Core Viewpoint - Zhongyin International maintains a buy rating for CGN Mining (01164), believing that the company's losses in the first half of the year are likely due to seasonal factors, which could restore investor sentiment. The company is viewed as a key beneficiary in the rising natural uranium price cycle. It is expected to announce its interim results after the market closes tomorrow [1]. Production Guidance - The most notable adjustment in the interim results of Huaneng Uranium is the downward revision of its nominal capacity for 2026 from 32,777 tons of uranium (85 million pounds) to 29,697 tons of uranium (77 million pounds), a 10% reduction. This approximately 3,000-ton reduction is primarily due to adjustments in the joint venture Budenovskove. The actual production will depend on negotiations with Huaneng's joint venture partners, signaling that the world's largest uranium producer is not prepared to restore full production at current market prices. The new guidance reflects that uranium mining companies are gaining greater bargaining power in pricing negotiations, with more tender activities occurring recently, which is rare for the summer period in previous years [2]. Infrastructure Readiness - The downward revision of the 2026 capacity guidance contrasts with the progress made in production infrastructure by Huaneng. The joint venture KATCO has launched a new processing plant with a capacity of 2,000 tons of uranium. Additionally, a new sulfuric acid plant has begun construction, expected to be operational by the second quarter of 2027. The company believes that the sulfur shortage issue has been largely resolved, with future challenges likely to be related to sulfur prices rather than supply [3]. Seasonal Sales Fluctuations - Despite a 13% year-on-year increase in total production, Huaneng's natural uranium sales volume for the first half of 2025 decreased by 2% to 7,625 tons of uranium due to customer delivery scheduling. Although Huaneng did not provide sales volume breakdowns at the joint venture and subsidiary levels, it is believed that seasonal factors may also be a reason for CGN Mining's profit warning for the first half of 2025. Given that Huaneng maintains its annual sales volume guidance of 17,500-18,500 tons of uranium, it is expected that sales volume will catch up in the second half of 2025 [4].

Group 1 - The core business of CGN Mining (01164) is the development and trade of natural uranium resources for nuclear energy companies, making it the largest uranium producer listed on the Hong Kong main board and the only pure uranium listed company in East Asia [1] - As of the latest financial report, CGN Mining reported total revenue of 7.986 billion yuan and a net profit of 317 million yuan [2] - CGN Mining's stock price increased by 7.98% on August 25, reaching 2.57 yuan per share with a trading volume of 22.5951 million yuan [1] Group 2 - CGN Mining is focused on seizing opportunities from the global nuclear power recovery and the continuous growth in demand for natural uranium, aiming to become a leading international supplier of natural uranium [1] - The company is set to disclose its interim report for the fiscal year 2025 on August 26 [3]

