Group 1: Investment Rating - The report maintains a "Recommended" rating for the companies analyzed, indicating a positive outlook for their future performance [10][19][33]. Group 2: Core Insights - The active bond fund market shows a slight increase in the number of funds and total assets, with 3,263 funds and a total scale of 7.90 trillion yuan, reflecting a 0.8% and 1.0% increase respectively [7][8]. - The performance of active bond funds in Q1 was influenced by rising government bond yields, with short-term pure bond funds performing particularly well [7][8]. - The report highlights a shift in asset allocation within mixed secondary bond funds, with increased holdings in sectors such as non-ferrous metals, pharmaceuticals, and steel [8][9]. - The medical device company Mindray achieved a revenue of 36.73 billion yuan in 2024, with a year-on-year growth of 5.14%, while its international business grew by 21.28% [10][11]. - Haibo Technology reported a revenue of 8.27 billion yuan in 2024, marking an 18.44% increase, with a significant focus on energy storage systems [15][18]. - The refrigerant manufacturer Sanmei achieved a revenue of 4.04 billion yuan in Q1 2025, reflecting a 26.42% increase, driven by strong demand in the home appliance and automotive sectors [26][27]. Group 3: Summary by Sections Active Bond Funds - As of Q1 2025, the number of active bond funds reached 3,263, with a total scale of 7.90 trillion yuan, and 43 new funds were issued, totaling 783.7 billion yuan [7][8]. - The performance of short-term pure bond funds was notably strong due to rising yields, while mixed bond funds showed volatility [7][8]. Mindray Medical - Mindray's revenue for 2024 was 36.73 billion yuan, with a net profit of 11.67 billion yuan, and a proposed cash dividend of 5.6 yuan per 10 shares [10][11]. - The company anticipates a recovery in domestic business in 2025, with international revenue expected to continue growing [11][12]. Haibo Technology - Haibo's revenue for 2024 was 8.27 billion yuan, with a focus on energy storage systems, which accounted for a significant portion of its revenue [15][18]. - The company has established partnerships with international firms to explore new market opportunities [18]. Sanmei - Sanmei's revenue for 2024 was 4.04 billion yuan, with a significant increase in refrigerant prices due to supply constraints [26][27]. - The company is well-positioned in the market with a leading share in the production of third-generation refrigerants [29]. Huayu Automotive - Huayu reported a revenue of 168.85 billion yuan in 2024, with a slight decline in net profit due to cost pressures [31][32]. - The company is adjusting its customer structure to mitigate risks associated with its largest client, SAIC [32][33].

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]

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company has shown steady growth in its traditional business while the floating offshore wind business is expected to present new opportunities [7][8] - In 2024, the company achieved a revenue of 1.989 billion yuan, a year-on-year increase of 2.98%, and a net profit attributable to shareholders of 282 million yuan, up 19.21% year-on-year [4] - The company plans to achieve a revenue of 2.188 billion yuan in 2025, representing a 10% increase from 2024 [7] Financial Summary - Revenue and Profit Forecasts: - 2024 revenue: 1.989 billion yuan, 2025 forecast: 2.188 billion yuan, 2026 forecast: 2.302 billion yuan, 2027 forecast: 2.600 billion yuan [6] - 2024 net profit: 282 million yuan, 2025 forecast: 305 million yuan, 2026 forecast: 337 million yuan, 2027 forecast: 402 million yuan [6] - Profitability Metrics: - Gross margin for 2024 is projected at 31.41%, an increase of 0.82 percentage points year-on-year [7] - Net profit margin for 2024 is expected to be 14.2% [6] - Earnings Per Share (EPS): - 2024 EPS is projected at 0.29 yuan, increasing to 0.32 yuan in 2025 and 0.35 yuan in 2026 [6] Business Operations - The company produced 136,700 tons of ship anchors in 2024, a year-on-year increase of 2.66% [7] - New orders received in 2024 totaled 185,300 tons, a year-on-year increase of 2.6% [7] - The floating offshore wind business is expected to grow significantly, with the company already supplying mooring chains for several domestic floating prototypes [8]

