JIAXIN INTL RES (03858) rose more than 7% before the midday break. At the time of writing, the stock was up 7.08% to HK$113.4, with a turnover of HK$452 million. The company reported its annual results, showing revenue of HK$1.063 billion and a profit attributable to shareholders of HK$305 million for the period, marking a turnaround from a loss in the previous year. According to the announcement, the group did not generate any revenue in the prior year. After commencing commercial production in April 2025, the group recorded revenue of HK$1.063 billion from the sale of tungsten concentrate during the current year. Industrial Securities noted that rigid supply constraints remain unchanged, while essential demand continues to provide support. The high price environment for tungsten has not fundamentally shifted, highlighting its strategic resource value. The firm emphasized that high-end demand from the defense and semiconductor sectors remains robust. Tungsten alloy, a core material for armor-piercing projectiles and heat-resistant components in hypersonic missiles, could see increased military demand if conflicts in the Middle East persist.