Core Viewpoint - Anhui Jinyan High-Tech Materials Co., Ltd. (referred to as Jinyan High-Tech) has passed the listing hearing on the Hong Kong Stock Exchange, with Guoyuan International and Minyin Capital serving as joint sponsors [1] Company Overview - Jinyan High-Tech specializes in coal series kaolin in China, possessing a fully integrated value chain from mining, R&D, processing to production and sales [4] - The company ranks fifth in the market with a 5.4% market share in the revenue of coal series calcined kaolin companies in China as of 2024 [4] Product Offering - The main products include precision casting mullite materials and refractory mullite materials, which are essential for precision casting shells and refractory materials [4] - The company also sells semi-coke powder, which can be further processed by customers [4] Market Position - Jinyan High-Tech is the largest producer of precision casting mullite materials in China, holding a market share of 19.1% as of 2024 [5] - The market for precision casting mullite materials in China is expected to grow from RMB 972 million in 2024 to RMB 1.362 billion by 2029, with a compound annual growth rate (CAGR) of 7.0% [5] - The market for refractory mullite materials is projected to increase from RMB 5.526 billion in 2024 to RMB 6.431 billion by 2029, with a CAGR of 3.1% [5] Resource Acquisition - In October 2021, the company entered into an asset transfer agreement with Shuli Mining, acquiring the Shuli kaolin mine [5] - As of May 31, 2025, the estimated total mineral resources of the Shuli kaolin mine are approximately 18,649 thousand tons, with proven resources of 2,367 thousand tons, controlled resources of 8,990 thousand tons, and inferred resources of 7,292 thousand tons [5] Financial Performance - For the fiscal years ending December 31, the company reported revenues of approximately RMB 190.4 million in 2022, RMB 204.7 million in 2023, and projected RMB 267.1 million in 2024 [6] - The net profit and total comprehensive income for the same periods were RMB 24.4 million, RMB 43.6 million, and RMB 52.6 million respectively [6] - For the five months ending May 31, 2024, the company achieved revenue of approximately RMB 88.3 million and a net profit of RMB 14.5 million [6]

Core Viewpoint - Anhui Jinyan High-Tech Materials Co., Ltd. (referred to as Jinyan High-Tech) has passed the listing hearing on the Hong Kong Stock Exchange, with Guoyuan International and Minyin Capital as joint sponsors [1][3]. Company Overview - Jinyan High-Tech specializes in coal series kaolin in China, possessing a fully integrated value chain from mining, R&D, processing to production and sales [3]. - The company ranks fifth in the market with a 5.4% market share in the coal series calcined kaolin sector, based on revenue projections for 2024 [3][4]. Product Offering - The main products include precision casting mullite materials and refractory mullite materials, which are essential for precision casting shells and refractory materials [3]. - The company also sells semi-coke and semi-powder, which customers can further process [3]. Market Position - Jinyan High-Tech is the largest producer of precision casting mullite materials in China, holding a 19.1% market share according to 2024 revenue estimates [4]. - The market for precision casting mullite materials in China is expected to grow from RMB 972 million in 2024 to RMB 1.362 billion by 2029, with a compound annual growth rate (CAGR) of 7.0% [4]. - The market for refractory mullite materials is projected to increase from RMB 5.526 billion in 2024 to RMB 6.431 billion by 2029, with a CAGR of 3.1% [4]. Resource Base - The company has secured rich and high-quality mineral resources, including the acquisition of the Shuli kaolin mine in October 2021, which has an estimated total mineral resource of approximately 18.649 million tons [4]. Financial Performance - For the fiscal years ending December 31, Jinyan High-Tech reported revenues of approximately RMB 190.4 million in 2022, RMB 205 million in 2023, and projected RMB 267.1 million in 2024 [5]. - The net profit and total comprehensive income for the same periods were RMB 24.4 million, RMB 43.6 million, and RMB 52.6 million, respectively [5]. - The company’s revenue for the five months ending May 31, 2024, is projected at RMB 88.3 million, with a net profit of RMB 14.5 million [5].

