Summary of Huaxi Nonferrous Conference Call Company Overview - Huaxi Nonferrous is a leading non-ferrous metal company in South China, located in Guangxi. It was listed through a reverse merger with ST Nanhua in 2023. The company is part of the Guangxi Beibu Gulf Port Group and is the only non-ferrous metal listed company under the Guangxi State-owned Assets Supervision and Administration Commission [2][3][4]. Industry Insights - The global tin supply growth is expected to be around 2%, while demand growth is projected at 5%-6%. This indicates a persistent supply-demand imbalance in the coming years, with a projected tin deficit of approximately 13,000 tons in 2025, expanding to 25,000 tons in 2026, and reaching 28,000 tons by 2027 [3][12][13]. - The recent restructuring of tin mines in Indonesia has led to a 50% year-on-year decline in tin ingot exports, reducing global tin supply by about 5,000 tons, equivalent to a 2% decrease in global supply [2][11]. Production Plans and Growth Projections - Huaxi Nonferrous plans to enhance production through both organic growth and external expansion. Key projects include: - Increasing the production capacity of Gaofeng Mine from 300,000 tons/year to 450,000 tons/year. - Expanding the Tongkeng Mine to 3 million tons/year. - Additional expansions at the Fozim Mine [2][5][6]. - By 2028-2029, total tin production is expected to approach 20,000 tons, with equity production around 13,000-14,000 tons. This represents a significant increase from current levels of approximately 7,000 tons total and 5,000 tons equity [2][6]. Price Trends and Market Dynamics - The price of tantalum (T) has been volatile due to export control policies. Following a peak of 260,000 yuan earlier in the year, prices fell to around 180,000-190,000 yuan but are expected to recover to approximately 200,000 yuan due to improved market confidence [7][10]. - The recent delay in the implementation of U.S. export control policies has restored market confidence, leading to a rapid price increase for T products [9]. Valuation and Future Outlook - Huaxi Nonferrous currently has a low market valuation, but with its rich resource reserves and potential for growth, its valuation is expected to increase. A target market capitalization of over 30 billion yuan is projected based on a profit forecast of 2 billion yuan in 2026 and a price-to-earnings ratio of 15 [14]. - The integration of small and scattered enterprises in Guangxi is anticipated to enhance Huaxi Nonferrous's resource reserves, particularly in antimony and other rare metals, further boosting its production capacity and market competitiveness [15]. Key Takeaways - Huaxi Nonferrous is positioned for significant growth in production and market valuation, driven by strategic expansions and favorable market conditions in the non-ferrous metals sector [2][3][14].

Core Viewpoint - Jinwei Mining Co., Ltd. has demonstrated strong resilience in its operations, achieving growth in both revenue and net profit in the first three quarters of the year despite fluctuations in non-ferrous metal prices [1][2]. Financial Performance - For the first three quarters, Jinwei Mining reported a revenue of 1.18 billion yuan, an increase of 7.01% year-on-year, and a net profit attributable to shareholders of 346 million yuan, up 0.36% year-on-year [1]. - Zinc concentrate production reached 49,700 tons, a year-on-year increase of 10.16%, with sales also rising to 49,700 tons, up 10.46% [1]. - Lead concentrate (including silver) production was 16,300 tons, a year-on-year increase of 4.45%, with sales at 16,300 tons, up 2.86% [1]. Business Operations - Jinwei Mining's main business includes exploration, mining, processing, and sales of lead, zinc, and silver resources, with a mining capacity of 1.78 million tons per year [2]. - The company has completed the acquisition of the remaining equity of its subsidiary, Gansu Haosen Mining Co., Ltd., achieving 100% control over it, which solidifies the resource base for future growth [2]. - The Jianglu mining area has integrated three mining rights into Gansu Jinwei Xicheng Mining Co., Ltd., laying a solid foundation for future development [2]. Strategic Development - The Jianglu mining area flotation plant, with a capacity of 1.5 million tons per year, is expected to meet trial production conditions by the end of 2025, with all supporting construction completed [2]. - Jinwei Mining is increasing its exploration and development efforts in various mining areas, such as the Yangjiashan-Yuanjiaping lead-zinc-gold polymetallic exploration project, which has identified a resource scale of medium to large size [2]. - The company plans to continue deepening its focus on mineral resource mergers and acquisitions, with ongoing projects aimed at increasing resource reserves [3].