JIAXIN INTL RES (03858) Announces Annual Results, Swings to Profit of HK$305 Million

JIAXIN INTL RES (03858) has reported its annual results for the period ended December 31, 2025. The Group achieved revenue of HK$1.063 billion, with profit attributable to shareholders of HK$305 million, marking a turnaround from a loss in the previous year. Earnings per share were 82 HK cents.

According to the announcement, the Group did not generate any revenue in the prior year. Following the commencement of commercial production in April 2025, the Group recorded revenue of HK$1.063 billion for the current year, derived from the sale of tungsten concentrate.

The Group is a tungsten mining company based in Kazakhstan, focused on developing the Bakhuta Tungsten Mine project. As of December 31, 2025, it is recognized as the world's largest open-pit tungsten mine by tungsten trioxide (WO3) mineral resources, according to Frost & Sullivan. Additionally, the Bakhuta Tungsten Mine ranks as the world's fourth-largest tungsten mine by WO3 mineral resources, including both open-pit and underground mines, and possesses the world's largest designed tungsten production capacity among single tungsten mines.

During the year, the Group primarily focused on preparing for the commercial production of the Bakhuta Tungsten Mine project. The project commenced its first phase of commercial production in April 2025, with a targeted annual mining and mineral processing capacity of 3.3 million tonnes of tungsten ore for the year.

The Bakhuta Tungsten Mine is located in the Yenbekshikazakh District of Almaty Region, accessible via national highways from Almaty, Kazakhstan, and the Khorgos port, which connects Kazakhstan and China. Furthermore, a railway linking Khorgos and Almaty is situated approximately 20 kilometers north of the mine, facilitating smooth transportation of the Group's products.

The Bakhuta Tungsten Mine project also benefits from readily available and affordable hydropower supply. The Group holds exclusive mining rights for the Bakhuta Tungsten Mine under Subsoil Use Contract No. 4608-TPI, which grants the right to explore and extract tungsten ore. The contract specifies a mining area of 1.16 square kilometers, permitting extraction to a maximum depth of 300 meters below the surface, valid for 25 years from June 2, 2015, to June 2, 2040.