Core Viewpoint - The company, Yashi Chuangneng (603378.SH), expects a significant net loss for the fiscal year 2025, with projections ranging from -1.25 billion to -0.83 billion yuan for net profit attributable to shareholders [1] Financial Performance - The anticipated net profit excluding non-recurring gains and losses for 2025 is projected to be between -1.29 billion and -0.86 billion yuan [1] - The primary reasons for the expected loss include a decline in operating revenue and a decrease in gross margin due to the ongoing weakness in the real estate and construction industries, along with a substantial drop in orders [1] Asset Impairment - The company has made provisions for asset impairments based on the principle of prudence, which includes fixed assets, construction in progress, and accounts receivable that show signs of impairment [1] - Additionally, the company plans to reverse previously recognized deferred tax assets [1]

Core Viewpoint - The company, Yashichuangneng, has announced a significant expected net loss for the fiscal year 2025, attributed to the ongoing weakness in the real estate and construction sectors, leading to a substantial decline in orders and revenue [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company to be between -1.25 billion and -830 million yuan for the fiscal year 2025 [1] - Revenue has decreased significantly during the reporting period, alongside a decline in gross margin [1] Group 2: Asset Impairment - The company has made provisions for asset impairment on fixed assets, construction in progress, and accounts receivable due to signs of impairment, following the prudence principle outlined in the Accounting Standards for Enterprises [1] - The company has reversed previously recognized deferred tax assets as part of its financial adjustments [1]

证券代码：603378 证券简称：亚士创能 公告编号：2026-004 亚士创能科技（上海）股份有限公司 关于 2026 年 1 月份公司及控股子公司累计新增担保及 担保展期的公告 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：亚士漆（上海）有限公司（以下简称"亚士漆"）、亚 士创能新材料（广州）有限公司（以下简称"创能新材料（广州）"）。 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亚士 漆提供的新增展期担保金额为 5,000.00 万元；为创能新材料（广州）提供的新 增展期担保金额为 1,949.00 万元；本期无其他新增担保。截至本公告披露日， 公司及控股子公司为亚士漆提供的担保累计余额为 59,489.88 万元，其中展期担 保金额为 41,000.00 万元，为创能新材料（广州）提供的担保累计余额为 1,949.00 万元，其中展期担保金额为 1,949.00 万元。 本次担保是否有反担保：无。 2026 年 1 月 31 日 公司与 100%控股子公司之间、100 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -1.25 billion and -830 million RMB[2]. - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -1.29 billion and -860 million RMB[2]. - In the same period last year, the net profit attributable to shareholders was -329.285 million RMB, and the net profit after deducting non-recurring gains and losses was -357.618 million RMB[4]. - The earnings per share for the previous year was -0.77 RMB[4]. Reasons for Expected Loss - The main reasons for the expected loss include a significant decline in revenue due to the ongoing weakness in the real estate and construction industries, as well as a decrease in gross margin[6]. - The company has made provisions for asset impairments based on prudence principles, affecting fixed assets, construction in progress, and accounts receivable[6]. - The company has reversed previously recognized deferred tax assets due to impairment signs[6]. Performance Forecast and Risks - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[7]. - There are no significant uncertainties affecting the accuracy of this performance forecast as of the announcement date[7]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and the final financial data will be disclosed in the official 2025 annual report[8].

Core Viewpoint - The renovation and building materials sector experienced a slight decline, closing at 17,983.59 points with a drop of 0.13%, impacting individual stocks within the sector [1] Group 1: Stock Performance - Yashi Chuangneng closed at 6.69 CNY per share, leading the decline with a drop of 4.43% [1] - Meike Home closed at 2.83 CNY per share, with a decrease of 4.07%, ranking second in the decline [1] - *ST Songfa closed at 82.39 CNY per share, down by 3.07%, ranking third in the decline [1] - Youbang Diao Ding led the gains, closing at 75.60 CNY per share with an increase of 7.54% [1] - Songlin Technology closed at 41.29 CNY per share, up by 6.72%, ranking second in gains [1] - Kangxin New Materials closed at 4.30 CNY per share, with an increase of 5.13%, ranking third in gains [1] Group 2: Market Insights - China Galaxy's report indicates that year-end rush work has driven a month-on-month increase in retail, supporting demand for building materials in a stagnant market [1] - As temperatures drop, demand in the home decoration market is expected to decrease further, with anticipation for recovery post-Spring Festival, which may gradually release demand for building materials [1] - In the medium to long term, renovation of existing homes, old renovations, and urban renewal are expected to be the main drivers of demand for building materials [1] - Urban renewal is expected to stimulate demand in the old renovation and repair market, while consumption upgrades will enhance the demand for high-quality green building materials [1] - Leading companies with channel layout advantages and brand strengths are likely to continue consolidating their market positions [1]

