暗盘资金一眼洞悉庄家意图>> 港股中核国际涨幅扩大至70%，公司为中核集团旗下唯一海外铀资源运作平台。 ...

港股中核国际午后涨超60% 机构分析天然铀长牛可期 金十数据5月26日讯，中核国际(02302.HK)午后持续走强涨超60%。消息面上，美国总统特朗普此前签 署4项行政命令推动美国核能产业改革，包括扩大美国核能规模、核能产业链、缩短核电项目审批周期 等。机构分析称，作为核电燃料，天然铀将显著受益此次远期核电需求预期增长，且天然铀供需偏紧格 局或将进一步强化，天然铀长牛可期。 ...

智通财经APP获悉，2025年国内核电项目审批首次开闸。据新闻联播4月27日消息，当天召开的国务院 常务会议决定核准浙江三门三期工程等核电项目。核电工程历来是扩大有效投资的重要拉动力，以单台 国产百万千瓦三代核电机组约200亿元的投资力度估算，此次新核准机组的投资总额超过2000亿元。相 关概念股：东方电气(01072)、中核国际(02302)、中广核电力(01816)。 从业内多方了解到，此次在国常会上获批的新项目分别是广西防城港核电三期（5、6号机组），广东台 山核电二期（3、4号机组），浙江三门核电三期（5、6号机组），山东海阳核电三期（5、6号机组）， 福建霞浦核电一期（1、2号机组），共计5个工程、10台新机组。至此，2022年以来，我国已连续四年 每年核准10台及以上核电机组，保持了常态化审批节奏。以上新项目均采用自主三代核电技术，其中包 含8台华龙一号机组。 根据世界核能协会的数据，截至2025年初，全球仅有约411座核反应堆正在运行，总装机容量约为371吉 瓦，大概供应了全球9%的电力。自COP 28以来，全球总共有8座新的核反应堆并网，并开始新建12座 核电站。 浙商证券研报指出，根据Gar ...

Uranium Market Dynamics - In the first half of 2024, spot uranium prices surged to approximately US$107 per pound, the highest level since August 2007, but declined to a range of US$70–US$75 per pound by the end of the year[16]. - The long-term price of natural uranium rose to approximately US$80 per pound by the end of 2024, ending a three-year inversion between long-term and spot prices[17]. - Supply chain disruptions and geopolitical developments continued to challenge the natural uranium market throughout 2024[16]. - The decline in spot uranium prices was attributed to high prices not being supported by supply-demand fundamentals and financial market fluctuations affecting uranium investment funds[16]. - The active involvement of large investment funds in the uranium spot market has increased market volatility and influenced supply-demand dynamics[16]. - The increase in long-term uranium prices reflects concerns about future supply availability and rising mining costs[17]. - In 2024, global natural uranium production is expected to reach 58,800 tonnes, a 7% increase from 55,000 tonnes in 2023, but still below the annual demand of 65,000–70,000 tonnes[45]. - The geopolitical policy shift in May 2024 banning imports of Russian low-enriched uranium is expected to restructure the global nuclear fuel supply landscape, providing upward momentum for uranium prices[38]. Financial Performance - The Group generated revenue from uranium trading of approximately HK$1,841,347,000 for the Year, a significant increase from approximately HK$580,958,000 in 2023, corresponding to sales of approximately 5.77 million pounds of natural uranium[23]. - The net profit for the Year increased to approximately HK$195,000,000, up from approximately HK$106,315,000 in 2023, representing a growth of approximately 83.5%[24]. - The gross profit from trading of natural uranium was approximately HK$234,155,000, compared to approximately HK$127,053,000 in 2023, with a gross profit margin of approximately 12.7%[32]. - The gross profit margin decreased by approximately 9.2% from 21.9% in 2023 to 12.7% in the Year[32]. - The cost of sales for the Year was approximately HK$1,607,192,000, an increase of 254.1% from HK$453,905,000 in the 2023 Year, resulting in a gross profit of approximately HK$234,155,000[57]. - A gain on the disposal of interest in a subsidiary was approximately HK$23,414,000 for the Year, compared to nil in the 2023 Year[65]. - Other income and gains amounted to approximately HK$12,885,000, an increase from approximately HK$6,898,000 in the 2023 Year, primarily due to increased bank interest income[63]. - The Company recorded a significant increase in net profit for the Year to approximately HK$195,000,000, up from approximately HK$106,315,000 in the 2023 Year[62]. Strategic Initiatives - The Group aims to seek opportunities in the uranium products sector while safeguarding against risk exposure[18]. - The Group plans to actively seek high-quality uranium resources projects, focusing on in-production projects to complement the development of its Parent Group[27]. - The Group aims