Core Viewpoint - The company Yashichuangneng is facing significant financial and operational difficulties, with its major shareholder and actual controller, Li Jinchong, unable to fulfill commitments related to employee stock ownership plans due to severe financial constraints [1][10]. Financial Performance - Yashichuangneng's stock price has dropped over 80%, leading to substantial losses for employees involved in the stock ownership plans, which have resulted in a total estimated loss exceeding 100 million yuan [2][3]. - The company reported a loss of over 300 million yuan in 2024 and continued to incur losses exceeding 300 million yuan in the first three quarters of 2025 [4][12]. - As of September 2025, the company's debt-to-asset ratio reached 81.35%, with monetary funds of 142 million yuan against interest-bearing liabilities of 2.552 billion yuan [4][12]. Employee Stock Ownership Plans - Two employee stock ownership plans were implemented in 2020 and 2021, with commitments from the major shareholder to guarantee a minimum annual return of 6% [5][6]. - The first plan involved 1.1571 million shares at an average price of 47.25 yuan per share, while the second plan involved 1.7525 million shares at an average price of 53.354 yuan per share [6][7]. - The stock prices have significantly declined, with the latest closing price at 6.99 yuan per share, leading to estimated losses of 37.6597 million yuan and 67.7229 million yuan for the two plans, respectively [7][10]. Operational Challenges - Yashichuangneng, established in 1998, specializes in construction materials and has faced a significant decline in performance since 2021, with revenues dropping from 47.15 billion yuan in 2021 to 20.52 billion yuan in 2024 [11][12]. - The company has been actively seeking to alleviate financial pressure by announcing asset disposals across multiple locations, including Shanghai and Chongqing [12].

Core Viewpoint - The article emphasizes the importance of utilizing authoritative and professional analyst reports from Jin Qilin to identify potential investment opportunities in the stock market [1][2]. Group 1 - The reports are described as timely and comprehensive, aiding investors in uncovering thematic opportunities [1][2]. - The source of the information is identified as Dongfang Caifu, indicating a collaboration with Sina [1][2]. - The article includes a disclaimer stating that the content is for reference only and does not constitute investment advice [1][2].

2025.12.04 本文字数：2607，阅读时长大约4分钟 截至当日，控股股东、实际控制人及其一致行动人合计持有亚士创能2.28亿股，总持股比例53.21%，其中88.11%已处于冻结状态。 此次控股股东、实控人所持股权被冻结，主要与员工持股计划的兜底承诺失约有关。 根据披露，该公司员工持股计划存续期届满且目前严重亏损，创能明及李金钟承担部分持有人的兜底责任后，现因资金周转困难，暂时无法兑现所有兜底 清偿金额。 纠纷由此引发。根据公告，员工持股计划持有人李某申请财产保全，上海市青浦区法院因而冻结了对创能明、李金钟所持有的上市公司9895万股。 作者 |第一财经王方然 一份无法兑现的"兜底"承诺，正将亚士创能（603378.SH）及其实际控制人，推向了资金困境的深处。 亚士创能12月2日公告，控股股东上海创能明投资有限公司与实际控制人李金钟，所持全部股份已被轮候冻结。2020年至2021年，该公司实施两期员工持 股计划，由实控人承诺保本、6%的年化收益。然而，随着股价自高点暴跌超88%，该计划不仅未达收益预期，反而带来巨额浮亏。 第一财经粗略估算，按照该公司当前股价，仅本金部分，两期员工持股计划若期满退出，相 ...

Core Viewpoint - The inability of Yashi Chuangneng (603378.SH) and its actual controller to fulfill a "guarantee" commitment is pushing them into a deep financial crisis, primarily due to the significant losses from employee stock ownership plans [3][4]. Group 1: Shareholder and Ownership Structure - As of December 2, 2023, the shares held by the controlling shareholder Shanghai Chuangnengming Investment Co., Ltd. and actual controller Li Jinchong have been frozen, with Chuangnengming holding 78.66 million shares (18.35%) and Li holding 20.30 million shares (4.74%) [4][5]. - A total of 88.11% of the shares held by the controlling shareholder and actual controller are currently frozen, indicating a severe liquidity issue [5][6]. Group 2: Employee Stock Ownership Plans - The company launched two employee stock ownership plans in 2020 and 2021, with a commitment from the actual controller to provide a guaranteed annual return of 6% [8][9]. - The stock price has plummeted over 88% from its peak, leading to substantial losses for the employee stock ownership plans, with estimated losses of approximately 1.08 billion yuan in principal alone [10][11]. Group 3: Financial Performance and Debt Situation - Yashi Chuangneng reported a significant decline in revenue, with a 76.97% year-on-year drop to 397 million yuan in the first three quarters of 2023, and a net loss of 311 million yuan [13]. - The company's debt-to-asset ratio has increased from 60.26% in 2020 to 81.35% in 2023, with interest-bearing liabilities reaching 2.55 billion yuan, while cash reserves are only 142 million yuan [13]. Group 4: Legal and Judicial Proceedings - The employee stock ownership plan dispute has entered judicial proceedings, with the Shanghai Qingpu District Court freezing 98.95 million shares held by Chuangnengming and Li, valued at approximately 686 million yuan at current stock prices [13][14]. - The actual controller faces additional financial pressure due to a 150 million yuan factoring contract dispute, resulting in further share freezes [14].

