Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook on its stock performance relative to the market [3][7]. Core Views - The natural uranium market is stabilizing and showing an upward trend, driven by the demand for green energy [4]. - The company's trading business experienced a significant decline in revenue due to accounting standards affecting the timing of revenue recognition, but mining production remains steady [3][5]. - The company has signed new long-term contracts, reflecting strong confidence in the future uranium market [6]. Financial Performance - In the first half of 2025, the company reported a revenue of 1.709 billion HKD, a year-on-year decrease of 58%, and a net loss attributable to shareholders of 68 million HKD, a decline of 160% [3]. - The average price of natural uranium increased by 4% year-to-date, reaching an average of 78.50 USD per pound by the end of June 2025 [4]. - The company’s international sales division signed contracts for 1,910 tons of natural uranium, with 53% of sales coming from Europe [5]. Production and Expansion - The company achieved an equity production of 650 tons of standard uranium in the first half of 2025, with production rates exceeding 100% at its mining operations [6]. - New sales framework agreements for 2026-2028 have been established, adjusting pricing mechanisms to enhance performance elasticity against uranium prices [6]. Future Projections - The company is expected to achieve net profits of 410 million HKD, 850 million HKD, and 1 billion HKD for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 46, 22, and 19 [7][10].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 FF301 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 中廣核礦業有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01164 | 說明 | 不適用 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 HKD | | 500, ...

Group 1 - The Hong Kong Stock Exchange reported that on September 1, China State-owned Mixed Ownership Reform Fund Co., Ltd. reduced its stake in China General Nuclear Power Corporation Mining (01164) by 125.3 million shares at a price of HKD 2.67 per share, totaling approximately HKD 335 million [1] - After the reduction, the latest shareholding number is approximately 480 million shares, with a new ownership percentage of 6.32% [1] - The transaction involved other related parties, including China Chengtong Holdings Group Co., Ltd. and Chengda Holdings Limited [1]

Group 1 - The core point of the article is that China National Mixed Ownership Reform Fund Co., Ltd. has reduced its stake in China General Nuclear Power Corporation (CGN) Mining & Energy Co., Ltd. by selling 125.3 million shares at a price of HKD 2.67 per share, totaling approximately HKD 335 million [1] - After the reduction, the fund's remaining shareholding is approximately 480 million shares, representing a new ownership percentage of 6.32% [1] - The transaction involves other related parties, including China Chengtong Holdings Group Co., Ltd. and Chengda Holdings Limited [1]

Industry Trends - The global natural uranium market continues to maintain a tight supply-demand balance, with a projected supply-demand gap of 6,000 tons by 2030 and 31,000 tons by 2035 according to UxC [1] - Supply-side challenges include a 9.3% reduction in nominal production from Kazakhstan's uranium mines for 2026 and delays in new mining projects in Niger and West Africa, increasing supply uncertainty [1] - On the demand side, China's nuclear power approvals remain steady, and the U.S. plans to start construction on 10 large nuclear power plants by 2030, driven by surging electricity demand from AI [1] - Global uranium inventories are decreasing, with UxC predicting secondary supply will drop from 11,000 tons in 2025 to 6,000-7,000 tons by 2030, reinforcing the view of a tight supply-demand situation [1] Market Activity - Since May, the natural uranium spot market has seen increased activity, with long-term contract prices showing signs of rising, reflecting expectations of future supply-demand gaps [2] - In the first half of 2025, the spot transaction volume of natural uranium was approximately 10,000 tons, nearing the total volume for 2024, driven by U.S. tariff policy and increased procurement by Sprott Fund [2] - Nuclear power owners accounted for 35% of the spot transaction volume in the first half of the year, as difficulties in long-term contract negotiations pushed them towards the spot market [2] - The expectation of a Federal Reserve interest rate cut in September may lead traders and financial institutions to increase procurement, potentially raising spot prices closer to long-term contract prices [2] Company Trends - The international trade segment's impact may have been concentrated in the first half of the year, with expectations for the second half to recover from previous losses [3] - The company reported a net profit of -68 million HKD in the first half of 2025, a 160% year-on-year decline, primarily due to price fluctuations in international trade contracts and inventory accounting methods [3] - Approximately 55% of contracts delivered in the first half were signed at low prices between 2021-2023, with an average selling price of 48 USD per pound, below the weighted average cost of 60-70 USD per pound [3] - The company anticipates an increase in high-priced contract deliveries starting in the second half of 2025, with 4,256 tons of unsold contracts signed at an average price of 80.8 USD per pound, indicating significant future profit growth potential [3] - The company has adjusted its international trade contracting strategy to shorten delivery cycles, reducing risks associated with price fluctuations and mismatches [3] - Profit forecasts for the company indicate a recovery in net profit for 2025-2027, with expected figures of 348 million, 1.039 billion, and 1.123 billion HKD, corresponding to year-on-year growth rates of +1.84%, +198.42%, and +8.04% [3]

