ASIA Cuanon Technology （SHANGHAI） Co., Ltd. （上海市青浦工业园区新涛路 28 号） 2021 年度向特定对象发行 A 股股票 募集说明书 （注册稿） 保荐机构（主承销商） （上海市广东路 689 号） 二〇二四年五月 证券简称：亚士创能 股票代码：603378 亚士创能科技（上海）股份有限公司 亚士创能科技（上海）股份有限公司 募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明 其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何 与之相反的声明均属虚假不实陈述。根据《证券法》的规定，证券依法发行后， 发行人经营与收益的变化，由发行人自行负责。投资者自主判断发行人的投资价 值，自主作出投资决策 ...

亚士创能科技（上海）股份有限公司 截至 2023 年 12 月 31 日止 前次募集资金使用情况报告及鉴证报告 目 录 | | | | 一、 | 前次募集资金使用情况报告的鉴证报告 | 1-2 | | --- | --- | --- | | 二、 | 前次募集资金使用情况报告 | 1-8 | 关于亚士创能科技（上海）股份有限公司 截至2023年12月31日止 前次募集资金使用情况报告的鉴证报告 信会师报字[2024]第ZA13340号 亚士创能科技（上海）股份有限公司全体股东： 我们接受委托，对后附的亚士创能科技（上海）股份有限公司（以 下简称"亚士创能公司"） 截至2023年12月31日止前次募集资金使用 情况报告（以下简称"前次募集资金使用情况报告"）执行了合理保 证的鉴证业务。 一、管理层的责任 亚士创能公司管理层的责任是按照中国证券监督管理委员会《监 管规则适用指引——发行类第7号》的相关规定编制前次募集资金使 用情况报告。这种责任包括设计、执行和维护与前次募集资金使用情 况报告编制相关的内部控制，确保前次募集资金使用情况报告真实、 准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的 ...

海通证券股份有限公司 关于亚士创能科技(上海)股份有限公司 向特定对象发行 ▲ 股股票 之 发行保荐书 保荐机构 (主承销商) 海道征券股份有限公司 HAITONG SECURITIES CO., LTD. (上海市广东路 689 号) 二〇二四年五月 亚士创能向特定对象发行 A 股股票申请文件 保荐人发行保荐书 声 明 本保荐机构及保荐代表人已根据《中华人民共和国公司法》（以下简称《公 司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公司证 券发行注册管理办法》（以下简称《注册管理办法》）、《上海证券交易所股票 上市规则》（以下简称《上市规则》）等有关法律、法规，诚实守信，勤勉尽责， 严格按照依法制定的业务规则和行业自律规范出具证券发行保荐书，并保证所出 具文件真实、准确、完整。 如无特殊说明，本发行保荐书中的简称或名词释义与《亚士创能科技（上海） 股份有限公司 2021 年度向特定对象发行 A 股股票募集说明书》一致。 3-1-1 亚士创能向特定对象发行 A 股股票申请文件 保荐人发行保荐书 目 录 | 育 明 ……………………………………………………………………………………………………… ...

重要内容提示： | 回购方案首次披露日 | 2024/4/28 | | | --- | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 3 个月 | | | 预计回购金额 | 5,000 万元 | 万元~10,000 | | 回购价格上限 | 8 元/股 | | | 回购用途 | □用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | √为维护公司价值及股东权益 | | | 实际回购股数 | 790.2989 | 万股 | | 实际回购股数占总股本比例 | 1.84% | | | 实际回购金额 | 5,001.42 | 万元 | | 实际回购价格区间 | 5.30 元/股 | 元/股~7.02 | 一、回购审批情况和回购方案内容 证券代码：603378 证券简称：亚士创能 公告编号：2024-042 亚士创能科技（上海）股份有限公司 关于股份回购比例达 1%、股份回购实施结果 暨股份变动的公告 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 ...

