Key Recommendations - Yaxing Integration (603929.SH) is positioned as a leader in cleanroom engineering, which is critical for AI infrastructure development, with a significant increase in demand for cleanroom projects driven by the AI computing power boom [9][10] - The company has a strong relationship with its Taiwanese parent company, which has extensive experience in building advanced wafer fabs, allowing for resource sharing and collaboration in overseas markets [9] - The cleanroom engineering sector is experiencing a rapid increase in orders and revenue, leading to a substantial improvement in profit margins for Yaxing Integration [9][11] Financial Performance - Yaxing Integration's net profit forecasts for 2026-2028 have been raised to 1.945 billion, 3.135 billion, and 4.138 billion yuan respectively, reflecting a significant increase from previous estimates [11] - The expected earnings per share for the same period are projected to be 9.12, 14.69, and 19.39 yuan, indicating a year-on-year growth of 118%, 61%, and 32% respectively [11] - The company's reasonable valuation range is estimated to be between 222.90 and 251.97 yuan, suggesting a potential upside of 20%-35% from the current stock price [11] Industry Insights - The cleanroom sector is identified as a bottleneck in global AI infrastructure, with cleanrooms accounting for 10%-20% of total investment in AI computing power [9] - The demand for cleanroom construction is expected to continue growing due to the ongoing expansion of the semiconductor industry and the increasing complexity of AI applications [10] - The report highlights that the capital expenditure cycle driven by AI is considered a "super cycle," with sustained investment expected through 2028 [10] Market Trends - The report indicates that the overall market sentiment is cautious, with a net outflow of 355 billion yuan in the last week of March, reflecting a decline in investor confidence [16] - The consumer services sector, particularly tourism, is experiencing a resurgence as spring holidays approach, with significant increases in bookings and travel activity [21][20] - The media and internet sectors are also adapting to new trends, with the launch of Seedance 2.0 and a focus on AI-driven content creation [24][26]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [3][5]. Core Insights - The company holds the world's largest single open-pit Bakuta tungsten mine, with significant production increases expected following the completion of its Phase II construction [1][14]. - The company has turned around its financial performance, achieving a net profit of HKD 314 million in 2025, compared to a loss of HKD 177 million in 2024, with total sales revenue reaching HKD 1.063 billion [1][15]. - The entire revenue is derived from the production of white tungsten concentrate, with production starting in April 2025 and expected to ramp up significantly in the coming years [1][14]. Financial Projections - Revenue projections for 2026, 2027, and 2028 are estimated at HKD 5.31 billion, HKD 8.65 billion, and HKD 12.78 billion, respectively, reflecting year-on-year growth rates of 399%, 63%, and 48% [3][34]. - The company's net profit is projected to reach HKD 3.38 billion, HKD 5.78 billion, and HKD 8.74 billion for the same years, with growth rates of 1008%, 71%, and 51% [3][34]. - Earnings per share (EPS) are expected to be HKD 7.42, HKD 12.68, and HKD 19.17 for 2026, 2027, and 2028, respectively, with corresponding price-to-earnings (PE) ratios of 13.4x, 7.8x, and 5.2x [3][34]. Industry Overview - The domestic tungsten production is experiencing a contraction trend, which supports high tungsten prices. The Ministry of Natural Resources has imposed quota constraints on tungsten mining, with a significant reduction in mining quotas expected by 2025 [2][23]. - The report highlights that the supply of tungsten is limited both domestically and globally, with China's tungsten mining quota expected to decrease by 6.1% in 2025 [2][23]. - The Bakuta tungsten mine is positioned as a key project under the China-Kazakhstan cooperation framework, with substantial resource reserves and production capacity [14][16].