to become the Parent Group's major platform for overseas uranium resources exploration, development, and trading under the 2024 Framework Agreement[28]. - The Group will continue to participate in international market bidding and explore various financing channels to expand its uranium trading business[29]. - The Group aims to leverage the strengths of its parent company, CNNC, to develop projects with reasonable returns and explore investment opportunities in uranium resources[81]. - The Group aims to focus on developing its uranium products trading business and actively seek high-quality uranium resource projects, particularly in-production projects[75]. Operational Developments - The Group fulfilled outstanding uranium product demand from its parent group carried over from 2023 under a continuing connected transaction framework[14]. - The Group facilitated trades of 1.50 million pounds of natural uranium for Rössing, generating commission income of approximately HK$18,775,000 from the Uranium Purchase Transaction[23]. - The Group completed the disposal of its wholly-owned subsidiary, CNNC International (HK) Limited, for a total cash consideration of approximately HK$162,434,000, recognizing a gain of approximately HK$23,414,000 from the transaction[98]. - The Group is working on a preliminary production restart plan for its associate, Société des Mines d'Azelik S.A., which is currently facing cash flow issues[54]. Environmental and Social Responsibility - The Group engaged in community charity activities, including setting up a drinking water supply point and providing funds for local schools[126]. - The Group's total greenhouse gas emissions for the reporting period were approximately 15.03 tonnes of CO2 equivalent, a slight decrease from 15.19 tonnes in the previous year[144]. - The annual emission intensity remained stable at approximately 0.03 tCO2e/sq.m. for both 2024 and 2023[140]. - The Group has complied with all relevant environmental laws and regulations in the regions where it operates during the reporting period[133]. - The Group actively participates in community charitable activities, supporting vulnerable communities and improving local education quality[131]. Human Resources and Employment Practices - The Group had a total of 35 full-time employees as of December 31, 2024, an increase from 32 in 2023[167]. - Employee distribution: 17% in Hong Kong SAR, 71% in PRC, and 11% in Mongolia for 2024[169]. - Gender distribution: 57% male and 43% female in 2024, compared to 50% for both genders in 2023[169]. - The percentage of employees trained increased to 89% in 2024 from 75% in 2023[181]. - The Group strictly complies with local employment laws and has reported no significant non-compliance issues during the year[172]. - The Group prohibits the employment of child labor and conducts regular reviews of the hiring process to ensure compliance[184]. - The Group emphasizes employee communication through weekly meetings and team-building activities to enhance staff loyalty[183]. Financial Position and Capital Management - The Group recorded a net cash inflow of approximately HK$427,592,000 for the year, a significant increase from approximately HK$51,042,000 in the previous year[87]. - Total shareholders' funds increased from approximately HK$460,287,000 as of December 31, 2023, to approximately HK$673,884,000 as of December 31, 2024[92]. - The gearing ratio decreased to 0.23 as of December 31, 2024, down from 0.54 as of December 31, 2023[92]. - The Group had net current assets of approximately HK$670,490,000 as of December 31, 2024, compared to approximately HK$226,644,000 as of December 31, 2023[90]. - A revolving loan agreement was entered into with CNNC Treasury Management Co. Limited for a maximum principal amount of US$50,000,000 to support future development in the uranium trading business[93][97].