证券代码：603378 证券简称：亚士创能 公告编号：2024-041 亚士创能科技（上海）股份有限公司 关于 2024 年 4 月份公司及全资子公司 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。 本次担保是否有反担保：无。 对外担保逾期的累计数量：本公告披露日至上次累计新增担保公告披露 日期间无对外担保逾期情况发生。 一、担保情况概述 为满足公司发展需要及 2023 年度资金需求，实现高效筹措资金，公司分别 于 2023 年 4 月 26 日、2023 年 5 月 18 日召开第四届董事会第三十五次会议、 2022 年年度股东大会，审议通过了《关于 2023 年度公司及全资子公司相互担保 的议案》。2023 年度预计公司与全资子公司、全资子公司之间相互担保总额最高 不超过 650,000 万元。授权公司总经理在综合担保预计总额度内，全权办理担保 事宜，包括但不限于签署协议文本及办理与担保有关的其他手续。该授权的有效 期自股东大会审议通过之日起至 2023 年年度股东大会召开之日止（公告编号： 20 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [5][18]. Core Views - The company's profitability has been under pressure, with expectations for a turnaround in 2024 due to favorable real estate policies and ongoing urban renewal projects [3][5][15]. - The company reported a significant decline in net profit for 2023, attributed to a decrease in gross margin and increased credit impairment losses [3][4][34]. - Despite the challenges, there is optimism regarding the potential recovery in real estate sales, which could positively impact the company's performance [3][5][15]. Financial Performance Summary - In 2023, the company achieved a revenue of 3.11 billion yuan, a slight increase of 0.09% year-on-year, while the net profit attributable to shareholders was 60.18 million yuan, down 43.09% year-on-year [3][6]. - The gross margin for 2023 was 30.5%, a decrease of 1.88 percentage points compared to the previous year, with a notable decline in the first quarter of 2024 [34]. - The company expects net profits for 2024, 2025, and 2026 to be 150 million yuan, 258.84 million yuan, and 311.89 million yuan respectively, indicating a recovery trajectory [5][6]. Revenue Breakdown - In 2023, the revenue from functional architectural coatings, energy-saving materials, and waterproof materials was 2.096 billion yuan, 660 million yuan, and 258 million yuan respectively, with year-on-year changes of -4.01%, -7.14%, and +94.43% [1][3]. - The first quarter of 2024 showed significant revenue declines across various segments, with functional coatings down 54.8% and energy-saving materials down 34.03% [1][3]. Market Position and Outlook - The company is positioned to increase its market share through channel transformation and risk management, despite the current low industry concentration [5]. - The anticipated recovery in the real estate sector, driven by recent policy changes, is expected to provide a catalyst for improved sales and profitability [3][5][15].

Report Overview [Important Notice](index=1&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the report's accuracy and completeness, with financial information assured by key accounting personnel; the statements are unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility[2](index=2&type=chunk) - The company's principal officer, head of accounting, and head of the accounting department guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3](index=3&type=chunk) - The financial statements for this quarter are unaudited[4](index=4&type=chunk) Key Financial Data [Main Accounting Data and Financial Indicators](index=1&type=section&id=Main%20Accounting%20Data%20and%20Financial%20Indicators) In Q1 2024, operating revenue significantly decreased by 40% year-over-year, with net profit and non-recurring net profit both negative, and operating cash flow also negative; total assets and owners' equity slightly declined 2024 Q1 Main Accounting Data and Financial Indicators (Year-over-year) | Item | Current Reporting Period (yuan) | Year-over-year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 294,864,068.23 | -40.00 | | Net Profit Attributable to Shareholders | -81,734,642.90 | N/A | | Net Profit Attributable to Shareholders After Deducting Non-recurring Gains and Losses | -87,503,075.01 | N/A | | Net Cash Flow from Operating Activities | -269,775,344.64 | N/A | | Basic Earnings Per Share (yuan/share) | -0.19 | N/A | | Diluted Earnings Per Share (yuan/share) | -0.19 | N/A | | Weighted Average Return on Net Assets (%) | -4.81 | Decreased by 3.87 percentage points | 2024 Q1 End Main Accounting Data and Financial Indicators (Period-end Comparison) | Item | End of Current Reporting Period (yuan) | End of Prior Year (yuan) | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | | Total Assets | 6,377,865,994.06 | 6,405,157,470.02 | -0.43 | | Owners' Equity Attributable to Shareholders | 1,657,605,487.59 | 1,739,340,130.49 | -4.70 | [Non-recurring Gains and Losses](index=2&type=section&id=Non-recurring%20Gains%20and%20Losses) Total non-recurring gains and losses for the period amounted to 5,768,432.11 yuan, primarily from government grants and non-current asset disposal gains, net of income tax impact 2024 Q1 Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Current Period Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 9,052.83 | | Government grants recognized in current profit or loss | 7,587,665.52 | | Funds occupation fees charged to non-financial enterprises recognized in current profit or loss | 54,732.54 | | Gains or losses from entrusted investment or asset management | 9.59 | | Other non-operating income and expenses apart from the above | -256,175.79 | | Less: Income tax impact | 1,626,852.58 | | **Total** | **5,768,432.11** | [Analysis of Financial Indicator Changes](index=3&type=section&id=Analysis%20of%20Financial%20Indicator%20Changes) Operating revenue declined due to the broader economic environment and slower project progress; net profit and non-recurring net profit were negative due to lower revenue and gross margin; operating cash flow was negative due to reduced collections - Operating revenue decreased by **40.00% year-over-year**, primarily due to the broader economic environment slowing project initiation and construction progress[8](index=8&type=chunk) - Net profit attributable to shareholders and net profit after deducting non-recurring gains and losses were both **negative**, mainly due to decreased operating revenue and product gross margin[8](index=8&type=chunk) - Net cash flow from operating activities was **negative**, primarily due to reduced cash collections in the first quarter[8](index=8&type=chunk) Shareholder Information [Total Shareholders and Top Ten Shareholders](index=3&type=section&id=Total%20Shareholders%20and%20Top%20Ten%20Shareholders) As of the reporting period end, the company had 22,870 common shareholders; Shanghai Chuangnengming Investment Co., Ltd. is the controlling shareholder, Mr. Li Jinzhong is the actual controller, and his family members and affiliated companies collectively hold a significant portion of shares, with some shares pledged - As of the end of the reporting period, the total number of common shareholders was **22,870**[10](index=10&type=chunk) Top 10 Shareholders' Shareholding (As of March 31, 2024) | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Shareholding Ratio (%) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Chuangnengming Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 113,535,000 | 26.40 | Pledged 22,640,000 | | Shanghai Runhetongsheng Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 41,629,500 | 9.68 | Pledged 23,500,000 | | Shanghai Runhetonze Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 37,845,000 | 8.80 | None 0 | | Shanghai Runhetoncai Asset Management Co., Ltd. | Domestic Non-state-owned Legal Person | 31,411,350 | 7.30 | None 0 | | Li Jinzhong | Domestic Natural Person | 27,058,395 | 6.29 | Pledged 22,870,000 | | Zhao Xiaofang | Domestic Natural Person | 22,517,775 | 5.24 | None 0 | | Shen Gang | Domestic Natural Person | 13,247,925 | 3.08 | Pledged 5,800,000 | | Shanghai Yingshui Investment Management Co., Ltd. - Yingshui Jubao No. 15 Private Securities Investment Fund | Other | 3,850,000 | 0.90 | None 0 | | Sunshine Asset - ICBC - Active Quantitative No. 1 Asset Management Product | Other | 1,800,000 | 0.42 | None 0 | | Asia C&N Technology (Shanghai) Co., Ltd. - Second Phase Employee Stock Ownership Plan | Other | 1,636,845 | 0.38 | None 0 | - Shanghai Chuangnengming Investment Co., Ltd. is the controlling shareholder; natural person shareholder Mr. Li Jinzhong is the actual controller, with Zhao Xiaofang as his spouse and Shen Gang as his nephew, and Li Jinzhong also controls corporate shareholders Chuangnengming, Runhetongsheng, Runhetonze, and Runhetoncai[12](index=12&type=chunk) - Some shareholders hold shares through credit guarantee accounts, including Runhetonze with **33,930,000 shares**, Runhetoncai with **31,411,350 shares**, and Li Jinzhong with **3,145,971 shares**[12](index=12&type=chunk) Other Reminders [Other Important Information](index=5&type=section&id=Other%20Important%20Information) There is no other significant information regarding the company's operating performance during the reporting period that requires special attention from