证券代码：603378 证券简称：亚士创能 公告编号：2025-051 亚士创能科技（上海）股份有限公司 关于累计诉讼、仲裁的公告 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: 特此公告。 亚士创能科技（上海）股份有限公司董事会 2025 年 8 月 26 日 | 附件：诉讼、仲裁情况表 | | --- | | 序号 | 涉诉时间 | 原告（申请人） | 被告（被申请 | 案由 | 起诉/ | 案号 | 涉案金额（元） | 进展情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 人） | | 被诉 | | | | | 1 | 2025 年 | 保定路旭*有限公 | 公司子公司 | 民间借贷纠 | 被诉 | （2025）冀 0606 | 6,946,000.00 | 尚在审理过程中 | | | 7 月 | 司 | | 纷 | | 民初 8267 号 | | | | 2 | 2025 年 | 海通恒*有限公司 | 公司及子 ...

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

Investment Rating - The report maintains a positive outlook on the building materials industry, particularly in AI materials and traditional building materials entering a price increase season [1][3]. Core Insights - The AI materials market continues to expand, driven by the anticipation of mass production in the AI industry chain, which is expected to boost demand for related products [2][3]. - The construction materials sector is showing signs of recovery, with consumption fundamentals expected to improve in the second half of 2025 [10][24]. - The cement industry is entering a peak season, with price increases already observed in the Yangtze River Delta region [30][33]. Summary by Sections AI Materials - The M9 production for switches is expected to ramp up ahead of schedule, with core Q fabric suppliers also increasing production capacity [2]. - The demand for low dielectric fabrics is anticipated to rise alongside the production of GB200 and GB300 cabinets [2][3]. - The overall production ramp-up is seen as a key support for market trends [2]. Cement Industry - The opening of major infrastructure projects in Xinjiang and Tibet is expected to enhance market confidence and drive demand for cement [8][30]. - The cement market has seen a slight price increase, with certain regions experiencing price hikes of 10-30 RMB per ton [33][34]. - The report highlights a potential supply reduction in the North China region due to planned production cuts for air quality improvement [32][33]. Building Materials - The report notes a significant policy shift in Beijing aimed at stimulating the real estate market, which is expected to positively impact consumption building materials [10][24]. - Companies in the consumption building materials sector are beginning to stabilize their earnings, with expectations of improved profitability in the coming quarters [25][26]. - The report emphasizes the importance of cost management and pricing strategies among leading companies in the sector [25][26]. Glass Industry - The float glass market is currently facing price pressures, with average prices declining [41][42]. - Environmental regulations are tightening, which may lead to increased costs for glass manufacturers [42][43]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market challenges, with a focus on profitability in their automotive glass segment [44].

Core Points - The company has completed the registration of changes in business and the filing of its articles of association [3] - The company has decided to abolish the supervisory board and amend its articles of association accordingly [2] - The powers of the supervisory board will be transferred to the audit committee of the board of directors [2] Group 1 - The company held the 12th meeting of the fifth board of directors and the annual general meeting on April 28 and May 21, 2025, respectively, where it approved the proposal to cancel the supervisory board and revise the articles of association [2] - The revisions to the articles of association include improvements to the requirements for directors, the board of directors, and specialized committees, as well as the deletion of the supervisory board section [2] - The management team has been authorized to handle the relevant business registration procedures and related matters for this change [2] Group 2 - The company has disclosed the resolutions of the board meeting and the annual general meeting on the Shanghai Stock Exchange website [2]

证券代码：603378 证券简称：亚士创能 公告编号：2025-050 亚士创能科技（上海）股份有限公司 关于完成工商变更登记及章程备案的公告 亚士创能科技（上海）股份有限公司（以下简称"公司"）分别于 2025 年 4 月 28 日、2025 年 5 月 21 日召开第五届董事会第十二次会议、2024 年年度股 东大会，审议通过《关于取消监事会的议案》《关于修订<公司章程>的议案》， 同意取消监事会及监事设置。同时结合公司实际情况，对《公司章程》中的有关 条款进行系统性修订，主要修订内容为完善董事、董事会及专门委员会的要求， 删除监事会专章，完善股东、股东会相关制度等。公司不再设置监事会，监事会 的职权由董事会审计委员会行使。并授权公司经营管理层办理本次变更相关的工 商登记手续及相关事宜。具体内容详见公司分别于 2025 年 4 月 30 日、2025 年 5 月 22 日在上海证券交易所网站（www.sse.com.cn）披露的《第五届董事会第十 二次会议决议公告》（公告编号：2025-018）、《关于取消监事会的公告》（公 告编号：2025-026）、《关于修订公司章程及部分治理制度的公告》（公告编号： ...

证券代码：603378 证券简称：亚士创能 公告编号：2025-049 亚士创能科技（上海）股份有限公司 关于 2025 年 7 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（滁州）有限公司（以下简称"创能（滁 州）"）。 二、累计对外担保数量及逾期担保的数量 累计金额为 547,445.34 万元；截至本公告披露日，相互担保余额为 376,069.44 万元，占公司最近一期经审计净资产的 287.20%。 特此公告。 ? 对外担保逾期的累计数量：无。 一、担保情况概述 为满足公司发展需要及 2025 年度资金需求，实现高效筹措资金，公司于 2025 年 4 月 28 日召开第五届董事会第十二次会议，审议通过了《关于 2025 年度公司 及 100%控股子公司相互担保的议案》。2025 年度预计公司与 100%控股子公司、 层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 ...

