Core Insights - 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 year-on-year [1] - Jiaxin International Resource Investment Co., Ltd. has successfully passed the listing hearing on August 11, 2025, with CICC as the sole sponsor, positioning itself to capitalize on the favorable market conditions [1] Group 1: Company Overview - Jiaxin International's Bakuta tungsten mine 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] - The estimated mineral resource of the Bakuta tungsten mine is approximately 107.5 million tons, containing 227.3 thousand tons of WO3, with a credible ore reserve of 68.4 million tons [2][3] Group 2: Competitive Advantages - The company benefits from scarce resources and low costs, creating a competitive moat, with the Bakuta tungsten mine's resources being critical in a market where China accounts for 80% of global tungsten production [3] - The Bakuta mine's second-phase development is included in Kazakhstan's strategic mineral list, with local government support in terms of tax incentives and infrastructure [3] Group 3: Strategic Positioning - Jiaxin International's unique shareholder background, including Jiangxi Copper and China Railway Construction, provides synergistic advantages across the entire industry chain, reducing sales risks and logistics costs by 15%-20% [4] - The company is positioned to benefit from the current strong supply-demand dynamics in the tungsten market, with a planned 60% of its fundraising allocated to the second phase of the Bakuta project [5] Group 4: Market Outlook - The global tungsten supply is expected to remain tight, with a projected increase in tungsten consumption driven by sectors such as renewable energy and military applications, leading to a forecasted demand of 15.11 million tons by 2028 [6] - The company is poised to capitalize on the rising tungsten prices, which are anticipated to reach historical highs due to tightening supply and increasing demand from both domestic and international markets [7] Group 5: Future Prospects - Jiaxin International's story is characterized by the race between resource endowment and commercial realization, with the potential for cash flow and valuation re-rating if commercialization proceeds smoothly [8] - The company is expected to become a significant player in the international tungsten market, leveraging its strategic resource acquisition and strong partnerships to navigate industry fluctuations [10]

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]