investors - No other significant information regarding the company's operating performance during the reporting period requires investor attention[13](index=13&type=chunk) Quarterly Financial Statements [Type of Audit Opinion](index=5&type=section&id=Type%20of%20Audit%20Opinion) The financial statements for this quarter are unaudited - The financial statements for this quarter are **unaudited**[13](index=13&type=chunk) [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2024, the company's total assets were 6.378 billion yuan, a slight decrease from the end of the previous year; total current assets were 2.661 billion yuan, total non-current assets were 3.717 billion yuan; total liabilities were 4.720 billion yuan, with current liabilities at 3.941 billion yuan and non-current liabilities at 0.779 billion yuan; equity attributable to parent company owners was 1.658 billion yuan Consolidated Balance Sheet Key Data (As of March 31, 2024) | Item | March 31, 2024 (yuan) | December 31, 2023 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 6,377,865,994.06 | 6,405,157,470.02 | -0.43 | | Total Current Assets | 2,661,295,488.07 | 2,752,676,188.54 | -3.32 | | Total Non-current Assets | 3,716,570,505.99 | 3,652,481,281.48 | +1.76 | | Total Liabilities | 4,720,260,506.47 | 4,665,817,339.53 | +1.17 | | Total Current Liabilities | 3,94

证券代码：603378 证券简称：亚士创能 公告编号：2024-040 亚士创能科技（上海）股份有限公司 关于召开 2023 年度业绩说明会的公告 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： （http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 5 月 7 日（星期二）至 5 月 13 日（星期一）下午 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dmb@cuanon.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 亚士创能科技（上海）股份有限公司（以下简称"公司"）于 2024 年 4 月 30 日发布公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年 度经营成果、财务状况，公司计划于 2024 年 5 月 14 日下午 15:00-16:30 举行 2023 年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会 ...

Financial Performance - The company's operating revenue for 2023 was approximately CNY 3.11 billion, a slight increase of 0.09% compared to CNY 3.11 billion in 2022[21]. - The net profit attributable to shareholders decreased by 43.09% to CNY 60.18 million from CNY 105.73 million in the previous year[21]. - The basic earnings per share for 2023 was CNY 0.14, down 44.00% from CNY 0.25 in 2022[22]. - The net cash flow from operating activities increased by 34.96% to CNY 437.63 million compared to CNY 324.27 million in 2022[21]. - The total assets at the end of 2023 were approximately CNY 6.41 billion, a decrease of 2.71% from CNY 6.58 billion at the end of 2022[21]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which was CNY 10.29 million, down 71.37% from CNY 35.95 million in 2022[21]. - The weighted average return on equity for 2023 was 3.46%, a decrease of 2.86 percentage points from 6.32% in 2022[22]. - The company experienced a net loss of CNY 15.96 million in the first quarter of 2023, followed by a profit of CNY 55.17 million in the second quarter[25]. - The total net profit attributable to shareholders for the fourth quarter was a loss of CNY 20.80 million, indicating volatility in the company's earnings throughout the year[25]. Dividend and Shareholder Information - The company plans to distribute a total cash dividend of 18,468,497.85 yuan (including tax) based on a total share base of 429,499,950 shares after deducting repurchased shares[5]. - The total remuneration for the chairman and general manager, Li Jinchong, was 50.57 million CNY for the reporting period[190]. - The independent directors received a fixed remuneration of 10 million CNY each, ensuring alignment with corporate governance standards[190]. - The total remuneration for all directors, supervisors, and senior management for the reporting period amounted to 5.8796 million yuan[197]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[4]. - There are no non-operating fund occupations by controlling shareholders or related parties[7]. - The company has not violated decision-making procedures for external guarantees[8]. - The company emphasizes that the forward-looking statements in the report do not constitute substantial commitments to investors[6]. - The company confirmed that all board members attended the board meeting, ensuring the authenticity and completeness of the annual report[9]. - The company has not reported any changes in shareholding for key executives during the reporting period, indicating