证券代码：603378 证券简称：亚士创能 公告编号：2025-049 亚士创能科技（上海）股份有限公司 关于 2025 年 7 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（滁州）有限公司（以下简称"创能（滁 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创能 （滁州）提供的新增担保金额为 20,970.00 万元。截至本公告披露日，公司及控 股子公司为创能（滁州）提供的累计担保余额为 56,580.85 万元。 特此公告。 亚士创能科技（上海）股份有限公司董事会 2025 年 8 月 1 日 为满足公司发展需要及 2025 年度资金需求，实现高效筹措资金，公司于 2025 年 4 月 28 日召开第五届董事会第十二次会议，审议通过了《关于 2025 年度公司 及 100%控股子公司相互担保的议案》。2025 年度预计公司与 100%控股子公司、 100%控股子公司之间相互担保总额最高不超过 650,000 ...

Group 1 - A new company named Yashi Building Materials Technology (Guangzhou) Co., Ltd. has been established with a registered capital of 1 million yuan [1] - The legal representative of the new company is Liao Feiyao [1] - The company is fully owned by Yashi Chuangneng (603378) through its subsidiary Yashi Chuangneng Technology (Guangzhou) Co., Ltd. [1] Group 2 - The business scope of the new company includes technical services, development, consulting, communication, transfer, and promotion [1]

Core Viewpoint - The listing of companies in the paint industry has become a double-edged sword, often leading to decline rather than growth, with many once-prominent firms now struggling to survive [1][19][25] Group 1: Performance of Listed Paint Companies - Many listed paint companies have shown disappointing performance, with a notable decline in revenue and profitability [3][5][9] - Companies like Yushanshan and Jinlitai have faced severe operational challenges, including leadership instability and financial losses [5][9][15] - The overall trend indicates that the majority of listed paint companies are experiencing a downward trajectory, with only a few exceptions like Sanjiao Tree showing stable growth [1][19] Group 2: Historical Context and Challenges - Historical leaders in the paint industry, such as Xibei Chemical and Shuanghu, have seen their fortunes decline after decades of development, often becoming targets for capital manipulation [3][5][7] - The rapid expansion and subsequent failures of companies like Xibei Chemical highlight the risks associated with aggressive growth strategies [5][9] - The case of Tianjin Lighthouse illustrates how some companies have managed to survive through strategic acquisitions, while others have faded into obscurity [3][5] Group 3: Market Dynamics and Future Outlook - The paint industry is facing significant external pressures, including market downturns and declining demand, which are exacerbating the struggles of listed companies [11][15] - Companies like Aishichuangneng and Feilu are grappling with substantial losses and strategic uncertainties, indicating a broader industry malaise [11][13] - The overall sentiment suggests that the pursuit of listing may not be the panacea for growth, as many firms are finding that it can lead to increased pressure and potential decline [19][25]

Core Viewpoint - The company experienced a significant decline in revenue and profitability in 2024, attributed to a downturn in the real estate market and increased competition in the coating industry [1][2][3] Financial Performance - The company achieved a revenue of 2.052 billion yuan in 2024, a year-on-year decrease of 34.01%, with a corresponding operating cost of 1.658 billion yuan and a gross margin of 19.23% [1][4] - The net cash flow from operating activities was -419 million yuan, a reversal from a positive cash flow of 438 million yuan in 2023 [1][4] - Quarterly revenue for 2024 was reported as 295 million yuan, 748 million yuan, 682 million yuan, and 328 million yuan, with net profits of -88 million yuan, 53 million yuan, -3 million yuan, and -321 million yuan respectively [1][4] Industry Context - The overall coating industry faced a downturn due to a 10.6% year-on-year decline in real estate development investment and a 12.7% decrease in construction area [3][4] - The competitive landscape in the coating industry is fragmented, with a low market concentration (CR10 at 21.72%), leading to aggressive pricing strategies among companies [3][4] Comparison with Peers - The company's revenue decline is consistent with trends observed in comparable companies, with most peers also experiencing significant drops in revenue and profitability [4][5] - For instance, the company’s engineering coating revenue fell by 48.64%, while peers like "Three Trees" and "Oriental Yuhong" also reported declines in their respective revenues [4][5] Operational Challenges - The company’s shift towards a distribution model, which accounted for 86.48% of its revenue, faced challenges due to market conditions and increased competition [1][2] - The company reported a decrease in the number of registered distributors from the previous year, indicating potential issues in market penetration and sales [1][2] Cash Flow and Expenses - The company’s cash receipts from sales dropped by 47.21% to 1.721 billion yuan, which was a steeper decline than the revenue drop [4][5] - Increased operational expenses were noted, particularly in the fourth quarter, attributed to year-end settlements and higher financing costs [5][6]