Core Viewpoint - The global natural uranium market faces challenges in 2024, with price volatility influenced by buyer sentiment and uranium supply, while China National Nuclear Corporation International (CNI) demonstrates strong performance in uranium trading despite external pressures [1][14]. Financial Performance - CNI reported a significant increase in uranium sales, reaching approximately 577 million pounds and total revenue of HKD 1.841 billion, a year-on-year growth of 217% [1]. - The net profit for the year was HKD 195 million, reflecting an 83.4% increase compared to the previous year [1]. - The company's gross profit has shown a compound annual growth rate (CAGR) of 124.7% from 2021 to 2024, with net profit CAGR at 334% during the same period [3]. Operational Efficiency - CNI's return on equity (ROE) improved to 28.9% in 2024 from 23.1% in 2023, driven by enhanced asset turnover despite a decline in net profit margin due to external factors [3][4]. - The company's equity multiplier decreased from 2.15 at the end of 2023 to 1.31 at the end of 2024, and the debt-to-asset ratio fell from 54% to 23% [4]. Market Dynamics - The global uranium market is experiencing a supply-demand imbalance, with increasing demand driven by a global shift towards clean energy and nuclear power [5][6]. - The long-term price of uranium is expected to rise, with long-term contracts reflecting a higher price than spot prices, indicating a tightening supply situation [5]. Strategic Positioning - CNI, as the only overseas uranium resource operation platform under China National Nuclear Group, is well-positioned to benefit from rising uranium prices and domestic demand [7]. - The company is actively exploring international market opportunities and optimizing its asset structure to enhance its uranium trading business [12]. Future Outlook - CNI's strategic focus on expanding its market presence and participating in international tenders is expected to drive long-term growth and value [12][14]. - The ongoing government support for nuclear energy development in China is likely to further bolster CNI's market position and growth potential [9][11].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 1,841,347,000, representing a 216% increase from HKD 580,958,000 in 2023[3] - Gross profit for the year was HKD 234,155,000, up 84% from HKD 127,053,000 in the previous year[3] - Net profit for the year reached HKD 195,000,000, a 83.5% increase compared to HKD 106,315,000 in 2023[4] - The company reported a basic and diluted earnings per share of HKD 0.399 for 2024, compared to HKD 0.217 for 2023[4] - The pre-tax profit for the year ended December 31, 2024, was HKD 226,552,000, compared to HKD 123,115,000 in 2023, indicating a growth of 84%[12] - The company's share of profits from associates was HKD 31,952,000 for 2024, slightly down from HKD 32,170,000 in 2023[12] - The company achieved total comprehensive income of approximately HKD 213,597,000, compared to HKD 68,679,000 in 2023, after accounting for other comprehensive income[42] Assets and Liabilities - The total assets less current liabilities amounted to HKD 675,510,000, an increase from HKD 645,558,000 in 2023[6] - The total assets of the company as of December 31, 2024, amounted to HKD 880,057,000, a decrease from HKD 990,862,000 in 2023[13] - The total liabilities decreased significantly to HKD 206,173,000 in 2024 from HKD 530,575,000 in 2023, reflecting a reduction of 61%[13] - The company's net asset value rose to HKD 673,884,000 from HKD 460,287,000 in 2023[6] - As of December 31, 2024, the company's current assets net value is approximately HKD 670,490,000, a significant increase from HKD 226,644,000 as of December 31, 2023[48] - Total shareholder equity increased from approximately HKD 460,287,000 as of December 31, 2023, to approximately HKD 673,884,000 as of December 31, 2024, driven by total comprehensive income for the year[49] Cash Flow and Financing - Cash and cash equivalents increased significantly to HKD 607,031,000 from HKD 180,434,000 in the previous year[5] - The company recorded a net cash inflow of approximately HKD 427,592,000 for the year, primarily due to proceeds from the sale of a subsidiary[47] - The company has secured a revolving loan agreement with China Nuclear Finance Management Co., Ltd. for up to USD 50,000,000, reflecting the parent group's commitment to support the company's future uranium trading business[50][51] - The asset-to-liability ratio improved to 0.23 as of December 31, 2024, down from 0.54 as of December 31, 2023, indicating a stronger financial position[49] Inventory and Sales - The company’s inventory decreased to HKD 1,274,000 from HKD 291,708,000 in 2023, indicating a significant reduction in stock levels[5] - The company sold approximately 5,770,000 pounds of natural uranium, generating revenue of approximately HKD 1,841,347,000, a 217.0% increase compared to HKD 580,958,000 in 2023[36] - The cost of sales