中国铀业 20260226 摘要 中国铀业 2024 年天然铀总产量接近 4,000 吨铀，境外自产量约 2,200 吨铀，国内产量约 1,700 吨铀，占全球总产量约 6.4%，资源端优势显 著，拥有国内外多处矿产资源。 公司业务核心为自产天然铀，毛利占比超六成，放射性共伴生矿产资源 综合利用为附属板块，聚焦独居石、铀钼与钽铌等品类，各自产出氯化 稀土、四钼酸铵、五氧化二钽与五氧化二铌等产品。 随着"国铀 1 号"木头项目建成，预计公司权益量将增加约 1,500 吨， 总权益量达到约 4,500 吨左右，预计 2027 年铀矿自产量将实现翻倍， 该项目建设周期预计较招股书缩短。 需求端受益于中国机组落地、美国核电投资及日本重启核电，需求增速 预计 4%-5%；供给端受资本开支不足影响，新增量主要来自老矿复产， 供需矛盾推动铀价上涨，短期目标价位 106 美元/磅，长期看涨至历史 高点 136 美元/磅。 公司 2025 年上半年营收 96 亿元，净利 7.6 亿元；预计全年净利将近 17 亿元。天然铀产品销售收入占比 65%，毛利占比 84%。放射性共伴 生矿产资源综合利用业务营收占比 6.6%，毛利占比 ...

【华泰电新】中国铀业3.2亿美金投资Bannerman纳米比亚Etango项目 根据BannermanEnergy（ASX：BMN）和中国铀业（001280.SZ）公告，中国铀业通过子公司中核海外拟投资 Bannerman英国运营子公司BannermanEnergyUK（下称合资公司），后者持有纳米比亚Etango铀矿项目95%的股权。 具体安排如下： 该投资合计作价3.215亿美金， 【华泰电新】中国铀业3.2亿美金投资Bannerman纳米比亚Etango项目 根据BannermanEnergy（ASX：BMN）和中国铀业（001280.SZ）公告，中国铀业通过子公司中核海外拟投资 Bannerman英国运营子公司BannermanEnergyUK（下称合资公司），后者持有纳米比亚Etango铀矿项目95%的股权。 具体安排如下： Etango项目作为近年少有的大型铀矿在勘在建项目，通过本次投资有望为我国天然铀需求增长提供供给保障，且提 升中国铀业公司面向2028年后的成长能见度，并加剧西方天然铀供给紧张情绪。 该投资合计作价3.215亿美金，其中2.945亿美金将以现金直接投入合资公司，其余0.27亿美 ...

泛应用于稀土功能材料领域；铀钼矿综合利用由沽源铀业负责，年产四钼酸铵约2000吨，毛利率高达51.1%， 主要用于特种合金与化工催化剂；钽铌矿综合利用则由中核华新推进，已于2025年上半年实现产品销售，未来 有望成为新的利润增长点。尽管当前该板块营收占比仅为6.6%，但其高毛利特性、与主业的协同效应以及在稀 有金属供应链中的战略意义，使其具备长期发展潜力。随着募投项目落地与技术工艺优化，共伴生资源业务有 望逐步放量，进一步优化公司盈利结构。 资源禀赋是天然铀企业的核心竞争力，而中国铀业在这一维度上具备显著优势。公司在国内拥有17宗铀或铀钼 矿采矿权，覆盖我国主要铀资源富集区域，基本垄断了本土天然铀的生产。尽管出于商业保密考虑，公司对具 体储量和产量数据申请豁免披露，但根据美国地质调查局（USGS）的权威估算，2024年中国本土铀产量约为 1700吨金属铀（tU），几乎全部由公司主导完成。在海外布局方面，公司通过控股68.62%的罗辛铀业，运营位 于纳米比亚的罗辛铀矿——该矿是全球单体规模较大的在产铀矿之一，年设计产能达4500吨U₃O₈（折合约 3816吨金属铀）。2024年，罗辛铀矿实际产量为2659吨U₃ ...

Core Viewpoint - China Uranium Corporation's subsidiary, CNNC Overseas, plans to acquire a 45% stake in Bannerman Energy (UK) Limited through a capital increase, with a total transaction value not exceeding $322 million, aimed at enhancing the company's long-term profitability and expanding its overseas resource portfolio [2][11][45]. Meeting Details - The first session of the Board of Directors' 29th meeting was held on February 11, 2026, with 12 directors notified and 11 present, complying with legal and regulatory requirements [1]. Transaction Overview - The board approved the proposal for CNNC Overseas to sign a share subscription agreement with Bannerman Energy Limited and its subsidiaries, aiming to enhance the company's overseas resource control and support the national nuclear power development [2][11]. - The total consideration for the transaction includes $227 million for equity increase and up to $94 million for shareholder loans, funded by CNNC Overseas' own and raised funds [8][12]. Financial Assistance - CNNC Overseas will provide financial assistance to BMN UK for the development of the Etango uranium project, with the financial aid amounting to no more than $94 million [27][38]. - The financial assistance will be structured to ensure that both CNNC Overseas and BMN NL provide loans under the same conditions, maintaining fairness and compliance with regulations [44]. Compliance and Approval - The transaction does not constitute a related party transaction or a major asset restructuring as per the Shenzhen Stock Exchange regulations, and it requires approval from the shareholders' meeting [3][46]. - The transaction is subject to various regulatory approvals, including overseas investment registration with relevant Chinese authorities [37]. Strategic Impact - The acquisition is expected to enhance the company's resource reserves and provide a stable supply of uranium products, thereby improving its operational sustainability and risk resilience [38]. - By participating in the Etango project, the company aims to deepen its resource layout in Africa and strengthen its control over global uranium resources [38].

