智通财经APP获悉，佳鑫国际资源(03858)涨超6%，截至发稿，涨6.36%，报33.76港元，成交额9864.41 万港元。 招商证券指出，佳鑫国际资源核心资产为巴库塔钨矿，为全球最大露天钨矿，在单体钨矿中拥有全球最 大的设计钨矿产能。公司核心资产目前已投产，未来仍有增产预期，受益钨价上行，公司利润有望高速 增长。该行指出，截至今年上半年，巴库塔钨矿拥有资源量107.5 百万吨钨矿石，品位0.211%，含22.7 万吨 WO₃，储量为68.4 百万吨钨矿石，品位0.206%，含 14.08 万吨 WO₃。 消息面上，据中钨在线，自2025年3月以来，中国钨价呈现持续攀升态势，8月份出现阶段性暴涨，至9 月上旬达到历史峰值并实现主要钨制品价格年内翻番。中钨在线指出，截至2025年9月底，尽管有一定 幅度的回落，但65%黑钨精矿价格从年初的14.3万元/标吨快速上升，至9月上旬突破28.8万元/标吨峰值 后，回落至27.1万元/标吨，仍较年初上涨约89.5%。 ...

Core Viewpoint - The stock price of Jaxin International Resources (03858) has increased by over 9%, currently trading at 32.8 HKD, driven by rising tungsten prices and strong performance expectations from its core asset, the Bakuta tungsten mine [1] Company Summary - Jaxin International Resources focuses on tungsten resource development in Kazakhstan, with the Bakuta tungsten mine being its core asset [1] - As of the first half of this year, the Bakuta tungsten mine has a resource volume of 107.5 million tons of tungsten ore, with a grade of 0.211%, containing 22.7 thousand tons of WO₃ [1] - The mine's reserves are reported at 68.4 million tons of tungsten ore, with a grade of 0.206%, containing 14.08 thousand tons of WO₃ [1] Industry Summary - Tungsten prices have significantly increased, 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, reflecting a 94.4% increase since the beginning of the year [1] - The rising tungsten prices are expected to lead to substantial profit growth for companies like Jaxin International Resources, which are positioned to benefit from this upward trend [1]

Group 1 - The core viewpoint of the news is that Jaxin International Resources (03858) has successfully completed its IPO subscription, achieving a subscription amount of HKD 144 billion, which is nearly 1200 times oversubscribed compared to the public offering amount of HKD 1.2 billion [1] - Jaxin International Resources plans to issue 110 million shares, with 10% allocated for public offering at a price of HKD 10.92 per share, aiming to raise approximately HKD 1.2 billion [1] - The company is based in Kazakhstan and focuses on the development of the Bakuta tungsten mine project, which is projected to be one of the largest tungsten ore resources globally by December 31, 2024 [1] Group 2 - Financial data indicates that the company incurred net losses of HKD 94.5 million, HKD 80.1 million, HKD 177 million, and HKD 7 million for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [2] - The Bakuta tungsten mine project is set to commence its first phase of commercial production in April 2025, with a targeted annual mining and mineral processing capacity of 3.3 million tons of tungsten ore for that year [1][2]

Group 1: Company Overview - Double Power Co., Ltd. is a leading company in the energy storage business within the big data and communications sector, focusing on the design, research, manufacturing, and sales of energy storage batteries and systems [1][2] - The company plans to globally offer 58.557 million H-shares, with a total market value of HKD 6.048 billion post-IPO, and is set to list on August 26 [1] - The company has served five of the world's top ten telecommunications operators and nearly 30% of the top 100 global telecommunications operators [1][2] Group 2: Financial Performance - The company has shown steady revenue growth over the past three years, with revenues of RMB 4.072 billion, RMB 4.260 billion, and RMB 4.500 billion for 2022, 2023, and 2024 respectively [2] - Gross profits for the same years were RMB 690 million, RMB 867 million, and RMB 751 million, with gross margins of 16.9%, 20.3%, and 16.7% [2] - Net profits for the years were RMB 281 million, RMB 385 million, and RMB 353 million [2] Group 3: Market Position and Industry Outlook - According to Frost & Sullivan, Double Power Co., Ltd. ranks first in global shipments of energy storage batteries for telecommunications and data centers, with a market share of 11.1% in 2024 [1][2] - The global demand for communication networks is expected to grow due to the rapid adoption of technologies such as mobile communications, IoT, big data, AI, and 5G [2] - The global new installed capacity for communication energy storage is projected to increase from 25.1 GWh in 2020 to 43.9 GWh in 2024, with a compound annual growth rate of 15% [2] Group 4: Other Companies - Jiaxin International Resources is set to list on August 28, focusing on the development and operation of the Bakuta tungsten mine, which has the largest proven tungsten resource among open-pit tungsten mines globally [3][4] - The Bakuta tungsten mine has an estimated resource of 108 million tons, containing 22.73 million tons of WO3, and is included in the Belt and Road Initiative [3][4] - The company aims to achieve an annual mining and mineral processing capacity of 3.3 million tons of tungsten ore by 2025, increasing to 4.95 million tons by 2027 [4]

