ASIA CUANON(SH:603378) 第一财经·2025-12-04 11:09Core Viewpoint - The inability of Yashi Chuangneng (603378.SH) and its actual controller to fulfill a "guarantee" commitment is pushing them into a deep financial crisis, primarily due to the significant losses from employee stock ownership plans [3][4]. Group 1: Shareholder and Ownership Structure - As of December 2, 2023, the shares held by the controlling shareholder Shanghai Chuangnengming Investment Co., Ltd. and actual controller Li Jinchong have been frozen, with Chuangnengming holding 78.66 million shares (18.35%) and Li holding 20.30 million shares (4.74%) [4][5]. - A total of 88.11% of the shares held by the controlling shareholder and actual controller are currently frozen, indicating a severe liquidity issue [5][6]. Group 2: Employee Stock Ownership Plans - The company launched two employee stock ownership plans in 2020 and 2021, with a commitment from the actual controller to provide a guaranteed annual return of 6% [8][9]. - The stock price has plummeted over 88% from its peak, leading to substantial losses for the employee stock ownership plans, with estimated losses of approximately 1.08 billion yuan in principal alone [10][11]. Group 3: Financial Performance and Debt Situation - Yashi Chuangneng reported a significant decline in revenue, with a 76.97% year-on-year drop to 397 million yuan in the first three quarters of 2023, and a net loss of 311 million yuan [13]. - The company's debt-to-asset ratio has increased from 60.26% in 2020 to 81.35% in 2023, with interest-bearing liabilities reaching 2.55 billion yuan, while cash reserves are only 142 million yuan [13]. Group 4: Legal and Judicial Proceedings - The employee stock ownership plan dispute has entered judicial proceedings, with the Shanghai Qingpu District Court freezing 98.95 million shares held by Chuangnengming and Li, valued at approximately 686 million yuan at current stock prices [13][14]. - The actual controller faces additional financial pressure due to a 150 million yuan factoring contract dispute, resulting in further share freezes [14].