Key Insights - The report highlights the growth in the active bond fund sector, with a total of 3,263 funds and a total scale of 7.90 trillion yuan, reflecting a 1.0% increase quarter-on-quarter [7][8] - The performance of active bond funds showed mixed results, with short-term pure bond funds performing well due to rising government bond yields, while mixed secondary bond funds saw increased volatility [7][8] - The report indicates a shift in asset allocation within bond funds, with a decrease in bond positions and an increase in equity positions, particularly in sectors like non-ferrous metals and pharmaceuticals [8] Group 1: Active Bond Fund Overview - As of the end of Q1 2025, the number of active bond funds increased by 0.8% compared to the previous quarter, while the total fund scale rose by 1.0% [7] - In Q1 2025, 43 new active bond funds were issued, totaling 783.7 billion yuan, which is a 16.7% decrease from the previous quarter [7] - The issuance of medium to long-term pure bond funds decreased by 31.5%, while mixed secondary bond funds saw a 65.1% increase in issuance [7] Group 2: Company-Specific Insights - For Mindray Medical (300760.SZ), the company reported a revenue of 36.726 billion yuan in 2024, a year-on-year increase of 5.14%, with a net profit of 11.668 billion yuan, up 0.74% [9][10] - The company’s international business grew by 21.28%, accounting for approximately 45% of total revenue, indicating a strong international expansion strategy [11] - The report anticipates a recovery in domestic business by Q3 2025, despite a significant year-on-year decline in Q1 2025 [11] Group 3: Industry Trends - The report on Haibo Technology (688411.SH) indicates a revenue of 8.270 billion yuan in 2024, a growth of 18.44%, with a focus on energy storage systems [14][15] - The company’s energy storage product output and sales saw significant increases, with a 35.40% rise in production and a 90.19% increase in sales [15] - The report emphasizes the company’s leading position in the domestic energy storage market and its successful international partnerships [17] Group 4: Financial Performance - For Sanmei Co., Ltd. (603379.SH), the company achieved a revenue of 4.040 billion yuan in 2024, a 21.17% increase, with a net profit growth of 178.40% [24][25] - The report highlights the impact of rising refrigerant prices and strong demand from the home appliance and automotive sectors on the company’s financial performance [25][26] - The company is expected to maintain strong performance due to favorable supply-demand dynamics in the refrigerant market [28] Group 5: Future Outlook - The report suggests that the domestic medical device market, particularly for Mindray Medical, is poised for recovery, with expectations of improved performance in 2025 [11][12] - Haibo Technology is projected to continue its growth trajectory, supported by its strong market position and international expansion efforts [17][18] - Sanmei Co., Ltd. is expected to benefit from ongoing demand in the refrigerant market, with projections for significant profit growth in the coming years [28]

Core Viewpoint - The company, Jiangsu Yaxing Anchor Chain Co., Ltd., emphasizes the authenticity, accuracy, and completeness of its quarterly report, ensuring no false records or significant omissions exist [2]. Financial Data Summary - The first quarter financial statements are not audited [3]. - The company has provided major accounting data and financial indicators, but specific figures are not detailed in the provided documents [3]. - Non-recurring gains and losses are applicable, but specific amounts are not disclosed [3]. - Changes in major accounting data and financial indicators are applicable, but details are not provided [4]. Shareholder Information - Information regarding the total number of common shareholders and the top ten shareholders' holdings is applicable, but specific data is not included [4]. Other Important Reminders - There are no additional important reminders regarding the company's operational situation during the reporting period [5]. Financial Statements - The company has prepared the consolidated balance sheet, consolidated income statement, and consolidated cash flow statement for the first quarter of 2025, all of which are unaudited [5][6].

Core Viewpoint - The company reported a revenue of 1.989 billion yuan for 2024, a year-on-year increase of 2.98%, and a net profit attributable to shareholders of 282 million yuan, a year-on-year increase of 19.21% [1] Financial Performance - In 2024, the company achieved a revenue of 1.989 billion yuan, with a net profit of 282 million yuan and a non-recurring net profit of 237 million yuan, reflecting year-on-year growth of 19.21% and 17.42% respectively [1] - The earnings per share (EPS) for 2024 was 0.29 yuan, with a proposed cash dividend of 1 yuan per 10 shares (tax included) [1] - For Q1 2025, the company reported a revenue of 588 million yuan, a year-on-year increase of 30.88%, but a net profit attributable to shareholders of 52 million yuan, a decrease of 22.77% [2] Operational Insights - The gross profit margin for 2024 was 31.41%, an increase of 0.82 percentage points year-on-year, primarily driven by rising sales prices of marine anchor chains [3] - The total expense ratio for 2024 was 15.0%, a decrease of 1.6 percentage points year-on-year, contributing to improved profitability [3] - The company produced 136,700 tons of marine anchor chains in 2024, a year-on-year increase of 2.66%, while production of mooring chains decreased by 46.20% to 19,300 tons [3] Sales and Orders - Total sales volume in 2024 was 162,000 tons, a decrease of 1.69% year-on-year, with marine anchor chain sales of 133,200 tons, a slight increase of 0.35% [4] - The company secured new orders totaling 185,300 tons in 2024, a year-on-year increase of 2.6%, with marine anchor chain orders increasing by 6.2% [4] Industry Outlook - The development of floating offshore wind power is accelerating, with significant projects being auctioned in countries like the UK, France, and South Korea [4] - The company is positioned to benefit from this trend, as it supplies mooring chains for floating wind turbine prototypes, holding a significant market share domestically [4] Investment Recommendations - The profit forecast for 2025-2026 has been adjusted to 305 million yuan and 337 million yuan respectively, with a new forecast for 2027 at 402 million yuan [5] - The current stock price corresponds to dynamic price-to-earnings ratios of 26.7, 24.2, and 20.3 for the years 2025, 2026, and 2027 respectively [5] - The traditional business is experiencing upward momentum, and the floating offshore wind power business is expected to provide new growth opportunities, maintaining a "recommended" rating for the company [5]

