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: 2025年11月30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: 2025年12月1日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | ...

Core Viewpoint - The tungsten market in China is showing a strong upward trend as of November 2025, driven by a tight supply-demand balance and various positive factors, leading to significant price increases for tungsten concentrates [1] Company Summary - Jaxin International Resources (03858) has seen its stock price rise over 5%, currently at HKD 34.82, with a trading volume of HKD 16.3983 million [1] - The company, which went public on August 28, has experienced a stock price increase of 29% year-to-date, and a remarkable 359% increase based on its initial offering price, benefiting from its Bakuta tungsten mine in Kazakhstan [1] Industry Summary - The average price of 65% black tungsten concentrate reached CNY 322,100 per ton in November 2025, marking a 15.79% increase from October 2025 and a 124.50% increase year-on-year [1] - The average price of 65% white tungsten concentrate also saw a significant rise, reaching CNY 321,100 per ton, with a 15.85% month-on-month increase and a 125.37% year-on-year increase [1] - Factors contributing to the price increase include export controls, quota reductions, and a strong performance of major listed companies in the tungsten sector, which have outperformed the CSI 300 index [1]

Core Viewpoint - Jiajin International Resources (03858) has seen a significant stock price increase, attributed to rising tungsten prices and positive market dynamics [3] Company Summary - Jiajin International Resources' stock price rose over 8%, currently trading at 33.16 HKD with a trading volume of 24.58 million HKD [3] - The company's core asset, the Bakuta tungsten mine, is already in production with expectations for future output increases, benefiting from rising tungsten prices [3] Industry Summary - Tungsten prices are experiencing high volatility, with 65% black tungsten concentrate priced at 334,000 CNY per standard ton, up 133.6% from the beginning of the year, and 65% white tungsten concentrate at 333,000 CNY per standard ton, up 134.5% [3] - The supply side is tightening due to increased global reserves and China's implementation of total mining control, while the demand side is expected to grow due to diverse downstream applications [3] - The improvement in the supply-demand balance in the tungsten industry is likely to support high tungsten prices in the future [3]

Core Viewpoint - Jaxin International Resources (03858) has seen its stock price increase by over 8%, currently trading at 33.16 HKD, with a trading volume of 24.58 million HKD, driven by rising tungsten prices and positive market sentiment [1] Company Summary - Jaxin International Resources' core asset is the Bakuta tungsten mine, which has already commenced production and is expected to increase output in the future, benefiting from the rising tungsten prices [1] - The company is anticipated to experience rapid profit growth due to the upward trend in tungsten prices [1] Industry Summary - Tungsten prices are experiencing high volatility, with 65% black tungsten concentrate priced at 334,000 RMB per standard ton, up 133.6% from the beginning of the year, and 65% white tungsten concentrate priced at 333,000 RMB per standard ton, up 134.5% [1] - The supply side is tightening due to increased global reserves and China's implementation of total mining control, while the demand side is expected to grow due to diverse downstream applications, potentially supporting high tungsten prices [1]

Group 1 - The stock of Jiexin International Resources (03858) rose over 5% during the trading session, currently up 3.4% at HKD 32.22, with a trading volume of HKD 30.83 million [2] - The tungsten market continues to show a stable trend, with the price of 65% black tungsten concentrate reported at CNY 327,000 per standard ton, an increase of 128.7% compared to the beginning of the year [2] - The price of 65% white tungsten concentrate is reported at CNY 326,000 per standard ton, reflecting a 129.6% increase since the start of the year [2] Group 2 - According to Kaiyuan Securities, tungsten is a strategic metal in China, and its supply is constrained by resource depletion and environmental factors, along with national total control on tungsten mining, limiting production release [2] - The demand for tungsten is expected to remain tight due to emerging growth areas, which may lead to a continued upward trend in tungsten prices [2] - Beneficiaries of this trend include companies like Jiexin International Resources [2]