Core Points - Longgao Co., Ltd. has seen a stock price increase of 5.07% on November 13, reaching 29.21 CNY per share, with a trading volume of 194 million CNY and a turnover rate of 3.79%, resulting in a total market capitalization of 5.234 billion CNY [1] - The stock has experienced a continuous rise for three days, accumulating a total increase of 14.64% during this period [1] Company Overview - Longgao Co., Ltd. is located in Longyan City, Fujian Province, and was established on April 25, 2003, with its listing date on April 16, 2021 [1] - The company's main business involves the mining, processing, and sales of kaolin, along with related technology research and development [1] - The revenue composition of the main business includes: raw ore 41.94%, comprehensive utilization 31.47%, refined ore 25.56%, and others 1.03% [1] Fund Holdings - According to data, one fund under Chuangjin Hexin holds a significant position in Longgao Co., Ltd., specifically the Chuangjin Hexin Qifu Selected Stock Initiation A (019338), which held 31,000 shares in the third quarter, accounting for 1.47% of the fund's net value [2] - The fund has realized a floating profit of approximately 43,700 CNY today, with a total floating profit of 110,100 CNY during the three-day increase [2] - The fund was established on September 19, 2023, with a latest scale of 20.1917 million CNY and has achieved a year-to-date return of 45.85%, ranking 660 out of 4216 in its category [2]

Group 1 - Longgao Co., Ltd. experienced a stock price increase of 5.02%, reaching 27.43 CNY per share, with a trading volume of 170 million CNY and a turnover rate of 3.54%, resulting in a total market capitalization of 4.915 billion CNY [1] - The company, established on April 25, 2003, and listed on April 16, 2021, is primarily engaged in the mining, processing, and sales of kaolin, along with related technology research and development [1] - The revenue composition of Longgao Co., Ltd. includes raw ore at 41.94%, comprehensive utilization at 31.47%, refined ore at 25.56%, and other sources at 1.03% [1] Group 2 - According to data, the fund "Chuangjin Hexin Qifu Youxuan Stock Initiation A" holds a significant position in Longgao Co., Ltd., with 31,000 shares, accounting for 1.47% of the fund's net value, ranking as the tenth largest holding [2] - The fund was established on September 19, 2023, with a latest scale of 20.1917 million CNY, achieving a year-to-date return of 45.28%, ranking 802 out of 4216 in its category [2] - The fund managers, Zhang Rong and Wang Yan, have tenures of 10 years and 5 years respectively, with Zhang's best fund return at 55.09% and Wang's at 47.01% during their respective tenures [2]

Group 1 - Sichuan Jinding's stock price increased by 7.33% on November 11, reaching 12.88 CNY per share, with a trading volume of 722 million CNY and a turnover rate of 16.85%, resulting in a total market capitalization of 4.495 billion CNY [1] - The stock has risen for four consecutive days, with a cumulative increase of 24.48% during this period [1] - Sichuan Jinding was established on September 7, 1988, and listed on October 8, 1993, primarily engaged in non-metallic mineral mining, processing, and product sales [1] Group 2 - The main revenue composition of Sichuan Jinding includes limestone (86.66%), logistics and transportation (7.41%), calcium oxide (3.16%), rental income (1.43%), and other services [1] - Among the top ten circulating shareholders, a fund under GF Fund, the GF CSI Building Materials Index A (004856), entered the list in the third quarter, holding 853,300 shares, accounting for 0.24% of circulating shares [2] - The fund has generated an estimated floating profit of approximately 750,900 CNY today and 2,013,900 CNY during the four-day increase [2] Group 3 - The fund manager of GF CSI Building Materials Index A is Lu Zhiming, who has a tenure of 14 years and 166 days, managing assets totaling 24.063 billion CNY [3] - The fund's best return during Lu's tenure was 119.61%, while the worst return was -63.28% [3]

Group 1 - The company will hold its fourth extraordinary general meeting of shareholders on November 18, 2025, with the record date for shareholders being November 11, 2025 [2][20] - The meeting will be conducted using a combination of on-site and online voting methods, with specific time slots for voting [3][4] - The company has confirmed that there are no major undisclosed matters that could affect its stock price, and it has been monitoring market rumors related to its subsidiaries [21][22] Group 2 - The company's stock experienced a significant price fluctuation, with a cumulative increase of over 20% over three consecutive trading days [21][23] - The company has clarified that its subsidiary, Kaishi Information Technology Co., Ltd., does not engage in space computing concepts and has not yet achieved profitability [27][32] - The company has established a new subsidiary, Dingjin Gold Mining Co., Ltd., with a registered capital of 10 million yuan, but it has not yet commenced business operations [28][32]