Core Viewpoint - The company issued a profit warning, expecting a net profit of approximately -90 to -40 million HKD for the first half of 2025, a significant decline from a net profit of 113 million HKD in the first half of 2024, primarily due to fluctuations in spot uranium prices affecting the international trade business and a decline in joint venture performance [1][2] Group 1: Financial Performance - The company's international trade business faced a cost-price inversion in the first half of 2025, with unit sales costs ranging from 68 to 74 USD/lbs U3O8, while contract sales prices were between 58 to 61 USD/lbs U3O8, resulting in a gross loss of 7 to 16 USD/lbs U3O8 [1] - The estimated loss from the international trade segment for the first half of 2025 is approximately -362 to -312 million HKD [1] Group 2: Future Sales Agreements - A new three-year uranium sales framework agreement for 2026-2028 was approved, adjusting the pricing mechanism to 30% base price and 70% spot price, with significant increases in base prices from previous years [2] - The new base prices for 2026, 2027, and 2028 are set at 94.22, 98.08, and 102.10 USD/lbs respectively, compared to previous years' prices [2] Group 3: Industry Outlook - The global nuclear energy revival is supported by multiple factors, including decarbonization goals, energy security needs, AI-driven electricity growth, and geopolitical changes [2] - Recent policy actions in the U.S. and Japan, along with agreements between major companies for nuclear power purchases, indicate a positive outlook for nuclear energy demand [2] - The long-term price of uranium is expected to remain strong, with recent statistics showing a month-on-month increase in uranium prices [2] Group 4: Earnings Forecast and Valuation - The company's net profit forecast for 2025 has been revised down by 51% to 348 million HKD due to one-time losses in the international trade business, while net profit estimates for 2026 and 2027 are projected at 1,039 million HKD and 1,123 million HKD respectively [2] - The target price is maintained at 2.43 HKD, with a "buy" rating supported by a valuation of 18.0x P/E for 2026 [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.43 [7]. Core Views - Despite a significant decline in net profit for the first half of 2025, the report anticipates a recovery in uranium prices in the second half of 2025, which could mitigate the one-time impacts affecting earnings [1][5]. - The approval of a new sales framework agreement for uranium sales from 2026 to 2028 is expected to significantly boost future earnings, with a substantial increase in benchmark prices [3][5]. - The report emphasizes the ongoing global nuclear energy revival driven by decarbonization goals, energy security needs, and geopolitical factors, which supports a positive long-term demand outlook for uranium [4]. Summary by Sections Financial Performance - The company expects a net profit of approximately -90 to -40 million HKD for the first half of 2025, a significant decline from 113 million HKD in the same period of 2024 [1]. - The unit sales cost for uranium in the first half of 2025 was between 68 to 74 USD/lbs, while the contract sales price was only 58 to 61 USD/lbs, resulting in a gross loss of 7 to 16 USD/lbs [2]. Sales Framework Agreement - The new sales agreement for 2026-2028 adjusts the pricing mechanism to 30% benchmark price and 70% spot price, with benchmark prices set to increase significantly from previous years [3]. Market Outlook - The report highlights various factors contributing to the nuclear energy revival, including policy changes in the US and Japan, and partnerships between tech companies and energy providers, which are expected to drive demand for nuclear power [4]. - The long-term outlook for uranium prices remains positive, with recent data indicating a month-on-month increase in long-term uranium prices [4]. Earnings Forecast - The report revises the net profit forecast for 2025 down by 51% to 348 million HKD, while maintaining optimistic projections for 2026 and 2027 with expected profits of 1,039 million HKD and 1,123 million HKD respectively [5][11].

Group 1 - The core viewpoint of the article highlights the positive performance of various companies in the Hong Kong stock market, with significant profit growth and strategic initiatives such as share buybacks and financing rounds [1][2][3][4]. Group 2 - 万国数据-SW (09698) reported a profit of 690 million RMB for the first half of the year, marking a turnaround from losses, and is currently pursuing a Series C financing round to support future projects [1]. - BOSS直聘-W (02076) saw a 85% increase in net profit year-on-year, with a nearly 20% rise in average monthly active users, and announced a share buyback plan of up to 250 million USD [1]. - 长城汽车 (02333) experienced a nearly 6% increase in stock price, with over 20,000 orders for the Haval Menglong 2026 model within 24 hours, indicating strong demand and potential for profit growth [1]. - 周生生 (00116) anticipates a mid-term profit increase to over 900 million RMB, driven by rising gold prices and effective cost control measures [1]. - 中国中车 (01766) saw a stock price increase of over 5% due to the successful bidding for 210 sets of trains, with expectations of sustained high railway investment [2]. - 中广核矿业 (01164) issued a profit warning, expecting a mid-term loss of up to 90 million HKD due to significant price fluctuations in uranium trading [2]. - 特步国际 (01368) reported better-than-expected performance, with a 12% higher net profit than Goldman Sachs' forecast, attributed to increased other income and revenue [2]. - 中国联通 (00762) experienced a stock price increase of over 4%, with expectations of stable dividend growth despite mid-term performance pressures [2]. - 玖龙纸业 (02689) anticipates a maximum annual profit growth of 190%, driven by declining costs [2]. - 海丰国际 (01308) reported a nearly 80% increase in net profit for the first half of the year, attributed to a 7.3% increase in container volume and a 22.8% rise in average freight rates [3].

