Jiangsu Asian Star Anchor Chain Co., Ltd. (Asian Star Anchor Chain) (601890)

Individual Stock Analysis Report　|　Industry: Special Steel Processing and Key Components for Marine Equipment　|　Report Date: September 13, 2026　|　Price and market data as of the September 11, 2026 close; certain technical indicators are based on platform data as of September 10, 2026 or may be subject to update delays, while shareholder data is as of June 30, 2026 or March 31, 2026, as specifically indicated in the relevant sections.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Asian Star Anchor Chain generated operating revenue of RMB 1.113 billion in the first half of 2026, up 12.30% year on year; net profit attributable to the parent company was RMB 153 million, up 33.37%, while recurring net profit attributable to the parent company increased 17.60% year on year. The company also secured approximately 152,300 tonnes of orders, including approximately 37,700 tonnes of mooring-chain orders for offshore oil platforms, indicating that its core businesses of marine anchor chains and offshore engineering mooring chains continue to have growth momentum. However, net cash flow from operating activities was negative RMB 290 million during the same period, significantly weaker than in the prior-year period, as growth was accompanied by working-capital tied up in accounts receivable, inventories and advance stocking.

The company’s business is based on marine anchor chains by scale. In 2024, marine anchor chains accounted for approximately 72% of revenue from principal operations, while offshore engineering mooring chains accounted for approximately 27%; mooring chains had a significantly higher gross margin than marine anchor chains, at 39.36% and 27.53%, respectively, in 2024. In 2025, mooring-chain revenue increased 17.07% year on year, with a gross margin of 41.12%. The company has substantial production scale, certifications from international classification societies, large-diameter chain manufacturing capabilities, and has begun developing high-strength mooring-chain products such as R5 and R6. Product-mix upgrades are the main source of medium- to long-term earnings elasticity.

The company plans to increase the total investment in its R&D and industrialization project for key mooring equipment and integrated systems for large floating structures in deep and distant seas to RMB 650 million. The relevant products target applications including offshore oil and gas and floating offshore renewable-energy facilities, but there is currently no clear mass-production timetable or earnings commitment. The comprehensive gross margin in the first half of 2026 was approximately 27.10%, down 0.61 percentage points from the prior-year period, indicating that revenue growth has not yet fully translated into gross-margin improvement. The growth rate of net profit attributable to the parent company was higher than that of recurring net profit, with investment income, fair-value changes and other non-recurring items contributing to profit growth to some extent.

As of September 11, 2026, the company’s share price closed at RMB 10.25. It had risen approximately 22.5% from August 19, with the closing price above the MA5, MA10 and MA20. MACD was in positive territory, while RSI6 was approximately 93 and the share price was slightly above the upper Bollinger Band, indicating strong but clearly overheated short-term technical conditions. Based on a share price of approximately RMB 10.25 and different data definitions, the forward P/E ratio is approximately 28x to 33x. The valuation already reflects some expectations for earnings growth and deepwater offshore wind power. The institutional forecast sample comprises only Ping An Securities and Zheshang Securities. Their average forecasts for net profit attributable to the parent company in 2026–2028 are approximately RMB 366 million, RMB 422 million and RMB 496 million, respectively.

2. Company Overview

2.1 Basic Information

2.2 Main Businesses and Product Portfolio

• Marine anchor chains and accessories: Used for vessel anchoring, positioning and safe operations. Customers mainly include shipyards, marine-equipment integrators and supply-chain companies associated with shipowners. In 2024, sales totaled 133,188 tonnes and revenue was RMB 1.424 billion, with a gross margin of 27.53% for principal operations and revenue accounting for approximately 72% of revenue from principal operations.
• Offshore engineering mooring chains and accessories: Used for offshore oil platforms, floating production, storage and offloading units, floating offshore wind foundations and marine ranches. In 2024, sales totaled 28,840 tonnes and revenue was RMB 537 million, with a gross margin of 39.36% for principal operations and revenue accounting for approximately 27% of revenue from principal operations.
• High-strength mining chains and supporting products: Mainly used in coal transportation, scraper conveyors and other mining machinery systems for domestic coal-mining companies. This is not currently a major source of the company’s revenue.
• Supporting forgings and castings: Including forged accessories, anchors and marine steel castings. The company’s website states that individual castings can weigh up to 120 tonnes.

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Asian Star Anchor Chain is positioned in the middle of the shipbuilding and marine-engineering value chain and is a manufacturer of special steel products and key marine-equipment components. The company uses marine anchor chains as its scale foundation, while offshore engineering mooring chains, high-strength chains and large connectors drive product-mix upgrades.