was approximately HKD 1,607,192,000, reflecting a 254.1% increase from HKD 453,905,000 in 2023, resulting in a gross profit of approximately HKD 234,155,000 with a gross margin of 12.7%, down from 21.9% in 2023[38] Market and Operations - The revenue from uranium trading was HKD 1,816,774,000, with agency income from uranium procurement services contributing HKD 24,573,000[10] - Revenue from the Chinese market (including Hong Kong) surged to HKD 1,704,606,000 in 2024, up from HKD 455,175,000 in 2023, marking an increase of 274%[14] - The company plans to continue expanding its operations in uranium trading and procurement services, focusing on resource allocation and performance evaluation[10] - The company plans to continue discussions with Mongolian authorities regarding the exploration license expiration for its uranium resource projects in Mongolia[45] - The company is actively communicating with the Mongolian government regarding uranium mining rights, which may provide a more favorable geopolitical environment for its projects[37] Expenses - The total employee costs for the year were HKD 29,359,000, up from HKD 20,511,000 in 2023, reflecting a rise of 43%[14] - Administrative expenses rose to approximately HKD 45,980,000, a 50.9% increase from HKD 30,476,000 in 2023, mainly due to staff expansion and increased professional fees related to corporate transactions[41] - Financial expenses increased to approximately HKD 21,729,000, a 54.7% rise from HKD 14,044,000 in 2023, attributed to interest expenses from bank financing for uranium procurement[41] Dividends and Shareholder Returns - The company reported no dividends declared for the year ended December 31, 2024, consistent with 2023[20] - The company did not recommend a final dividend for the year, consistent with the previous year[28] Foreign Exchange and Risk Management - The company recorded a loss of approximately HKD 4,742,000 from foreign exchange, primarily due to the sale of a subsidiary not denominated in functional currency[40] - The company does not have a foreign currency hedging policy but will monitor foreign exchange risks and consider hedging when necessary[55] Strategic Agreements - The company has entered a framework agreement with China Uranium Corporation to act as their exclusive supplier of natural uranium products sourced from outside Asia and Africa, and as their agent for market procurement[43] - The anticipated transactions under the 2024 framework agreement are expected to enhance the company's uranium trading business and expand its market coverage in China and globally, thereby strengthening long-term profitability[44]

Financial Performance - The Group recorded a gross profit increase of approximately 851% to HK$6,400,000 compared to HK$673,000 in the same period last year[4]. - Revenue decreased significantly by approximately 92% to HK$6,400,000 from HK$76,144,000 in the previous period, primarily due to a substantial drop in trading volume within the uranium trading business[4]. - The Group recorded a net loss of approximately HK$7,731,000 compared to a net profit of approximately HK$8,330,000 in the same period last year[5]. - The significant decrease in revenue was attributed to the rapid surge and volatility in spot uranium prices, leading to heightened transaction risks[4]. - Revenue for the Group was approximately HK$6,400,000, representing a significant decrease of approximately 92% compared to HK$76,144,000 in the corresponding 2023 period[9]. - Gross profit increased by approximately 851% to approximately HK$6,400,000 from HK$673,000 in the 2023 period[9]. - The Group recorded a "Share of result of an associate" of approximately HK$15,596,000, a decrease of approximately 26% compared to HK$21,161,000 in the 2023 period[13]. - The total comprehensive expense for the period was approximately HK$20,859,000, compared to approximately HK$12,685,000 in the same period of 2023, reflecting a loss of approximately HK$7,731,000 compared to a net profit of approximately HK$8,330,000 in 2023[16][19]. Expenses and Costs - Administrative expenses increased to approximately HK$17,659,000 from HK$10,301,000, mainly due to an increase in staff costs and professional fees[5]. - Finance costs rose to approximately HK$13,379,000 from HK$6,429,000, attributed to a drawdown of US$30,000,000 from a banking facility for uranium product purchases[5]. - Selling and distributing expenses rose by approximately 143% to approximately HK$1,825,000 due to increased storage expenses for natural uranium products[12]. - Other income and gains increased by approximately 56% to approximately HK$4,258,000, primarily from interest income of approximately HK$2,458,000[9]. - Income tax expense was approximately HK$1,615,000, attributed to PRC withholding tax charged and paid during the period[14]. Strategic Focus and Future Plans - The Group plans to focus on the development of uranium products trading and actively seek high-quality