Pizu Group Holding Limited

What Pizu Group Holding Limited does

Pizu Group Holding Limited (比优集团控股有限公司, ticker 09893.HK) is a Hong Kong-listed holding company that operates a vertically integrated civil explosives, mining services, and rare precious metals mining business across China and Central Asia (Tajikistan). Its four reportable segments are: (1) Civil explosives production — research, development, and manufacturing of emulsion explosives and ammonium nitrate fuel oil (ANFO) explosives at dual production bases in Inner Mongolia and Tajikistan, with the Tajikistan subsidiary KM Muosir LLC ranked #1 in Tajikistan's civil explosives market as of 2023 per Sullivan Consulting; (2) Mine construction — full-chain engineering blasting design, construction, and technical services operated through Inner Mongolia Julil Engineering Blasting Co., Ltd., which in October 2025 achieved dual first-class ('双一级') mine construction qualifications; (3) Mineral development — extraction and processing of rare precious metals via 51%-owned Anhui Jinding Mining Co., Ltd. (acquired October 2020 for 270M RMB) and 51.3%-owned Tibet Tianren Mining Co., Ltd. (with proven reserves of 580,000 tons of molybdenum and 1.3M+ tons of copper); and (4) Overseas business in Central Asia, expanded via Pizu Tajikistan Industrial Investment Co., Ltd. (established 2025) and a new exclusive mining rights agreement with Kanzi Diyor LLC and Avesto Group signed in June 2026.

The company generates revenue primarily through B2B enterprise sales channels — direct field sales to mining companies and construction/infrastructure firms, both domestically and internationally. Pricing is contract-based and not publicly disclosed. The go-to-market motion leverages direct enterprise sales, Belt-and-Road-aligned partnerships in Central Asia (with special preferential support from Tajikistan's National Investment and State Property Management Committee), and subsidiary-led local presence rather than mass marketing. The operating model is best characterized as a holding company controlling both wholly-owned and majority-owned operating subsidiaries across Inner Mongolia, Anhui, Tibet, Beijing, and Tajikistan.

Pizu Group was founded with origins in civil explosives and expanded into mine construction in 2008 through Inner Mongolia Julil, into overseas explosives production in 2017 via KM Muosir in Tajikistan, into non-ferrous mining in 2020 via Anhui Jinding, into large-scale molybdenum-copper reserves in 2021 via Tibet Tianren, and into overseas rare precious metal mining in 2025 via Pizu Tajikistan Industrial Investment. Governance is led by Chairman and CEO Ma Tianyi (马天逸) and Chief Operating Officer Liu Fali (刘发利). The firm is publicly listed on the Hong Kong Stock Exchange with no identified parent company, and remains in active operating status with multiple announcements and new agreements dated mid-2026.

Name

Pizu Group Holding Limited

Legal name

比优集团控股有限公司

Website

https://pizugroup.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Pizu Group Holding Limited (09893.HK) is a Hong Kong-listed, vertically integrated operator across civil explosives manufacturing, mine construction, and rare precious metals mining in China and Tajikistan, serving mining and construction enterprises through wholly-owned and majority-owned subsidiaries in Inner Mongolia, Anhui, Tibet, and Central Asia.

Ownership category

akta.pro rank

Product category

Industrial Explosives and Mining Services

NAICS

Explosives Manufacturing (32592), Copper, Nickel, Lead, and Zinc Mining (212230), Support Activities for Metal Mining (213114)

SIC

Industrial Inorganic Chemicals (2810), Miscellaneous Metal Ores (1090), Gold And Silver Ores (1040)

akta.pro primary industry

Commercial Explosives (Mining & Quarrying) (IMAEALAA)

akta.pro secondary industries

Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM), Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Non-Ferrous Base Metals Trading (Aluminum, Copper, Zinc, Lead, Tin, Nickel) (IMAKAJAC)

Keywords

• Civil explosives manufacturing
• Mine construction services
• Rare precious metal mining
• Blasting engineering services
• Mining explosives supply

