Core Viewpoint - The announcement details a passive reduction in shares held by a significant shareholder of Asia Innovation Technology (Shanghai) Co., Ltd. due to forced liquidation triggered by margin account maintenance issues [1][2]. Group 1: Major Shareholder Information - The major shareholder, Shanghai Chuangnengming Investment Co., Ltd., has a consistent action partner, Shanghai Runhetongcai Asset Management Co., Ltd., which holds 31,411,350 shares, accounting for 7.33% of the company's total equity [1][2]. - The shares held by Runhetongcai originated from pre-IPO holdings and shares increased from capital reserves post-IPO [1]. Group 2: Reduction Plan Details - Runhetongcai plans to reduce its holdings by up to 12,857,899 shares, representing 3% of the total equity, due to a forced liquidation situation [1][2]. - The reduction is set to occur within three months following the disclosure of the reduction plan, with the selling price determined by market conditions at the time of sale [1][2]. - The reduction plan will be adjusted if the company implements stock dividends, capital reserve increases, or other actions that affect total equity [2]. Group 3: Compliance and Commitments - Runhetongcai previously committed not to transfer or manage its pre-IPO shares for 36 months post-listing and has specific conditions for extending lock-up periods based on stock performance [3]. - The current reduction plan aligns with previously disclosed commitments, and the shareholder is not in a situation that prohibits share reduction under relevant regulations [4].

Core Insights - The rapid urban construction in China has led to increased energy consumption in the building industry, necessitating the promotion of green building energy-saving products to mitigate high energy consumption and support the development of energy-efficient construction projects [1][2]. Industry Overview - The building energy-saving industry in China is characterized by a growing market for energy-efficient products, driven by the need to address high energy consumption in construction projects [1]. - Key companies in the industry include China National Materials Group Corporation (中材节能), Beixin Building Materials (北新建材), and others [1]. Energy-Saving Product Types - **Ventilation, Lighting, Heating**: Products such as doors, windows, membranes, and low-emission glass are designed to optimize natural ventilation and lighting, thereby reducing energy consumption [3]. - **Building Envelope Structures**: Energy-saving designs for roofs, doors, and walls improve insulation and reduce energy use, enhancing indoor air quality and comfort [3]. - **Indoor Energy Efficiency**: High-efficiency central air conditioning and heating systems are essential for minimizing energy consumption [3]. Market Size and Growth - The Chinese central air conditioning market has seen continuous growth, with sales reaching 142.9 billion yuan in 2023, an increase of 11.1% year-on-year, and projected to reach 145.8 billion yuan in 2024 [4]. - The production of laminated glass, known for its excellent thermal insulation properties, reached 14.71 million square meters in 2023, with expectations to exceed 15 million square meters in 2024 [5]. Importance of Windows and Doors - Windows and doors are critical components affecting building energy efficiency, accounting for approximately 45%-50% of energy loss in building envelopes [9]. - Poor insulation performance of existing windows leads to significant energy waste, with single-glazed windows causing heat loss of 30%-50% during winter and contributing to 20%-30% of cooling loads in summer [9]. Heating Energy Efficiency Market - Investment in urban heating systems is closely linked to building energy efficiency, with a focus on high-efficiency heating system upgrades and energy-saving optimization of building envelopes [11]. - The fixed asset investment in urban centralized heating has fluctuated between 30-40 billion yuan from 2019 to 2022, with projections for 2024 nearing 40 billion yuan [11].

Core Viewpoint - The company Aishi Chuangneng (亚士创能) is facing potential passive share reduction due to the forced liquidation of shares held by its shareholder, Shanghai Runhetongcai Asset Management Co., Ltd. (润合同彩), which is a concerted action party of the controlling shareholder [1][2] Group 1: Shareholder Actions - Shanghai Runhetongcai holds 31,411,350 shares, accounting for 7.33% of the total share capital of the company [1] - Due to risks associated with margin trading, Runhetongcai may be forced to reduce its holdings by up to 12,857,899 shares, representing 3% of the total share capital [1][2] - The planned reduction will occur within three months following the disclosure of the reduction plan, with the selling price determined by market conditions at the time of sale [1] Group 2: Financial Performance - In 2024, Aishi Chuangneng reported a revenue of 2.052 billion yuan, a decrease of 34.01% compared to the previous year [4][5] - The net profit attributable to shareholders was -329.28 million yuan, a significant decline from a profit of 60.18 million yuan in the previous year [4][5] - The company experienced a negative cash flow from operating activities of -419 million yuan, contrasting with a positive cash flow of 437.63 million yuan in the previous year [4][5] Group 3: Historical Context - Aishi Chuangneng was listed on the Shanghai Stock Exchange on September 28, 2017, with an initial public offering (IPO) of up to 49 million shares at a price of 12.94 yuan per share [6] - The total funds raised from the IPO amounted to 634.06 million yuan, with a net amount of 581 million yuan after deducting issuance costs [7][8]