Core Viewpoint - The renovation and building materials sector experienced a slight decline of 0.06% on January 27, with Guoliang New Materials leading the drop [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1]. - Guoliang New Materials saw a significant decline of 6.89%, closing at 26.62, with a trading volume of 79,300 shares and a transaction value of 211 million yuan [2]. - Other notable decliners included Asia Creative Energy, down 4.43%, and Donghe New Materials, down 3.47% [2]. Group 2: Stock Performance - The top gainers in the renovation and building materials sector included Youbang Ceiling, which rose by 7.54% to close at 75.60, with a trading volume of 37,200 shares and a transaction value of 270 million yuan [1]. - Other gainers included Rabbit Baby, up 3.30%, and Lezhi Group, up 2.16% [1]. - The overall sector saw a net outflow of 52.17 million yuan from main funds, while retail investors contributed a net inflow of 93.68 million yuan [2][3]. Group 3: Fund Flow Analysis - Main funds showed a net outflow from Youbang Ceiling of 38.45 million yuan, while retail investors had a net inflow of 47.24 million yuan [3]. - Other stocks like Wanli Stone and Puhui Co. also experienced varying levels of net inflow and outflow from different investor categories [3].

Core Viewpoint - The company Aishi Chuangneng (亚士创能) announced a passive reduction of shares by a significant shareholder due to forced liquidation triggered by margin debt default, affecting 12,857,898 shares, which is 3% of the total share capital [1] Group 1: Shareholder Reduction - The forced liquidation will result in a cash-out of approximately 90.05 million yuan based on the closing price of 7.00 yuan per share on January 26 [2] - The shareholder, Runhetongcai Asset Management Co., held 27,125,491 shares, representing 6.33% of the total share capital before the reduction [2] - The shares were transferred to Huatai Securities for margin trading purposes [2] Group 2: Company Background - 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, raising a total of 634.06 million yuan [3] - The net proceeds from the IPO amounted to 581 million yuan, allocated for construction projects, marketing upgrades, and working capital [3][5] - The company also conducted a private placement of 11,373,329 shares at 35.17 yuan per share in 2020, raising approximately 400 million yuan [4]

Core Viewpoint - Yashi Chuangneng (603378.SH) shares fell by 4.29% to 6.7 yuan, with a current trading volume of 67.22 million yuan and a market capitalization of 2.872 billion yuan. The company announced that its controlling shareholder, Shanghai Chuangnengming Investment Co., Ltd., faces potential forced liquidation due to margin financing debt defaults, which may lead to passive share reductions [1] Group 1 - The potential forced liquidation could affect 12,857,898 shares held by Shanghai Runtong Caicai Asset Management Co., Ltd., representing 3% of the company's total share capital [1] - The planned reduction of shares is expected to occur within three months after the disclosure of the reduction plan, starting 15 trading days thereafter [1] - This situation will not result in a change of the company's controlling shareholder or actual controller [1]

Group 1 - The core issue involves a potential passive reduction of shares by Shanghai Runhe Tongcai Asset Management Co., Ltd., a significant shareholder of Yashi Chuangneng, due to a debt default in its margin trading business, which may lead to a forced liquidation of shares [2] - The number of shares to be reduced is up to 12.8579 million shares, accounting for 3% of the company's total share capital, with a closing stock price of 7.00 yuan per share on January 26, reflecting a decline of 2.91% [2] - The reduction plan includes a timeframe from February 26, 2026, to May 25, 2026, with a maximum of 4.286 million shares to be sold through centralized bidding and 8.5719 million shares through block trading, with prices determined by market conditions at the time of sale [2] Group 2 - Yashi Chuangneng specializes in the research, production, sales, and service of functional building coatings, integrated thermal insulation and decoration materials, energy-saving insulation materials, waterproof materials, mortar, and new home materials [3] - For the first three quarters of 2025, the company reported total operating 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 18.5997 million yuan in the same period last year [3]

Summary of Key Points Core Viewpoint - Several shareholders from various companies are planning to reduce their stakes, indicating potential shifts in ownership and market dynamics [1]. Shareholder Reductions - Jianlong Micro-Nano's shareholder Shen Yunlong intends to conduct a block trade to reduce holdings by no more than 2 million shares [1]. - Kaipu Testing's chairman Yao Zhiqing plans to reduce his stake by no more than 3% [1]. - Yashi Chuangneng's shareholder Runhetongcai is set to passively reduce holdings by no more than 3% [1]. - Sun Cable's shareholder Yili Group aims to reduce its stake by no more than 3% [1]. - ST Taihe's Huayin Fund plans to reduce its holdings by no more than 3% [1]. - ST Sicor's Ningbo Tongtai and Ningbo Tongyuan Youbo intend to reduce their stakes by no more than 3% [1]. - Shanghai Yahong's shareholder Xie Yaming plans to reduce his stake by no more than 3% [1]. - Jianghang Equipment's Guoxin Capital intends to reduce its holdings by no more than 1% [1]. - Shengda Biological's Wan Jian Investment plans to reduce its stake by no more than 3% [1]. - Saitex New Materials' actual controller Wang Kunming will conduct a block trade to reduce 1.9998% of the company's shares [1]. - Yuanwang Valley's actual controller Xu Yusuo has reduced 303,130 shares [1]. - Honglida's Lai Anding has reduced 0.99% of the company's shares [1]. - Yandong Micro's Jing Guorui has cumulatively reduced 14,276,200 shares [1]. Other Notable Events - ST Jinggu's stock will be subject to delisting risk warning [1]. - ST Yingfituo's stock trading may also face delisting risk warning [1].