Core Viewpoint - The company reported a decline in performance for the first half of 2025, with revenue and net profit falling significantly compared to the previous year, primarily due to fluctuations in natural uranium prices and increased operational costs [1][2]. Company Performance - In the first half of 2025, the company achieved a revenue of HKD 1.709 billion, a year-on-year decrease of 58% [1]. - The net profit attributable to shareholders was a loss of HKD 68 million, representing a year-on-year decline of 160% [1]. - The main reasons for the loss included high unit sales costs in the natural uranium sales business and a decrease in investment income due to falling uranium prices [1]. Operational Costs - The operational costs for mining significantly increased, with raw material prices, such as sulfur, rising by 24% year-on-year [1]. - The underground resource usage tax in Kazakhstan increased from 6% to 9%, contributing to higher unit costs [1]. - The company's mining sales costs rose by 6% year-on-year, reaching USD 27.9 per pound due to inflation and a 5% increase in labor costs [1]. Market Trends - The global natural uranium market continued to show volatility, with an increase in procurement willingness among nuclear power owners, raising their share of total spot trading volume from 16% in 2024 to approximately 35% [2]. - The long-term trading market faced slow contract signing due to macroeconomic uncertainties and trade policy adjustments [2]. - The supply-demand relationship remained tight in the first half of 2025, influenced by production changes and procurement rhythms, while long-term support is expected from nuclear power expansion and global energy transition [2]. Industry Developments - Kazatomprom announced a production reduction strategy for 2026, planning to cut its nominal production by about 10%, which is expected to support uranium prices [2][3]. - The upcoming World Nuclear Association (WNA) conference in September is anticipated to be a significant catalyst for the industry, potentially refocusing attention on the strategic role of nuclear energy in the energy transition [3]. Profit Forecast - The company, as the only pure uranium listed company in East Asia backed by China General Nuclear Power Group, has revised its net profit forecasts for 2025, 2026, and 2027 to HKD 382 million, HKD 939 million, and HKD 1.181 billion, respectively, reflecting year-on-year growth of 11.7%, 145.9%, and 25.7% [3].

中广核矿业（01164.HK） 优于大市 存货成本记账方式导致上半年业绩承压，长协落地业绩增长可期 证券研究报告 | 2025年08月29日 公用事业·电力 存货平均成本高于国际贸易销售价格导致贸易业务亏损扩大，投资收益因铀 价下行有所减少。2025 年上半年公司实现营业额 17.09 亿港元，同比减少 58.4%，主要系铀价下行、国际贸易交割量减少所致；实现公司所有人应占 亏损 0.68 亿元，同比下降 159.7%。上半年天然铀现货价格较 2024 年整体下 行趋势下，由于公司存货以加权平均成本记账，账面存货加权平均成本高于 当期执行的销售合同售价，天然铀贸易业务分部亏损 2.62 亿港元，同比增 亏 265.3%；谢、奥公司应占业绩合计 3.06 亿港元，同比减少 30.9%。 铀矿生产符合预期，国际贸易形成价格倒挂。上半年谢、奥公司总采铀量 1351tU，同比增加 1.2%，生产计划完成率 110.3%，平均生产成本为 26.69$/磅 U3O8；公司完成包销量 526tU，平均销售价格 71.07$/磅 U3O8， 平均销售成本 72.85$/磅 U3O8。由于公司库存按照加权平均成本记账和 国际贸 ...