Financial Performance - The company reported a revenue of HKD 1,063 million for the year ended December 31, 2025, compared to no revenue in 2024[4] - Profit attributable to shareholders for the year was HKD 305 million, a significant recovery from a loss of HKD 173 million in 2024[4] - The company achieved a basic and diluted earnings per share of HKD 0.82, compared to a loss per share of HKD 0.53 in the previous year[6] - The company reported a total comprehensive income of HKD 306 million for the year, recovering from a loss of HKD 159 million in 2024[6] - For the fiscal year ending December 31, 2025, the company reported a profit attributable to equity holders of HKD 305.1 million, compared to a loss of HKD 172.97 million in 2024[28] - The group’s net profit for the current year is HKD 314.4 million, a significant recovery from a net loss of HKD 176.5 million in the previous year[52] Assets and Liabilities - Total assets increased to HKD 3,535 million in 2025, up from HKD 1,865 million in 2024[7] - The company’s total liabilities amounted to HKD 1,929 million, compared to HKD 1,878 million in 2024[8] - The group’s current assets amounted to HKD 734.2 million, while current liabilities were HKD 268.9 million as of December 31, 2025[54] - The group’s borrowings decreased by 23.5% from HKD 1,665.0 million as of December 31, 2024, to HKD 1,265.5 million as of December 31, 2025[57] - The group’s capital debt ratio decreased from 100.8% as of December 31, 2024, to 13.3% as of December 31, 2025, due to reduced borrowings and increased cash[64] Cash Flow - The company reported a net cash flow from operating activities of HKD 510,367,000 for the year ended December 31, 2025, compared to a cash outflow of HKD 63,154,000 in 2024[10] - The company reported a net increase in cash and cash equivalents of HKD 983,971,000 for the year ended December 31, 2025, compared to a decrease of HKD 421,930,000 in 2024[10] - The group’s net cash generated from operating activities was HKD 510.4 million, driven by a profit of HKD 365.3 million for the year[55] - The company’s financing activities generated a net cash inflow of HKD 583,084,000 for the year ended December 31, 2025, compared to HKD 88,236,000 in 2024[10] Production and Sales - The company produced 5,008 tons of 65% tungsten concentrate, with sales volume reaching 4,879 tons[4] - The average selling price of 65% tungsten concentrate was HKD 217,873 per ton[4] - The total revenue from tungsten concentrate sales for the year ended December 31, 2025, was HKD 1,063,048,000, with no revenue reported in 2024[20] - The cost of sales for the year was HKD 543.1 million, leading to a gross profit of HKD 520.0 million and a gross margin of 48.9%[46][47] Expenses - The total expenses for the year ended December 31, 2025, amounted to HKD 657,691,000, a significant increase from HKD 75,940,000 in 2024[19] - Administrative expenses increased by 46.3% to HKD 111.1 million, primarily due to increased employee benefits and listing expenses[48] - The company incurred a net financial cost of HKD 44,344,000 for the year ended December 31, 2025, compared to HKD 16,840,000 in 2024[22] - The company recognized an income tax expense of HKD 50,965,000 for the year ended December 31, 2025, with no tax expense reported in 2024[23] Operational Developments - The company completed the construction of mining infrastructure at the Bakuta tungsten mine and commenced commercial production and sales of tungsten concentrate as of December 31, 2025[11] - The company plans to enhance its tungsten ore processing capacity to 4.95 million tons by 2027, following the integration of a sorting system into the existing mining process[44] - The company has secured a three-year loan agreement with a limit of RMB 1,200 million to replace existing Euro bank loans, with RMB 883 million already drawn down[36] - The company holds exclusive mining rights for the Bakuta tungsten mine, with a mining area of 1.16 square kilometers and a term extending to June 2040[43] Employee and Corporate Governance - As of December 31, 2025, the group had a total of 391 employees, an increase from 320 employees as of December 31, 2024[67] - Employee costs recognized for the year amounted to approximately HKD 104.7 million, compared to approximately HKD 39.5 million for the year ending December 31, 2024[67] - The audit committee, consisting of two independent non-executive directors and one non-executive director, reviewed and approved the audited consolidated financial statements for the year[76] - The financial data for the year ending December 31, 2025, has been verified by the auditor and is consistent with the audited consolidated financial statements[77] Dividends and Future Plans - The company has no declared dividends for the fiscal years ending December 31, 