JIAXIN INTL RES (03858) rose more than 4% before the midday break. At the time of writing, the stock was up 4% to HK$119.5, with a turnover of HK$217 million. The company's revenue is entirely derived from scheelite concentrate. Since commencing commercial production and sales in April 2025, it produced 5,008 tonnes of scheelite concentrate for the full year and sold 4,879 tonnes. With capacity ramp-up and operational optimization, the company's cost structure is expected to improve further. Production is projected to increase to approximately 9,000 tonnes in 2026. By 2027, with the commissioning of the second-phase waste disposal project, the designed annual processing capacity is set to reach 4.95 million tonnes per year. Upon full capacity utilization, annual output is expected to stabilize at over 13,000 tonnes. Market analysis indicates that short-term conditions show periodic changes, influenced by profit-taking from holders and increased recycling of tungsten scrap, leading to higher spot market liquidity and a slightly looser supply atmosphere. However, from a long-term perspective, limited new global tungsten mining capacity and tightening domestic supply suggest that the global tungsten market's supply-demand gap persists, with the overall tight supply structure remaining unchanged.