Core Viewpoint - Yashi Chuangneng (603378) is facing severe financial difficulties due to significant losses in its employee stock ownership plan, leading to the freezing of shares held by its controlling shareholder and actual controller [1][2] Group 1: Financial Performance - The company has experienced a continuous decline in net profit since 2023, with a year-on-year decrease of 43.09% in 2023 [2] - Revenue for 2022, 2024, and the first three quarters of 2025 has decreased by 34.09%, 34.01%, and 76.97% respectively [2] - The asset-liability ratio has increased from 73.79% in 2022 to 81.35% in the first three quarters of 2025 [2] Group 2: Shareholder Issues - A total of 78.66 million shares held by the controlling shareholder Shanghai Chuangnengming Investment Co., Ltd. and actual controller Li Jinzong have been judicially frozen, accounting for 23.09% of the company's total share capital [1] - The cumulative frozen shares of the controlling shareholder and its concerted actors account for 88.11% of their holdings and 46.88% of the company's total share capital [2] Group 3: Legal and Operational Challenges - The company is involved in multiple legal disputes due to financial difficulties, including a lawsuit from Zhongcai Zhaoshang Factoring for the return of 150 million yuan in financing [3] - The company has announced a strategic direction for the second half of 2025 focused on "layout, streamlining, and clearing," aiming to enhance operational efficiency and accumulate development strength [3] - To alleviate financial pressure, the company has announced asset sales, including core waterproof production line equipment and industrial land [3]

Core Viewpoint - The company, Yashichuangneng, has announced that its controlling shareholder, Shanghai Chuangnengming Investment Co., Ltd., and its actual controller, Li Jinchong, have received a judicial freeze notification on their shares due to financial difficulties stemming from an employee stock ownership plan that has not performed well [1] Group 1 - The shares frozen amount to 98,950,500, which are held by Chuangnengming and Li Jinchong [1] - The reason for the freeze is linked to the company's employee stock ownership plan, which has reached its expiration and is currently experiencing significant losses [1] - The company had previously launched two employee stock ownership plans in 2020 and 2021, aimed at incentivizing employees and aligning their interests with the company, with each plan lasting no more than 36 months [1]

Core Viewpoint - The major shareholder and actual controller of Yashi Chuangneng has had all their shares frozen due to financial difficulties stemming from significant losses in employee stock ownership plans, which have led to a series of legal issues for the company [1][2][5]. Group 1: Shareholder and Stock Information - Yashi Chuangneng's major shareholder, Shanghai Chuangnengming Investment Co., holds 78.66 million shares, accounting for 18.35% of the total shares, while the actual controller, Li Jinzong, holds 20.30 million shares, accounting for 4.74% of the total shares [1]. - Both shareholders' shares have been fully frozen, marking a recurrence of share freezes since October 2025, when a total of 98.95 million shares were previously frozen [1]. Group 2: Employee Stock Ownership Plans - The freezing of shares is primarily due to the severe losses from two employee stock ownership plans initiated in 2020 and 2021, which have resulted in financial strain for the major shareholder and actual controller [2]. - The first employee stock ownership 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 [2][3]. - Both plans were extended by one year due to declining stock prices, with the first plan now set to expire on October 15, 2024, and the second on June 15, 2025 [3]. Group 3: Company Performance and Legal Issues - Yashi Chuangneng has faced declining performance, with projected revenues of 2.052 billion yuan in 2024, a year-on-year decrease of 34.01%, and a net loss of 329 million yuan [5]. - In the first three quarters of 2025, the company reported revenues of approximately 397 million yuan, down 76.97% year-on-year, with a net loss of 311 million yuan [5]. - The company has been involved in over 20 legal disputes since mid-2023, primarily related to financial and contractual issues, further complicating its operational challenges [6].

Core Viewpoint - The company, Yashi Chuangneng, is facing significant financial difficulties, leading to the freezing of all shares held by its controlling shareholder and actual controller due to severe losses in employee stock ownership plans [1][2][5] Summary by Sections Company Shareholding and Freezing - Yashi Chuangneng's controlling shareholder, Shanghai Chuangnengming Investment Co., and actual controller Li Jinchong have had all their shares frozen, totaling 78.66 million shares (18.35% of total shares) and 20.30 million shares (4.74% of total shares) respectively [1] - This is the second instance of share freezing for both parties, with the first occurrence reported in October 2025 [1] Employee Stock Ownership Plans - The freezing is primarily due to two employee stock ownership plans that have incurred significant losses, leading to financial difficulties for the controlling shareholder [2] - The first employee stock ownership plan was launched in August 2020, holding 1.1571 million shares at an average price of 47.25 yuan per share, while the second plan was initiated in 2021, holding 1.7525 million shares at an average price of 53.354 yuan per share [2][3] - The total investment in these plans amounts to approximately 148 million yuan [3] Financial Performance - Yashi Chuangneng's financial performance has been declining, with a projected revenue of 2.052 billion yuan in 2024, down 34.01% year-on-year, and a net profit loss of 329 million yuan [5] - In the first three quarters of 2025, the company reported revenue of approximately 397 million yuan, a decline of 76.97% year-on-year, with a net profit loss of 311 million yuan [5] Legal and Operational Challenges - The company has faced over 20 legal disputes in the second half of the year, primarily related to bill disputes, sales contracts, and pawn disputes [5] - The actual controller, Li Jinchong, has been restricted from high consumption on two occasions since July [5]