• Core inputs are special steels that meet requirements for strength, toughness, fatigue life and classification-society certification. The company determines chain specifications and grades based on customer orders, then purchases steel from suppliers. It generally signs annual framework agreements with major suppliers and enters into supply contracts in advance according to production schedules.
• The 2024 cost structure shows that raw materials accounted for approximately 74.33% of costs related to the shipbuilding segment and approximately 77.22% of costs related to the marine-engineering segment. The company is highly sensitive to steel prices, and increases in steel, energy and ocean-freight costs may all squeeze gross margins.
• The company benefits from scale procurement, order matching and long-term supplier relationships, but overall remains closer to a price taker for special steel than a resource-based company capable of controlling upstream prices.
• In 2024, purchases from the five largest suppliers totaled RMB 565 million, accounting for 41.41% of total annual purchases. None of the five largest suppliers was a related party. This concentration data is for 2024 and cannot be directly extrapolated to subsequent years.
• At the end of 2024, major prepayments mainly related to steel suppliers including Shijiazhuang Iron and Steel Special Steel Branch, CITIC Pacific Steel Trading, Nanjing Iron & Steel, Jiangsu Shagang Group Huaigang Special Steel and Changzhou Dongfang Special Steel. Prepayments to the five largest suppliers accounted for 79.50% of the balance, indicating a degree of specialization and concentration in the steel-supply system.
• Downstream customers include shipbuilders and shipyard supply chains, offshore oil platforms and marine-engineering projects, offshore wind-power projects, domestic coal mines and mining-machinery companies, as well as overseas shipowners, marine-engineering contractors and energy companies.
• Marine anchor chains and mooring chains are safety-critical components for ships and offshore engineering. They generally require classification-society certification and compliance with project-specific technical specifications, giving high-end products a degree of customer stickiness and certification barriers.
• Shipyard procurement has project-based, tender-based and cost-control characteristics. Offshore oil and gas and offshore wind projects are affected by oil prices, ship prices, marine-engineering investment and project approvals. Orders are cyclical, and the company cannot fully pass changes in steel and ocean-freight costs on to customers.
• In 2024, sales to the five largest customers totaled RMB 578 million, accounting for 29.04% of annual sales. There were no related-party sales. The company did not disclose any single customer accounting for more than 50% of sales and did not identify severe dependence on a small number of customers.
• The five-largest-customer concentration data covers only 2024, as of December 31, 2024. Customer identities and long-term stability still require monitoring through subsequent annual reports and cannot be directly extrapolated to later years.
• Prepayments at the end of 2024 were RMB 70.8373 million, up 42.96% year on year, mainly due to increased prepayments for materials at period-end, indicating that steel procurement ties up some working capital. Contract liabilities were RMB 228 million, down from the prior year, mainly due to concentrated shipment of certain bulk products, suggesting that some orders involve customer advances or staged prepayments. Third-party financial analysis indicated that accounts receivable grew faster than operating revenue in 2024, but this was not a core operating conclusion in the annual report. No accounts-receivable turnover days were provided, and the conclusion should be reviewed against the latest annual report’s receivables balance, aging and turnover days.
• In 2024, purchases from the five largest suppliers accounted for 41.41% of total annual purchases, while sales to the five largest customers accounted for 29.04% of total annual sales. Both figures are based on the 2024 annual-report definition and cannot by themselves determine bargaining power upstream or downstream. Neither supplier nor customer concentration can be directly extrapolated to subsequent years.

The company is positioned in the upper-middle portion of the smile curve of the industrial value chain, as a midstream special-steel processor and key marine-equipment component manufacturer rather than an upstream resource company or downstream brand owner. Marine anchor chains provide scale and cash flow. Future earnings elasticity will depend mainly on the increasing mix of high-value-added products such as offshore mooring chains, high-strength R5/R6 chains, floating offshore wind-power products and large marine-engineering connectors, while also being affected by steel prices, order-price pass-through, manufacturing scale and the overseas product mix.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

As of August 25, 2026, the company had disclosed its 2026 interim report. The report was unaudited and was the latest formal financial report available as of the date stated in the minutes. The 2025 annual report received a standard unqualified audit opinion.

