员工巨亏过亿、大股东股份被冻，亚士创能实控人陷员工持股“兜底”困局

Core Viewpoint - The actual controller of Yashi Chuangneng (603378.SH) is facing severe financial difficulties due to a failure to fulfill a "guarantee" commitment related to employee stock ownership plans, leading to nearly 100% of their shares being pledged and frozen [1][2][3]. Group 1: Shareholding and Financial Status - The controlling shareholder, Shanghai Chuangnengming Investment Co., Ltd., and the actual controller, Li Jinchong, have had all their shares frozen, totaling 78.66 million shares (18.35%) and 20.30 million shares (4.74%) respectively, with 88.11% of the total shares held by them currently frozen [2][4]. - The company has reported a significant decline in performance, with revenue dropping from 31.08 billion yuan in 2022 to 3.97 billion yuan in 2024, a decrease of 76.97% year-on-year, and a net loss of 3.11 billion yuan [11]. - The company's debt levels are concerning, with a debt-to-asset ratio rising from 60.26% in 2020 to 81.35% in 2023, and interest-bearing liabilities reaching 25.51 billion yuan, while cash reserves are only 1.42 billion yuan [11]. Group 2: Employee Stock Ownership Plans - The employee stock ownership plans launched in 2020 and 2021 have resulted in significant losses, with estimated losses of approximately 1.08 billion yuan in principal alone, and potential total liabilities exceeding 1.25 billion yuan when including guaranteed returns [5][8]. - The stock price of Yashi Chuangneng has plummeted over 88% from its peak, affecting the viability of the promised 6% annual returns to employees [7][8]. - The plans were initiated when the company's stock was at a high, with the first plan's average purchase price at approximately 47.25 yuan per share and the second at about 53.35 yuan per share, leading to substantial unrealized losses as the stock price fell to around 6.97 yuan [6][7]. Group 3: Legal and Judicial Proceedings - The disputes arising from the employee stock ownership plans have led to legal actions, with a court freezing 98.95 million shares held by the controlling shareholder due to a claim for asset preservation by a plan participant [3][11]. - Previous legal issues have also resulted in the freezing of shares due to a 150 million yuan factoring contract dispute, further complicating the financial situation of the actual controller [11].