uranium resource projects, particularly in-production projects, to complement the parent group's development[17][20]. - The Group's strategy involved prudent risk management by avoiding spot uranium trades amid market volatility[4]. - The Group will continue to actively participate in international market bidding and explore various financing channels to complement the expansion of uranium trade[21]. - A framework agreement was established with China National Uranium Corporation for the Group to act as the exclusive supplier of natural uranium products outside Asia and Africa, and as an agent to procure uranium products for the CNUC Group[18][20]. Cash Flow and Assets - The Group recorded a net cash outflow of approximately HK$49,536,000 during the period, compared to approximately HK$53,993,000 in the previous period, primarily due to cash used in the purchase of uranium products[24]. - The Group's cash and cash equivalents decreased from approximately HK$180,434,000 as of December 31, 2023, to approximately HK$128,619,000 as of June 30, 2024[24]. - The current assets of the Group amounted to approximately HK$423,875,000, representing a decrease of approximately 25.9% compared to approximately HK$571,948,000 as of December 31, 2023[25]. - The non-current assets of the Group amounted to approximately HK$407,150,000, representing a decrease of approximately 2.8% compared to approximately HK$418,914,000 as of December 31, 2023[24]. Shareholder and Corporate Governance - The Board of Directors does not recommend the payment of an interim dividend for the period, consistent with the previous year[33]. - The company has established various committees, including the Audit Committee and Remuneration Committee, to enhance governance and oversight[35]. - The Company complied with all code provisions set out in Part 2 of Appendix C1 to the Listing Rules throughout the period[33]. Legal and Regulatory Matters - The Group is engaged in discussions with the Mongolian Authority to resolve the expiry issue of exploration licenses for its uranium resources project in Mongolia[21]. - The establishment of a joint venture for holding mining licenses in Mongolia is still pending due to delays in government processes[74]. - The Group received assistance from the Embassy of the People's Republic of China in Mongolia to expedite the application for mining licenses[74]. Employment and Human Resources - The Group employed 36 full-time employees as of June 30, 2024, an increase from 23 employees as of June 30, 2023[23]. - The total remuneration for directors and key management for the six months ended June 30, 2024, was HK$2,635,000, up from HK$1,863,000 in the same period of 2023, reflecting a year-on-year increase of approximately 41.3%[96].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 6,400,000, a significant decrease of 91.6% compared to HKD 76,144,000 for the same period in 2023[2] - Gross profit for the period was HKD 6,400,000, compared to HKD 673,000 in the previous year, indicating a substantial increase in gross margin[2] - Net loss attributable to shareholders for the period was HKD 7,731,000, compared to a profit of HKD 8,330,000 in the same period last year[2] - The basic and diluted loss per share was HKD 1.58, compared to earnings of HKD 1.70 per share in the same period last year[2] - The company reported a pre-tax loss of HKD 6,116,000 for the six months ended June 30, 2024, compared to a pre-tax profit of HKD 8,330,000 for the same period in 2023[11][18] - The company reported a net exchange loss of HKD 10,822,000 from joint ventures, compared to a loss of HKD 18,625,000 in the previous year, showing some improvement[2] - The company recorded a net loss of approximately HKD 7,731,000, compared to a net profit of HKD 8,330,000 in the same period last year[25] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 1,031,025,000, down from HKD 1,090,862,000 as of December 31, 2023[3] - Current liabilities decreased significantly to HKD 207,057,000 from HKD 345,304,000 at the end of 2023, reflecting improved liquidity management[3] - Non-current liabilities remained stable at HKD 184,540,000 compared to HKD 185,271,000 in the previous period[4] - Cash and cash equivalents decreased to HKD 128,619,000 from HKD 180,434,000, indicating a reduction in available liquidity[3] - The total liabilities as of June 30, 2024, were HKD 391,598,000, down from HKD 530,575,000 as of December 31, 2023[12] - The total equity of shareholders decreased to approximately HKD 439,428,000 from HKD 460,287,000 as of December 31, 2023, primarily due to the total comprehensive expenses during the review period[36] Segment Performance - For the six months ended June 30, 2024, the revenue from the mineral products trading segment was HKD 6,400,000, while the exploration and development segment reported no revenue, resulting in a total consolidated revenue of HKD 6,400,000[10] - The mineral products trading segment incurred