Recurring net profit attributable to the parent company in the first half of 2026 was RMB 116 million, up 17.60% year on year; basic EPS was RMB 0.1592, up 33.33%; and total profit was RMB 187 million, up 41.27%. Comprehensive gross margin was approximately 27.10%, down 0.61 percentage points from the prior-year period. Net cash flow from operating activities was negative RMB 290 million in the first half of 2026, compared with RMB 51 million in the prior-year period, a year-on-year decrease of 673.93%, mainly due to working capital tied up in accounts receivable, inventories and advance stocking. As of June 30, 2026, total assets were RMB 6.453 billion, up 8.65% from the end of 2025; net assets attributable to shareholders of the listed company were RMB 3.904 billion, up 2.50% from the end of 2025. In 2025, mooring-chain revenue was approximately RMB 629 million, up 17.07% year on year, with a gross margin of 41.12%; marine anchor chains and accessories generated approximately RMB 1.440 billion, up 1.14% year on year, with a gross margin of 27.16%. The growth rate of net profit attributable to the parent company exceeded that of recurring net profit, with investment income, fair-value changes and other non-recurring items contributing to profit growth to some extent.

3.2 Earnings Forecasts

As of September 12, 2026, the Tonghuashun F10 system showed that two institutions had issued earnings forecasts during the preceding six months: Ping An Securities and Zheshang Securities. The figures below are the average of the two institutions’ forecasts and represent a small-sample institutional forecast rather than a broad multi-institution consensus. The forecast ranges differ: for 2028, the two institutions’ revenue forecasts differ by RMB 465 million, while their forecasts for net profit attributable to the parent company differ by RMB 63 million.

3.3 Valuation and Institutional Ratings

As of the latest complete trading day, September 10, 2026, Asian Star Anchor Chain’s closing price was approximately RMB 10.38. Total shares outstanding were approximately 959.4 million, implying a market capitalization of approximately RMB 9.959 billion and a P/B ratio of approximately 2.55x. Based on 2025 basic EPS of RMB 0.331, the trailing P/E ratio was approximately 31.4x. Based on the average institutional EPS forecasts, forward P/E ratios for 2026–2028 were approximately 26.6x, 23.6x and 20.0x, respectively. Based on 2025 year-end net assets per share of approximately RMB 3.97, P/B was approximately 2.62x. Market-platform data indicates a current P/B of approximately 2.5x–2.6x.

The current valuation already reflects some expectations for earnings growth and deepwater offshore wind power, but it is not low. Valuation-supporting factors include first-half 2026 revenue and net-profit growth, the relatively high growth and gross margin of mooring chains, growth in mooring-chain orders, and institutional earnings forecasts for 2026–2028. Key constraints include coverage by only two institutions, recurring net profit growth below the growth of net profit attributable to the parent company, negative operating cash flow, pressure on marine anchor-chain margins, and uncertainty over the pace of floating offshore wind-power project implementation. An earlier institutional aggregate had indicated an overall target price of approximately RMB 13.00, but its timeliness is limited and it should not be treated as the current market consensus target. The latest two research summaries did not provide explicit target prices.

4. Recent News and Announcements

4.1 First-Half 2026 Earnings Growth, with Net Profit Attributable to the Parent Company Up 33.37% Year on Year

The company disclosed its 2026 interim report on August 25, 2026. Revenue in the first half of 2026 was approximately RMB 1.113 billion, up 12.30% year on year; net profit attributable to shareholders of the listed company was approximately RMB 153 million, up 33.37%; recurring net profit was approximately RMB 116 million, up 17.60%; and basic EPS was RMB 0.1592. The interim report was unaudited. Net cash flow from operating activities turned negative at approximately RMB 290 million, warranting attention to the relationship between order growth and working-capital requirements.

4.2 Approximately 152,300 Tonnes of Orders Secured in the First Half of 2026

The company’s disclosed operating data show that approximately 152,300 tonnes of orders were secured in the first half of 2026, including approximately 37,700 tonnes of mooring-chain orders for offshore oil platforms. The orders were mainly related to the core marine anchor-chain and offshore engineering mooring-chain businesses.

4.3 Board Approved the 2026 Interim Dividend Proposal

The company’s board approved a 2026 interim profit-distribution proposal under which a cash dividend of RMB 0.50 per 10 shares, including tax, would be paid based on the total number of shares outstanding on the equity-registration date. The expected cash dividend is approximately RMB 47.97 million. This remains an interim dividend proposal approved by the board, and subsequent shareholder approval, equity registration and actual payment arrangements still require monitoring.

4.4 2025 Cash Dividend Paid in June 2026

The company’s 2025 equity-distribution plan was implemented in June 2026, with a cash dividend of RMB 0.60 per 10 shares, including tax. The equity-registration date was June 18, 2026, and the ex-dividend and ex-rights date was June 22, 2026.

