ASIA CUANON(SH:603378) Chang Jiang Shang Bao·2025-12-07 23:51Core Viewpoint - The company Yashichuangneng is facing significant financial and operational difficulties, with its major shareholder and actual controller, Li Jinchong, unable to fulfill commitments related to employee stock ownership plans due to severe financial constraints [1][10]. Financial Performance - Yashichuangneng's stock price has dropped over 80%, leading to substantial losses for employees involved in the stock ownership plans, which have resulted in a total estimated loss exceeding 100 million yuan [2][3]. - The company reported a loss of over 300 million yuan in 2024 and continued to incur losses exceeding 300 million yuan in the first three quarters of 2025 [4][12]. - As of September 2025, the company's debt-to-asset ratio reached 81.35%, with monetary funds of 142 million yuan against interest-bearing liabilities of 2.552 billion yuan [4][12]. Employee Stock Ownership Plans - Two employee stock ownership plans were implemented in 2020 and 2021, with commitments from the major shareholder to guarantee a minimum annual return of 6% [5][6]. - The first 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 [6][7]. - The stock prices have significantly declined, with the latest closing price at 6.99 yuan per share, leading to estimated losses of 37.6597 million yuan and 67.7229 million yuan for the two plans, respectively [7][10]. Operational Challenges - Yashichuangneng, established in 1998, specializes in construction materials and has faced a significant decline in performance since 2021, with revenues dropping from 47.15 billion yuan in 2021 to 20.52 billion yuan in 2024 [11][12]. - The company has been actively seeking to alleviate financial pressure by announcing asset disposals across multiple locations, including Shanghai and Chongqing [12].