Core Viewpoint - The stock of Jaxin International Resources (03858) has seen a price increase, attributed to the stable performance of the tungsten market and rising prices of tungsten concentrates [1] Company Summary - Jaxin International Resources' stock rose over 5% during trading, currently at HKD 32.22, with a trading volume of HKD 30.83 million [1] - The company is positioned to benefit from the increasing demand for tungsten due to supply constraints and rising prices in the market [1] Industry Summary - The tungsten market continues to show a stable trend, with 65% black tungsten concentrate priced at CNY 327,000 per standard ton, up 128.7% since the beginning of the year [1] - The price for 65% white tungsten concentrate is reported at CNY 326,000 per standard ton, reflecting a 129.6% increase year-to-date [1] - Factors such as resource depletion, environmental regulations, and national control over tungsten mining contribute to limited tungsten supply, leading to a tight supply-demand balance and potential for further price increases [1]

Group 1 - Jiaxin International Resources (03858.HK) saw an afternoon increase of over 6% [1] - As of the report, the stock rose by 6.52%, reaching HKD 38.22 [1] - The trading volume amounted to HKD 52.45 million [1]

Group 1 - The core viewpoint of the article highlights the significant increase in tungsten prices since October, with various tungsten products experiencing substantial price hikes, indicating a strong market demand and supply constraints [1] - As of October 28, the price of black tungsten concentrate reached 288,000 yuan per ton, up 3,000 yuan from the previous trading day, while APT (Ammonium Paratungstate) prices rose to 425,000 yuan per ton, an increase of 7,000 yuan [1] - Tungsten powder prices also saw an increase, reaching 635 yuan per gram, up 5 yuan from the previous day, with prices having doubled compared to the beginning of the year [1] Group 2 - Huaxi Securities projects that tungsten prices will continue to remain high, with historical peaks expected, despite potential new supply from overseas that may take time to impact the market [1] - The current tight supply situation for tungsten is expected to provide support for prices, with future attention needed on the annual tungsten concentrate quota issuance [1] - Jiaxin International Resources, based in Kazakhstan, focuses on developing the Bakuta tungsten mine project, positioning itself to benefit from the rising tungsten prices [1]

Core Viewpoint - The stock of Jiexin International Resources (03858) has risen over 6%, driven by a significant increase in tungsten prices since October, with prices doubling compared to the beginning of the year [1] Company Summary - Jiexin International Resources is focused on developing the Bakuta tungsten mine project in Kazakhstan [1] Industry Summary - Tungsten products have seen a rapid price increase, with black tungsten concentrate quoted at 288,000 yuan/ton, up 3,000 yuan/ton from the previous trading day, and APT quoted at 425,000 yuan/ton, up 7,000 yuan/ton [1] - Tungsten powder prices have also increased to 635 yuan/gram, up 5 yuan/gram [1] - According to Huaxi Securities, tungsten prices have been consistently high since early 2025, reaching historical highs, with tight supply conditions expected to support prices in the future [1] - Although there is potential new supply overseas, it will take time to impact the market, and the current tight supply situation is expected to persist [1]

Group 1 - Tungsten is experiencing a significant price increase, with prices doubling compared to the beginning of the year, including black tungsten concentrate rising by 101.4% to 143,000 CNY/ton [1] - The supply side is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable, primarily driven by essential purchases [1] - Major companies are managing cost pressures through diversified strategies, effectively transmitting costs without being passively affected [1] Group 2 - The Ministry of Commerce's announcement regarding the export conditions for tungsten, antimony, and silver indicates a positive signal for antimony exports, with expectations for a rebound in prices [2] - The rapid price increase of tungsten in the third quarter has enhanced the pricing power of downstream industries, leading to significant earnings growth for integrated companies [2] Group 3 - Jiaxin International Resources focuses on the Bakuta tungsten mine project in Kazakhstan, with expectations for profit growth due to rising tungsten prices [3] - Luoyang Molybdenum's production guidance for 2025 indicates an expected tungsten metal output of 6,500 to 7,500 tons [3]