Group 1 - The core viewpoint of the article highlights that Jaxin International Resources (03858) has seen a stock price increase of over 4%, reaching 78.2 HKD, amidst a generally declining market for precious and base metals [1] - The tungsten market is performing strongly, with the price of 65% black tungsten concentrate at 632,000 RMB per standard ton, reflecting a 37.4% increase since the beginning of the year [1] - The price of ammonium paratungstate (APT) has risen to 940,000 RMB per ton, marking a 40.3% increase year-to-date [1] Group 2 - First Shanghai believes that the company's scarce tungsten resources are entering a phase of commercialization, indicating a potential valuation restructuring [1] - The company is at a critical inflection point for value release, possessing world-class core assets that lay the foundation for long-term growth [1]

Core Viewpoint - Jiajin International Resources (03858) has seen a stock price increase of over 4%, currently trading at 78.2 HKD with a transaction volume of 64.246 million HKD, amidst a generally declining market for precious and base metals [1] Group 1: Market Performance - The tungsten market is performing strongly despite a broader decline in global precious and base metals [1] - As of the latest update, the price of 65% black tungsten concentrate is 632,000 RMB per standard ton, reflecting a 37.4% increase since the beginning of the year [1] - The price of ammonium paratungstate (APT) is 940,000 RMB per ton, which is a 40.3% increase year-to-date [1] Group 2: Company Valuation - First Shanghai believes that the company's scarce tungsten mining resources are entering a phase of commercialization, indicating an imminent revaluation [1] - The company is at a critical point for value release and possesses world-class core assets, which lay the foundation for long-term growth [1]

Core Viewpoint - At the end of Q3 2025, Atour's revenue growth is significantly driven by its retail business, which has led to increased marketing expenses, raising questions about its valuation as a hotel or a home textile company [4][12][30]. Group 1: Financial Performance - In Q3 2025, Atour achieved a revenue of 2.628 billion RMB, a year-on-year increase of 38.4%, and an adjusted net profit of 488 million RMB, up 27.0% [4][5]. - Atour's GMV reached 994 million RMB in Q3, reflecting a year-on-year growth of 75.5% [5]. - Retail revenue for the first three quarters of 2025 was 2.505 billion RMB, a substantial increase of 74.81%, contributing 35.78% to total revenue [12][23]. Group 2: Marketing and Sales Expenses - Marketing expenses as a percentage of total revenue rose from 6.19% in 2022 to 14.71% in Q3 2025, indicating a significant increase in advertising spending [7][9]. - It is estimated that Atour spent approximately 6.12 million RMB on marketing for its retail business in the first three quarters of 2025, with a sales expense ratio of about 24.43% [16][30]. Group 3: Business Model and Market Position - Atour's retail business, launched in 2021, has shown a cost structure similar to home textile companies, suggesting a shift towards a "home textile" model [20][31]. - The retail business's revenue contribution has been increasing annually, from 15.42% in 2022 to 35.78% in Q3 2025, indicating a potential future where retail could rival its hotel operations [23][32]. - The current valuation of Atour as a hotel stock (PE ratio of 25-28) contrasts with home textile companies like Luolai Life, which trades at a lower PE ratio of 14-16, raising questions about Atour's market positioning [24][30].