佳鑫国际资源 (03858.HK) 2026智通财经夏季路演大会
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会议摘要
Under the belt and road initiative initiative, Jiaxing International has focused on the development of green mines and has successfully operated the Baguta Tungsten Mine in Kazakhstan, with an annual processing capacity of 28 million tons and plans to increase it to 49.5 million tons by 2027. Benefiting from low-cost production, policy support and good government relations, the company will expand deep-processing products such as APT and carbide powder in the future, and consider the development of copper, gold and polymetallic mines. In 2025, operating income was 1.063 billion, gross profit margin was 49%, and total assets increased by 89.5. In the face of price fluctuations, the company is optimistic about long-term demand, will continue to optimize costs, improve resource utilization, and study downstream customer screening mechanisms to cope with political risks and market changes, capacity expansion as planned.
会议速览
Sino-Kazakhstan Cooperative Mine Project: Practice of Green Mining and Capacity UpgradingThe green mining concept and capacity improvement plan of the China-Kazakhstan capacity cooperation mine project are demonstrated, including business expansion in 2014, the first phase of production and successful listing in 2025, and the planned capacity upgrade to 49.5 million tons in 2027. The production of APT and carbide powder will also be studied in the future.
Bakuta Tungsten Mine: China-led Green Mining Project in KazakhstanThis paper introduces the Baguta tungsten mine project in Kazakhstan, emphasizing its superior geographical location, convenient transportation, policy support and the background of Chinese state-owned enterprises. The project is expected to start commercial production in 2025 and complete the second phase of construction in 2027. The project is supported by the Belt and Road Initiative between China and Kazakhstan, enjoys tax incentives, is not affected by China's export restrictions, and the main market is in China. The management team is experienced and focused on ESG performance and plans to carry out related activities.
Tungsten Mining and Processing: Jiangzong Railway Construction Business Overview and Financial PerformanceThe geographical location, mining process and processing objectives of tungsten ore are introduced, and the current business progress is more than expected. The plan of APP cooperation with Kazakhstan and the main target customer groups are mentioned. Financially, in 2024, operating income was 1.063 billion, gross margin was 49 per cent, total assets increased by 89.5 per cent, debt ratio decreased to 54.57 per cent, and cash flow was sound, creating significant value for shareholders.
Analysis of the Company's Capacity Expansion Planning and Downstream Industry Prospects from 2026 to 2028The dialogue discussed the company's capacity expansion plan between 2026 and 2028, following the established plan without major deviations. Mentioned the possibility of renewing the contract with the partner, and pointed out that new energy vehicles, defense weapons and aerospace are the downstream industries that the company is optimistic about, although the downstream industries are not closely related to the company's core business.
Performance growth stems from demand bursts or supply-side price increases: exploring the impact of price fluctuations on ordersThe main drivers of the company's performance growth are discussed, including demand-side outbreaks and supply-side price increases, as well as the impact of price fluctuations on order acquisition. Current orders are sufficient, but price instability affects order signing, and future performance growth depends on continued demand and price stabilization.
Price Fluctuation and Market Expectation: Adjustment of Production Planning and Enterprise StrategyThe dialogue discussed the impact of price fluctuations on the production planning of enterprises, pointing out that enterprises produce according to predetermined plans, have no inventory strategy, and rely on direct sales. The analysis believes that the current prices are in an oversold state and are expected to stabilize and rebound, emphasizing the importance of domestic and foreign price differentials and macro-level control. At the same time, the complex influence of political factors on price forecasts is mentioned.
Political Risk Consideration of State-owned Enterprises and Hong Kong Listed Companies in Mineral SalesDiscusses the multiple political risks faced by Hong Kong-listed SOEs in mineral sales, including Western capital sanctions, Chinese government concerns and uncertainty about downstream flows. In order to avoid risks, companies are carefully screening downstream customers and communicating with major shareholders and SASAC to explore appropriate sales strategies.
Analysis of Mineral Resources Development and Production Promotion StrategyThe dialogue focused on the output change and improvement strategy of mineral resources development, focusing on the significant improvement of resource utilization and output of the second-phase photoelectric mineral processing project, as well as the expectation of increasing the difficulty of resource development after 2027. At the same time, the strategic cooperation with Pangu Gold was mentioned. The new project is mainly tungsten, taking into account the development of copper gold and polymetals, and emphasizing the goal of comprehensive utilization of resources and maximization of economic benefits.
Enterprise Cooperation and Financing Strategy: Cost Advantage Analysis of Kazakhstan ProjectThe decision-making process of cooperation with enterprises is discussed, and Jiang Peng's willingness to cooperate and good relationship, as well as the use of project funds are emphasized. Plans to prepare funds for specific projects were mentioned, but additional financing for the second phase was not considered. The advantages of Kazakhstan as a project site are analyzed, including low energy costs, labor costs and logistics costs, indicating that the overall cost is low.