Core Viewpoint - The announcement details the judicial freezing of shares held by the controlling shareholder and actual controller of Asia Creative Technology (Shanghai) Co., Ltd., indicating significant financial difficulties faced by the company and its major stakeholders [2][3]. Group 1: Shareholder Information - The controlling shareholder, Shanghai Chuangnengming Investment Co., Ltd. (Chuangnengming), and actual controller Li Jinzong hold 78,655,500 shares and 20,295,000 shares respectively, accounting for 18.35% and 4.74% of the total share capital [2]. - The total shares held by Chuangnengming, Li Jinzong, and their concerted actions amount to 228,068,266 shares, with 200,942,775 shares frozen, representing 88.11% of their holdings and 46.88% of the total share capital [2]. Group 2: Judicial Freezing Details - The company received a notification regarding the judicial freezing of shares held by Chuangnengming and Li Jinzong due to financial difficulties, with 98,950,500 shares being frozen by the Shanghai Qingpu District People's Court [3]. - The freezing of shares is a result of a financial dispute where Li has applied for property preservation due to the inability to fulfill certain financial obligations [3]. Group 3: Impact on Company Operations - There has been no downgrade in the credit ratings of the controlling shareholder and its concerted actions in the past year, aside from the mentioned debt dispute [4]. - The controlling shareholder and its concerted actions do not engage in non-operating fund occupation or illegal guarantees that would harm the interests of the listed company [5]. - As of the announcement date, the share freezing will not lead to a change in control of the company and is not expected to significantly impact the company's operations or governance [6].

Core Viewpoint - The announcement reveals that the controlling shareholder and actual controller of Yashi Chuangneng have had all their shares frozen due to financial difficulties stemming from employee stock ownership plans that have incurred significant losses [1][2]. Group 1: Shareholder and Stock Information - Yashi Chuangneng's controlling shareholder, Shanghai Chuangnengming Investment Co., holds 78.66 million shares, accounting for 18.35% of the total share capital, while the actual controller, Li Jinchong, holds 20.30 million shares, representing 4.74% of the total [1]. - Both shareholders' shares are 100% frozen, marking a recurrence of share freezes since October 2025, when a total of 98.95 million shares were also frozen [1]. Group 2: Employee Stock Ownership Plans - The freezing of shares is primarily due to the expiration of two employee stock ownership plans, which have resulted in severe losses, leading to financial difficulties for the shareholders [2]. - The first employee stock ownership plan was launched in August 2020, holding 1.1571 million shares at an average price of approximately 47.25 yuan per share, while the second plan was initiated in 2021, holding 1.7525 million shares at an average price of about 53.354 yuan per share [2][3]. - Both plans had their durations extended by one year due to declining stock prices, with the first plan now set to expire on October 15, 2024, and the second on June 15, 2025 [3]. Group 3: Company Performance and Challenges - Yashi Chuangneng has a diverse product portfolio, including functional building coatings and insulation materials, but has faced declining performance due to the downturn in the real estate and construction sectors [4]. - The company reported a projected revenue of 2.052 billion yuan for 2024, a year-on-year decline of 34.01%, and a net profit loss of 329 million yuan [6]. - In the first three quarters of 2025, the company achieved approximately 397 million yuan in revenue, down 76.97% year-on-year, with a net profit loss of 311 million yuan [6]. - The company has faced over 20 legal disputes in the latter half of the year, primarily related to bill disputes and contract issues, and the actual controller has been restricted from high consumption twice since July [6].

Core Viewpoint - The announcement reveals that the controlling shareholder and actual controller of Yashi Chuangneng have had all their shares frozen due to financial difficulties stemming from employee stock ownership plans that have incurred significant losses [2][3]. Group 1: Shareholder and Stock Information - The controlling shareholder, Shanghai Chuangnengming Investment Co., Ltd., holds 78.66 million shares, accounting for 18.35% of the total share capital, while the actual controller, Li Jinzong, holds 20.30 million shares, accounting for 4.74% [2]. - Both shareholders' shares have been fully frozen, marking a recurrence of share freezes since October 2025, when a total of 98.95 million shares were previously frozen [2]. Group 2: Employee Stock Ownership Plans - The freezing of shares is primarily due to the expiration of two employee stock ownership plans, which have resulted in severe losses, leading to financial difficulties for the shareholders [3]. - The first employee stock ownership plan was launched in August 2020, holding 1.1571 million shares at an average price of approximately 47.25 yuan per share, while the second plan was initiated in 2021, holding 1.7525 million shares at an average price of about 53.354 yuan per share [3][4]. - Both plans had their durations extended by one year due to declining stock prices, with the first plan now set to expire on October 15, 2024, and the second on June 15, 2025 [4]. Group 3: Company Performance - Yashi Chuangneng has faced declining performance, with projected revenue for 2024 at 2.052 billion yuan, a year-on-year decrease of 34.01%, and a net profit of -329 million yuan [5][6]. - For the first three quarters of 2025, the company reported revenue of approximately 397 million yuan, down 76.97% year-on-year, with a net profit of -311 million yuan [5][6]. - The company has also faced multiple legal disputes, with over 20 cases related to bills, contracts, and pledges since July, and the actual controller has been restricted from high consumption twice this year [6].

