Group 1 - The core viewpoint of the article is that Jiaxin International Resources (03858) is expected to turn a profit in 2025, with a projected net profit attributable to shareholders of approximately HKD 300 million to HKD 340 million, reversing from a loss in the previous year [1] - The company anticipates that it will not generate any revenue in 2024, leading to losses, but will commence commercial production in April 2025, marking the start of profit generation [1] - The stock price of Jiaxin International Resources has increased by nearly 7%, with a current price of HKD 88.4 and a trading volume of HKD 87.2766 million [1] Group 2 - Recent reports indicate that the price of black tungsten concentrate has risen by 25.19% to RMB 671,000 per ton, while the price of ammonium paratungstate has increased by 24.68% to RMB 985,000 per ton [1] - Supply-side factors include stricter safety and environmental controls in mines, leading to a noticeable decline in production and shipments as the year-end approaches [1] - On the demand side, domestic demand remains stable, primarily driven by essential purchases, with a positive outlook for PCB tool demand [1]