4.5 Investment in Deepwater Floating-Structure Mooring-Equipment Project Increased to RMB 650 Million

On April 28, 2026, the company disclosed a proposal to increase investment in its R&D and industrialization project for key mooring equipment and integrated systems for large floating structures in deep and distant seas. The project was originally planned to require no more than RMB 300 million. The company proposed an additional RMB 350 million, bringing total investment to RMB 650 million, funded with the company’s own capital. The matter does not constitute a material asset restructuring or a related-party transaction. The project mainly involves key mooring chains for deepwater marine-engineering equipment, for applications in high-technology vessels, offshore oil and gas platforms, drilling platforms and floating offshore renewable-energy facilities. The company cautioned that the project faces uncertainties relating to market demand, investment progress, land and construction costs and future operating conditions, and currently lacks a clear mass-production timetable or earnings commitment.

4.6 Wholly Owned Establishment of Tianjin Xingyang Green Navigation Technology Co., Ltd.

Public corporate-registration information and media reports indicate that Tianjin Xingyang Green Navigation Technology Co., Ltd. was established in July 2026 and is wholly owned by Asian Star Anchor Chain. Its business scope includes development of key supporting systems for marine engineering, manufacturing of marine-engineering equipment, manufacturing of marine-engineering platform equipment and sales of marine-engineering equipment. No separate material-investment announcement by Asian Star Anchor Chain has been identified in the formal disclosures of the Shanghai Stock Exchange. Information regarding registered capital, actual investment, staffing, project orders and the financial impact on the listed company has not yet been fully disclosed.

4.7 Board Transition Completed, with Tao Xing Appointed Chairman

The company held its 2025 annual general meeting on May 25, 2026, completing the election of the seventh board of directors. On May 29, 2026, the first extraordinary meeting of the seventh board elected Tao Xing as chairman and Tao Liangfeng as vice chairman, and appointed the new senior management team and securities representative. The seventh board comprises nine directors, including six non-independent directors and three independent directors, with a three-year term. According to the announcement, this was a routine transition upon expiration of the previous term, and no change in control, change in the actual controller or major management conflict was identified.

4.8 Number of Shareholders Declined, and Changes Emerged Among the Top Ten Tradable Shareholders

As of June 30, 2026, the company had 108,560 shareholder accounts, down 3,701 from March 31, 2026, or approximately 3.30%. The top ten tradable shareholders disclosed in the 2026 interim report changed from the previous reporting period: Liu Bin newly entered, while UBS Group exited. The E Fund CSI Smart Select Shipbuilding Industry ETF increased its holding to approximately 11.5613 million shares, an increase of approximately 64.86%; holdings of northbound funds declined. These changes reflect holdings at the reporting-period end and do not constitute company-announced shareholding reduction or increase plans.

4.9 No New Share Repurchase, Equity Incentive or Refinancing Matters Identified for Now

As of September 12, 2026, no new share-repurchase plan, repurchase-progress announcement, equity-incentive plan or refinancing announcement issued by the company in September 2026 had been identified. Existing public information does not disclose new repurchase amounts, repurchase price ranges, repurchase periods or actual repurchased shares. This conclusion is based on a search of public announcements and cannot rule out subsequent announcements.

4.10 No Material M&A, Restructuring or Major Regulatory Measures Identified for Now

As of September 12, 2026, no disclosure was identified indicating that the company had completed or was pursuing a material asset acquisition, material asset restructuring of the listed company or acquisition of control during 2026. Expansion-related matters mainly comprise the additional investment in the deepwater floating-structure mooring-equipment project and the wholly owned establishment of Tianjin Xingyang Green Navigation Technology Co., Ltd. These are closer to industrial investment and business expansion and should not be directly described as listed-company acquisitions. As of that date, no public information had been identified indicating that the Shanghai Stock Exchange, the China Securities Regulatory Commission or the company had taken measures such as a formal investigation, regulatory warning, disciplinary action, major inquiry or other material regulatory action against the company.

4.11 Company to Hold 2026 Interim Results Presentation

On August 26, 2026, the company disclosed that it would hold its 2026 interim results presentation on September 3, 2026, mainly to explain interim operating performance and answer investor questions. Existing public information does not show that the presentation resulted in any new material capital operation or M&A matter.

4.12 Abnormal Stock Trading Fluctuations Occurred in February 2026

The company’s shares experienced price-movement deviations meeting relevant standards for three consecutive trading days on February 12, February 13 and February 24, 2026. The company issued risk warnings regarding abnormal stock trading fluctuations. This matter was relatively distant from September 12, 2026 and is not among the latest announcements.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Asian Star Anchor Chain closed at RMB 10.25, up approximately 22.5% from August 19. Trading volume rose for two consecutive days from September 9 to 10, short-term moving averages remained bullishly aligned and MACD was in positive territory, so the technical trend remained strong. However, the closing price was slightly above the independently calculated upper Bollinger Band, RSI6 was approximately 93 and RSI14 was approximately 65–78. Main-fund net outflow was approximately RMB 166 million on September 10, and the share price closed lower on September 11, indicating increasing high-level fund divergence and short-term overheating risk. Key issues going forward are whether support at RMB 10.00–RMB 10.20 can hold and whether the price can obtain volume and sector confirmation above RMB 10.48–RMB 10.50.

