Core Points - The legal opinion letter confirms the legality of the procedures and results of the 2024 annual general meeting of Jiangsu Yaxing Anchor Chain Co., Ltd. [1][20] - The meeting was held on May 22, 2025, with a total of 743 shareholders present, representing 371,843,833 shares, which is 38.7580% of the total shares [4][20] - The voting results showed a high level of agreement on the proposals, with most resolutions receiving over 99% approval from the attending shareholders [5][12][20] Group 1: Meeting Procedures - The meeting was convened in accordance with the requirements of the Company Law and the company's articles of association [2][20] - The notice of the meeting was published on the Shanghai Stock Exchange website and in major newspapers, detailing the time, location, and agenda [2][3] Group 2: Attendance and Voting - A total of 743 shareholders attended the meeting, with 727 participating via online voting, representing 1.8822% of the total shares [4][20] - The voting process was conducted through a named voting method, and the results were announced immediately after the voting [20] Group 3: Voting Results - The voting results indicated that 389,253,060 shares were in favor of the proposals, with only 508,938 shares against, resulting in a 99.8334% approval rate [5][12] - The small investors' votes also reflected strong support, with 29,477,742 shares in favor, representing 97.8442% of their voting rights [5][12]

证券代码：601890 证券简称：亚星锚链 公告编号：临 2025-024 江苏亚星锚链股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 22 日 (二)股东大会召开的地点：江苏省靖江市东兴镇何德村江苏亚星锚链股份有 限 公司二楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 743 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 389,902,512 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 40.6402 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会的召开，表决方式符合《公司法》、《上海证券交易所股票上市 规则》、《公司章程》及有关法律、法规的规定。主持人 ...

关于江苏亚星锚链股份有限公司 江 苏 骥 江 律 师 事 务 所 致：江苏亚星锚链股份有限公司 之 法 律 意 见 书 受江苏亚星锚链股份有限公司（以下简称"公司"）董事会聘请 和江苏骥江律师事务所（以下简称"本所"）委派，本所刘巧雯律师、 黄镜人律师出席公司 2024 年年度股东大会（以下简称"本次股东大 会"）并对会议进行法律见证。 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华 人民共和国公司法》（以下简称"《公司法》"）等法律、法规和规范性 文件的要求以及《江苏亚星锚链股份有限公司章程》（以下简称"《公 司章程》"）的规定，在会议召开前和召开过程中，本所律师审查了有 关本次股东大会的相关材料，并对本次股东大会的召集、召开程序、 提案人的资格、出席会议的人员资格、召集人资格、提案审议情况、 本次股东大会的表决方式、表决程序和表决结果等重要事项的合法性 进行了现场核验。本所律师按照律师行业公认的业务标准、道德规范 和勤勉尽责精神，并且基于公司作出如下承诺:所有提供给律师的文 件的正本以及经律师查验与正本保持一致的副本均为真实、完整、合 法、有效的。 现发表法律见证意见如下： 一、本次股东大 ...