证券研究报告 中广核矿业 (1164 HK) 2025 年 8 月 29 日│中国香港 其他金属非金属新材料及加工 8 月 28 日中广核矿业（1164 HK）出席了我们组织的 2025 年秋季策略会， 会上公司就天然铀供需格局、现货/长协市场交易量与铀价趋势、公司国际 贸易板块重点分析，以及对未来展望进行了交流。 盈利预测与估值 公司 25H1 国际贸易业务亏损系一次性影响，且 25H2 起公司高价订单交付 和签约策略调整下盈利修复可期，我们维持 25-27 年归母净利 3.48、10.39、 11.23 亿港币（同比+1.84%、+198.42%、+8.04%），对应 EPS 为 0.05、 0.14、0.15 港币。我们参考 Visible Alpha 可比公司 2026 年估值中枢 （22.1xPE），考虑未来现货铀价波动仍存在不确定性，维持公司 2026E 21.5xPE 估值，目标价 3.01 港币。 风险提示：核电事故风险，行业需求不及预期。 2025 年秋季策略会速递—— 国际贸易跨期合约 25H2 起预期改善 核心观点： 华泰研究 动态点评 投资评级(维持): 增持 目标价(港币): 3.0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that the uranium market experienced increased volatility in the first half of 2025, with rising costs and low-price contract deliveries suppressing the company's performance [5][7] - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to fluctuations in international uranium trade contract prices and increased operational costs [7] - The report anticipates a recovery in uranium prices driven by production cuts from leading companies and upcoming industry events that may refocus attention on the strategic role of nuclear energy in the energy transition [7] Financial Performance and Forecast - The company achieved a revenue of 7,363.12 million HKD in 2023, with a projected increase to 9,112.95 million HKD in 2025, reflecting a growth rate of 5.7% [6] - The net profit forecast for 2025 is adjusted to 381.94 million HKD, with a year-on-year growth of 11.7% [6][7] - The earnings per share (EPS) is expected to remain stable at 0.05 HKD for 2025, with a projected increase to 0.12 HKD by 2026 [6][7] - The report indicates a return on equity (ROE) of 8.9% for 2025, improving to 17.9% by 2026 [6] Market Dynamics - The global uranium market is characterized by a tight supply-demand balance, with increased procurement activity from nuclear power owners leading to a 24% growth in spot trading volume [7] - The report notes that major nuclear countries are accelerating their nuclear energy supply chain strategies, which may support long-term uranium price stability [7] - The upcoming World Nuclear Association conference is expected to act as a catalyst for the industry, emphasizing the importance of uranium resources in the next decade [7]

Core Viewpoint - The company's 1H25 performance fell short of expectations, primarily due to declining natural uranium spot prices and losses in international trade business [1][2]. Financial Performance - The company reported a revenue of HKD 1.71 billion in 1H25, a year-on-year decrease of 58% - The net profit attributable to shareholders was a loss of HKD 67.57 million, marking a shift from profit to loss compared to the previous year [1]. - The average sales price for self-produced trade was USD 71.1 per pound, while the average cost was USD 72.85 per pound, resulting in a slight loss in self-produced trade [1]. Production and Sales - The company's equity natural uranium production was 632 tons (tU) in 1H25, with self-produced trade volume at 526 tU [1]. - The company achieved a production completion rate of 105% for the Shiyou company, producing 428 tU of natural uranium [1]. - The production costs for Shiyou's mines were USD 32.5 per pound and USD 27.7 per pound for the Yimin mine [1]. International Trade Business - The international trade business faced losses due to unit sales prices ranging from USD 58 to 61 per pound and costs between USD 68 to 74 per pound, leading to a negative impact on short-term profits [2]. - The average inventory cost exceeded contract selling prices, contributing to the losses [2]. Development Trends - The new sales framework agreement is expected to benefit from the upward trend in uranium prices, with a pricing structure that includes a higher fixed price and a greater proportion of spot pricing [2]. - The company plans to revise its 2026 production plan, reflecting the need for higher prices to stimulate capacity utilization [2]. Profit Forecast and Valuation - The company maintains its profit forecast, with the current stock price corresponding to a P/E ratio of 33.6 for 2025 and 20.6 for 2026 [3]. - The target price has been raised by 25% to HKD 3.14, reflecting a potential upside of 16% from the current stock price [3].