HK Stock Market Move | JIAXIN INTL RES (03858) jumped over 4% in the morning, the Bakuta tungsten mine continues to increase production, and the tight supply situation of tungsten has not changed.

Jiaxin Intl Res (03858) rises more than 4% in the morning, as of the time of writing, up 4% at HK$119.5, with a turnover of HK$217 million. Guosen pointed out that all of Jiaxin's revenue comes from white tungsten concentrate. Since the start of commercial production and sales in April 2025, the company produced 5008 tons of white tungsten concentrate and sold 4879 tons in the year. With the ramp-up of production capacity and operational optimization, the company's cost structure is expected to further improve. It is estimated that the production volume will increase to around 9000 tons in 2026, and in 2027, with the operation of the second-stage waste disposal project, the designed annual processing capacity will reach 4.95 million tons/year, and the annual production volume will stabilize at over 13,000 tons after reaching full production. Jianghai Securities pointed out that in the short term, the market is experiencing a phased change, with the circulation of spot market increasing slightly due to the profit-taking and increased resources from tungsten waste recycling by holders, creating a slightly looser supply atmosphere. In the long-term perspective, due to limited global new tungsten mining capacity and the clear tightening of domestic supply, the supply-demand gap in the global tungsten market still exists, and the overall tight supply situation has not changed.