江苏亚星锚链股份有限公司 2024 年年度股东大会 二零二五年五月二十二日 0 江苏亚星锚链股份有限公司 2024 年年度股东大会会议议程 现场会议时间：2025 年 5 月 22 日上午 10：00 网络投票时间：自 2025 年 5 月 22 日至 2025 年 5 月 22 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召 开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平 台的投票时间为股东大会召开当日的 9:15-15:00。 会议地点：公司二楼会议室 会议方式：现场投票与网络投票相结合的方式 会议主持人：陶兴董事长 会议议程： 一、主持人介绍到会情况； 二、主持人提名本次会议的监票人和计票人，并举手表决； | 三、本次会议审议以下议案，股东及股东代表对议案逐项审议、表决： | | --- | | 序号 | 议案内容 | 报告人 | | --- | --- | --- | | 1 | 公司2024年度董事会工作报告 | 肖莉莉 | | 2 | 公司2024年度监事会工作报告 | 景东华 | | 3 | 公司2024 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue growth and market conditions [1]. Core Insights - The company achieved a revenue of 1.989 billion yuan in 2024, reflecting a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 282 million yuan, up 19.2% year-on-year [3]. - In Q1 2025, the company reported a revenue of 588 million yuan, a significant increase of 31% year-on-year, although the net profit attributable to shareholders decreased by 23% to 52 million yuan [1][4]. - The company is expected to benefit from the high demand in the shipbuilding market, with orders totaling 185,300 tons in 2024, including 161,800 tons for marine anchor chains and accessories [4]. - The gross margin for Q1 2025 was reported at 27.99%, showing an improvement compared to previous periods, and the overall expense ratios were well controlled [4]. Financial Summary - The projected total revenue for the company is expected to grow from 1.931 billion yuan in 2023 to 3.112 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.6% [3]. - The net profit attributable to shareholders is forecasted to increase from 237 million yuan in 2023 to 433 million yuan in 2027, with year-on-year growth rates of 58.7%, 19.2%, 10.1%, 19.6%, and 16.7% respectively [3]. - The company's gross margin is projected to remain stable around 31% over the next few years, indicating consistent profitability [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 37.68 in 2023 to 20.58 by 2027, suggesting an improving valuation as earnings grow [3].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue growth and market conditions [1]. Core Insights - The company achieved a revenue of 1.989 billion yuan in 2024, reflecting a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 282 million yuan, up 19.2% year-on-year [3][4]. - In Q1 2025, the company reported a revenue of 588 million yuan, a significant year-on-year increase of 31%, although the net profit attributable to shareholders decreased by 23% to 52 million yuan [1][4]. - The company is expected to benefit from the high demand in the shipbuilding market, with a total order intake of 185,300 tons in 2024, including 161,800 tons for marine anchor chains and accessories [4]. - The gross margin for Q1 2025 was reported at 27.99%, showing an improvement compared to previous periods, with overall expense ratios being well-controlled [4]. Financial Summary - The projected total revenue for the company is expected to grow from 2.332 billion yuan in 2025 to 3.112 billion yuan by 2027, with year-on-year growth rates of 17.3%, 15.5%, and 15.6% respectively [3]. - The net profit attributable to shareholders is forecasted to increase from 310 million yuan in 2025 to 433 million yuan in 2027, with growth rates of 10%, 20%, and 17% respectively [4]. - The company's gross margin is projected to remain stable around 31% over the next few years, indicating consistent profitability [3][4]. - The P/E ratio is expected to decrease from 28.72 in 2025 to 20.58 by 2027, suggesting a potentially more attractive valuation over time [3].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has reported its 2024 annual report and 2025 Q1 report, showing a strong performance with revenue and non-recurring profit exceeding market expectations [2][3] - The company is expected to benefit from the high demand in the shipping and offshore industries, with a positive outlook for its product lines including ship anchor chains, mooring chains, and mining chains [6][7] Revenue and Profit Summary - In 2024, the company achieved revenue of 1.989 billion yuan, a year-on-year increase of 3%, with Q4 revenue reaching 523 million yuan, up 19% year-on-year [3] - For Q1 2025, the company reported revenue of 588 million yuan, a significant year-on-year increase of 31%, surpassing market expectations [3] - The net profit attributable to the parent company for 2024 was 282 million yuan, a 19% increase year-on-year, while the non-recurring net profit was 237 million yuan, up 17% [4] - In Q1 2025, the net profit attributable to the parent company was 52 million yuan, down 23% year-on-year, but the non-recurring profit increased by 36% [5] Margin and Cost Analysis - The gross profit margin for 2024 was 31.41%, an increase of 0.82 percentage points