Core Viewpoint - Nuclear stocks have risen significantly, driven by a combination of increasing demand from nuclear energy revival and AI revolution, alongside supply constraints from major producers [1] Group 1: Market Performance - China National Nuclear Corporation International (02302) increased by 9.67%, reaching 4.31 HKD; China General Nuclear Power Corporation (01164) rose by 7.84%, reaching 3.3 HKD [1] Group 2: Supply and Demand Dynamics - A report from JPMorgan highlights a tightening market reality, with uranium spot and futures prices rising approximately 5% this year due to reduced production from major suppliers like Kazatomprom and Cameco [1] - The rapid construction of nuclear power plants in China and the substantial electricity demand from AI data centers are driving strong growth in uranium demand [1] Group 3: Future Price Outlook - Morgan Stanley indicates that the global uranium market is undergoing significant changes, with a positive price outlook due to tightening supply and strong demand [1] - Uranium prices are expected to reach 87 USD per pound by Q4 2025, supported by supply challenges, stable spot demand, and an increase in potential contract volumes [1] - The structural support from the "nuclear energy revival" contributes to a solid fundamental outlook for the uranium market, indicating further price upside potential [1]

（於開曼群島註冊成立之有限公司） (Incorporated in the Cayman Islands with limited liability) (Stock Code 股份代號: 2302) 12th September, 2025 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on or before 31st December, 2023 and the articles of associ ...

(Stock Code 股份代號: 2302) 12th September, 2025 Dear registered shareholder(s), CNNC International Limited (the "Company") — Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company have been published in English and Chinese languages and are available on the HKEx News website of The Stock Exchange of Hong Kong Limited ("HKEx News") at www.hkexnews.hk and the Company's website at www.cnncintl.com. If you have any difficulty in recei ...

Stock Code 股份代號 : 2302 中期報告 INTERIM REPORT 2025 香港 灣仔港灣道26號華潤大厦 29樓2906室 Unit 2906, 29th Floor, 26 Harbour Road, China Resources Building, Wanchai, Hong Kong CONTENTS 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Management Discussion & Analysis | 3 | | 管理層討論及分析 | | | Condensed Consolidated Statement of Profit or Loss and | 16 | | Other Comprehensive Income | | | 簡明綜合損益及其他全面收益表 | | | Condensed Consolidated Statement of Financial Position | 17 | | 簡明綜合財務狀況表 | | | Condensed Consolidated Statemen ...

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 | 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: 2025年9月1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) | 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 | | 10,000,00 ...

Core Insights - The seminar held by BOC International and China Nuclear International focused on enhancing the international financing capabilities of China's nuclear energy industry through the Hong Kong capital market, aligning with the national "dual carbon" goals and energy transition trends [1][3]. Group 1: Industry Opportunities - Nuclear power is recognized as a safe, clean, and efficient energy source, presenting significant development opportunities amid profound changes in global energy security [3]. - Hong Kong's unique advantages as an international financial center can assist China's nuclear energy sector in expanding overseas resources and enhancing global influence [3]. Group 2: Financing Strategies - BOC International has been tracking global uranium industry dynamics since 2018 and has successfully completed equity financing projects in the uranium sector, accumulating extensive experience in overseas mining financing and mergers and acquisitions [3][4]. - Financial institutions can design diverse financing products such as equity placements, convertible bonds, and domestic and foreign bonds tailored to the characteristics of the nuclear energy industry, supporting state-owned enterprises like China Nuclear International in expanding financing channels and attracting international investors [4]. Group 3: Collaboration and Future Plans - The seminar served as a platform for BOC International and China Nuclear International to strengthen collaboration, aiming to secure more support for the Chinese nuclear energy industry in the Hong Kong capital market [4]. - Discussions included overseas regulatory environments, risk management for foreign projects, and capital market development, emphasizing the need for a robust support system for the sustainable and healthy development of China's nuclear energy sector [4].