每股分配比例：每股派发现金红利 0.10 元（含税），不进行资本公积 转增股本，不派发红股。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配 总额不变，相应调整每股分配现金红利金额，并将另行公告具体调整情况。 本次利润分配方案不会触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下简称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的 可能被实施其他风险警示的情形。 证券代码：601890 证券简称：亚星锚链 公告编号：临 2025-014 江苏亚星锚链股份有限公司 关于 2024 年度利润分配方案的公告 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： 一、 利润分配方案内容 （一）利润分配方案的具体内容 经公证天业会计师事务所（特殊普通合伙）审计，截至2024年12月31日，母 公司期末可分配利润为人民币846,206,650.34元。经董事会决议，公司2024年年 度拟以实施 ...

证券代码：601890 证券简称：亚星锚链 公告编号：临 2025-015 江苏亚星锚链股份有限公司 关于提请股东会授权董事会制定中期分红方案的公告 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。 江苏亚星锚链股份有限公司（以下简称"公司"）根据《中华人民共和国公 司法》、《上市公司章程指引》、《上市公司监管指引第3号—上市公司现金分 红》、《上海证券交易所上市公司自律监管指引第1号—规范运作》等相关法律、 法规、规范性文件及《公司章程》规定，为进一步提高分红频次，增强投资者回 报水平，结合公司实际情况，公司董事会提请股东会授权董事会，在授权范围内 制定并实施公司2025年中期分红方案， 具体安排如下： 一、2025年中期现金分红安排 1、中期分红的前提条件为： （1）公司在当期盈利、累计未分配利润为正； （2）公司现金流可以满足正常经营和持续发展的要求。 2、中期分红的上限限制为：不超过当期归属于上市公司股东的净利润。 3、为简化分红程序，董事会拟提请股东会批准授权，董事会根据股东会决 议在符合利润分配的条件下制定具体的中期 ...

江苏亚星锚链股份有限公司 内部控制审计报告 2024 年度 公证天业会计师事务所 (特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制审计报告 苏公 W[2025]E1221 号 江苏亚星锚链股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了江苏亚星锚链股份有限公司(以下简称亚星锚链)2024年12月31日的财 务报告内部控制的有效性。 一、企业对内部控制的责任 江苏. 无锡 之机:86 (510)68798988 86 (510)85885275 电子信箱:mail(agztycpa.cn 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是亚星 错链董事会的责任。 Wuxi . Jiangsu . China Tel: 86 (510)68567788 Fax: 86 (5 ...

江苏亚星锚链股份有限公司 审计报告 2024 年度 : Gongzheng Tianye Certified Public Accountants, SGP 江苏, 无锡 总机:86(510)68798988 传真:86 (510)85885275 子信箱: mail@gztycpa.cn Wuxi . Jiangsu . China Tel: 86 (510)68567788 86 (510)85885275 Fax: E-mail: mail@gztycpa.cn 计 报 告 目 苏公W[2025]A557号 江苏亚星锚链股份有限公司全体股东: 一、审计意见 我们审计了江苏亚星锚链股份有限公司(以下简称亚星锚链)财务报表,包括 2024 年 12月 31 日合并及母公司资产负债表,2024年度合并及母公司利润表、合并及母公司 现金流量表、合并及母公司所有者权益变动表以及相关财务报表附注。 . 公证天业会计师事务所(特殊和通合伙) 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反 映了亚星错链 2024年12月31日合并及母公司财务状况以及 2024年度合并及母公司经 营成果和现金流 ...