Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 2,489,942,000, representing a 35.3% increase from HKD 1,841,347,000 in 2024[4] - Gross profit for the year was HKD 271,591,000, up from HKD 234,155,000, indicating a gross margin improvement[4] - Net profit for the year was HKD 192,380,000, slightly down from HKD 195,000,000 in the previous year[5] - The company reported a significant increase in uranium trade revenue to HKD 2,445,291,000, compared to HKD 1,816,774,000 in the previous year, marking a 34.6% growth[12] - The company reported a basic earnings per share of HKD 39.3 for the year ended December 31, 2025, compared to HKD 39.9 in 2024[23] - The total comprehensive income for the year was approximately HKD 194,665,000, down from HKD 213,597,000 in the previous year[45] Assets and Liabilities - The company’s cash and cash equivalents increased to HKD 907,053,000 from HKD 607,031,000, reflecting a 49.4% rise[6] - Total assets less current liabilities amounted to HKD 869,055,000, compared to HKD 675,510,000 in 2024, showing a 28.7% increase[6] - The total assets increased to HKD 996,814,000 in 2025 from HKD 880,057,000 in 2024, marking a growth of approximately 13.2%[15] - The total liabilities decreased to HKD 128,265,000 in 2025 from HKD 206,173,000 in 2024, a reduction of approximately 37.8%[15] - As of December 31, 2025, the group's total current assets amounted to approximately HKD 864,752,000, an increase from approximately HKD 670,490,000 the previous year[53] Expenses and Costs - Administrative expenses decreased to HKD 44,011,000 from HKD 45,980,000, indicating improved cost management[4] - The total employee costs for the year were HKD 32,457,000, an increase from HKD 29,359,000 in 2024, reflecting a rise of approximately 7.1%[16] - The company incurred a total tax expense of HKD 37,470,000 for the year ended December 31, 2025, compared to HKD 31,552,000 in 2024, an increase of approximately 18.5%[21] - The cost of sales for uranium trading was approximately HKD 2,218,351,000, an increase of 38.0% from HKD 1,607,192,000 in the previous year[41] Market and Industry Insights - The spot price of natural uranium fluctuated between USD 70 to 75 per pound in Q1 2025, rising to about USD 80 per pound by year-end, reflecting a long-term upward trend[33] - Kazakhstan's uranium production reached approximately 26,000 tons in 2025, an 11% increase year-on-year, while Canada’s Cameco reduced its production target by 15% to 20% to about 5,400 to 5,800 tons due to project delays[35] - The global uranium market is experiencing a supply-demand imbalance, driven by increased nuclear energy demand and geopolitical factors, leading to a tightening market[32][34] - The demand for nuclear energy is rapidly increasing, with China's nuclear power generation capacity growing by about 9.2% from 2023 to 2025, further driving uranium demand[37] Strategic Initiatives - The company plans to focus on developing uranium product trading and actively seek quality uranium resource projects, leveraging synergies with its parent company's strengths in the nuclear energy sector[46] - The company has entered into a framework agreement with China Uranium Industry Group to act as their exclusive supplier and distributor of uranium products, enhancing its strategic position in the international uranium market[47][48] - The group has established a strategic partnership with China Nuclear Power Supply Group to strengthen its position in the nuclear energy sector and enhance its international procurement capabilities[49] - The company aims to expand its business scale by actively participating in international market tenders and exploring various financing channels to support uranium trade expansion[48] Governance and Compliance - The group has complied with all applicable code provisions of the Corporate Governance Code throughout the year[63] - The audit committee has been established to review and oversee the financial reporting processes and internal controls of the group, consisting of three independent non-executive directors and one non-executive director[65] - The remuneration committee is responsible for determining the remuneration of directors, comprising three independent non-executive directors, one executive director, and one non-executive director[66] - The nomination committee has been formed to review the board structure and identify qualified candidates for board membership, including three independent non-executive directors, one executive director, and one non-executive director[67] Shareholder Information - The company did not declare any dividends for the year ended December 31, 2025, consistent with the previous year[22] - The group has not purchased, sold, or redeemed any of its listed shares during the year[61] - The electronic version of the announcement is available on the Hong Kong Stock Exchange website and the company's website, with the annual report for the year ending December 31, 2025, to be sent to shareholders in due course[68] - The board expresses gratitude to shareholders, management, and all employees for their hard work and support[69] - The board of directors includes the chairman, non-executive directors, executive directors, and independent non-executive directors, ensuring a diverse governance structure[70]