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Civil Explosives Production and Sales: Manufacturing and sale of emulsion explosives and ammonium nitrate fuel oil (ANFO) explosives. Products are sold to mining companies and construction firms domestically and internationally. The group operates production bases in Inner Mongolia and Tajikistan, serving both internal mining operations and external customers globally.
2. Mineral Development and Sales: Mining operations focusing on rare precious metals including gold-copper ore, molybdenum-copper ore, and pyrite. Revenue generated from ore extraction, processing, and sale of mineral products. Key assets include Anhui Jinding Mining and Tibet Tianren Mining.
3. Mining Construction Services: Engineering blasting design, construction, technical services, and mining extraction services provided through Inner Mongolia Julil Engineering Blasting Co., Ltd. and Bijou Exploration (Beijing) Resource Exploration Co., Ltd. Full-chain service from exploration to extraction.
4. Overseas Mining Rights and Operations: Mining rights development in Tajikistan through subsidiaries and partnership agreements. Revenue from mineral extraction and sales in Central Asian markets, supported by local production of civil explosives.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels2 records

Core offering

Pizu Group Holding Limited is a Hong Kong Stock Exchange-listed industrial group that manufactures civil explosives (emulsion explosives and ammonium nitrate fuel oil / ANFO explosives), provides mine construction and engineering blasting services, and operates rare precious metal mining for gold-copper, molybdenum-copper, and pyrite ores. The integrated 'explosives-mining-mineral processing' model spans research, production, blasting construction, technical services, and mineral extraction through subsidiaries in China (Inner Mongolia, Anhui, Tibet) and Tajikistan.

Product overview

Pizu Group Holding Limited is a Hong Kong-listed (09893.HK) diversified mining and explosives conglomerate operating a multi-segment business model. The company operates four core business areas: (1) Mining Development - extracting and processing rare precious metals including gold-copper and molybdenum-copper deposits through subsidiaries Anhui Jinding Mining and Tibet Tianren Mining; (2) Mine Construction - providing full-chain engineering blasting and construction services via Inner Mongolia Julil Engineering Blasting, which holds dual first-class qualifications; (3) Civil Explosives Production - manufacturing emulsion explosives and ammonium nitrate fuel oil explosives for mining and infrastructure applications from Inner Mongolia and Tajikistan production bases; and (4) Overseas Business - extending mining and explosives operations to Central Asia through KM Muosir LLC and Pizu Tajikistan Industrial Investment. The integrated business model enables the company to provide 'exploration-mining-processing' full流程 solutions with self-supplied explosives as a competitive advantage.

Differentiator

Problem solved

Functional benefit

Products and services

• Civil Explosives Production (民爆生产) Research, development, manufacturing, and sale of emulsion explosives and ammonium nitrate fuel oil (ANFO) explosives for mining blasting, demolition blasting, rock blasting, and infrastructure construction applications. Production bases in Inner Mongolia and Tajikistan supply both internal mining operations and external mining/construction enterprise customers, leveraging a dual domestic-overseas supply network.
• Mine Construction Services (矿山建设) Full-chain mine construction services including engineering blasting design, blasting construction, technical services, and mining operations, delivered through Inner Mongolia Julil Engineering Blasting Co., Ltd. (holder of dual first-class mine construction qualification). Complemented by Pizu Exploration (Beijing) Resource Exploration Co., Ltd., which provides innovative mining exploration technology and engineering development for resource-exploration-and-mining integrated solutions.
• Mining Development - Rare Precious Metals (矿产开发) Development, mining, processing, and sale of rare and precious metal ores including gold-copper ore, molybdenum-copper ore, and pyrite. Core assets include Anhui Jinding Mining (51% owned, non-ferrous and rare precious metals) and Tibet Tianren Mining (51.3% owned, with proven reserves of 580,000 tonnes of molybdenum and over 1.3 million tonnes of copper), forming a vertically integrated 'exploration-mining-processing' value chain.
• Overseas Operations - Belt and Road / Central Asia (海外业务) Central Asian (Tajikistan) operations covering civil explosives production (KM Muosir LLC, #1 in Tajikistan civil explosives market as of 2023) and rare precious metal mining resource development (Pizu Tajikistan Industrial Investment Co., Ltd.), expanded in 2025 with new exclusive mining rights agreements with Kanzi Diyor and Avesto Group.