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]

Group 1 - The core viewpoint of the article is that Jiaxin International Resources Investment Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] - The company focuses on the development of the Bakuta tungsten mine project in Kazakhstan, which is the largest open-pit tungsten trioxide mineral resource globally as of December 31, 2024, and the fourth largest in terms of tungsten trioxide mineral resources [1] - The Bakuta tungsten mine project is expected to commence its first phase of commercial production in April 2025, with a target annual mining and mineral processing capacity of 3.3 million tons of tungsten ore for the year 2025 [1] Group 2 - As of June 30, 2025, the estimated mineral resource of the Bakuta tungsten mine is approximately 107 million tons, with a credible ore reserve of 68.4 million tons [1] - The company plans to increase its annual mining and processing capacity to 4.95 million tons by 2027 and to construct deep processing facilities to produce ammonium paratungstate (APT) and tungsten carbide (WC) [1]

Transaction Overview - The company successfully acquired 74.3% equity of Hunan Linwu Jiayu Mining Co., Ltd. for 220 million yuan through a bidding process on JD Asset Trading Platform [1][9] - The equity was purchased from two sellers: Huang Huamao (51 million shares, 41.34% stake) for 122.4 million yuan and Shenzhen Huayong Asset Management Co., Ltd. (40.67 million shares, 32.96% stake) for 97.6 million yuan [1][9] - The transaction was settled in cash and did not involve the issuance of shares, with funding sourced from the registered capital of Changling Mining [1][9] Company Background - Jiayu Mining was established on January 16, 2014, with a registered capital of 123.376 million yuan, focusing on mining, selection, and smelting of non-ferrous and black metal ores [5][6] - The company operates in the mining sector, specifically dealing with tin, tungsten, lead, and zinc [6][8] Strategic Rationale - The acquisition aims to diversify the company's operations, which have been under pressure due to low lithium carbonate prices affecting revenue and profitability [9] - By entering the non-ferrous metal mining sector, the company seeks to leverage its expertise in lithium resource development and mineral processing to enhance Jiayu Mining's production and revenue [9] - The main minerals from Jiayu Mining, such as tin and tungsten, are critical for industries like military, aerospace, semiconductors, and new energy materials [9] Financial and Operational Impact - The company plans to conduct an audit and evaluation of Jiayu Mining post-acquisition to determine if it constitutes a major asset restructuring [1][9] - The acquisition is expected to improve the company's overall performance and revenue by 2025, while also stabilizing profits through diversification [9]

Core Viewpoint - Jiaxin International Resources Investment Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, marking its third attempt after previous failures [1] Group 1: Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine [2] - The Bakuta tungsten mine is recognized as the world's fourth-largest tungsten mine by resource volume, with a total mineral resource of 230,000 tons and the largest designed tungsten production capacity [2][3] Group 2: Financial Performance - Jiaxin International reported annual losses of HKD 94.45 million, HKD 80.129 million, and HKD 177 million from 2022 to 2024, accumulating over HKD 300 million in losses over three years [2] - Administrative expenses have shown a compound annual growth rate of 35.99%, with respective expenses of approximately HKD 40 million, HKD 70 million, and HKD 80 million during the same period [2] Group 3: Project Development - The Bakuta tungsten mine project has been in the exploration and development stage, with no confirmed revenue to date [2] - The project is expected to enter commercial production in the second quarter of 2025, with a targeted mining and mineral processing capacity of 3.3 million tons of tungsten ore for that year [3] Group 4: Shareholding Structure - The pre-listing shareholding structure of Jiaxin International includes significant stakeholders such as Jiangxi Copper (41.65%), Hengzhao International controlled by Liu Zijia (43.35%), and China Railway Construction (10%) [4]