5.3 Short-Term Outlook (Next Week, Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is a subjective scenario analysis based on the September 11, 2026 closing data and historical technical indicators. It does not constitute investment advice or a definitive forecast of future actual performance.

1. Key Technical Levels

2. Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively high subjective weight, approximately 50%; a heuristic weight based on current technical conditions, trading volume and fund flows, not a statistical probability or return forecast): Reference price range of RMB 9.95~RMB 10.70. Trigger conditions include holding around RMB 10.00, trading value falling clearly from September 10 while remaining reasonably active, no rapid narrowing of the MACD histogram and no clear weakening of the shipbuilding, marine-engineering or defense sectors. This would represent digestion after a sharp rise and could involve repeated fluctuations around RMB 10.00–RMB 10.50. If the price breaks RMB 10.48 intraday without further volume expansion, it could still retreat after rising.
• Downside bias (medium subjective weight, approximately 30%; a heuristic weight based on current technical conditions, trading volume and fund flows, not a statistical probability or return forecast): Reference price range of RMB 9.30~RMB 10.00. Trigger conditions include a high-volume break below RMB 10.00, net main-fund outflows for several consecutive trading days, daily turnover remaining above RMB 1.2 billion while the share price closes lower, or simultaneous market and shipbuilding or defense-sector retreats. A further break below RMB 9.60 could shift the short-term structure from high-level consolidation to retracement of recent gains, with RMB 9.30–RMB 9.40 as the next area to watch around MA10 and the previous trading platform. If RMB 9.30 breaks, support near MA20 at approximately RMB 9.01 should be monitored.
• Stronger rebound (relatively low subjective weight, approximately 20%; a heuristic weight based on current technical conditions, trading volume and fund flows, not a statistical probability or return forecast): Reference price range of RMB 10.50~RMB 11.10. Trigger conditions include a confirmed close above RMB 10.48–RMB 10.50, renewed expansion of turnover value to above RMB 1.5 billion, a clear renewed net inflow of main funds, and simultaneous strength in related sectors or new catalysts. A high-volume break above RMB 10.95 could extend the short-term trend toward RMB 11.00–RMB 11.10. However, given RSI6 of approximately 93, the bullish scenario requires confirmation from trading volume and sector resonance, and the sustainability of a one-day surge remains uncertain.

3. Fund-Flow and Liquidity Background

As of September 11, 2026, the turnover rate was approximately 13.00% and turnover value approximately RMB 1.274 billion. Turnover value over the preceding three days was approximately RMB 1.336 billion, RMB 2.000 billion and RMB 1.274 billion, respectively, while the turnover rate reached 20.42% on September 10. For comparison, turnover value on most trading days from August 24 to September 3, 2026, was approximately RMB 110 million–RMB 440 million, indicating a clear recent increase in activity. Shareholder data is subject to a lag: as of June 30, 2026, the number of shareholder accounts was approximately 108,600, down 3,701 from March 31, 2026, or approximately 3.30%, but this should not be viewed as the real-time shareholding structure in September 2026. As of March 31, 2026, the top ten tradable shareholders collectively held approximately 40.5%, of which the actual controller and related individuals collectively held approximately 36.1%. Hong Kong Securities Clearing, the E Fund CSI Smart Select Shipbuilding Industry ETF and UBS AG were also visible among institutional or financial accounts, but institutional ownership was not high, and the shareholder base remained primarily the controlling shareholder and related individuals. Dawave classified aggregate holdings by public funds, financial institutions and other institutional shareholders at approximately 1.06%, but its classification of Hong Kong Securities Clearing differs, making the institutional ownership ratio subject to definitional uncertainty.

In practical terms, the stock is not in a low-liquidity state and short-term trading is active, but high turnover indicates rapid exchange of positions, making the price sensitive to sentiment and fund flows. A rapid contraction in turnover value could indicate weakening buying interest, while high turnover value accompanied by continued lower closes would warrant attention to high-level divergence or profit-taking.

A verifiable volume signal is as follows: if daily turnover value reaches or exceeds RMB 1.5 billion for consecutive days during the next week while the closing price holds above RMB 10.48–RMB 10.50, this could be viewed as relatively strong confirmation that short-term funds are continuing to drive the stock. If turnover value exceeds RMB 1.5 billion but the closing price falls below RMB 10.00, this should instead be interpreted as a high-volume divergence or profit-taking signal rather than simply strong-volume buying.

4. Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Monitor whether the RMB 10.00–RMB 10.20 first-support zone holds and whether the RMB 10.45–RMB 10.95 resistance zone is broken; this is an observation framework, not a buy or sell instruction.
• Monitor whether the strong condition of the share price above MA5, MA10 and MA20 continues, while also noting the short-term overheating indicated by RSI6 of approximately 93; this is an observation framework, not a buy or sell instruction.
• After the main-fund net outflow of approximately RMB 166 million on September 10, monitor whether main funds return to sustained net inflows; the main-fund net amount is only a statistic based on large and extra-large order structures, and this is an observation framework, not a buy or sell instruction.
• Monitor whether turnover value can reach or exceed RMB 1.5 billion for consecutive days while the closing price holds above RMB 10.48–RMB 10.50, or whether the closing price falls below RMB 10.00 when turnover value exceeds RMB 1.5 billion; this is an observation framework, not a buy or sell instruction.

The above scenario analysis is based on September 11, 2026 closing data and historical price and technical-indicator calculations. Short-term share prices are also affected by news, fund flows, broader market conditions and other factors. Technical indicators are inherently lagging and limited. This analysis does not guarantee future actual performance or constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear their own investment risks.

6. Industry Landscape and Competitor Analysis

6.1 Industry Conditions

The company mainly serves the shipbuilding, offshore oil and gas, offshore wind-power and coal-mining industries. In 2024, China’s shipbuilding completions, new orders and orderbook accounted for 52.1%, 69.0% and 66.7%, respectively, of global totals by deadweight tonnage, providing solid underlying demand for marine anchor chains. However, anchor-chain orders depend on new-vessel construction plans, and there is a time lag from shipyard order placement to actual delivery. Demand for marine mooring chains depends more on offshore oil and gas development, floating wind power, offshore-platform maintenance and new project investment, and is generally more volatile than demand for conventional marine anchor chains.

6.2 Competitive Landscape

• The industry generally has a structure of “a few large enterprises plus numerous small and medium-sized manufacturers,” with concentration higher than that of the general metal-processing industry.
• Entry barriers include continuous production capabilities for large-diameter chains, steel composition control, welding and forging, heat treatment and fatigue testing, classification-society certification, supply records for major offshore engineering projects, long-term safe-operating records, and supporting capabilities for heavy-component transportation, terminals and large castings and forgings.
• Asian Star Anchor Chain holds certifications from the American Bureau of Shipping, Lloyd’s Register, Bureau Veritas, DNV and other classification societies. Its technology center is a nationally recognized enterprise technology center, and the company previously led the drafting of the international standard ISO 20438, Ships and Marine Technology—Mooring Chain.
• The company’s annual report states that it can currently produce chains with a maximum diameter of approximately Φ220 mm and has developed high-strength offshore mooring-chain products such as R5 and R6. Certain high-strength mooring-chain capabilities represent high-end product and process capabilities and should not be interpreted as meaning that all capacity can operate at full utilization at the highest grade.
• Public sources list first-tier global anchor-chain companies including Asian Star Anchor Chain, Zhengmao Group, Zibo Anchor Chain, Spain’s Vicinay, Sweden’s Ramnäs, Japan’s Hamanaka and Korea’s Dai Han. Definitions used to calculate global market shares differ across sources. Statements that the company is “a global leader” or “the world’s largest” mainly reflect the company’s own descriptions, and specific market shares require further verification using independent sources.
• Production capacity for chains, forged accessories and castings disclosed on the company’s website differs in statistical definition from segment-level production capacity in the 2024 annual report. Formal comparisons should prioritize the annual-report definition of 350,000 tonnes by product category.

6.3 Major Competitors

Asian Star Anchor Chain’s competitive barriers mainly derive from production scale, large-diameter product capabilities, classification-society and international customer certifications, long-term project records and quality-control systems, rather than simply low cost. Compared with Zhengmao Group, the company has greater manufacturing scale and a stronger overseas-business base. Compared with high-end European suppliers such as Vicinay and Ramnäs, the company may have advantages in manufacturing scale and cost, while brand recognition and historical accumulation in high-end international projects remain competitive dimensions. Compared with Hamanaka and Dai Han, the company benefits from the scale and cost competitiveness of China’s shipbuilding value chain. Most comparable companies are not A-share listed companies and have limited publicly available financial data. Comparisons should focus on capacity, product grades, certifications, customer structure and regional markets rather than directly comparing P/E ratios or profit scale.