Group 1 - The core viewpoint of the article highlights the significant rise in nuclear power concept stocks, driven by a partnership between Microsoft and NVIDIA to advance the "AI for nuclear" initiative aimed at accelerating the construction and operation of nuclear power plants to meet the growing energy demands of the AI industry [1] Group 2 - As of the report, China National Nuclear Power (02302) saw a stock increase of 9.61%, trading at 6.5 HKD; China General Nuclear Power (01816) rose by 5.08%, trading at 3.72 HKD; and China General Nuclear Power Mining (01164) increased by 4.57%, trading at 3.89 HKD [1] - The partnership between Microsoft and NVIDIA was announced by Microsoft's Vice Chairman and President Brad Smith during the CERAWeek energy conference, indicating the creation of a solution that could play a crucial role in expanding nuclear power construction [1] - According to China Merchants Securities, the contract-for-difference model in Liaoning and Guangxi provides a safeguard mechanism for nuclear power, allowing most nuclear power output to be settled at approved prices, which may lead to similar pricing mechanisms in other provinces to stabilize nuclear power profitability [1] - The stability of nuclear power companies' profitability is expected to enhance further, combined with the high growth potential from the commissioning of new nuclear units, which may lead to a revaluation of nuclear power companies [1]

Core Viewpoint - Nuclear power concept stocks have seen significant gains, driven by a partnership between Microsoft and NVIDIA to advance the "AI for nuclear" initiative, aimed at accelerating the construction and operation of nuclear power plants to meet the growing energy demands of the AI industry [1] Group 1: Stock Performance - China National Nuclear Corporation International (02302) increased by 9.61%, reaching HKD 6.5 [1] - China General Nuclear Power Corporation (01816) rose by 5.08%, reaching HKD 3.72 [1] - China General Nuclear Mining Corporation (01164) gained 4.57%, reaching HKD 3.89 [1] Group 2: Strategic Developments - Microsoft and NVIDIA have developed a solution that is expected to play a significant role in promoting the expansion of nuclear power construction [1] - The partnership was announced by Microsoft Vice Chairman and President Brad Smith at the CERAWeek energy conference [1] Group 3: Market Mechanisms - According to China Merchants Securities, the contract-for-difference model in Liaoning and Guangxi provides a safeguard mechanism for nuclear power, allowing most nuclear electricity to be settled at approved prices [1] - Other provinces are expected to implement similar price protection mechanisms to mitigate the impact of market fluctuations on nuclear power profitability, enhancing the stability of nuclear power operations [1] - The profitability stability of nuclear power companies is expected to improve, coupled with the high growth potential from the commissioning of new nuclear units, leading to a potential revaluation of nuclear power companies [1]

中 核 國 際 有 限 公 司 （於開曼群島註冊成立之有限公司） 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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告的全部或任何部份內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CNNC INTERNATIONAL LIMITED 中核國際有限公司（「本公司」）之董事（「董事」）局（「董事局」）宣佈 本公司之董事局會議將於二零二六年三月二十五日（星期三）舉行，旨在（其 中包括）審議及批准本公司及其附屬公司截至二零二五年十二月三十一日止年 度經審計之全年業績及其發佈，及考慮宣派末期股息（如有）。 承董事局命 CNNC International Limited 中核國際有限公司 主席 李鋒 香港，二零二六年三月十三日 於本公告日期，董事局包括非執行董事暨主席：李鋒先生；執行董事暨行政總 裁：張義先生；非執行董事：吳戈先生及孫若凡先生；以及獨立非執行董事： 崔利國先生、陳以海先生及劉亞潔女士。 （股份代號：2302） 董事局會議通告 ...

