New Stock News: Jin Xun Shares Submits Application to Hong Kong Stock Exchange Again, Focusing on the Development and Supply of High-Quality Cathode Copper.

According to the disclosure on December 1st by the Hong Kong Stock Exchange, Yunnan Jin Xun Resources Co., Ltd. (referred to as Jin Xun) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International as its exclusive sponsor. Previously, the company had submitted an application to the Hong Kong Stock Exchange on June 1, 2025. According to the prospectus, Jin Xun is a leading manufacturer of high-quality cathode copper, focusing on the development and supply of high-quality copper resources to meet the huge demand for copper in China. The company strategically expands production capacity using the rich copper reserves in Africa and has achieved deep integration of the entire industry value chain. As of December 31, 2024, based on production in the Congo (Kinshasa) and Zambia, the company ranked fifth among Chinese cathode copper producers and was the only Chinese company in the top five in both jurisdictions. Specifically, in 2024, the company produced approximately 16,000 tons and 5,000 tons of cathode copper in the Congo (Kinshasa) and Zambia, respectively. Among private enterprises in China, the company ranked third in the Congo (Kinshasa) and first in Zambia based on production in 2024. The company has established advanced cathode copper smelting operations in the Congo (Kinshasa) and Zambia, significantly improving economic efficiency and market position. In addition, leveraging the advantage of cobalt naturally associated with copper in African ore reserves, the company is actively developing downstream cobalt-related product production business, strategically positioning itself in the rapidly growing new energy materials sector. The company's business operations cover ore processing, smelting, copper product sales, and non-ferrous metal trading. Copper ore processing and smelting are mainly carried out by local production facilities in Zambia and the Congo (Kinshasa). As of November 23, 2025, in addition to a cobalt processing plant under construction in China, the company has four production facilities, including two copper smelters and a copper concentrate flotation plant in Zambia, as well as a copper smelter in the Congo (Kinshasa). The company's non-ferrous metal trading business is mainly conducted through subsidiaries in Singapore and China. During the historical period, the company's revenue was derived from the production and sale of cathode copper, the production and sale of copper concentrate, and trading of non-ferrous metal products. The table below shows the revenue divided by business line for the indicated years/periods: Production and sale of cathode copper The company produces and sells cathode copper in Zambia and the Congo (Kinshasa). In Zambia, it operates two copper smelters, namely Zambia Copper Smelter I and Zambia Copper Smelter II, while in the Congo (Kinshasa) it operates one copper smelter, Congo (Kinshasa) Copper Smelter I. Zambia Copper Smelter I and Zambia Copper Smelter II started production in September 2019 and March 2022, respectively, while Congo (Kinshasa) Copper Smelter I started production in August 2023. During the historical period, the cathode copper produced was mainly sold to multiple commodity traders in mainland China. Production and sale of copper concentrate The company produces copper concentrate in Zambia. Its subsidiary in Zambia operates a copper concentrate flotation plant, Zambia Flotation Plant, which started production in October 2017. During the historical period, the produced copper concentrate was mainly sold to local smelting companies. In addition, the company also sold a small amount of copper concentrate to customers operating in mainland China. For the years ending December 31, 2022, 2023, and 2024, as well as the six months ending June 30, 2025, sales to the top five customers accounted for 79.9%, 78.4%, 56.9%, and 67.8% of the total revenue for those respective years/periods, respectively. Financial information Revenue For the years ending 2022, 2023, 2024, and the six months ending June 30, 2025, the company recorded revenues of RMB 637 million, RMB 676 million, RMB 1.77 billion, and RMB 964 million, respectively. Profit For the years ending 2022, 2023, 2024, and the six months ending June 30, 2025, the company recorded annual/period profits of RMB 83.504 million, RMB 29.146 million, RMB 202 million, and RMB 135 million, respectively. Gross profit margin For the years 2022, 2023, 2024, and the six months ending June 30, 2025, the company's gross profit margins were 26.8%, 19.3%, 20.8%, and 23.1%, respectively. Industry overview Global non-ferrous metal industry market size From 2020 to 2024, the global primary non-ferrous metal reserves decreased from 396 billion tons to 387 billion tons, with a compound annual growth rate of -0.6%. This decrease may be attributed to accelerated industrial consumption during the post-pandemic recovery period, supply chain disruptions, and inadequate mineral exploration investments. Looking ahead, with stable investment in exploration activities in resource-rich regions such as South America and Africa, as well as advances in geological exploration technologies such as deep earth imaging and remote sensing, global primary non-ferrous metal reserves are expected to increase to 399 billion tons by 2029, with a compound annual growth rate of 0.7% from 2025 to 2029. Global cathode copper industry overview Cathode copper is high-purity copper produced through pyrometallurgical or hydrometallurgical refining methods. Cathode copper, with its excellent conductivity, thermal conductivity, and ductility, has become an important raw material for industrial production worldwide, widely used in infrastructure, consumer electronics, construction, transportation, and other critical areas. In the