Core Viewpoint - 中核国际 reported a significant increase in revenue and profit for the first half of 2025, primarily driven by a surge in uranium trading activities [1][2] Financial Performance - The company recorded a revenue of approximately HKD 592 million, representing a massive increase of about 9152% compared to the same period in 2024, where revenue was around HKD 6.4 million [1] - Gross profit increased by approximately 207% to about HKD 19.67 million, compared to HKD 6.4 million in the same period last year [1] - The company turned a pre-tax profit of approximately HKD 12.37 million, compared to a pre-tax loss of about HKD 6.12 million in 2024 [1] - Net profit for the period was approximately HKD 10.36 million, reversing from a net loss of about HKD 7.73 million in the previous year [1] Uranium Trading Activities - The company sold approximately 220,000 pounds of natural uranium, generating revenue of about HKD 592 million [2] - Revenue from uranium trading included approximately 1 million pounds sold through independent third-party transactions, and around 530,000 pounds and 750,000 pounds sold to 中核集团 through uranium supply and agency transactions, respectively [2] - The company facilitated the trade of about 450,000 pounds of natural uranium through uranium procurement transactions related to the 罗辛铀矿, in which it holds a 68.62% indirect interest [2] - The majority of the revenue, approximately HKD 582 million, came from transactions with independent third parties, attributed to stable spot uranium prices during the review period [2]

Core Viewpoint - 中核国际 (02302) reported a significant increase in revenue and a turnaround in profit for the six months ending June 30, 2025, primarily driven by a surge in uranium trading activities [1] Financial Performance - Revenue reached HKD 592 million, representing a year-on-year increase of 9151.72% [1] - Shareholders' profit amounted to HKD 10.359 million, compared to a loss of HKD 7.731 million in the same period last year, indicating a successful turnaround [1] - Basic earnings per share were HKD 0.0212 [1] Business Operations - The substantial revenue growth was mainly attributed to a significant increase in the trading volume of uranium, with approximately HKD 582 million of revenue generated from transactions involving natural uranium sold to independent third parties [1]

Core Viewpoint - China Nuclear International (02302) reported a significant increase in revenue and a turnaround in profit for the six months ending June 30, 2025, primarily driven by a surge in uranium trading volume [1] Financial Performance - Revenue reached HKD 592 million, representing a year-on-year increase of 9151.72% [1] - Shareholders' profit amounted to HKD 10.359 million, compared to a loss of HKD 7.731 million in the same period last year, indicating a successful turnaround [1] - Basic earnings per share were HKD 0.0212 [1] Business Operations - The substantial revenue growth was mainly attributed to the significant increase in the group's uranium trading business [1] - Approximately HKD 582 million of the total revenue was generated from transactions involving the sale of natural uranium to independent third parties [1]

[Announcement Overview](index=1&type=section&id=Announcement%20Overview) This announcement presents the unaudited condensed consolidated interim results of CNNC International Limited and its subsidiaries for the six months ended June 30, 2025, with comparative figures for the corresponding period in 2024 - The Board of Directors of CNNC International Limited is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries for the six months ended June 30, 2025 (the "Review Period") and comparative figures for the corresponding period in 2024[3](index=3&type=chunk) [Condensed Consolidated Interim Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) This section presents the condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, and the condensed consolidated statement of financial position as at June 30, 2025, illustrating the Group's financial performance and period-end asset and liability status [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group achieved significant revenue growth during the review period, swinging from a loss to a net profit, with a notable improvement in basic earnings per share Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 592,110 | 6,400 | 9151.7% | | Gross Profit | 19,671 | 6,400 | 207.4% | | Profit/(Loss) Before Tax | 12,375 | (6,116) | Swung to profit | | Profit/(Loss) Attributable to Owners of the Company for the Period | 10,359 | (7,731) | Swung to profit | | Basic and Diluted Earnings/(Loss) Per Share | 2.12 HK cents | (1.58) HK cents | Swung to profit | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's current assets and liabilities both significantly increased, primarily due to changes in inventories, trade receivables, and trade payables, leading