Group 1 - The core viewpoint of the article highlights the significant increase in tungsten prices, with major tungsten product prices doubling compared to the average price in 2024 [1] - As of September 3, the price of 65% black tungsten concentrate reached 278,000 CNY per standard ton, marking a 94.4% increase since the beginning of the year [1] - The company, Jiexin International Resources, is focused on tungsten resource development in Kazakhstan, with its Bakuta tungsten mine having a resource volume of 107.5 million tons of tungsten ore and a grade of 0.211% [1] Group 2 - The Bakuta tungsten mine has a reserve of 68.4 million tons of tungsten ore with a grade of 0.206%, containing 140,800 tons of WO [1] - According to招商证券, the company's core asset, the Bakuta tungsten mine, is already in production, and there are expectations for future production increases [1] - The company is expected to benefit from rising tungsten prices, leading to a potential rapid growth in profits [1]

Summary of the Conference Call for Zhangyuan Tungsten Industry Company Overview - Zhangyuan Tungsten Industry reported nearly 2.4 billion yuan in revenue for the first half of 2025, representing a year-on-year increase of 32% [2][4] - The net profit attributable to the parent company was 115 million yuan, with a staggering year-on-year growth of 2,954% [2][4] - Excluding tax incentives, operating profit and net profit attributable to the parent company increased by 15.94% and 16.87% respectively [2][4] - The company has an integrated production system covering upstream tungsten mining, midstream smelting and powder production, and downstream deep processing [2][6] Industry Insights - The tungsten market in the first half of 2025 experienced a continuous upward trend due to tightening supply, rigid downstream demand, and international geopolitical factors [3] - Average prices for tungsten products such as tungsten concentrate, ammonium paratungstate, tungsten powder, and tungsten carbide powder increased by over 11% year-on-year [3] Business Segments Upstream Operations - The company owns 10 exploration rights and 6 mining rights, with tungsten resource reserves of 79,400 tons [2][7] - Main upstream products include tungsten concentrate, which is used internally for producing ammonium paratungstate, and by-products like tin and copper concentrates [7] Midstream Operations - The midstream business focuses on producing various specifications of powder products, including ultrafine, medium, and coarse powders [8] - The company ranks first in ultrafine powder production and second in medium powder production as of the end of 2024 [8] Downstream Operations - Downstream operations consist of the main company, wholly-owned subsidiary Ganzhou Aokai, and Zhangyuan Spraying [9] - Ganzhou Aokai reported revenue of 350 million yuan in the first half of 2025, a 15% increase, and turned a profit from a previous loss [10] Production and Supply Chain - Tungsten ore production for the first half of 2025 was approximately 1,840 to 1,850 tons, with expectations for stable production in the second half [11] - The company received a national quota of 2,615 tons for the first half of 2025, with expectations for similar levels in the second half [11] - Ongoing resource integration at the Taoxikeng tungsten mine is expected to be completed by the first half of 2026 [11] Market Dynamics - The increase in tungsten prices is attributed to tightening supply and a seller's market, with significant price hikes observed recently [5][17] - Despite rising raw material prices, downstream demand for hard alloys has not been sufficient to support such rapid increases [17] Future Outlook - The company plans to maintain a stable dividend policy, adjusting based on performance [5][23] - Ongoing waste recycling projects are being explored, with the company possessing the technology for powder recovery [5][24] - The company is open to acquiring new mining assets if suitable opportunities arise [13] Additional Considerations - The overall self-sufficiency rate for tungsten may decline despite increased tungsten powder production [19] - The company’s tungsten inventory is sufficient for daily needs, with minimal changes compared to previous years [20] - There is no clear indication of joint resistance or procurement restrictions within the industry regarding current tungsten price hikes [21]

Group 1 - The global tungsten market is expected to maintain a tight supply-demand balance in 2025, with domestic black tungsten concentrate prices reaching a three-year high of approximately 25,600 USD/ton, reflecting a 12% increase compared to the same period in 2024 [1] - The Bakuta tungsten mine, owned by Jiaxin International, is recognized as the largest open-pit tungsten mine in terms of WO₃ resources globally, with a planned annual mining and processing capacity of 3.3 million tons of tungsten ore starting from April 2025 [1][2] - The global tungsten supply is highly concentrated, with China accounting for 80% of production, prompting Europe and the US to seek diversified sources, which Jiaxin International's overseas assets can fulfill [3] Group 2 - Jiaxin International's core competitive advantage lies in its resource endowment, with an estimated mineral resource of approximately 107 million tons containing 0.211% WO₃, translating to about 227,300 tons of WO₃ [2][3] - The company benefits from strong support from state-owned enterprises, with Jiangxi Copper and China Railway Construction providing synergies in upstream smelting and infrastructure, respectively, reducing logistics costs by 15%-20% [4] - The company plans to allocate 60% of its fundraising for the second phase of the Bakuta project, aiming to increase its annual mining and processing capacity to 4.95 million tons by 2027 [5] Group 3 - The global tungsten market is characterized by strong supply and demand, with a projected increase in tungsten consumption driven by sectors such as renewable energy and military applications [5][6] - The global tungsten supply has been tightening, with a significant gap between production and consumption, indicating a strong demand for tungsten resources [6][9] - Jiaxin International's strategic positioning and resource development are expected to enhance its capital strength and operational resilience, making it a key player in the international tungsten market [11]