Cost and Tax Fluctuations: Operational Efficiency Improvement and Market Impact after the Run-in PeriodThe cost changes from the run-in period to the improvement of operational efficiency are discussed, including the trend of rising labor costs and overall cost decline, as well as the complexity of tax burden affected by resource price fluctuations. The market phenomenon of rising non-ferrous sectors and falling prices after overheated investment was mentioned, and the impact of geopolitics and state control on prices was emphasized.
Discussion on global tungsten ore supply and demand pattern and price stability mechanismThe dialogue focused on the supply and demand relationship, price trends and national policies of global tungsten ore, and pointed out that the price of overseas tungsten powder was higher than that of domestic, but it was limited by domestic price fluctuations. As the largest demand for tungsten, China is regulating the market through quota system and other means to avoid excessive price fluctuations. At the same time, the supply of international resources such as tungsten ore in Kazakhstan is large, affecting the global market pattern. In the future, changes in international relations may have an impact on the tungsten industry.
要点回答
Q：What is this video about?
A：This video shows our mines and mining projects.
Q：What are the characteristics and advantages of your company's mining projects?
A：Our mining projects uphold the mining concept of new energy, conservation and recycling, strengthen environmental protection, and build green mines. We are one of the 45 key projects under the China-Kazakhstan capacity cooperation. We started to expand our business in Kazakhstan in 2014 and successfully listed on the Hong Kong and Kazakhstan AIX exchanges on August 28, 2025. The current annual ore processing capacity is 28 million tons, and it is expected to reach 49 million tons of ore processing capacity by 2027. In addition, we are also researching and constructing deep processing products such as APT and carbide powder.
Q：What is the situation at the Bakuta Tungsten Mine?
A：Baguta tungsten mine is the world's largest open pit mine of three oxides, with the world's fourth largest reserves of Minmetals resources. The project has an advantageous geographical location, about 100 kilometers away from Horgos Port, convenient transportation, good relations with the local government, and enjoys special policy support.
Q：What is the background of the company's shareholders?
A：The company is 31.34 per cent owned by Hengtron International, 30.11 per cent by Jiangxi Copper, 10.84 per cent by China Railway Construction and China-Turkey, and the rest by the public. Although it is the largest shareholder of private enterprises, it also has a strong background in state-owned enterprises.
Q：What is the project development schedule?
A：The project obtained the mining right in 2014, started full construction in 2021, and is expected to be basically completed and put into operation in 2024. Commercial production will be achieved in April 2025, reaching 3 million tons of annual ore processing capacity that year. In 2027, the research and landing of APP and carbide powder will be promoted.
Q：What is the project operation status and future planning?
A：At present, the production cost is low, the policy relationship is well maintained, and the global demand for tungsten is still high. With geopolitical changes, there may be volatility, but the overall outlook is positive. China is the largest consumer and importer of housing, and the project is supported by the "Belt and Road Initiative" initiative between China and Kazakhstan, with preferential policies in taxation and other aspects.
Q：What are the company's management team and project highlights?
A：The management team consists of Hengzhao, Jiang Tong, Tiejian, Xinda Zhao, etc., with rich experience in overseas project coordination and good government and community relations. The project has performed well in terms of ESG and will be promoted by events in the coming months.
Q：What is the business overview and mining process?
A：The project is located in Batawu Mine, which is very close to Horgos Port and Yili. After mining, it finally produces gold-free mineral products through a series of processes such as crushing, screening, sorting and processing. At present, the target customers are mainly Jiangxi property, while expanding other customers in China, such as medium color, lower house and so on. The cooperation on APP is under discussion with Kazakhstan, and powder products may be launched later.
Q：From 26 to 28 years, what is the pace of our company's agriculture, or capacity expansion in the past three years?
A：Capacity expansion, we are in accordance with the planned pace of capacity to implement, there is not much deviation. A detailed plan and schedule will be provided later.
Q：Is the company's profit growth in the next three years (26, 27, 28) mainly due to the continuous outbreak of demand or supply-side price increases?
A：The company's performance growth will come from the explosion on the demand side and, in the current situation, the impact on the long-term viability of orders due to the sharp rise in prices. Although the performance in the first half of the year was significantly affected by price increases, in the long run, although price fluctuations will affect order acquisition, we currently have no shortage of orders and all signed long orders, and demand is still rising. However, as prices have not stabilized, the demand situation still needs to be observed.
Q：How do you see the impact of the current price decline on your company's performance?