Quantifiable outcome

• KM company ranked #1 in Tajikistan civil explosives market as of 2023
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Beijing Guoxin Anke Technology Co., Ltd. (北京国信安科技有限公司)minorImplementation/ SI/ Consulting Partner · 26 June 2026Professional safety inspection and consulting firm commissioned by Hefei Emergency Management Bureau to conduct specialized safety inspections at Jinding Mining's Huzi'ao tailings pond on June 13, 2026. The inspection covered comprehensive safety management assessment for metal and non-metal mining facilities.
• Kanzi Diyor (坎兹迪约尔有限责任公司)coreStrategic or Co-development Partner · 23 June 2026Kanzi Diyor LLC (ЧДММ Канзи Диёр) is a Tajik partner in mining cooperation. On June 4, 2026, the company signed a project investment agreement with Tajikistan's National Investment and State Property Management Committee. The mining project is being developed by Pizu Tajikistan Industrial Investment Co., Ltd. The partnership has received special preferential support from the Tajik government, marking the project entering an accelerated implementation phase.
• Avesto GroupcoreStrategic or Co-development Partner · 23 June 2026Avesto Group is a partner together with Kanzi Diyor in the new exclusive mining rights agreement. The partnership with LLC SHIRKATI SANOATII PIZU expands the group's exclusive mining cooperation in Tajikistan.

Scale indicators5 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Yahua Group (雅化集团): Chinese civil explosives manufacturer that has also expanded into lithium mining and battery materials, mirroring Pizu's pattern of leveraging an explosives base into strategic-metals mining. Direct overlap in emulsion/ANFO products and downstream mine development.
• Hunan Nanling Industry Explosive Material Co., Ltd. (南岭民爆): Specialist Chinese civil explosives manufacturer with blasting engineering services. Comparable in scale and product mix to Pizu's Inner Mongolia Julil subsidiary, serving similar mining and construction customers.
• Shanxi Tond Chemical Co., Ltd. (同德化工): Civil explosives and chemical producer listed on Shenzhen, with parallel businesses in civil explosives and mining/blasting services. Comparable product portfolio and target customer base of mining and construction enterprises.
• Poly Union Chemical (保利联合) / Poly Explosives: A leading state-linked Chinese civil explosives group with production, blasting services, and mining development activities. Directly comparable integrated explosives + blasting + mining model, with broader geographic footprint in China.
• Anhui Jiangnan Chemical Industry Co., Ltd. One of China's largest civil explosives producers with integrated mining services and blasting operations, listed on Shenzhen. Closely comparable to Pizu's explosives + mine construction + mining model, though at a larger scale.
• Sichuan Hongda Chemical Industry Co., Ltd. (久联民爆): Civil explosives producer with blasting engineering services in southwest China. Comparable product mix (industrial explosives + blasting services) and a similar business model of providing integrated explosives-and-construction services to mining customers.

Broad incumbents

• Zijin Mining Group Co., Ltd. One of China's largest gold and copper miners with significant cross-border operations including in Central Asia (Tajikistan, Kyrgyzstan). A broad incumbent in the same gold-copper and overseas mining space Pizu is targeting, though at vastly greater scale and diversification.

Regional players

• Anhui Leimingkehua Co., Ltd. (雷鸣科化): Anhui-based civil explosives producer with mining and blasting services — regional adjacency to Pizu's Anhui Jinding Mining subsidiary and a useful comp for the Anhui operating environment.

Emerging players

• China Molybdenum Co., Ltd. (CMOC Group): Major Chinese molybdenum and copper miner with global operations, including the Tenke Fungurume copper-cobalt mine. Relevant peer for the molybdenum-copper mining segment at Tibet Tianren, and a useful benchmark for how Chinese miners scale copper-molybdenum assets.
• Nord Gold SE: London-listed gold miner with origins and significant remaining operations in the CIS/Central Asia region. Provides a comp for the cross-border gold mining business Pizu is building in Tajikistan, though at a much larger scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pizu Group Holding Limited