stability in management[190]. - There were no penalties imposed by securities regulatory authorities on the company in the past three years[199]. Market and Industry Insights - The total market capacity of the six major industries involved, including coatings and insulation materials, is approximately 900 billion yuan, and when including services, the industry capacity reaches about 4 trillion yuan[34]. - The company is strategically reducing its reliance on new real estate construction, focusing instead on the renovation and repainting market, which is expected to become the main source of business as urbanization progresses[35]. - The company anticipates that the market for renovation and repainting will expand significantly as existing buildings age, leading to increased demand for its products[35]. - The current market size for building insulation materials is estimated to be around 200 billion RMB, driven by the implementation of energy-saving regulations since 2008[92]. - The waterproof materials market is estimated to be around 200 billion CNY, with increasing market concentration and competitiveness among large enterprises[141]. Strategic Initiatives and Future Plans - The company is committed to a long-term strategy of sustainable development, emphasizing that short-term pressures will not alter its long-term vision[38]. - The company is actively enhancing its digital operations, which significantly improve business processing capabilities and efficiency[33]. - The company aims to achieve a market share of 70%-90% in the coatings industry as it undergoes consolidation and integration[37]. - The company plans to expand its market presence and enhance its product offerings through strategic initiatives[110]. - The company is focusing on developing new materials in emerging industries such as aerospace and robotics, aiming to create a "second growth curve"[174]. - The company is actively pursuing mergers and acquisitions to bolster its industrial coatings business[173]. Research and Development - The company invested CNY 94.6286 million in R&D during the reporting period, a decrease of 3.58% year-on-year[105]. - The company holds a total of 203 valid patents, including 117 invention patents, 76 utility model patents, and 10 design patents[106]. - The company completed 38 R&D projects during the reporting period, focusing on various innovative products such as waterproof mortar and eco-friendly coatings[149]. - The company emphasizes the importance of self-developed technologies in its product offerings, ensuring a competitive edge in the market[149]. Operational Efficiency and Supply Chain - The company has established a high-efficiency supply chain consisting of one headquarters in Shanghai, five comprehensive intelligent manufacturing bases, and twenty specialized factories, forming a "1+5+20" model[41]. - The supply chain is highly efficient, utilizing automation and digitalization to reduce logistics costs and improve production efficiency[101]. - The company employs a production model based on sales orders, utilizing both self-production and commissioned production to optimize costs and efficiency[142]. Risks and Challenges - The company faces risks from potential downturns in the real estate sector, which could adversely affect its performance[176]. - The company acknowledges the risk of raw material price fluctuations impacting its cost structure and profitability[177]. - Increased accounts receivable may lead to bad debt losses if customers' payment capabilities deteriorate, negatively impacting operational performance and cash flow[180]. - Environmental protection costs are expected to rise due to stricter regulations, potentially affecting the company's profitability[181]. - Safety risks are present in the production process due to the use of volatile chemical materials, which could lead to economic losses from accidents[181].

证券代码：603378 证券简称：亚士创能 公告编号：2024-023 产品类别 产品种类 2023 年度 产量 2023 年度 销量 2023 年度销售 收入（万元） 收入同期 增长幅度 功能型建 筑涂料 工程涂料 （吨） 379,146.90 372,634.19 165,967.23 -6.15% 家装涂料 （吨） 27,791.73 27,092.34 14,354.01 7.80% 配套材料 （吨） 302,874.95 299,501.95 29,263.39 3.79% 小计 709,813.58 699,228.48 209,584.63 -4.01% 建筑节能 材料 保温装饰板 （万平方米） 563.70 551.94 41,568.19 7.59% 保温材料 - - 12,338.84 -39.98% 配套材料 - - 12,066.14 1.83% 小计 - - 65,973.17 -7.14% 防水材料 防水卷材 （万平方米） 1,536.58 1,399.24 21,570.28 85.45% 公司主营业务收入产销情况如下： | | 防水涂料 （吨） | | 9,170.65 | 8 ...