XINXIN MINING (03833) rallied over 25% during afternoon trading. As of press time, the stock was up 23.61% to HK$1.78, with turnover reaching HK$55.90 million.

On the news front, XINXIN MINING released its interim results showing revenue of approximately 1.118 billion yuan for the first half, representing a year-on-year increase of about 4.9%. However, net profit attributable to shareholders dropped approximately 50.2% to around 71.6 million yuan.

During the period, the group produced 6,030 tons of electrolytic nickel, marking an increase of about 26.7% year-on-year, while sales of electrolytic nickel reached 5,672 tons, up approximately 29.6%. For cathode copper, the group produced 3,815 tons, down about 7.0% year-on-year, but sales increased significantly by about 51.6% to 4,559 tons.

Notably, on August 30, the Chinese Embassy in Indonesia reported large-scale demonstrations in Jakarta and several other Indonesian cities. Guotai Junan Futures previously indicated that the Indonesian government might shorten the RKAB approval cycle from three years to one year, urging companies to resubmit their 2026 RKAB budgets starting October 2025.

Should approvals fall short of expectations or nickel ore restocking activities emerge, this could limit the downside potential for nickel ore premiums in the second half, thereby strengthening the logic of high-price support from the mining sector. Indonesia may also crack down severely on illegal mining operations, having received reports about 1,063 illegal mining sites, though subsequent specific actions remain unclear.

While the large-scale protests in Jakarta have had limited immediate impact on nickel, market participants should remain vigilant about sentiment-driven effects and monitor further developments as the situation unfolds.