JIAXIN INTL RES reported its first meaningful operating year following the April 2025 start-up of the Boguty tungsten mine in Kazakhstan. Full-year revenue reached HK$1.06 billion, all from tungsten concentrate sales, compared with nil a year earlier.

Gross profit came in at HK$520 million, translating to a 48.9 % gross margin. After HK$111 million of administrative expenses and HK$44 million of net finance costs, profit attributable to shareholders totalled HK$305 million, versus a HK$173 million loss in 2024. Basic and diluted earnings per share were HK$0.82.

Operationally, the group extracted and processed 2.80 million tonnes of ore, produced 5,008 tonnes of 65 % scheelite concentrate and sold 4,879 tonnes at an average price of HK$217,873 per tonne.

The IPO completed in 2025 raised net proceeds of HK$1.33 billion, driving cash and cash equivalents to HK$1.02 billion at year-end (2024: HK$41.44 million). Total borrowings fell 23.5 % to HK$1.27 billion, helping the gearing ratio drop from 100.8 % to 13.3 %. Net current assets stood at HK$734 million, reversing a HK$269 million deficit the previous year.

Total assets expanded to HK$3.54 billion, while shareholder equity turned positive at HK$1.60 billion after the capital raise and profit generation. No final dividend was declared.

Management plans to lift Boguty’s annual mining and processing capacity from 3.3 million tonnes to 4.95 million tonnes by 2027 and will continue assessing non-ferrous opportunities in Central Asia.