Core Viewpoint - The announcement reveals that the controlling shareholder and actual controller of Yashi Chuangneng have had all their shares frozen due to financial difficulties stemming from significant losses in employee stock ownership plans [1][2]. Group 1: Shareholder and Stock Information - Yashi Chuangneng's controlling shareholder, Shanghai Chuangnengming Investment Co., holds 78.66 million shares, accounting for 18.35% of the total share capital, while the actual controller, Li Jinchong, holds 20.30 million shares, accounting for 4.74% [1]. - Both shareholders' shares have been fully frozen, marking a recurrence of share freezes since October 2025, when a total of 98.95 million shares were previously frozen [1]. Group 2: Employee Stock Ownership Plans - The freezing of shares is primarily due to the severe losses from two employee stock ownership plans, which led to financial difficulties for the shareholders after they assumed part of the liability for the plan holders [2]. - The first employee stock ownership plan was launched in August 2020, holding 1.1571 million shares at an average price of approximately 47.25 yuan per share, while the second plan was launched in 2021, holding 1.7525 million shares at an average price of about 53.354 yuan per share [2]. - Both plans had their durations extended due to declining stock prices, with the first plan now set to expire on October 15, 2024, and the second on June 15, 2025 [3]. Group 3: Company Performance - Yashi Chuangneng has faced declining performance, with projected revenues of 2.052 billion yuan in 2024, a year-on-year decrease of 34.01%, and a net loss of 329 million yuan [4]. - For the first three quarters of 2025, the company reported revenues of approximately 397 million yuan, down 76.97% year-on-year, with a net loss of 311 million yuan [4]. - The company has also faced multiple legal issues, with over 20 lawsuits and arbitration cases related to various disputes, contributing to its financial strain [5].

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: 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"）、实际控制人李金钟分别持有公 司股份 78,655,500 股、20,295,000 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分别为 78,655,500 股、20,295,000 股，均占其持有 公司股份数量的 100%，分别占公司总股本的 18.35%、4.74%。 控股股东创能明、实际控制人李金钟及其一致行动人上海润合同生投资 有限公司（以下简称"润合同生"）、上海润合同泽投资有限公司（以下简称"润 合同泽"）、上海润合同彩资产管理有限公司（以下简称"润合同彩"）、赵孝 芳合计持有公司股份数量 228,068,266 股；累计冻结股份数量 200,942,775 股， 累计冻结股份占其持有公司股份数量的 88.11%，占公司总股本的 46.88%。 公司于近日收到控股股东创能明及实际控制人李金钟的股份司法冻结通 ...

Market Overview - The renovation and building materials sector declined by 0.65% on November 17, with the leading stock, Lawsons, falling significantly [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers included: - ST Nanchuan (300198) with a closing price of 2.96, up 11.70% on a trading volume of 801,500 shares and a turnover of 226 million yuan [1] - Lezhi Group (002398) closed at 6.06, up 6.32% with a trading volume of 1,465,000 shares and a turnover of 897 million yuan [1] - Yashi Chuangneng (603378) closed at 7.62, up 5.39% with a trading volume of 308,900 shares and a turnover of 232 million yuan [1] - Major decliners included: - Lawsons (605318) closed at 56.20, down 4.44% with a trading volume of 37,400 shares and a turnover of 211 million yuan [2] - Conch New Materials (000619) closed at 6.98, down 3.32% with a trading volume of 494,100 shares and a turnover of 347 million yuan [2] - Sanke Tree (603737) closed at 43.68, down 2.91% with a trading volume of 45,800 shares and a turnover of 200 million yuan [2] Capital Flow - The renovation and building materials sector experienced a net outflow of 145 million yuan from institutional investors, while retail investors saw a net inflow of 115 million yuan [2] - The sector's capital flow indicated that: - Lezhi Group (002398) had a net inflow of 14.40 million yuan from institutional investors, but a net outflow of 63.10 million yuan from speculative funds [3] - Yashi Chuangneng (603378) had a net inflow of 4.12 million yuan from institutional investors, with a net inflow of 12.13 million yuan from speculative funds [3]