Core Viewpoint - The inability of the actual controller of Asia Energy (亚士创能) to fulfill the guaranteed returns for the employee stock ownership plan has plunged the company and its actual controller into a deep financial crisis [2][4]. Group 1: Shareholding and Freezing - The shares held by the controlling shareholder, Shanghai Chuangnengming Investment Co., Ltd., and the actual controller, Li Jinchong, have been frozen, with a total of 78.66 million shares (18.35%) and 20.30 million shares (4.74%) respectively [3][4]. - As of the announcement date, 88.11% of the total shares held by the controlling shareholder and its concerted parties are under freezing status [3]. Group 2: Employee Stock Ownership Plan - The employee stock ownership plan, launched in 2020 and 2021, promised a guaranteed return of 6% per annum, but has resulted in significant losses due to a stock price drop of over 88% from its peak [6][8]. - The estimated loss from the principal alone for the two phases of the employee stock ownership plan is approximately 108 million yuan, and when including the promised returns, the total liability could exceed 125 million yuan [6][9]. Group 3: Financial Performance and Debt - Asia Energy's revenue has drastically declined from 31.08 billion yuan in 2022 to 3.97 billion yuan in the first three quarters of 2024, representing a year-on-year decrease of 76.97% [12]. - The company's debt pressure is increasing, with a debt-to-asset ratio rising from 60.26% in 2020 to 81.35% in 2023, and interest-bearing liabilities reaching 2.55 billion yuan, while cash reserves are only 142 million yuan [12]. Group 4: Legal Proceedings - The dispute over the employee stock ownership plan has entered judicial proceedings, with a court freezing 98.95 million shares held by the controlling shareholder and the actual controller due to a request for property preservation by a plan holder [12]. - Previous freezing of shares occurred due to a 150 million yuan factoring contract dispute, resulting in 140 million shares being frozen [12].

实控人股权质押比例已近100%，公司自身也深陷业绩下滑、债务高企的困境 实际控制人无法兑现兜底承诺 亚士创能12月2日公告显示，控股股东上海创能明投资有限公司（以下简称"创能明"）、李金钟所持有的全部公司股 份被轮候冻结。其中，创能明持有7865.55万股、李金钟持有2029.50万股，分别占公司总股本的18.35%、4.74%。 截至当日，控股股东、实际控制人及其一致行动人合计持有亚士创能2.28亿股，总持股比例53.21%，其中88.11%已处 于冻结状态。 此次控股股东、实控人所持股权被冻结，主要与员工持股计划的兜底承诺失约有关。 根据披露，该公司员工持股计划存续期届满且目前严重亏损，创能明及李金钟承担部分持有人的兜底责任后，现因资 金周转困难，暂时无法兑现所有兜底清偿金额。 纠纷由此引发。根据公告，员工持股计划持有人李某申请财产保全，上海市青浦区法院因而冻结了对创能明、李金钟 所持有的上市公司9895万股。 | 股东名称 | 持股数量 | 持股比例 | 累计被冻结 | 累计被标记 | 合计占其所 | 合计占公司 | | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The employee stock ownership plans (ESOPs) launched by Asia Paints (亚士创能) have resulted in significant losses, leading to the judicial freezing of shares held by the company's major stakeholders due to financial difficulties in fulfilling their commitments to employees [2][4]. Group 1: Employee Stock Ownership Plans - Asia Paints launched two employee stock ownership plans in 2020 and 2021 to incentivize employees and align their interests with the company [4]. - The first plan involved 1.1571 million shares, representing 0.59% of the total share capital, with an average transaction price of approximately 47.25 yuan per share [4]. - The second plan included 1.7525 million shares, accounting for 0.85% of the total share capital, with an average transaction price of about 53.354 yuan per share [4]. - The total scale of both plans was approximately 148 million yuan, funded by employees' legal salaries, self-raised funds, and potentially external financing [4]. Group 2: Financial Performance and Share Price Decline - As of December 3, Asia Paints' stock price had fallen to 6.93 yuan per share, resulting in a market capitalization of less than 3 billion yuan, indicating a loss of at least 70% for the employee stock ownership plans [5]. - The company reported a revenue of 2.052 billion yuan in 2024, a year-on-year decline of 34%, with a net loss of 329 million yuan [5]. - In the first three quarters of the current year, the company generated only 397 million yuan in revenue, a staggering year-on-year decrease of 76.97%, and incurred a loss of 311 million yuan, nearing the total loss for the previous year [5]. Group 3: Debt Crisis and Financial Ratios - As of June 2023, Asia Paints' debt-to-asset ratio rose to 79.36%, with interest-bearing liabilities reaching 2.655 billion yuan [6]. - The company's cash reserves dwindled to 212 million yuan, a year-on-year decrease of 64.39% [6]. - Key solvency indicators have deteriorated, with a current ratio of only 0.52, significantly below the safety line of 2, and a cash-to-current liabilities ratio of just 7.87%, indicating severe short-term debt repayment pressure [6].