year-on-year, with Q4 gross profit margin at 39.82%, reflecting improved operational efficiency [4] - The company’s sales expense ratio for 2024 was 15.03%, a decrease of 1.57 percentage points year-on-year, indicating better cost management [4] Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026 to 2.320 billion yuan and 2.722 billion yuan, respectively, with expected year-on-year growth rates of 17% for both years [7] - The net profit forecasts for 2025 and 2026 have been adjusted to 311 million yuan and 376 million yuan, with expected growth rates of 10% and 21% respectively [7] - The company is well-positioned to capitalize on the growth of floating offshore wind power, which is expected to be a significant growth driver in the medium to long term [6][7]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has reported its 2024 annual report and 2025 Q1 report, showing a strong performance with revenue and non-recurring profit exceeding market expectations [2][3] - The company is expected to benefit from the high demand in the shipping and offshore industries, with a positive outlook for its product lines including ship anchor chains, mooring chains, and mining chains [6][7] Revenue and Profit Summary - In 2024, the company achieved revenue of 1.989 billion yuan, a year-on-year increase of 3%, with Q4 revenue reaching 523 million yuan, up 19% year-on-year [3] - For Q1 2025, the company reported revenue of 588 million yuan, a significant year-on-year increase of 31%, surpassing market expectations [3] - The net profit attributable to the parent company for 2024 was 282 million yuan, a 19% increase year-on-year, while the non-recurring net profit was 237 million yuan, up 17% [4] - In Q1 2025, the net profit attributable to the parent company was 52 million yuan, down 23% year-on-year, but the non-recurring profit increased by 36% [5] Margin and Cost Analysis - The gross profit margin for 2024 was 31.41%, an increase of 0.82 percentage points year-on-year, with Q4 gross profit margin at 39.82%, reflecting improved operational efficiency [4] - The company’s sales expense ratio for 2024 was 15.03%, a decrease of 1.57 percentage points year-on-year, indicating better cost management [4] Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026 to 2.320 billion yuan and 2.722 billion yuan, respectively, with expected year-on-year growth rates of 17% for both years [7] - The net profit forecasts for 2025 and 2026 have been adjusted to 311 million yuan and 376 million yuan, with expected growth rates of 10% and 21% respectively [7] - The company is well-positioned to capitalize on the growth of floating offshore wind power, which is expected to be a significant growth driver in the medium to long term [6][7]

证券代码：601890 证券简称：亚星锚链 公告编号：临 2025-023 江苏亚星锚链股份有限公司 关于召开 2024 年度业绩说明会的公告 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法律责任。 重要内容提示： 投资者可于 2025 年 05 月 08 日 （星期四） 至 05 月 14 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 XLL@ASAC.CN 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 江苏亚星锚链股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发 布公司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营 成果、财务状况，公司计划于 2025 年 05 月 15 日 （星期四） 10:00-11:00 举 行 2024 年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is experiencing a growth phase driven by the shipbuilding and offshore oil service cycles, alongside expansion into floating wind power [3] - The company reported a 19% year-on-year increase in net profit for 2024, with a projected compound annual growth rate (CAGR) of 25% for net profit from 2025 to 2027 [4] Financial Performance Summary - In 2024, the company achieved operating revenue of 1.989 billion, a year-on-year increase of 2.98%, and a net profit of 282 million, up 19.21% year-on-year [2][11] - For Q1 2025, the company reported operating revenue of 588 million, a year-on-year increase of 30.88%, while net profit decreased by 22.77% year-on-year [2] - The gross profit margin for 2024 was approximately 31.41%, an increase of 0.82 percentage points year-on-year [2] Market and Industry Insights - The shipbuilding industry is entering a period of increased demand due to a replacement cycle and environmental regulations, which is expected to boost orders [3] - The offshore oil and gas sector is recovering, with increased capital expenditure anticipated, benefiting the company's mooring chain products [3] - The floating offshore wind power market is growing, and the company has secured multiple contracts in this area, positioning it well for future growth [3] Earnings Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 318 million, 402 million, and 495 million respectively, with year-on-year growth rates of 13%, 27%, and 23% [4][11] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 26, 20, and 17 times respectively [4][11]