7. Risk Factors

• Total investment in the deepwater floating-structure key mooring-equipment project has increased from no more than RMB 300 million to RMB 650 million, but the company has not provided a clear mass-production timetable or earnings commitment. The project may face uncertainties in market demand, investment progress, land and construction costs and future operations, creating a risk that returns on investment will fall below expectations.
• Net cash flow from operating activities was negative RMB 290 million in the first half of 2026, compared with RMB 51 million in the prior-year period, mainly due to working capital tied up in accounts receivable, inventories and advance stocking. If order growth continues to require substantial funding, it could pressure cash turnover and project-investment capacity.
• The company is relatively sensitive to special-steel prices. Raw materials accounted for approximately 74.33% of shipbuilding-related costs and 77.22% of marine-engineering-related costs. If steel, energy or ocean-freight costs rise and the company cannot promptly pass changes through to shipyards, marine-engineering projects and overseas customers, gross margins for marine anchor chains and mooring chains may come under pressure.
• Marine anchor chains remain the company’s main source of revenue, generating approximately RMB 1.440 billion in 2025, a higher proportion than mooring chains. If shipyard procurement, vessel-delivery schedules or the conversion of new-vessel orders into actual anchor-chain deliveries slows, the marine anchor-chain business could constrain overall revenue growth.
• Mooring-chain demand depends on investment in offshore oil and gas development, offshore wind power and marine-engineering projects. Floating offshore wind power and deepwater projects face uncertainty regarding approvals, construction and implementation schedules. If related projects are delayed, the utilization and order conversion of R5/R6 and high-end mooring-chain capacity may fall short of expectations.
• Net profit attributable to the parent company rose 33.37% year on year in the first half of 2026, above the 17.60% growth in recurring net profit. Investment income, fair-value changes and other non-recurring items contributed to profit growth to some extent. If non-recurring gains decline, earnings growth may be lower than the headline growth in net profit attributable to the parent company.
• As of September 11, 2026, the share price had risen approximately 22.5% from August 19, RSI6 was approximately 93, the share price was slightly above the upper Bollinger Band, and recent high turnover was accompanied by divergence in main-fund flows. If turnover remains high but the share price falls below RMB 10.00, substantial short-term volatility and a pullback may occur.
• The company’s current forward P/E is approximately 28x–33x, and institutional earnings forecasts come from only Ping An Securities and Zheshang Securities. The institutions also differ in their 2028 revenue and net-profit forecasts. If mooring-chain orders, project progress or margins fall short of forecasts, the valuation may be reassessed.

8. Conclusion and Outlook

Asian Star Anchor Chain’s growth thesis mainly rests on three factors: shipbuilding demand provides baseline orders for marine anchor chains; offshore oil and gas, offshore wind power and other marine-engineering projects drive demand for mooring chains; and high-strength R5/R6 mooring chains, key mooring equipment for deepwater floating structures and large marine-engineering connectors may improve the product mix. The company has a competitive foundation in production scale, certification systems, large-diameter products and project track record. Recent mooring-chain order and revenue growth have also exceeded those of marine anchor chains, making the direction of product upgrades relatively clear.

The company’s ability to sustain performance will depend on order conversion for mooring chains and deepwater equipment projects, project construction and mass-production progress, as well as demand and gross-margin performance in the marine anchor-chain business. The company remains a midstream participant in the special-steel processing value chain, with raw materials accounting for approximately 74%–77% of relevant business costs. Changes in steel, energy and ocean-freight costs and the ability to pass through order-price changes will affect profitability. At the same time, operating cash flow turned negative in the first half of 2026 and working-capital usage increased, so it is necessary to assess whether revenue growth can translate into improved collections and cash flow.

The share price has experienced a relatively rapid rebound. Trading is active, but high turnover is accompanied by fund-flow divergence. RMB 10.00–RMB 10.20 is an important short-term observation range, while resistance exists around RMB 10.45–RMB 10.95. Technical indicators remain subject to lag in explaining short-term movements. The company is not valued at a low level, and earnings-forecast coverage is limited. Accordingly, investors should focus on order realization, mooring-chain profitability, returns on deepwater project investment, operating cash flow and valuation digestion, rather than judging long-term performance solely on the basis of short-term profit growth or technical trends.