to a rise in the gearing ratio Summary of Condensed Consolidated Statement of Financial Position (As at June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Non-current Assets | 4,177 | 5,020 | | Current Assets | 1,521,990 | 875,037 | | Current Liabilities | 839,773 | 204,547 | | Net Current Assets | 682,217 | 670,490 | | Net Assets | 685,640 | 673,884 | - The **gearing ratio** increased from approximately **0.23** as at December 31, 2024, to approximately **0.55** as at June 30, 2025, primarily due to an increase in trade and other payables from uranium product purchases[42](index=42&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section details the basis of preparation, significant accounting policies, and application of new and revised HKFRSs for the interim financial statements, along with specific notes on revenue, segment information, income tax expense, dividends, earnings per share, trade and other receivables, and trade and other payables [Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, presented in HKD, and should be read in conjunction with the 2024 annual report - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 of the Listing Rules[7](index=7&type=chunk) - The Company's functional currency is US dollars, but for the convenience of shareholders, the condensed consolidated interim financial statements are presented in HKD, with all values rounded to the nearest thousand[7](index=7&type=chunk) [Significant Accounting Policies](index=5&type=section&id=2.%20Significant%20Accounting%20Policies) The interim financial statements are prepared on a historical cost basis, reviewed by the Audit Committee, and the application of new and revised HKFRSs had no significant impact on financial performance or position this period - The condensed consolidated interim financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, and have been reviewed by the Audit Committee[8](index=8&type=chunk) - The new and revised Hong Kong Financial Reporting Standards (such as the amendment to HKAS 21 "Lack of Exchangeability") were first applied during this interim period, but had no significant impact on the Group's financial performance and position[9](index=9&type=chunk)[10](index=10&type=chunk) [Revenue and Segment Information](index=6&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group primarily operates two segments: Operating Mineral Resources (uranium trading and procurement services) and Exploration and Sale of Mineral Resources, with the former showing significant revenue growth and contributing most of the revenue and profit - The Group's operating and reportable segments include "Operating Mineral Resources" (trading of uranium and agency income from providing uranium procurement services) and "Exploration and Sale of Mineral Resources" (exploration and sale of uranium)[11](index=11&type=chunk) Segment Revenue and Profit (For the six months ended June 30) | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | 2025 Profit/(Loss) (HKD thousands) | 2024 Profit/(Loss) (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Operating Mineral Resources | 592,110 | 6,400 | 14,116 | (8,282) | | Exploration and Sale of Mineral Resources | — | — | (2,409) | (3,051) | | Total | 592,110 | 6,400 | 11,707 | (11,333) | Segment Assets and Liabilities (As at June 30) | Segment | 2025 Assets (HKD thousands) | 2024 Assets (HKD thousands) | 2025 Liabilities (HKD thousands) | 2024 Liabilities (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Operating Mineral Resources | 1,511,106 | 630,699 | 813,482 | 179,183 | | Exploration and Sale of Mineral Resources | 9,844 | 3,486 | 22,653 | 19,647 | | Total Segment | 1,520,950 | 634,185 | 836,135 | 198,830 | [Income Tax Expense](index=9&type=section&id=4.%20Income%20Tax%20Expense) The Group's income tax expense primarily comprises Hong Kong profits tax and PRC corporate income tax, with the total amount increasing year-on-year, reflecting higher taxable profits - Hong Kong profits tax adopts a two-tiered tax rate system, with the first **HKD 2,000,000** of profits taxed at **8.25%** and the remainder at **16.5%**; PRC subsidiaries are taxed at **25%**[14](index=14&type=chunk)[15](index=15&type=chunk) Income Tax Expense (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 1,845 | — | | PRC Corporate Income Tax | 171 | — | | PRC Withholding Tax Paid on Dividends Received from an Associate | — | 1,615 | | **Total Income Tax Expense** | **2,016** | **1,615** | [Dividends](index=10&type=section&id=6.%20Dividends) For the period ended June 30, 2025, the Company neither paid, declared, nor proposed any dividends - No dividends were paid, declared, or proposed for the period ended June 30, 2025, nor have any been proposed since the end of the reporting period (corresponding period in 2024: nil)[19](index=19&type=chunk) [Basic and Diluted Earnings/(Loss) Per Share](index=10&type=section&id=7.