Company Overview - Jaxin International Resources Investment Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, having passed the listing hearing on August 11, with China International Capital Corporation as the sole sponsor [1][5] - The company was established on August 29, 2014, and is focused on developing the Bakuta tungsten mine project in Kazakhstan [6] - The major shareholders include Hengzhao Holdings Group and Jiangxi Copper (Hong Kong) Investment Co., holding approximately 43.35% and 41.65% respectively [6] Mining Project Details - The Bakuta tungsten mine is recognized as the largest open-pit tungsten mine in terms of WO₃ mineral resources and the fourth largest overall [7] - As of June 30, 2025, the estimated mineral resource is approximately 107.5 million tons, containing 227,300 tons of WO₃ [7] - The company aims to achieve an annual mining and mineral processing capacity of 3.3 million tons of tungsten ore this year [8] Financial Performance - Jaxin International has not generated revenue in the past three years, with a reported revenue of HKD 26.31 million (approximately RMB 24.09 million) in the first half of this year [10] - The company has incurred significant losses over the past three years, totaling approximately HKD 352 million (around RMB 322 million) [10] - The debt-to-asset ratio has been high, reaching 101.6% as of the first half of this year [11] Market Context - China is the largest tungsten resource country, holding over 50% of global reserves and accounting for more than 80% of global production [12] - Due to resource depletion and environmental regulations, China's tungsten production has decreased from 69,000 tons in 2019 to an estimated 67,000 tons in 2024 [12] - The demand for tungsten is expected to grow, particularly in hard alloy products, with consumption projected to reach 65,500 tons by 2029 [12] Competitive Landscape - Jaxin International plans to sell tungsten products primarily to the Chinese market, competing with local tungsten producers [15] - The company faces risks associated with reliance on a single mining project, which could be affected by various operational challenges [15] - Tungsten prices are influenced by global supply and demand dynamics, with recent data indicating a significant price increase of 37.65% year-to-date [16]

Core Viewpoint - Jiaxin International Resources Investment Limited is preparing for its IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] Group 1: Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine, which is projected to be one of the largest open-pit tungsten mines globally by December 31, 2024 [4] - The Bakuta tungsten mine is estimated to have a mineral resource of approximately 107 million tons containing 0.211% WO3, equivalent to 227.3 thousand tons of WO3, as of June 30, 2025 [5] - The company plans to increase its annual mining and mineral processing capacity to 4.95 million tons by 2027 and aims to explore more opportunities in non-ferrous metal resources in Central Asia [5][6] Group 2: Financial Performance - The company reported operating losses of HKD 75.09 million, HKD 77.29 million, and approximately HKD 160 million for the fiscal years 2022, 2023, and 2024, respectively [6] - For the six months ending June 30, 2025, the company anticipates revenue of HKD 126.313 million, with a cost of sales of HKD 108.332 million, resulting in a gross profit of HKD 17.981 million [7] - The net loss attributable to the company's equity holders for the fiscal year 2024 is projected to be HKD 172.97 million, with a loss of HKD 6.989 million for the six months ending June 30, 2025 [7]

Core Viewpoint - Jiaxin International Resources Investment Limited is preparing for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1]. Group 1: Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine, which is recognized as one of the largest tungsten ore resources globally [4]. - The Bakuta tungsten mine is projected to start commercial production in April 2025, with a target annual mining and processing capacity of 3.3 million tons of tungsten ore [4]. Group 2: Resource Estimates - As of June 30, 2025, the estimated mineral resource of the Bakuta tungsten mine is approximately 107 million tons containing 0.211% WO3, equivalent to 227.3 thousand tons of WO3 [5]. - The mine has a credible ore reserve of 68.4 million tons with an average grade of 0.206% WO3, translating to 140.8 thousand tons of WO3 [5]. Group 3: Financial Performance - The company reported operating losses of HKD 75.09 million, HKD 77.29 million, and approximately HKD 160 million for the fiscal years 2022, 2023, and 2024, respectively [6]. - For the six months ending June 30, 2025, the projected operating loss is approximately HKD 69.72 million [6]. - The company has not generated any revenue in the years leading up to 2024, with projected revenue of HKD 126.31 million for 2025 [8].

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