Data Sources

• Asian Star Anchor Chain (601890)_IPO Announcement Details_Prospectus for the Initial Public Offering of A Shares of Jiangsu Asian Star Anchor Chain Co., Ltd._Sina Finance_Sina.com
• Asian Star Anchor Chain (601890)_Company Announcements_Asian Star Anchor Chain: 2024 Annual Report_Sina Finance_Sina.com
• https://www.anchor-chain.com/about.php?utm_source=openai
• Asian Star Anchor Chain (601890)_Company Announcements_Asian Star Anchor Chain: 2024 Annual Report_Sina Finance_Sina.com
• 2024 Annual Report of Jiangsu Asian Star Anchor Chain Co., Ltd.
• Eagle Eye Warning: Asian Star Anchor Chain’s Accounts Receivable Growth Exceeded Operating-Revenue Growth|Cash Flow_Sina Finance_Sina.com
• Asian Star Anchor Chain Annual Report
• Asian Star Anchor Chain (601890)_Company Announcements_Asian Star Anchor Chain: 2023 Annual Report_Sina Finance_Sina.com
• Asian Star Anchor Chain (601890)_Company Announcements_Asian Star Anchor Chain: Materials for the 2024 Annual General Meeting_Sina Finance_Sina.com
• Fangzheng Media—Report Type: Company Name (Code), Report Title
• High-Quality Mooring Chains and Ship Anchors—Zhengmao
• Vicinay Marine | LinkedIn
• Worldwide Top Quality Mooring Chain for Offshore Oil Industry, Fish and Wind Farms—Ramnäs Offshore AB
• Jiangsu Asian Star Anchor Chain Co., Ltd.
• Asian Star Anchor Chain (601890)_Company Announcements_Asian Star Anchor Chain: 2025 Annual Report_Sina Finance_Sina.com
• Asian Star Anchor Chain (601890)_Company Announcements_Asian Star Anchor Chain: 2026 Interim Report Summary_Sina Finance_Sina.com
• Asian Star Anchor Chain (601890) Earnings Forecasts_F10_Tonghuashun Financial Services
• Asian Star Anchor Chain (601890)_Company Announcements_Asian Star Anchor Chain: 2026 Interim Report_Sina Finance_Sina.com
• Institutional Rating|Ping An Securities Gives Asian Star Anchor Chain a “Recommended” Rating Without Providing a Target Price
• Institutional Rating|Ping An Securities Gives Asian Star Anchor Chain a “Recommended” Rating Without Providing a Target Price
• Asian Star Anchor Chain (601890) Stock Information—Data Platform
• Asian Star Anchor Chain (601890) Latest Developments_F10_Tonghuashun Financial Services
• Summary of the 2026 Interim Report of Jiangsu Asian Star Anchor Chain Co., Ltd.
• Asian Star Anchor Chain (601890) Corporate Events_F10_Tonghuashun Financial Services
• Asian Star Anchor Chain_Individual Stock Calendar_East Money Data Channel
• Stock Code: 601890
• Company Announcement_Asian Star Anchor Chain: Announcement on the Proposed Additional Investment in the R&D and Industrialization Project for Key Mooring Equipment and Integrated Systems for Large Floating Structures in Deep and Distant Seas_Sina Finance_Sina.com
• Asian Star Anchor Chain Establishes New Technology Company Covering Marine-Engineering Equipment Business_Sina Finance_Sina.com
• Stock Code: 601890
• Changes in the Top Ten Tradable Shareholders of Asian Star Anchor Chain (601890): Liu Bin Enters, UBS Group Exits, E Fund CSI Smart Select Shipbuilding Industry ETF Increases Holdings, Northbound Funds Reduce Holdings_Sina Finance_Sina.com
• Stock Code: 601890
• Asian Star Anchor Chain: Announcement on Holding the 2026 Interim Results Presentation_Company Announcements_Daily Must-Read_Stocks_Securities Star
• Asian Star Anchor Chain: First-Half 2026 Net Profit Up 33.37% Year on Year; Proposed Dividend of RMB 0.50 per 10 Shares_East Money
• Asian Star Anchor Chain (601890) Historical Stock Data: Historical Quotes, Prices and Charts_Investing.com
• Asian Star Anchor Chain (601890.SS) Chart—Yahoo Finance
• Asian Star Anchor Chain (601890) Latest Stock Price, Real-Time Chart, Stock Analysis and Forecast_Investing.com
• Asian Star Anchor Chain (601890.SH) Stock Quotes, Historical Data and Main-Fund Flows—Dawave Data
• Asian Star Anchor Chain (601890) Technical Analysis, Future Forecast and Trading Suggestions_Investing.com
• Asian Star Anchor Chain (601890.SH) Stock Quotes, Historical Data and Main-Fund Flows—Dawave Data
• Asian Star Anchor Chain (601890)—Historical Trading Data | Dabanke

This report was automatically retrieved, compiled and generated by AI based on publicly available information. Information is current through the September 11, 2026 close for price and market data; certain technical-indicator platform data is as of September 10, 2026 or may be subject to update delays, while shareholder data is as of June 30, 2026 or March 31, 2026, as specifically indicated in the relevant sections. Timing differences may exist. Specific data should be verified against the company’s formal announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and bear their own investment risks.