Xinjiang Xinxin Mining (03833) rose more than 4% in afternoon trading. At the time of writing, the stock was up 3.96% to HK$2.36, with a turnover of HK$8.5274 million. The increase follows the introduction of Indonesia's new HPM policy, which has strengthened the rationale for higher mining costs, driving nickel prices to surpass the 140,000 yuan mark. Additionally, sulfur, a critical raw material for hydrometallurgical processes, faces short-term supply constraints with limited alternatives. Most Indonesian MHP producers currently have inventories that may only last until May. If sulfur transportation disruptions persist, some plants risk shutdowns. Xinjiang Xinxin Mining's annual results showed full-year revenue of 2.561 billion yuan, an increase of 11.7% year-on-year. Net profit attributable to shareholders reached 194 million yuan, up 5.6% from the previous year. The growth was primarily driven by higher sales volumes and rising prices for products including electrolytic nickel, cathode copper, precious metal materials, electrolytic cobalt, and sulfuric acid. Notably, electrolytic nickel sales volume for the 2025 fiscal year reached approximately 12,585 tons, representing a year-on-year increase of about 25.9%.