%20Basic%20and%20Diluted%20Earnings%2F%28Loss%29%20Per%20Share) Basic earnings per share attributable to owners of the Company was **2.12 HK cents**, a significant improvement from a loss of **1.58 HK cents** in the corresponding period last year, with no dilutive effect from potential ordinary shares Basic and Diluted Earnings/(Loss) Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) Attributable to Owners of the Company for the Period (HKD thousands) | 10,359 | (7,731) | | Number of Ordinary Shares for Basic Earnings/(Loss) Per Share | 489,168,308 | 489,168,308 | | Basic and Diluted Earnings/(Loss) Per Share (HK cents) | 2.12 | (1.58) | - Diluted earnings/(loss) per share for the periods ended June 30, 2025 and 2024 were the same as basic earnings/(loss) per share, as there were no potential ordinary shares in issue during the relevant periods[20](index=20&type=chunk) [Trade and Other Receivables](index=11&type=section&id=8.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables significantly increased to **HKD 350,460,000**, primarily driven by trade receivables Trade and Other Receivables (As at June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables | 345,318 | 85,350 | 304.6% | | Other Receivables | 3,798 | 1,186 | 220.2% | | Deposits Paid | 1,175 | 1,112 | 5.7% | | Prepayments | 1,247 | 246 | 406.9% | | Less: Non-current Portion of Deposits | (1,078) | (1,078) | 0% | | **Total** | **350,460** | **86,816** | **303.7%** | [Trade and Other Payables](index=11&type=section&id=9.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables significantly increased to **HKD 812,757,000**, primarily due to a substantial rise in trade payables Trade and Other Payables (As at June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 787,538 | 154,320 | 410.3% | | Other Payables | 2,630 | 2,600 | 1.2% | | Amounts Due to Joint Venture Partners | 20,275 | 17,605 | 15.2% | | Accruals | 2,314 | 3,781 | -38.8% | | **Total** | **812,757** | **178,306** | **355.8%** | - Credit terms for goods sales and purchases are typically within **5 to 30 days**, and the Group has financial risk management policies to ensure all payables are settled within credit terms[22](index=22&type=chunk)[23](index=23&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section elaborates on the Group's performance, market and business review, operating review, and future strategies for the review period, highlighting the significant growth of the uranium trading business and its positive impact on financial performance, while outlining future development directions [Results](index=12&type=section&id=Results) The Group's revenue surged by **9152%** to **HKD 592,110,000** during the review period, swinging to a net profit of **HKD 10,359,000**, primarily driven by a substantial increase in uranium trading volume - Revenue recorded a significant increase of approximately **9152%** to approximately **HKD 592,110,000**, and gross profit increased by approximately **207%** to approximately **HKD 19,671,000**[24](index=24&type=chunk) - The Group swung from a loss to a pre-tax profit of approximately **HKD 12,375,000** (corresponding period in 2024: pre-tax loss of approximately **HKD 6,116,000**), with a net profit of approximately **HKD 10,359,000** (corresponding period in 2024: net loss of approximately **HKD 7,731,000**)[24](index=24&type=chunk) - Approximately **2,200,000 pounds** of natural uranium were sold, of which approximately **1,000,000 pounds** were sold through transactions with independent third parties, and approximately **530 pounds** and **750,000 pounds** were sold to the parent group through uranium supply transactions and uranium agency transactions, respectively[25](index=25&type=chunk) [Market and Business Review](index=13&type=section&id=Market%20and%20Business%20Review) The natural uranium market is influenced by geopolitics and US tariff policies, with narrowing spot price fluctuations and stable long-term prices; the Group continues to focus on uranium product trading, actively seeks high-quality uranium resource projects, communicates with the Mongolian government to resolve mining rights issues, and discusses restart plans with the Niger government and Somina shareholders [Market Review](index=13&type=section&id=Market%20Review) Natural uranium spot prices rebounded after an initial dip, rising from approximately **USD 73** to **USD 78.5 per pound**, with long-term prices stable at **USD 80 per pound**, reflecting market consensus on medium-to-long-term supply tightness - Natural uranium spot prices hovered around **USD 73 per pound** at the beginning of the review period and closed at approximately **USD 78.5 per pound** at the end of June 2025[27](index=27&type=chunk) - The long-term price of natural uranium remained at **USD 80 per pound** throughout the review period, reflecting the current market consensus on medium-to-long-term supply tightness of natural