2025, and 2024[31] - The board resolved not to declare any final dividends for the year, consistent with the previous year[70] - There are no future plans for significant investments or capital assets beyond those disclosed in the prospectus[69] Miscellaneous - The annual general meeting is scheduled for May 19, 2026, with a suspension of share transfer registration from May 14 to May 19, 2026[78][79] - The group did not engage in any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the year[68] - The group did not enter into any forward foreign exchange contracts during the year to manage foreign exchange risk[61] - No significant events affecting the group have occurred from December 31, 2025, to the date of this announcement[75]

Group 1 - Pearl Holdings (01176) experienced a significant drop of over 33% during trading, currently down 25.64%, due to the inability of independent valuers and auditors to complete their valuation and audit work for the fiscal year 2025, affecting various financial aspects including investment properties and receivables [1] - Some gold stocks showed recovery, with Zijin Mining International (02259) up 6.89%, Lingbao Gold (03330) up 7.31%, and China Gold International (02099) up 2.59%, as the precious metals market rebounded after a sharp decline, with spot gold rising above $4,700 [1] - Paig BioPharma-B (02565) rose over 6% following the announcement of a strategic cooperation agreement with Shanghai Tengrui Pharmaceutical for the commercialization of its core product in mainland China [1] Group 2 - Crystal International (02232) saw a post-earnings decline of over 4%, currently down 2.03%, despite reporting revenues of $2.641 billion for the year ending December 31, 2025, a 6.95% increase year-on-year, and a profit attributable to shareholders of $225 million, up 12.05% [2] - Oil and gas stocks fell sharply, with Shandong Molong (00568) down 4.49% and Sinopec Oilfield Service (01033) down 4.81%, as international oil prices dropped sharply, with Brent crude down 3% to $100 [2] Group 3 - China Duty Free Group (01880) rose over 2% after announcing an agreement to acquire the entire issued share capital of DFS Cotai Limitada and related business assets from DFS Group, which is ultimately owned by LVMH [3] - Weisheng Holdings (03393) increased over 5% following a visit from the Hungarian ambassador, discussing cooperation opportunities in the energy digitalization sector [3] Group 4 - Bolecon Vision Cloud-B (02592) fell over 6%, hitting a new low since its listing, after announcing plans for clinical trials of its eye drop product for treating myopia, with the application for clinical trials submitted in December 2025 [4] - Jiaxin International Resources (03858) surged over 12%, currently up 10.65%, as tungsten concentrate prices rose significantly, reflecting a 124% increase since the beginning of the year [4] Group 5 - Aerospace Holdings (00031) dropped over 14% after issuing a profit warning, expecting a net loss of approximately HKD 270 million to 290 million for the year ending December 31, 2025, compared to a loss of HKD 83.85 million in 2024 [5] Group 6 - U.S. oil stocks saw a general increase, with Occidental Petroleum (OXY.US) up 2.06% and Chevron (CVX.US) up 1.42%, as analysts predict Brent crude prices could reach an average of $130 per barrel in Q2 and Q3 if energy infrastructure is attacked [6] - Tesla (TSLA.US) fell 3.18% following an investigation by the NHTSA into its "Full Self-Driving" system due to multiple accidents [6] Group 7 - Gold and silver stocks initially experienced a sharp decline but later rebounded, with Gold Fields (GFI.US) and AngloGold Ashanti (AU.US) seeing reduced losses after significant drops in spot gold and silver prices [7] - Alibaba (BABA.US) fell over 7% after reporting Q3 revenue of RMB 28.4843 billion, a 2% year-on-year increase, but a 67% decline in adjusted net profit [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Jiaxin International Resources Investment Limited 佳鑫國際資源投資有限公司 於本公告日期，董事會成員包括執行董事劉力強先生、謝文波先生及邱懷智先 生，非執行董事汪中偉先生、陳克琴女士及公雲帆先生，以及獨立非執行董事朱 國山先生、王劍鋒先生及黃學斌先生。 董事會會議召開日期 佳鑫國際資源投資有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 董事會會議將於2026年3月25日（星期三）舉行，藉以（其中包括）考慮及批准本公 司及其附屬公司截至2025年12月31日止年度的年度業績及其刊發，以及考慮建議 派付末期股息（如有）。 承董事會命 佳鑫國際資源投資有限公司 董事會主席兼執行董事 劉力強先生 香港，2026年3月12日 （於香港註冊成立的有限公司） （股份代號：3858） ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiaxin International Resources Investment Limited 佳鑫國際資源投資有限公司 （於香港註冊成立的有限公司） （股份代號：3858） 董事會欣然宣佈，於2026年3月9日召開及舉行之股東特別大會上提呈之決議案已 由獨立股東通過投票表決方式正式通過。本公司於香港的股份過戶登記分處香港 中央證券登記有限公司就計票而言獲委任為股東特別大會之監票人。 於股東特別大會上提呈之決議案的投票結果的詳情如下： 於2026年3月9日舉行之股東特別大會的投票表決結果 謹此提述佳鑫國際資源投資有限公司（「本公司」）日期為2026年2月12日之通函 （「通函」），以及本公司日期為2026年2月12日的股東特別大會（「股東特別大會」） 通告（「股東特別大會通告」）。除另有指明者外，本公告所使用的詞彙與通函及股 東特別大會通告所界定者具有相同涵義。 股東特別大會的結果 由於超過一半的投票 ...

FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 佳鑫國際資源投資有限公司 | | | 呈交日期: | 2026年3月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.2.0 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 03858 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 455,700,000 0 455,700,000 增加 / 減少 (-) 0 0 本月底結存 455,700,000 0 455,700,000 足夠公眾持股量的確認(註4) (B) ...

Group 1 - The company, Jiaxin International Resources (03858), announced the resignation of Ms. Liu Wenjing as the company secretary and authorized representative, effective from February 28, 2026 [1] - Ms. Chen Jingya has been appointed as the new company secretary and authorized representative, also effective from February 28, 2026 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Jiaxin International Resources Investment Limited 佳鑫國際資源投資有限公司 公司秘書及授權代表變動 公司秘書及授權代表辭任 佳鑫國際資源投資有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 劉文靜女士（「劉女士」）已提呈辭任(i)本公司的公司秘書（「公司秘書」）；(ii)香港 聯合交易所有限公司（「聯交所」）證券上市規則第3.05條規定的本公司授權代表 （「授權代表」）；及(iii)董事會秘書，自2026年2月28日起生效。 劉女士已確認彼與董事會並無意見分歧，亦無有關彼辭任的事宜須提請本公司股 東及╱或聯交所垂注。 委任公司秘書及授權代表 董事會欣然宣佈，陳靜雅女士（「陳女士」）已獲委任為公司秘書及授權代表，自 2026年2月28日起生效。陳女士的履歷資料載列如下： 陳女士於公司秘書及企業管治領域擁有逾20年經驗，目前為香港中央證券登記有 ...

Group 1 - The Hang Seng Index rose by 0.75%, gaining 197 points to close at 26,578 points, while the Hang Seng Tech Index increased by 1.03% [1] - The Hong Kong stock market saw a trading volume of 121.8 billion HKD in the morning session [1] - MSCI China Index will officially include 37 new stocks, including Xiaoma Zhixing and HeSai, effective after the market closes on February 27 [1] Group 2 - JunDa Co., Ltd. saw a significant increase of over 21%, with institutions optimistic about its potential in space photovoltaic technology [2] - Sun Hung Kai Properties experienced a 7% rise, with a 16.7% increase in underlying profit to 12.213 billion HKD, leading the blue-chip stocks [3] - The price of tungsten continues to rise, contributing to a gain of over 7% for Jiaxin International Resources [4] Group 3 - Jinli Permanent Magnet increased by 4.36%, supported by a recent rise in rare earth prices driven by policy [5] - Guofu Quantum rose by over 5%, with a cumulative increase of 40% over the past seven trading days, and is expected to be included in the index next month [5] - Eagle Precision saw a rise of over 5%, reaching a new high since its listing, with a cumulative increase of over 70% year-to-date [6] Group 4 - Yunzhisheng increased by 7.65% after launching the Unisound U1-OCR intelligent document model [7] - Guofu Hydrogen Energy rose by 2%, participating in a national-level nuclear fusion research platform project [8] - Yabo Technology Holdings increased by over 7%, with a cumulative rise of nearly 140% since the holiday, collaborating with the Hong Kong Gold Exchange to develop an international precious metals trading platform [9] Group 5 - Chow Tai Fook's shares fell over 3% despite a mid-term net profit increase of over 15% and a dividend increase of approximately 3% to 0.28 HKD [10]