A：We believe that domestic prices are already at a low level. If prices continue to fall but do not fall below a certain threshold, we can still maintain high profits. Once prices stabilize, combined with long-term orders, our capacity will be able to meet market demand.
Q：Once you determine that prices have stabilized at a reasonable price, will your company's capacity be resolved?
A：Our production plan is carried out according to the predetermined plan, and the mining volume will not be greatly adjusted due to price fluctuation. At the same time, we have almost no inventory, are directly mined and sold according to the production plan, and the customer is relatively fixed. For capacity issues, once prices stabilize, our capacity will be able to meet demand.
Q：Why is Jiaxing International unwilling to sell minerals directly to downstream enterprises and choose to follow up the industrial chain?
A：There are two main reasons. First of all, as a listed company in Hong Kong and a state-owned enterprise background, Jiaxing International has a certain responsibility for the flow of minerals and will face political risks. If minerals are transferred to countries such as Russia and Iran during transportation, they may be subject to Western capital sanctions; if they are transferred to countries such as Japan and the United States, they may be specially taken care of by the Chinese government. Therefore, in order to avoid this political risk, Jiaxing International tends to master the downstream whereabouts of minerals.
Q：How does Jiaxing International select and track downstream customers?
A：Jiaxing International attaches great importance to the screening and tracking of downstream customers. This issue will be discussed at the office meeting every month, including the screening of downstream customers, the selection of customers and the current status of tracking routes, as well as the progress of communication with major shareholders and SASAC. In the price upside down and at a certain point in time, Jiaxing International will choose to push the mineral to a more appropriate downstream.
Q：What are the reasons for the change in production data?
A：The yield data are based on reasonable statistics. In 2027, after the second phase of the photoelectric mineral processing project was put into operation, the resource utilization rate and grade were greatly improved, thereby increasing the overall output. In 2027, the company will focus on developing resources that are relatively easy to extract, and production will change as shallow resources are gradually consumed. In addition, with regard to the diversified development of mineral resources, although the existing projects are mainly tungsten, with the rising prices of copper and gold and the availability of mineral resources, diversified development, such as the mining of ebony ore, is not ruled out. Polymetallic projects.
Q：Will the increase in mineral resource utilization have a significant impact on production?
A：After the improvement of the utilization rate of mineral resources, although there are periodic production changes, in the long run, the scheme designed by the company has no obvious downward trend. At the same time, with the progress of technology and fine management, the effective utilization of different grade ores can be realized, and the production efficiency can be further improved.
Q：What project are you preparing funding?
A：We are now considering preparing funds for APP to cooperate with capital and product funds, but this is still a later matter.
Q：What are the advantages of Kazakhstan in terms of cost?
A：Kazakhstan has abundant energy resources, electricity and water prices are cheap, and it is not as affected by energy fluctuations as Africa and India. In addition, the labor cost in Kazakhstan is relatively low, and the logistics cost is also low due to the distance of only 100 kilometers in Horgos, so our comprehensive cost is relatively low.
Q：Will your company's operating costs come down this year?
A：Although the overall labor cost has increased this year, we judge that the overall operating cost will decrease this year due to the improvement of the running-in period and the improvement of operating efficiency.
Q：Are Tax Costs Affected by Resource Price Fluctuations?
A：Tax costs are indeed affected by fluctuations in resource prices, and although the tax rate remains unchanged, because the cost of the tax is related to the amount of extraction rather than the volume of sales, changes in resource prices can lead to significant changes in tax costs.
Q：What do you think about the reasons for the decline in prices and the future trend?
A：The decline in prices may be related to national control, geopolitics and other factors, and the overheated investment in the early stage has also led to a correction in prices. We believe that prices should stabilize above a certain level. Even if domestic prices rise and stabilize, it is difficult for foreign prices to maintain high levels. This is based on the judgment of economic laws.
Q：What is the impact of control measures on production and exports?
A：At present, there are quota production and export controls. Quotas will be adjusted according to national opinions. Specific details need to be obtained by consulting industry associations.
Q：How does the cost of micro-gold mine compare with similar domestic products? Why does China choose to import rather than independently mine micro-gold mine?
A：The cost of micro-gold mines is roughly comparable to domestic production, but may be different from the perspective of large mines. China is the largest demand country for micro-gold in the world, and its reserves are concentrated in several countries at home and abroad, which has obvious aggregation effect. With the intensification of the international game, the state began to impose restrictions on mining. Considering the overall supply situation and strategic demand, it is a reasonable strategy to choose to make acquisitions in countries such as Kazakhstan. At the same time, officials do not want prices to skyrocket or plummet, but want to maintain a relatively stable level, but the specific level is determined by multiple factors.