a loss of HKD 8,282,000, and the exploration and development segment reported a loss of HKD 3,051,000, leading to a total consolidated loss of HKD 11,333,000 for the period[10] - For the six months ended June 30, 2023, the mineral products trading segment generated revenue of HKD 76,144,000, with a loss of HKD 2,203,000, while the exploration and development segment reported a loss of HKD 2,908,000, resulting in a total consolidated loss of HKD 5,111,000[11] Expenses - Administrative expenses increased to HKD 17,659,000 from HKD 10,301,000, highlighting rising operational costs[2] - Financial expenses rose to approximately HKD 13,379,000, an increase of about 108% from HKD 6,429,000 in the same period last year, due to a USD 30,000,000 drawdown for uranium product purchases[29] - The total comprehensive expenses for the review period amounted to approximately HKD 20,859,000, compared to HKD 12,685,000 in the same period last year, reflecting an increase of about 64.3%[30] Cash Flow and Liquidity - The group recorded a net cash outflow of approximately HKD 49,536,000 during the review period, slightly improved from HKD 53,993,000 in the same period last year[35] - As of June 30, 2024, the group's current assets decreased by approximately 25.9% to HKD 423,875,000 from HKD 571,948,000 as of December 31, 2023[35] - The group's non-current assets decreased by approximately 2.8% to HKD 407,150,000 from HKD 418,914,000 as of December 31, 2023[35] Strategic Focus and Agreements - The group aims to focus on uranium product trading and actively seek quality uranium resource projects, particularly in production projects[31] - The group has entered into a framework agreement with China Uranium Corporation to act as the exclusive supplier for uranium products outside Asia and Africa, enhancing its market coverage[32] - The group plans to continue participating in international market tenders and explore various financing channels to support the expansion of its uranium trade[32] - The group has completed the sale of approximately 650,000 pounds of natural uranium products to its parent company and facilitated a transaction of about 400,000 pounds for the Rosin Uranium Mine, expected to generate commission income in the second half of 2024[32] Governance and Compliance - The audit committee has reviewed the unaudited condensed interim financial statements for the six months ending June 30, 2024, and confirmed compliance with applicable accounting standards[41] - The remuneration committee is responsible for reviewing the remuneration policies for directors and senior management[42] - The nomination committee evaluates the board's structure and diversity at least annually[43] - The board includes a mix of executive and independent non-executive directors, ensuring governance compliance[46] Dividends and Shareholder Relations - The company did not declare or pay any dividends during the review period[20] - No interim dividend is recommended for the review period, consistent with the same period in 2023[39] - The board expresses gratitude to shareholders, management, and employees for their support[45]

Financial Performance - The Group reported a net profit of approximately HK$106,315,000 for the year ended December 31, 2023, representing a 31.5% increase compared to approximately HK$80,843,000 in 2022, with a net profit margin of 18.3%[18]. - Gross profit from the trading of natural uranium was approximately HK$127,053,000, up from approximately HK$102,792,000 in 2022, reflecting a significant improvement in the uranium trading market[38]. - Profit for the year reached HK$106,315,000, representing a 31.5% increase from HK$80,843,000 in 2022[118]. - The share of results from an associate was HK$32,170,000, compared to HK$25,084,000 in the prior year, indicating a growth of 28.3%[118]. - Basic and diluted earnings per share improved to HK21.7 cents, up from HK16.5 cents in 2022, reflecting a growth of 31.5%[118]. - Total comprehensive income for the year attributable to owners of the Company was HK$68,679,000, an increase from HK$56,953,000 in 2022[118]. - For the year ended December 31, 2023, the profit before tax increased to HK$123,115,000, up from HK$88,090,000 in the previous year, representing a growth of approximately 39.8%[177]. - The net cash generated from operating activities for the year was HK$74,155,000, a significant increase from HK$7,469,000 in the prior year[177]. Revenue and Trading Activities - Revenue from uranium trading was approximately HK$567,900,000, corresponding to sales of approximately 1.16 million pounds of natural uranium, with 0.50 million pounds sold to independent third parties and 0.66 million pounds sold to the Parent Group[22]. - The Group facilitated trades of 1.40 million pounds of natural uranium for Rössing, generating commission income of approximately HK$13,058,000[22]. - The Group's strategy includes leveraging its position in the uranium supply market in the