The core issue revolves around the financial difficulties faced by Asia Creative (亚士创能), leading to the judicial auction of shares held by its controlling shareholder, Chuangnengming Investment Co., Ltd. (创能明), which indicates a significant financial burden and risks associated with the company's performance and governance [2][3][5]. Group 1: Shareholder and Financial Situation - On February 23, Asia Creative announced that 12.5 million shares (2.92% of total shares) held by its controlling shareholder, Chuangnengming, will be auctioned due to financial difficulties [2][3]. - Chuangnengming's shareholding will decrease from 18.35% to 15.44% post-auction, but the company claims this will not affect its operations or stock listing conditions [3]. - Chuangnengming has been unable to fulfill its financial commitments related to employee stock ownership plans, leading to the freezing of 23.09% of its shares [5]. Group 2: Company Performance and Market Position - Asia Creative has reported significant losses, with a projected net loss of up to 1.25 billion yuan for the year 2025, and a loss of over 300 million yuan in the first three quarters of 2025 [6][8]. - The company's market capitalization has decreased by over 65% from its peak of 8.806 billion yuan in December 2020 to approximately 3.077 billion yuan as of February 25, 2026 [6][7]. - The main business areas include functional building coatings and energy-saving materials, but the company has faced declining revenues and profitability due to a downturn in the real estate sector [6][8]. Group 3: Industry Outlook - The Chinese coating industry is expected to transition towards high-quality development characterized by "green, functional, and intelligent" innovations, with growth driven by environmental policies and technological advancements rather than reliance on the real estate cycle [9].

证券代码：603378 证券简称：亚士创能 公告编号：2026-007 亚士创能科技（上海）股份有限公司 关于实际控制人及其一致行动人权益变动 触及 1%刻度的提示性公告 公司实际控制人及其一致行动人保证向本公司提供的信息真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 53.21% | | | | 权益变动后合计比例 | 52.9999% | | | | 本次变动是否违反已作出的承 | 是□ | 否☑ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ 否☑ | | | | 投资者名称 | 变动前股数 | 变动前比 | 变动后股数 | 变动后比 | 权益变动方 | 权益变动的 | 资金来源（仅 | | --- | --- | --- | --- | --- | --- | --- | --- | | | （万股） | 例（%） | （股） | 例（% ...