Group 1: Stock Performance and Risks - Huayang New Materials (600281.SH) has experienced significant stock price fluctuations, with a cumulative increase that deviates from the industry average, indicating potential irrational speculation risks [1] - The company clarified that its main business does not involve rare earth permanent magnets, focusing instead on precious metal recovery and processing, which is facing rising raw material costs due to increasing precious metal prices [1] - Jinniu Chemical (600722.SH) reported that its methanol sales prices have not changed significantly despite a 20% increase in stock price over three trading days, indicating stable market conditions [4] Group 2: New Product Developments - Guoxin Technology (688262.SH) successfully tested its new quantum-resistant password card, CCUPHPQ01, and has sent samples to multiple clients for application development [2] - Rongchang Biopharmaceutical (688331.SH) received orphan drug designation from the EU for its product Tai Itasip, which is the first dual-target fusion protein drug for treating myasthenia gravis, providing policy support for its development in the EU [8] Group 3: Corporate Actions and Financial Updates - Lakala (300773.SZ) is in discussions regarding its H-share listing, which faces significant uncertainty in approval and regulatory processes [3] - Dematech (688360.SH) entered a strategic cooperation agreement with Shanghai Zhiyuan New Technology to explore innovative applications of embodied intelligent robots in logistics [9] - Yashi Chuangneng (603378.SH) announced a potential forced reduction of 3% of its shares due to a margin call affecting its major shareholder [10] - Siwei Technology (688213.SH) reported a decrease in the shareholding ratio of its major shareholder, the National Integrated Circuit Industry Investment Fund II, from 7.35% to 6.99% [11] - Jingyi Equipment expects a revenue increase of 36.54% to 42.48% year-on-year for the first half of 2025, projecting revenue between 690 million to 720 million yuan [12]

证券代码：603378 证券简称：亚士创能 公告编号：2025-041 亚士创能科技（上海）股份有限公司 关于控股股东的一致行动人股份被动减持 的预披露公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 大股东持股的基本情况 截至本公告披露日，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的一致行动人上海润合同彩资产管理有限公 司（以下简称"润合同彩"）持有公司股份 31,411,350 股，占公司总股本的 7.33%， 上述股份来源于首次公开发行前持有的股份，以及首次公开发行后由资本公积转 增的股份。润合同彩因参与融资融券业务已将其所持有的公司股份 31,411,350 股转入华泰证券股份有限公司（以下简称"华泰证券"）客户信用交易担保证券 账户。 减持计划的主要内容： 因润合同彩信用账户维持担保比例低于平仓线，且未追加担保物提升维持担 保比例至追保解除线以上，触发了强制平仓程序。本次存在被强制平仓导致被动 减持可能的股份为润合同彩所持公司 12,857,89 ...

Core Viewpoint - The company, Yashichuangneng (603378), announced that its controlling shareholder, Shanghai Chuangnengming Investment Co., Ltd., has a significant shareholder, Runhetongcai, holding 31.41 million shares, accounting for 7.33% of the total share capital. Due to a margin maintenance ratio falling below the liquidation line, a forced liquidation process has been triggered, potentially leading to a passive reduction of 12.8579 million shares, which represents 3% of the total share capital. The reduction will occur within three months after the disclosure of the plan, with the selling price determined by market conditions. This event will not result in a change of the company's controlling shareholder or actual controller [1][1][1]. Summary by Relevant Sections - **Shareholding Structure** - Runhetongcai holds 31.41 million shares, which is 7.33% of the total share capital [1] - The potential reduction involves 12.8579 million shares, equating to 3% of the total share capital [1] - **Margin Maintenance Issue** - The margin maintenance ratio fell below the liquidation line, triggering a forced liquidation process [1] - No additional collateral was provided to raise the maintenance ratio above the required level [1] - **Reduction Plan** - The reduction will take place within three months following the disclosure of the plan [1] - The selling price will be based on market conditions [1] - **Impact on Control** - The event will not lead to a change in the company's controlling shareholder or actual controller [1]

Investment Rating - The report maintains a recommendation for the building materials industry [2] Core Views - The real estate chain is stabilizing due to continued policy support, and industrial transformation is aiding fundamental recovery [1] - The cement market is experiencing weak demand and price fluctuations, while the float glass market is seeing price declines and weak shipments [1][12][13] - The consumption building materials sector is benefiting from ongoing "good housing" construction initiatives, with leading companies in sub-sectors maintaining their advantages [15][16] Summary by Sections 1. Weekly Core Views - Cement Industry: Demand remains poor, with prices continuing to decline. The national average cement price fell by 0.9% week-on-week, with significant price drops in regions like North China and South China [12][22] - Float Glass Industry: Prices are declining, with the national average price at 1200 RMB/ton, down 7.14 RMB/ton from the previous week. The market is facing weak demand and cautious purchasing behavior [13] - Fiberglass Industry: The price of non-alkali roving remains stable, while electronic yarn prices are seeing slight increases due to tight supply [14] - Consumption Building Materials: The government is emphasizing affordable housing and youth apartment supply, which is expected to boost demand for consumption building materials [15][16] 2. Industry Dynamics - Macro: The e-commerce logistics index in May rose to 111.6 points, indicating a steady increase in supply and demand [20] - Real Estate: Policies are being implemented to enhance community services and support flexible employment in housing funds [20] - Infrastructure: Investment in railway and civil aviation construction is expected to grow, with significant projects planned for unconventional water development [21] 3. Recommended Stocks - Weixing New Materials: Transitioning to a system integration service provider with a focus on risk control and sustainable growth [17] - Mona Lisa: Aiming for high-end market positioning with continuous improvement in operational quality [18] - Keshun Co.: Expected recovery in profitability as the waterproofing industry consolidates [19] - North New Materials: Expanding globally with a focus on gypsum board and related products [19] - Dongpeng Holdings: Diversifying product offerings to meet comprehensive consumer needs [19]

