Zhe Kuang Heavy Industry (SZ:300837)2026-01-06 11:32Group 1: Acquisition Overview - The company is acquiring Alaigyr Company and its lead-silver mine, which is owned by the Kazakhstan National Mining Company, a state-owned asset [4] - The acquisition is part of the company's strategy to expand its mining operations and overseas business [4] - The acquisition amount is structured as a debt acquisition, comprising two parts: equity purchase and repayment of loans to the state mining company [11] Group 2: Strategic Rationale - The selected asset has good infrastructure, which will shorten the time to production after acquisition [4] - The acquisition aligns with the company's "equipment + resources" strategy, enhancing its position in the downstream mineral resource sector [4] - The company aims to leverage its mining operation experience to enhance global market presence, particularly in Central Asia [4] Group 3: Financial Projections and Risks - The company expects to complete the acquisition and resume production by mid-2026, with anticipated performance impact in 2027 [5] - The project is subject to various approvals, including antitrust reviews and regulatory approvals in Kazakhstan and China, which pose potential risks [4] - The company reported a revenue of CNY 69.9 million with a gross margin of 31.93% for its operational management business in the first half of 2025, indicating positive growth [8] Group 4: Future Plans and Investments - Future overseas resource investments will be cautiously pursued, focusing on medium-sized metal mines [9] - The company plans to utilize its subsidiary, Hainan Changxing, for the Alaigyr project and potentially other overseas investments [7] - The company will continue to enhance its global footprint in equipment sales and mining operations, aiming to increase overseas revenue [9]