uranium[27](index=27&type=chunk) - Uncertainty exists regarding the US government's tariff policy; although no additional taxes are currently imposed on natural uranium, the industry has taken proactive defensive measures[28](index=28&type=chunk)[29](index=29&type=chunk) [Business Review](index=14&type=section&id=Business%20Review) The Group continued its uranium product trading, selling approximately **2,200,000 pounds** of natural uranium and collaborating with its parent group, while actively engaging with the Mongolian government to resolve mining rights issues and discussing restart plans with the Niger government and other Somina shareholders - The Group sold approximately **2,200,000 pounds** of natural uranium, generating operating revenue of approximately **HKD 592,110,000**, with approximately **1,000,000 pounds** sold through transactions with independent third parties[30](index=30&type=chunk) - The Group continues to maintain close communication and coordination with relevant Mongolian government departments to resolve mining rights issues for its Mongolian mining projects[31](index=31&type=chunk) - The Group maintains close communication with the Niger government and continues discussions with other shareholders of its associate, Somina, with a view to formulating a preliminary restart plan in the foreseeable future[32](index=32&type=chunk) [Operating Review](index=15&type=section&id=Operating%20Review) The Group's revenue and gross profit significantly increased, primarily due to higher uranium trading volume; other income and net gains rose from increased bank interest income, finance costs substantially decreased due to no bank financing loans, and administrative expenses slightly declined from reduced intermediary service fees Changes in Key Profit or Loss Items (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Revenue | 592,110 | 6,400 | 9152% | Significant increase in uranium trading volume | | Cost of Sales | 572,439 | — | N/A | Significant increase in uranium trading volume | | Gross Profit | 19,671 | 6,400 | 207% | Significant increase in uranium trading volume | | Other Income and Net Gains | 9,339 | 4,258 | 119% | Increase in bank interest income | | Net Exchange Gain | 1,337 | 493 | 171% | Slight appreciation of USD against HKD | | Selling and Distribution Expenses | 1,962 | 1,825 | 7.5% | Increase in natural uranium storage expenses | | Administrative Expenses | 15,894 | 17,659 | -10% | Decrease in intermediary service fees | | Share of Results of Associates | — | 15,596 | -100% | Disposal of interest in a subsidiary | | Finance Costs | 116 | 13,379 | -99% | No utilization of bank financing loans | | Income Tax Expense | 2,016 | 1,615 | 24.8% | Increase in taxable profit | | Net Profit/(Loss) | 10,359 | (7,731) | Swung to profit | Combination of the above factors | | Total Comprehensive Income/(Expense) | 11,756 | (20,859) | Swung to profit | Combination of the above factors | [Future Strategies](index=16&type=section&id=Future%20Strategies) The Group will continue to focus on developing its uranium product trading business, actively seek high-quality uranium resource projects, and leverage its framework agreement with China Uranium to strengthen its position in the international uranium market, while also resolving Mongolian mining rights disputes, promoting the Somina project's restart, and exploring diversified business and potential investment opportunities - The Group will focus on developing its uranium product trading business, actively seeking high-quality uranium resource projects, with a focus on operational projects, to align with the parent group's development[37](index=37&type=chunk) - A 2024 framework agreement was entered into with China Uranium, appointing the Group as the exclusive supplier, agent, and authorized distributor for China Uranium Group, aiming to consolidate its strategic position in the international uranium market[37](index=37&type=chunk)[38](index=38&type=chunk) - Discussions will continue with the Mongolian government to resolve the expiry of exploration licenses for uranium resource projects, and with the Niger government and other Somina shareholders to formulate a preliminary restart plan[38](index=38&type=chunk)[39](index=39&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) This section covers the Group's employee and remuneration policies, liquidity and financial resources, acquisitions and disposals during the reporting period, foreign exchange risk management, capital structure, contingent liabilities, pledge of assets, significant events after the reporting period, interim dividend policy, and corporate governance matters, including the composition and responsibilities of Board committees [Employees and Remuneration Policy](index=18&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed **34** full-time staff, with remuneration determined by individual performance, experience, and