PRC while maintaining trading with independent third parties[32]. - The Group aims to create long-term benefits and greater value for shareholders by continuing to seek opportunities in the uranium products sector[36]. - The Framework Agreement with China National Uranium Co., Limited has allowed the Group to improve profit margins by engaging in physical delivery trades[18]. - The Framework Agreement with CNUC allows the Group to act as the prioritized supplier for short-term natural uranium demand and the sole regional supplier for medium-to-long-term demand[44]. Market Conditions - The uranium market experienced significant volatility in the second half of 2023 due to geopolitical events, inflation, and rising interest rates, impacting market behavior[31]. - The global natural uranium market faced significant volatility in 2023 due to geopolitical events, inflation, and rising interest rates, impacting uranium spot prices since the second half of the year[40]. - The Group's gross profit margin improved due to favorable conditions in the uranium trade market, particularly in the latter half of the year[18]. - The Group's gross profit margin improved significantly due to the recovery of the natural uranium market, particularly in the second half of the Year[42]. Financial Position and Assets - Total comprehensive income for the year was HK$68,679,000, compared to HK$56,953,000 in the previous year, indicating an increase of about 20.5%[175]. - Total non-current assets decreased to HK$418,914, down 4.0% from HK$438,617 in 2022[120]. - Current assets increased significantly to HK$571,948, a 174.5% rise from HK$208,309 in 2022[120]. - Inventories surged to HK$291,708, an increase of 282.5% compared to HK$76,233 in 2022[120]. - Total current liabilities rose to HK$345,304, up 370.5% from HK$73,318 in 2022[120]. - Net assets increased to HK$460,287, reflecting a growth of 17.5% from HK$391,608 in 2022[121]. - Cash and cash equivalents improved to HK$180,434, a 38.0% increase from HK$130,732 in 2022[120]. Governance and Compliance - The Auditor issued an unmodified opinion on the Group's consolidated financial statements for the Year, confirming compliance with relevant accounting standards[39]. - The audit was conducted in accordance with Hong Kong Standards on Auditing, ensuring independence and ethical compliance[70]. - The audit findings include significant deficiencies in internal control that were identified during the audit process[90]. - The Board confirmed compliance with legal and regulatory requirements, ensuring adherence to the Corporate Governance Code[175]. - The company maintains a dividend policy that allows for distributions in cash or shares, subject to board discretion and shareholder approval[146]. - The company is committed to continuously reviewing and improving corporate governance practices in light of evolving regulatory requirements[165]. Future Plans and Strategies - The Group has continued to seek high-quality uranium resource projects, focusing on in-production projects to complement the development of its Parent Group[20]. - The Company aims to safeguard against risk exposure in the uranium products sector while creating long-term interests and greater value for shareholders[43]. - The company aims to achieve gender diversity on the Board by adding a female director by the end of 2024[175]. - The company plans to proactively provide training to senior management to enhance gender diversity in future recruitment[175]. Cash Flow and Financing - Net cash generated from investing activities increased to HK$26,004,000 in 2023, up from HK$25,226,000 in 2022, representing a growth of 3.1%[192]. - Net cash used in financing activities significantly increased to HK$49,117,000 in 2023, up from HK$17,715,000 in 2022, reflecting a rise of 177.5%[192]. - The net increase in cash and cash equivalents for the year was HK$51,042,000, compared to HK$14,980,000 in the previous year, indicating a growth of 240.5%[192]. - Interest paid increased to HK$14,029,000 in 2023, compared to HK$7,120,000 in 2022, representing a rise of 97.5%[192]. - The company received dividends from an associate amounting to HK$23,809,000 in 2023, slightly down from HK$23,909,000 in 2022, a decrease of 0.4%[192]. Accounting Standards and Amendments - The Group plans to apply new amendments to HKFRSs effective for annual periods beginning on or after January 1, 2024[200]. - Amendments to HKFRS 10 and HKAS 28 relate to the sale or contribution of assets between an investor and its associate or joint venture[200]. - Amendments to HKAS 1 will classify liabilities as current or non-current, effective for annual periods beginning on or after January 1, 2024[200]. - Supplier finance arrangements are addressed in the amendments to HKAS 7 and HKFRS 7, effective for annual periods beginning on or after January 1, 2024[200]. - Lease liability in a sale and leaseback is covered under the amendments to HKFRS 16[200].

