Jiaxin International Resources Investment (3858) H2 2025 earnings summary

Executive summary

• Achieved first full year of commercial production at the Boguty tungsten mine in Kazakhstan, commencing in April 2025, with a target annual mining and processing capacity of 3.3 million tonnes of tungsten ore for 2025.

• Generated HK$1,063 million in revenue for 2025, compared to no revenue in 2024, driven by sales of tungsten concentrate to a single customer.

• Recorded net profit attributable to equity holders of HK$305 million in 2025, reversing a net loss of HK$173 million in 2024.

• Gross profit reached HK$520 million with a gross margin of 48.9% for 2025.

Financial highlights

• Revenue: HK$1,063 million in 2025 (nil in 2024).

• Net profit: HK$314 million in 2025 vs. net loss of HK$177 million in 2024.

• Basic and diluted EPS: 82 HK cents in 2025 vs. loss per share of 53 HK cents in 2024.

• Total assets increased to HK$3,535 million as of 31 December 2025 from HK$1,865 million in 2024.

• Cash and cash equivalents rose to HK$1,025 million at year-end 2025 from HK$41 million in 2024.

Outlook and guidance

• Plans to increase annual mining and processing capacity to 4.95 million tonnes by 2027 with integration of ore sorting system.

• Exploring additional investment opportunities in nonferrous metals in Central Asia.