Core Viewpoint - The formal development of the world-class Duolong copper mine in Tibet is approaching, with Hongda Co., Ltd. planning to increase investment in its subsidiary Duolong Mining Co., Ltd. alongside its controlling shareholder, Sichuan Hongda Group [1][4]. Investment and Financials - Hongda Co., Ltd. will contribute 159 million yuan to the investment in Duolong Mining, maintaining the shareholding ratios of 30%, 40%, and 30% among Hongda, Hongda Group, and Xizang Shengyuan Mining Group respectively [3][4]. - As of June 30, 2025, Duolong Mining's total assets are valued at 755 million yuan, with net assets of 535 million yuan and a debt-to-asset ratio of 29.18% [4]. Resource and Production Capacity - The Duolong copper mine is recognized as "China's only undeveloped world-class copper mine," with proven copper reserves of 20 million tons and ore resources of 1.44 billion tons, averaging a copper grade of 0.48% [4][5]. - The designed mining scale for the Duolong copper mine is 75 million tons per year, with an estimated annual copper production capacity of approximately 360,000 tons [4][5]. Development Challenges - The delay in the development of the Duolong copper mine has been attributed to challenging high-altitude conditions, significant upfront investment, and previous legal issues that led to the freezing of Hongda's shares in Duolong Mining [5][6]. - The judicial freeze on Hongda's 30% stake in Duolong Mining has been lifted, allowing for progress in the mining project [5]. Future Plans - Hongda Co., Ltd. has indicated that due to the large scale and high investment of the Duolong copper mine project, funding will be sourced through shareholder investments and external financing as development progresses [6].