Core Viewpoint - China General Nuclear Power Corporation Mining (CGN Mining) issued a profit warning, expecting a loss of approximately HKD 40 million to HKD 90 million for the six months ending June 30, 2025, compared to a profit of approximately HKD 113 million in the same period of 2024 [1] Group 1: Financial Performance - The company anticipates a significant decline in profitability due to fluctuations in international uranium trade contract prices and the accounting method for inventory using the weighted average cost method [1] - The unit sales cost for natural uranium in the first half of 2025 is projected to be between USD 68 and USD 74 per pound of U3O8, while the unit sales price for delivered contracts is expected to be between USD 58 and USD 61 per pound of U3O8 [1] - The weighted average cost of inventory for CGN International Uranium Products Sales Company exceeds the sales contract price for the current period, leading to a decrease in gross profit from uranium trading compared to the same period in 2024 [1] Group 2: Market Impact - Following the profit warning, CGN Mining's stock price fell over 3%, with a current decline of 2.53%, trading at HKD 2.3 and a transaction volume of HKD 177 million [1] - The decline in profit is also attributed to decreased earnings from an associated company and a joint venture compared to the same period in 2024 [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining (01164) anticipates a loss of approximately HKD 40 million to HKD 90 million for the six months ending June 30, 2025, compared to a profit of about HKD 113 million in the same period of 2024 [1] Financial Performance - The expected loss for the first half of 2025 is attributed to significant fluctuations in target market prices affecting international trade contracts for natural uranium [1] - The unit sales cost for natural uranium in the first half of 2025 is projected to be USD 68-74 per pound U3O8, while the unit sales price for delivered contracts is expected to be USD 58-61 per pound U3O8 [1] - The weighted average cost of inventory for CGN's international uranium sales company exceeds the selling price of contracts executed during the same period, leading to a decline in gross profit from uranium trading compared to 2024 [1] Operational Stability - Despite the fluctuations in profit, the company maintains stable overall operations due to steady mining production and a robust international trading model that locks in prices at both ends [1] - The decline in profit is also influenced by reduced earnings from an associated company and a joint venture compared to the same period in 2024 [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining (01164) anticipates a loss of approximately HKD 40 million to HKD 90 million for the six months ending June 30, 2025, compared to a profit of about HKD 113 million in the same period of 2024 [1] Financial Performance - The expected loss is attributed to significant price fluctuations in the international trade contracts for natural uranium, alongside the weighted average cost accounting method for inventory [1] - The unit sales cost for natural uranium in the first half of 2025 is projected to be USD 68-74 per pound U3O8, while the unit sales price for delivered contracts is expected to be USD 58-61 per pound U3O8 [1] - The weighted average cost of inventory for CGN's international uranium sales company exceeds the selling price of contracts executed during the same period, leading to a decline in gross profit from uranium trading compared to 2024 [1] Operational Stability - Despite the fluctuations in profit, the company's mining production remains stable, and it employs a robust two-sided locking model for international trade, ensuring overall operational stability [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） 本公告乃由中廣核礦業有限公司*（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合交易所有 限公司證券上市規則（「上市規則」）第13.09(2)條及證券及期貨條例（香港法例第571章）第XIVA部項下 之內幕消息條文而刊發。 基於本公司管理層對於本集團截至二零二五年六月三十日止六個月之未經審核綜合管理賬目（「管理 賬目」）之初步審閱，本公司董事會（「董事會」）謹此告知本公司股東（「股東」）及潛在投資者，預期本集 團截至二零二五年六月三十日止六個月錄得虧損介乎約40百萬港元至90百萬港元，而二零二四年同 期則錄得溢利約113百萬港元。 1 根據董事會目前所得資料，預期本集團截至二零二五年六月三十日止六個月將錄得虧損，較二零 二四年同期的溢利出現下降，主要原因為(i)由於天然鈾國際貿易合約受目標市場價格大幅波動的影 響，疊加存貨的會計記賬方式為加權平均成本法的因素，二零 ...

Group 1 - The core business of China General Nuclear Power Corporation Mining (CGN Mining) is the development and trade of natural uranium resources for nuclear energy companies, making it the largest uranium producer listed on the Hong Kong Stock Exchange and the only pure uranium listed company in East Asia [1] - As of the latest financial report, CGN Mining reported a total revenue of 7.986 billion yuan and a net profit of 317 million yuan [2] - CGN Mining is set to disclose its interim report for the fiscal year 2025 on August 26 [3] Group 2 - The company's core operational philosophy focuses on seizing opportunities from the global nuclear power recovery and the continuous growth in natural uranium demand, aiming to acquire competitively priced uranium resource projects [1] - CGN Mining is committed to becoming a leading international supplier of natural uranium [1]