Core Insights - The report highlights the current state and future trends of the non-metallic mineral products industry in China from 2025 to 2031 [1] Industry Overview - As of January to September 2025, the number of enterprises in the non-metallic mineral mining and selection industry is 4,027, which is a decrease of 64 compared to the same period last year, representing a year-on-year decline of 1.56% [1] - The non-metallic mineral mining and selection industry accounts for 0.77% of the total industrial enterprises [1] Company Listings - The report mentions several listed companies in the non-metallic mineral sector, including Changjiang Materials (001296), Power Diamond (301071), Suotong Development (603612), and others [1]

Summary of Key Points Core Viewpoint - The company held a performance briefing on November 7, 2025, to discuss its third-quarter results and engage with investors regarding its operational and financial status. Group 1: Meeting Details - The performance briefing was conducted online from 15:00 to 16:00 on November 7, 2025, at the Shanghai Stock Exchange Roadshow Center [1] - Key executives present included Chairman Liang Fei, General Manager Niu Ouzhou, and other board members [2] Group 2: Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 412.22 million yuan, an increase of 188.68 million yuan, representing an 84.41% growth compared to the same period last year [4] - The net profit attributable to shareholders was 32.09 million yuan, marking a turnaround from a loss in the previous year [4] Group 3: Strategic Initiatives - The company continues to focus on its core business of non-metallic mineral mining and processing, enhancing production management, and expanding into limestone and aggregate markets [4] - The company is advancing the construction of the Luoyang Jinding Environmental Building Materials Industrial Base project, with one concrete production line already in trial production [7] - The implementation of the 5G Smart Mine project aims to improve safety and operational efficiency through advanced technologies such as AI and industrial internet [4][7] Group 4: Corporate Vision and Values - The company emphasizes its core values of integrity, responsibility, excellence, innovation, and dedication, aiming for green and low-carbon development through digital technology [5]

Core Insights - Gansu Province has discovered a super-large magnesium dolomite mine with a resource volume exceeding 700 million tons, marking a significant breakthrough in mineral resource exploration in the region [1] Group 1: Discovery Details - The mine is located in the Kongtong District of Pingliang City, specifically in the Zhuanmatai area [1] - The exploration results indicate that the ore body is situated in the Middle Proterozoic Jixian System Wangquankou Formation shallow marine carbonate rock strata, with five layered magnesium dolomite ore bodies identified [1] - The average magnesium oxide grade in the ore is 20.67%, classifying it as a high-quality magnesium dolomite mine, characterized by a large scale, shallow burial, gentle dip, and stable thickness, making it suitable for open-pit mining [1] Group 2: Resource Utilization - It is estimated that over 700 million tons of dolomite ore for magnesium use has been confirmed within the open-pit mining area, along with more than 300 million tons of dolomite for construction purposes [1] - The resource has diverse utilization value, serving as an important raw material for magnesium metallurgy, and can also be applied in refractory materials, metallurgical flux, glass, and ceramics, indicating significant potential for comprehensive resource utilization [1]

Core Viewpoint - Sichuan Jinding's stock price increased by 5.65% to 10.48 CNY per share, with a trading volume of 338 million CNY and a turnover rate of 9.64%, resulting in a total market capitalization of 3.657 billion CNY [1] Group 1: Company Overview - Sichuan Jinding (Group) Co., Ltd. is located in Emeishan, Leshan City, Sichuan Province, established on September 7, 1988, and listed on October 8, 1993 [1] - The company's main business involves non-metallic mineral mining, processing, and product sales, with revenue composition as follows: limestone 86.66%, logistics and transportation 7.41%, calcium oxide 3.16%, rental income 1.43%, ready-mixed concrete and cement-stabilized crushed stone 1.41%, and IT equipment information technology services 0.02% [1] Group 2: Shareholder Information - Guotai Fund's ETF, Guotai Zhongzheng All Index Building Materials ETF (159745), entered the top ten circulating shareholders of Sichuan Jinding in the third quarter, holding 1.1934 million shares, which is 0.34% of the circulating shares [2] - The estimated floating profit for the ETF today is approximately 668,300 CNY [2] Group 3: Fund Performance - Guotai Zhongzheng All Index Building Materials ETF (159745) was established on June 9, 2021, with a current size of 1.102 billion CNY and a year-to-date return of 12.14%, ranking 3483 out of 4216 in its category [2] - The fund has a one-year return of 1.02%, ranking 3686 out of 3913, and has experienced a cumulative loss of 34.68% since its inception [2]