Core Viewpoint - Recently, the leading paint company, Yashi Chuangneng (603378.SH), announced that all shares held by its controlling shareholder, Shanghai Chuangnengming Investment Co., Ltd. (Chuangnengming), and its actual controller, Li Jinzong, have been frozen due to the expiration of the employee stock ownership plan and significant losses [1][4]. Summary by Sections Shareholder Information - Chuangnengming holds 78.6555 million shares, accounting for 18.35% of the total share capital, while Li Jinzong holds 20.295 million shares, accounting for 4.74% of the total share capital. The frozen shares represent 100% of their respective holdings [1][3]. Employee Stock Ownership Plans - Yashi Chuangneng launched two employee stock ownership plans in 2020 and 2021 to incentivize employees and align their interests with the company. However, the continuous decline in stock prices has trapped employees in these plans, triggering the "bottom line" responsibility of the controlling shareholder [5][6]. - The first plan, initiated in August 2020, involved 1.1571 million shares, representing 0.59% of the total share capital, with an average transaction price of approximately 47.25 yuan per share [5]. - The second plan was completed by July 7, 2021, involving 1.7525 million shares, representing 0.85% of the total share capital, with an average transaction price of approximately 53.354 yuan per share [2][5]. Stock Performance - As of December 3, the company's stock price was 6.93 yuan per share, reflecting a decline of 5.33%. The stock had previously peaked at 87.56 yuan per share in September 2020, after which it entered a downward trend [2][5]. - The duration of both employee stock ownership plans was initially set to not exceed 36 months, but due to the declining stock price, the company extended the duration by one year for each plan [2][5]. Financial Performance - For the first three quarters of 2025, Yashi Chuangneng reported revenue of 397 million yuan, a year-on-year decline of 76.97%. The net profit attributable to the parent company was a loss of 311 million yuan, compared to a loss of 120 million yuan in the same period last year [3][6].

Core Viewpoint - Recently, the leading paint company, Yashi Chuangneng (603378.SH), announced that all shares held by its controlling shareholder, Shanghai Chuangnengming Investment Co., Ltd., and its actual controller, Li Jinchong, have been provisionally frozen due to the expiration of the employee stock ownership plan and significant losses incurred by the company [2][9]. Group 1: Shareholder Information - Chuangnengming holds 78.6555 million shares, accounting for 18.35% of the total share capital, while Li Jinchong holds 20.295 million shares, representing 4.74% of the total share capital. The frozen shares account for 100% of their respective holdings [2][9]. - In October, Yashi Chuangneng had previously announced that a total of 98.9505 million shares held by Chuangnengming and Li Jinchong were also frozen [2][9]. Group 2: Employee Stock Ownership Plans - Yashi Chuangneng launched two employee stock ownership plans in 2020 and 2021 to incentivize employees and align their interests with the company. However, the continuous decline in stock prices has trapped employees in these plans, triggering the "bottom line" responsibility of the controlling shareholder [2][9]. - The first employee stock ownership plan was initiated in August 2020, holding 1.1571 million shares, which is 0.59% of the total share capital, with an average transaction price of approximately 47.25 yuan per share [2][10]. - The second employee stock ownership plan was completed by July 7, 2021, holding 1.7525 million shares, or 0.85% of the total share capital, with an average transaction price of approximately 53.354 yuan per share [10]. Group 3: Financial Performance - As of December 3, the company's stock price was 6.93 yuan per share, reflecting a decline of 5.33%. The stock price had previously peaked at 87.56 yuan per share in September 2020 and has since been in a downward trend [6][13]. - For the first three quarters of 2025, Yashi Chuangneng reported revenue of 397 million yuan, a year-on-year decrease of 76.97%, and a net loss attributable to shareholders of 311 million yuan, compared to a loss of 120 million yuan in the same period last year [14].

公告显示，创能明持有公司股份7865.55万股、实际控制人李金钟持有公司股份2029.50万股，分别占公 司总股本的18.35%、4.74%，本次被轮候冻结的股份数量均占其各自持有公司股份的100%。 同时，根据公告，创能明和李金钟承诺为员工持股计划资金提供托底保证。在员工持股计划清算阶段， 所有股票变现后，在扣除该计划存续期内发生的费用后，根据可分配给员工的最终金额所计算出的员工 自有（自筹）资金年化收益率如低于6%，则由创能明和李金钟对员工自有资金本金兜底补足。 12月2日，"涂料龙头"亚士创能（603378.SH）发布公告称，公司控股股东上海创能明投资有限公司、实 际控制人李金钟所持有的全部公司股份被轮候冻结。 （文章来源：21世纪经济报道） 据每日经济新闻报道，亚士创能曾于2020年及2021年先后推出两期员工持股计划，旨在激励员工并绑定 公司利益。然而，随着公司股价持续下跌，这两期持股计划却将员工深度套牢，并最终触发控股股东 的"兜底"责任。 据悉，亚士创能一期员工持股计划规模约为5467.30万元，二期规模约为9350.41万元，合计约1.48亿 元。 ...