Financial Performance - For the year ended December 31, 2023, the total comprehensive income attributable to the company's owners was HKD 68,679,000, an increase of 20.6% from HKD 56,953,000 in 2022[3]. - The basic and diluted earnings per share for the year were HKD 0.217, compared to HKD 0.165 in the previous year, reflecting a growth of 31.5%[3]. - The company reported a profit attributable to owners of HKD 106,315,000 for the year ended December 31, 2023, compared to HKD 80,843,000 in 2022, representing a year-over-year increase of 31.5%[31]. - Earnings per share increased to HKD 21.7 in 2023 from HKD 16.5 in 2022, reflecting a growth of 31.5%[31]. - The net profit for the year was approximately HKD 106,315,000, representing a net profit margin of 18.3%, an increase of about 9.4% compared to the previous year[70]. - The group recorded a net cash inflow of approximately HKD 51,042,000, a significant improvement from a net cash outflow of HKD 14,980,000 in 2022[103]. Revenue and Sales - Revenue from the sale of uranium amounted to HKD 891,506,000, while total revenue for the year was HKD 580,958,000, a decrease of 35.8% from HKD 905,730,000 in 2022[19]. - The revenue from the Chinese market (including Hong Kong) was HKD 455,175,000, a substantial increase of 120.0% from HKD 206,736,000 in 2022[26]. - The company’s segment revenue from uranium trading was HKD 567,900,000 for the year ended December 31, 2023[41]. - The group's revenue from uranium trading decreased by approximately 35.9% to HKD 580,958,000, while the cost of sales decreased by approximately 43.5% to HKD 453,905,000[92]. Profitability - The segment profit from uranium trading was HKD 116,650,000, compared to HKD 93,946,000 in the previous year, indicating an increase of 24.1%[19]. - Gross profit rose to HKD 127,053,000 in 2023 from HKD 102,792,000 in 2022, marking an increase of 23.5%[34]. - The group's gross profit for the year was approximately HKD 127,053,000, an increase of about 10.5% compared to HKD 102,792,000 in 2022, with a gross profit margin of 21.9%[88]. Expenses and Liabilities - The company incurred a tax expense of HKD 16,800,000 for the year, compared to HKD 7,247,000 in the previous year, reflecting an increase of 132.5%[29]. - The total liabilities of the group increased to HKD 530,575,000 from HKD 255,318,000 in the previous year, marking a significant rise of 108.2%[23]. - The group's financial expenses increased by approximately 63.3% to HKD 14,044,000 due to rising interest rates in the financial market[96]. - Current liabilities surged to HKD 345.3 million from HKD 73.3 million, driven by a rise in trade and other payables[130]. Assets and Equity - The company's total assets reached HKD 990,862,000 in 2023, up from HKD 646,926,000 in 2022, an increase of 53.1%[46]. - The company's total assets less current liabilities increased to HKD 645,558,000 in 2023 from HKD 573,608,000 in 2022, a growth of 12.5%[36]. - The company’s net asset value increased to HKD 460,287,000 in 2023 from HKD 391,608,000 in 2022, representing a growth of 17.5%[36]. - Total shareholder equity increased from approximately HKD 391.6 million as of December 31, 2022, to approximately HKD 460.3 million as of December 31, 2023, primarily due to total comprehensive income during the year[119]. Operational Highlights - The group aims to actively participate in international market tenders to increase market exposure and explore various financing channels for uranium trade expansion[76]. - A bank has granted the group a trade financing facility of up to USD 30,000,000, enhancing financial resources for uranium trading[76]. - The group expects to continue its strategic partnership with China Uranium Corporation, acting as a preferred supplier for short-term uranium product needs[98]. - The group plans to resolve the expiration of exploration licenses for its uranium resource projects in Mongolia through discussions with local authorities[100]. Employee and Administrative Costs - The total employee costs for the year were HKD 20,511,000, an increase of 9.7% from HKD 18,691,000 in 2022[27]. - The group employed 32 full-time staff as of December 31, 2023, with total employee costs amounting to approximately HKD 20,511,000[102]. - Administrative expenses remained stable at approximately HKD 30,476,000, slightly down from HKD 31,190,000 in the previous year[72]. Inventory and Cash Management - Inventory increased significantly to HKD 291.7 million from HKD 76.2 million year-on-year[130]. - Cash and cash equivalents rose to HKD 180.4 million from HKD 130.7 million year-on-year[130]. Risk Management - The company has no foreign currency hedging policy but will monitor foreign exchange risks and consider hedging significant currency risks when necessary[107]. - Trade loans are charged at an interest rate of LIBOR + 1.60% per annum, consistent with recent financing rates obtained by the group[120]. - The group has pledged 37.2% of the equity in Somina Company to secure bank financing[123]. Governance - The company has established an audit committee to oversee financial reporting and internal controls, comprising three independent non-executive directors[111].