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的內容概不負責， 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 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：2302） 於二零二六年三月十日舉行的 股東特別大會的投票表決結果 茲提述中核國際有限公司（「本公司」）日期均為二零二六年二月十六日的通函（「股東 特別大會通函」）及股東特別大會（「股東特別大會」）通告。除非文義另有規定，本公 告所用詞彙與股東特別大會通函所界定者具有相同涵義。 股東特別大會投票表決結果 於股東特別大會當日，已發行股份總數為489,168,308股。於股東特別大會的股權記 錄日期，本公司並無持有任何庫存股份（包括於由香港中央結算有限公司設立及營 運的中央結算及交收系統持有或存放的任何庫存股份）。根據上市規則第14A.36條 且如股東特別大會通函所述，中核海外及其聯繫人須於股東特別大會上放棄就所提 呈二零二六年框架協議（連同建議年度上限）及其項下擬進行的交易的相關決議案投 票。據董事作出一切合理查詢後所深知、全悉及確信，於股東特別大會當日，中核 海外及其聯繫人合共於326,37 ...

I. 法定/註冊股本變動 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: | | --- | | 2026年2月28日 | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 中核國際有限公司 呈交日期: 2026年3月2日 | 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) | 02302 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 1 ...

Core Viewpoint - China Nuclear International (02302) has seen a stock price increase of over 5%, currently trading at 8.49 HKD with a transaction volume of 25.6 million HKD. The company anticipates a revenue of no less than 2.46 billion HKD and a gross profit of no less than 260 million HKD for the fiscal year 2025, indicating steady growth compared to 2024. The primary driver of this revenue growth is attributed to an increase in uranium trading volume [1]. Financial Projections - For the fiscal year 2025, the company expects a revenue of at least 2.46 billion HKD and a gross profit of at least 260 million HKD, showing a steady increase from 2024 [1]. - The net profit from uranium trading for 2024 is projected to be approximately 140 million HKD, while for 2025, it is expected to be no less than 190 million HKD, indicating a year-on-year increase of over 35% [1].

Group 1 - The core viewpoint of the article is that 中核国际 (China Nuclear International) has seen a significant increase in its stock price, with a rise of over 5%, currently trading at 8.49 HKD, with a transaction volume of 25.6 million HKD [1] - The company expects its revenue for the fiscal year 2025 to be no less than 2.46 billion HKD, with a gross profit of at least 260 million HKD, indicating steady growth compared to the same period in 2024 [1] - The primary driver of revenue growth is identified as the increase in transaction volume from the uranium trading business [1] Group 2 - The announcement specifies that excluding the sale of subsidiary interests and the performance of joint ventures in 2024, the net profit attributable to the uranium trading business for 2024 is approximately 140 million HKD [1] - For 2025, the expected net profit from this segment is projected to be no less than 190 million HKD, indicating a year-on-year increase of over 35% [1]

Core Viewpoint - China Nuclear International (02302) has seen a stock price increase of over 5%, currently trading at 8.49 HKD, with a transaction volume of 25.6 million HKD. The company anticipates a revenue of no less than 2.46 billion HKD and a gross profit of no less than 260 million HKD for the fiscal year 2025, indicating steady growth compared to 2024 [1] Revenue and Profit Forecast - The core driver of revenue growth is identified as the increase in uranium trading transaction volume [1] - Excluding the sale of subsidiary interests and the performance of joint ventures, the net profit attributable to uranium trading for 2024 is estimated at approximately 140 million HKD [1] - For 2025, the expected net profit from uranium trading is projected to be no less than 190 million HKD, representing a year-on-year increase of over 35% [1]

Core Viewpoint - China Nuclear International (02302) has seen its stock price increase by over 12% during the trading session, with a year-to-date increase of nearly 70% [5]. Financial Performance - The company expects its revenue for the fiscal year 2025 to be no less than HKD 2.46 billion, with a gross profit of at least HKD 260 million, indicating steady growth compared to the same period in 2024 [5]. - The primary driver of revenue growth is identified as an increase in the trading volume of uranium [5]. Profitability - Excluding the impact of selling subsidiary interests and the performance of joint ventures in 2024, the net profit attributable to the uranium trading business for 2024 is projected to be approximately HKD 140 million [5]. - For 2025, the expected net profit from this core business is projected to be no less than HKD 190 million, suggesting a year-on-year increase of at least HKD 50 million, which translates to a growth rate exceeding 35% [5].