qualifications, alongside sufficient training and professional development opportunities Number of Employees (As at June 30) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 4 | 6 | | Mainland China | 26 | 26 | | Mongolia | 4 | 4 | | **Total** | **34** | **36** | - Remuneration packages are determined based on individual performance, experience, and qualifications, ensuring all employees receive adequate training and continuous professional development opportunities[40](index=40&type=chunk) [Liquidity and Financial Resources](index=18&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's liquidity position is robust, with a significant increase in cash and cash equivalents, primarily due to cash inflows from amounts due from direct holding companies; both current assets and liabilities grew substantially, leading to a higher gearing ratio - Net cash inflow of approximately **HKD 179,114,000** was recorded during the review period (corresponding period in 2024: net cash outflow of approximately **HKD 49,536,000**), mainly due to cash received from "amounts due from direct holding companies" related to trade receivables[41](index=41&type=chunk) Key Liquidity Indicators (As at June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 787,583 | 607,031 | 29.7% | | Non-current Assets | 754 | 1,626 | -53.6% | | Current Assets | 1,521,990 | 875,037 | 73.9% | | Current Liabilities | 839,773 | 204,547 | 310.6% | | Total Shareholders' Funds | 685,640 | 673,884 | 1.7% | | Gearing Ratio | 0.55 | 0.23 | 139.1% | [Acquisition and Disposal of Subsidiaries and Associates](index=19&type=section&id=Acquisition%20and%20Disposal%20of%20Subsidiaries%20and%20Associates) During the review period, the Group did not undertake any significant acquisitions or disposals of subsidiaries and associates - During the review period, the Group did not undertake any significant acquisitions or disposals of subsidiaries and associates[43](index=43&type=chunk) [Foreign Exchange Exposure](index=19&type=section&id=Foreign%20Exchange%20Exposure) The Group primarily operates in Hong Kong, mainland China, and Mongolia, with major transaction currencies being HKD, RMB, USD, and MNT; currently, there is no foreign currency hedging policy, but management will monitor risks and consider hedging as needed - The Group primarily conducts business in the Hong Kong Special Administrative Region, mainland China, and Mongolia, with major transaction currencies being HKD, RMB, USD, and Mongolian Tugrik[44](index=44&type=chunk) - The Group does not have a foreign currency hedging policy, but management will monitor foreign exchange risks and consider hedging significant currency exposures when necessary[44](index=44&type=chunk) [Capital Structure](index=19&type=section&id=Capital%20Structure) The Group's capital structure has not undergone any significant changes since December 31, 2024 - The Group's capital structure has not undergone any significant changes since December 31, 2024[45](index=45&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) Other than those disclosed in the notes to the condensed consolidated interim financial statements, the Group has no contingent liabilities - Other than those disclosed in the notes to the condensed consolidated interim financial statements, the Group has no contingent liabilities (as at December 31, 2024: nil)[46](index=46&type=chunk) [Pledge of Assets](index=19&type=section&id=Pledge%20of%20Assets) Certain bank accounts of CNNC International Group Limited, a wholly-owned subsidiary of the Company, have been pledged to secure bank facilities granted to the Group for its uranium trading business - Certain bank accounts of CNNC International Group Limited, a wholly-owned subsidiary of the Company, have been pledged to secure bank facilities granted to the Group for its uranium trading business[47](index=47&type=chunk) [Significant Events After Reporting Period](index=19&type=section&id=Significant%20Events%20After%20Reporting%20Period) As of the date of this announcement, the Directors are not aware of any significant events concerning the Company's business or financial performance after the review period - Other than as disclosed above, up to the date of this announcement, the Directors are not aware of any significant events concerning the Company's business or financial performance after the review period[48](index=48&type=chunk) [Interim Dividend](index=19&type=section&id=Interim%20Dividend) The Board of Directors does not recommend the payment of an interim dividend for the review period - The Board of Directors does not recommend the payment of an interim dividend for the review period (corresponding period in 2024: nil)[49](index=49&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities (including the sale of any treasury shares, if any)[50](index=50&type=chunk) [Corporate Governance Practices](index=20&type=section&id=Corporate%20Governance%20Practices) The