field of new energy, cathode copper plays a crucial role in applications such as electric vehicles, wind energy, and CECEP Solar Energy due to its high purity. Global cathode copper industry market size Global cathode copper production has increased from 19.7 million tons in 2020 to 21.4 million tons in 2024, with a compound annual growth rate of 2.1%. It is projected that global cathode copper production will rise from 21.9 million tons in 2025 to 24.7 million tons by 2029, with a compound annual growth rate of 3.0%. At the same time, global cathode copper consumption has shown strong growth, increasing from 22.5 million tons in 2020 to 27 million tons in 2024, with a compound annual growth rate of 4.7%. This growth is mainly attributed to the surge in demand from the renewable energy and electric vehicle industries, as well as infrastructure spending in emerging economies. In 2024, China, the Congo (Kinshasa), the United States, and Zambia respectively held market shares of 55.0%, 8.4%, 4.2%, and 3.0% of global cathode production, while China, the United States, Germany, and Japan respectively held market shares of 55.4%, 6.5%, 3.7%, and 3.0% of global cathode consumption. In the future, global cathode copper consumption is expected to continue growing from 27.8 million tons in 2025 to 30.5 million tons by 2029, with a compound annual growth rate of 2.3%. Global cobalt industry overview Cobalt is a silver-white, hard metal that belongs to the iron magnetic elements. It has excellent high-temperature resistance, corrosion resistance, and magnetic properties, making it an important strategic metal. Cobalt is mainly used in battery materials, alloy manufacturing, catalysts, magnetic materials, and other high-tech fields. It is one of the key raw materials for modern industrial and high-tech industries. Global cobalt reserves have steadily increased from 71 million tons in 2020 to 110 million tons in 2024, with a compound annual growth rate of 11.6%, and are expected to reach 140 million tons by 2029. The Congo (Kinshasa) is the country with the most cobalt reserves, accounting for 54.5% of global cobalt reserves in 2024, nearly three times that of Australia's reserves. From 2020 to 2024, global cobalt production has more than doubled, from 142,000 tons to 290,000 tons, with a high compound annual growth rate of 19.5%. This growth is mainly driven by the rapid expansion of the electric vehicle and energy storage industries, which heavily rely on cobalt-rich batteries. With abundant cobalt reserves and a well-developed mining infrastructure, the Congo (Kinshasa) remains the dominant player in the cobalt supply chain, accounting for 75.9% of global cobalt production in 2024. Looking ahead, global cobalt production is expected to reach 307,000 tons in 2025 and 411,000 tons by 2029, with a compound annual growth rate of 7.6%. With the continued growth in demand for high-energy-density batteries and energy transition technologies, cobalt will remain a key raw material, with supply still primarily concentrated in the Congo (Kinshasa). From 2020 to 2024, driven by strong demand in electric vehicles, energy storage systems, and consumer electronics products, the global refined cobalt market has steadily grown. Refined cobalt production increased from 132,000 tons in 2020 to 188,000 tons in 2024, with a compound annual growth rate of 9.2%, while consumption rose from 140,000 tons to 187,000 tons, with a compound annual growth rate of 7.5%. Due to its unique physical and chemical properties, such as high hardness, corrosion resistance, magnetic properties, and electrochemical performance, cobalt is widely used in batteries, aerospace, alloys, and the petrochemical industry. In 2024, China, Finland, and Canada respectively held 78.6%, 7.2%, and 2.7% of global refined cobalt production, while China, South Korea, the United States, and Japan respectively held 67.3%, 10.1%, 7.5%, and 6.4% of global refined cobalt consumption. Looking ahead to 2029, global refined cobalt consumption is expected to reach 274,000 tons, while production will reach 226,000 tons. This expanding gap highlights the risk of future supply shortages, making cobalt a key strategic resource for the global transition to clean energy. Board information The board currently consists of six directors, including three executive directors and three independent non-executive directors. Ownership structure Mr. Yuan holds 91.78% of the company's shares, while the company's share incentive platform, He Li Investment, owns 8.14% of the shares. He Li Investment has 19 limited partners as of November 23, 2025, including Mr. Yuan's sister, Ms. Yuan Mei (an executive director and holds approximately 69.32% of the shares), executive director Mr. Yang Yongchang (holds approximately 4.02% of the shares), Jin Xun Anhui director Mr. Shen Weijun (holds approximately 0.23% of the shares), and 15 current employees and one former employee (jointly holding approximately 16.43% of the shares). Mr. Yuan is considered to hold ownership in He Li Investment for the month as per the Securities and Futures Ordinance. Intermediary team Exclusive Sponsor: Huatai Financial Holdings (Hong Kong) Limited. Company legal counsel: Hong Kong and US law: Sidley Austin LLP; Chinese law: JunHe LLP; Congo (Kinshasa) law: Bennani & Associs RDC SAS; Zambian law: Chibesakunda & Co; Peruvian law: Estudio Muiz Sociedad Civil de Responsabilidad Limitada; Singapore law: Ashurst LLP; International Sanctions law: Hogan Lovells International LLP. Legal counsel for the exclusive sponsor: Hong Kong law: South China Law Firm Limited Liability Partnership; Chinese law: Han Kun Law Offices; Congo (Kinshasa) law: MBM-CONSEIL Sca; Zambian law: Musa Dudhia & Co. Reporting accountants and independent auditors: KPMG. Industry consultants: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch. Compliance advisor: Huafu Jianye Corporate Financing Co., Ltd.