Investment Rating - The investment rating for Jiang Tung Equipment is "Buy" [3] Core Views - The company is expected to turn a profit in Q4 2025, with tungsten prices reaching historical highs, leading to a potential revaluation of its value [1] - The company completed a significant asset swap, divesting its core coal business and acquiring a 57% stake in Jinhuan Magnetic Separation, which is projected to contribute positively to net profits from 2025 to 2027 [1][2] - The tungsten market is experiencing a price surge due to supply constraints, with domestic tungsten concentrate prices reaching 288,000 CNY per standard ton, a 101.4% increase from the beginning of the year [1] Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 730 million CNY, a year-on-year decrease of 51.52%, and a net loss of 16.9 million CNY, which is an improvement from a net loss of 80.98 million CNY in the same period last year [1] - The company expects to achieve net profits of -260 million CNY, 25 million CNY, and 29 million CNY from 2025 to 2027, respectively [2] Business Developments - The asset swap completed in August 2025 involved the divestment of Jiangxi Coal Industry's 100% equity and the acquisition of a stake in Jinhuan Magnetic Separation, which is expected to generate a minimum net profit of 54.69 million CNY, 55.47 million CNY, and 56.26 million CNY from 2025 to 2027 [1][2] - The company holds 496,600 tons of tungsten resources, primarily black tungsten, with an estimated annual revenue of approximately 2.17 billion CNY from tungsten concentrate sales [2] Market Outlook - The tungsten business is estimated to contribute a net profit of approximately 750 million CNY annually, with the overall value of the tungsten assets projected to be between 19.1 billion CNY and 20.6 billion CNY [2] - The tantalum, niobium, and lithium business is also expected to have a market value of around 10 billion CNY, based on current pricing trends [2]