Company has consistently complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules throughout the review period - The Company has consistently complied with all applicable code provisions contained in the Corporate Governance Code (the "CG Code") in Appendix C1 of the Listing Rules throughout the review period[51](index=51&type=chunk) [Standard Code for Securities Transactions by Directors](index=20&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code of conduct no less stringent than the Standard Code in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance with it - The Company has adopted a code of conduct for Directors' securities transactions, with terms no less stringent than those stipulated in the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") contained in Appendix C3 of the Listing Rules. Following specific enquiries with all Directors, all Directors confirmed that they have complied with the standards set out in the Model Code and the Company's adopted code of conduct for Directors' securities transactions during the review period[52](index=52&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors and one non-executive director, is responsible for reviewing and overseeing financial reporting processes and internal controls, and has reviewed the interim financial statements for this period - The Audit Committee comprises three independent non-executive Directors, Mr. Chan Yee Hoi, Mr. Cui Liguo, and Ms. Liu Yajie, and one non-executive Director, Mr. Wu Ge. Mr. Chan Yee Hoi serves as the Chairman of the Audit Committee[53](index=53&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, and is of the opinion that the interim financial statements have been prepared in accordance with applicable accounting standards, rules, and regulations, with proper and adequate disclosures[53](index=53&type=chunk) [Remuneration Committee](index=20&type=section&id=Remuneration%20Committee) The Remuneration Committee, composed of three independent non-executive directors, one executive director, and one non-executive director, is responsible for determining directors' remuneration - The Remuneration Committee comprises three independent non-executive Directors, Mr. Cui Liguo, Mr. Chan Yee Hoi, and Ms. Liu Yajie, one executive Director, Mr. Zhang Yi, and one non-executive Director, Mr. Wu Ge. Mr. Cui Liguo serves as the Chairman of the Remuneration Committee[54](index=54&type=chunk) [Nomination Committee](index=21&type=section&id=Nomination%20Committee) The Nomination Committee, consisting of three independent non-executive directors, one executive director, and one non-executive director, is responsible for reviewing the Board structure and identifying qualified Board members - The Nomination Committee comprises three independent non-executive Directors, Mr. Cui Liguo, Mr. Chan Yee Hoi, and Ms. Liu Yajie, one executive Director, Mr. Zhang Yi, and one non-executive Director, Mr. Wang Cheng. Mr. Wang Cheng serves as the Chairman of the Nomination Committee[55](index=55&type=chunk) [Disclosure of Information](index=21&type=section&id=Disclosure%20of%20Information) The electronic version of this announcement has been published on the HKEX website and the Company's website, and the interim report will be dispatched to shareholders and posted in due course - The electronic version of this announcement is published on the HKEX website (http://www.hkexnews.hk) and the Company's website (http://www.cnncintl.com)[56](index=56&type=chunk) - The Company will dispatch and post its interim report for the six months ended June 30, 2025, containing all information required by Appendix D2 of the Listing Rules, to shareholders and on the aforementioned HKEX and Company websites in due course[56](index=56&type=chunk) [Acknowledgements](index=21&type=section&id=Acknowledgements) The Board of Directors extends its sincere gratitude to shareholders, management, and all staff for their tireless efforts and strong support - The Board of Directors takes this opportunity to express its sincere gratitude to the shareholders, management, and all staff for their tireless efforts and strong support[57](index=57&type=chunk) [Board of Directors](index=21&type=section&id=Board%20of%20Directors) As of this announcement date, the Board of Directors comprises Mr. Wang Cheng (Non-executive Director and Chairman), Mr. Zhang Yi (Executive Director and CEO), Mr. Wu Ge and Mr. Sun Ruofan (Non-executive Directors), and Mr. Cui Liguo, Mr. Chan Yee Hoi, and Ms. Liu Yajie (Independent Non-executive Directors) - As of the date of this announcement, the Board of Directors includes Non-executive Director and Chairman: Mr. Wang Cheng; Executive Director and Chief Executive Officer: Mr. Zhang Yi; Non-executive Directors: Mr. Wu Ge and Mr. Sun Ruofan; and Independent Non-executive Directors: Mr. Cui Liguo, Mr. Chan Yee Hoi, and Ms. Liu Yajie[58](index=58&type=chunk)