证券代码：603378 证券简称：亚士创能 公告编号：2025-040 亚士创能科技（上海）股份有限公司 关于第二期员工持股计划存续期届满暨终止的公告 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法律责任。 亚士创能科技（上海）股份有限公司（以下简称"公司"）第二期员工持股 计划的存续期为 36 个月，自股东大会审议通过本员工持股计划之日起计算，即 2021 年 6 月 16 日至 2024 年 6 月 15 日。基于对公司未来持续稳定发展的信心及 公司股票价值的判断，公司分别于 2024 年 4 月 12 日、2024 年 4 月 15 日召开了 第二期员工持股计划第三次持有人会议和第五届董事会第七次会议，审议通过了 《关于第二期员工持股计划存续期延长的议案》，同意将本期员工持股计划存续 期延长 12 个月，即存续期延长至 2025 年 6 月 15 日。 第二期员工持股计划存续期于 2025 年 6 月 15 日届满。根据中国证券监督管 理委员会（以下简称"中国证监会"）《关于上市公司实施员工持股计划试点的指 导意见》《上海证券交 ...

Industry Overview - The building energy-saving industry refers to the implementation of energy-saving standards and the use of energy-efficient technologies, processes, equipment, materials, and products throughout the planning, design, construction, renovation, and operation of buildings [1] - The industry can be categorized into energy-saving products, materials, and services, including design, construction, and operation services [1] Industry Chain Analysis - The upstream of the building energy-saving industry includes the manufacturing of energy-saving materials and equipment [2] - The midstream involves energy-saving products and materials such as thermal insulation materials and heating measurement equipment [2] - The downstream primarily consists of large public buildings, residential buildings, and commercial buildings as end users [2] Industry Development History - The global energy crisis in the 1970s prompted countries to initiate energy-saving programs, with China starting its building energy-saving efforts in the 1980s [5] Policy Background - China's "dual carbon" commitment aims to peak carbon emissions before 2030 and achieve carbon neutrality by 2060, leading to a transition towards zero-energy and zero-carbon buildings [10] - Policies focus on enhancing energy-saving standards for new buildings, retrofitting existing buildings, and promoting renewable energy applications [10] Current Industry Status - In 2022, the total energy consumption of the building sector was 18.4 billion tons of standard coal equivalent, accounting for 36.3% of the national energy consumption [13] - The total carbon emissions from the building sector reached 41.5 billion tons of standard coal equivalent, representing 39.1% of national energy-related carbon emissions [15] - The building operation phase remains the dominant contributor to carbon emissions within the building sector [21] Market Size and Growth - China's building energy-saving market is the third largest globally, with a market size of 160 billion yuan in 2023, projected to reach 195.8 billion yuan in 2024 [23] - The market is expected to grow at a compound annual growth rate of 4%, potentially exceeding 240 billion yuan by 2030 [32] Competitive Landscape - The building energy-saving industry features significant regional disparities in carbon emissions, influenced by population, GDP, climate, and energy structure [25] - Major companies in the sector include China Southern Power Grid, Dasintelligent, and China National Building Material, with a focus on providing comprehensive energy-saving solutions [27]

证券代码：603378 证券简称：亚士创能 公告编号：2025-039 亚士创能科技（上海）股份有限公司 关于 2025 年 5 月份公司及控股子公司累计新增担保 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: 被担保人名称：亚士创能科技（上海）股份有限公司（以下简称"公司"）、 亚士漆（上海）有限公司（以下简称"亚士漆（上海）"）、亚士节能装饰建材 销售（上海）有限公司（以下简称"亚士销售"）、亚士供应链管理（上海）有 限公司（以下简称"亚士供应链"）、亚士创能科技（乌鲁木齐）有限公司（以 下简称"创能（乌鲁木齐）"）。 本次担保金额及已实际为其提供的担保余额：公司及控股子公司为公司、 亚士漆（上海）、亚士销售、亚士供应链提供的新增担保金额为 133,600.00 万 元,为创能（乌鲁木齐）提供的新增担保金额为 4,248.20 万元。截至本公告披露 日，公司及控股子公司为公司、亚士漆（上海）、亚士销售、亚士供应链提供的 累计担保余额为 134,511.98 万元，为创能（乌鲁木齐）提供的累计担 ...