Group 1 - China Uranium Corporation (001280.SZ) plans to acquire a stake in Namibia's Etango uranium mine for approximately 2.22 billion RMB (about 3.22 billion USD) [1] - The acquisition will be executed through China National Nuclear Overseas Co., Ltd. (CNOOC), which will acquire 45% of the equity in Bannerman Energy UK Limited (BMN UK) [1] - The funding for the acquisition will come from CNOOC's own funds and self-raised funds, including 2.27 billion USD for equity increase and up to 0.94 billion USD for shareholder loans [1] Group 2 - BMN UK holds a 95% stake in Bannerman Mining Resources (Namibia) (BMRN), which owns the mining rights for the Etango uranium project [2] - After the transaction, China Uranium will indirectly hold 42.75% of the Etango project and participate in major decision-making and management [2] - The Etango project has a total of 80,000 tons of identified, controlled, and inferred uranium resources and has completed preliminary work, including feasibility studies [2] Group 3 - BMN's total assets are 195 million AUD, with total liabilities of 8.659 million AUD and a net asset value of 187 million AUD [4] - BMN reported a net loss of 4.196 million AUD for the fiscal year ending June 30, 2025, with no main business revenue [4] - China Uranium expects a net profit of 1.6 to 1.65 billion RMB for 2025, representing a year-on-year growth of 9.7% to 13.13% [4]

Group 1 - China Uranium Industry (001280.SZ) announced that its wholly-owned subsidiary, China Nuclear Overseas Limited, plans to sign a share subscription agreement with Bannerman Energy Limited and its subsidiaries to acquire 45% equity in Bannerman Energy (UK) Limited for a total consideration of up to $322 million, which includes $227 million for equity and up to $94 million for shareholder loans [1] - The funding for the transaction will come from the subsidiary's own funds and self-raised funds [1] Group 2 - Bannerman Energy (UK) Limited holds a 95% stake in Bannerman Mining Resources (Namibia) (Pty) Ltd, which owns the mining rights for the Etango uranium project in Namibia. After the transaction, the company will indirectly hold a 42.75% interest in the Etango uranium project and will participate in major decision-making and management of the project [2] - The Etango uranium project has a total of 80,000 tons of metal uranium in proven, controlled, and inferred resources according to the JORC standard. Bannerman completed a feasibility study in 2022 with an annual processing capacity of 8 million tons and obtained a mining license in 2023 [3] - The project is on track for further engineering design and budget assessment to be completed in 2024, with construction preparations progressing smoothly [3]

Group 1 - The core point of the article is that China Uranium Corporation (001280.SZ) plans to acquire a 45% stake in Bannerman Energy (UK) Limited through its wholly-owned subsidiary, China Nuclear Overseas Limited, for a total consideration of up to $322 million, which includes $227 million for equity and up to $94 million for shareholder loans [1][2] Group 2 - Bannerman Energy (UK) Limited holds a 95% stake in Bannerman Mining Resources (Namibia) (Pty) Ltd, which owns the mining rights for the Etango uranium project in Namibia. After the transaction, the company will indirectly hold a 42.75% interest in the Etango uranium project and will participate in major decision-making and management of the project [2][3] Group 3 - The Etango uranium project has a total of 80,000 tons of metal uranium in proven, controlled, and inferred resources according to the JORC-compliant resource report. Bannerman completed a feasibility study in 2022 with an annual processing capacity of 8 million tons and obtained a mining license in 2023. Preparations for the project construction are progressing smoothly [3]

Group 1 - The company China Uranium announced the convening of its 29th board meeting on February 11, 2026, to discuss the investment in the Namibian uranium mine [1] - The meeting included the review of the proposal regarding the investment in the overseas subsidiary of China National Nuclear Corporation [1] Group 2 - Jianghuai is set to create a high-end brand with investments from Ge Weidong and Fang Wenyuan, each contributing 1 billion yuan, leading to a significant increase in the company's stock price [1] - Historical analysis indicates that retail investors have experienced both gains and losses when participating in private placements [1]

中信建投证券股份有限公司 关于中国铀业股份有限公司全资子公司 对外投资并提供财务资助的核查意见 中信建投证券股份有限公司（以下简称"保荐人"）作为中国铀业股份有限 公司（以下简称"中国铀业"或"公司"）首次公开发行股票并在主板上市持续 督导阶段的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所 股票上市规则》（以下简称"《上市规则"》）和《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市公司规范运作》等相关规定，对中国铀业全资子 公司中核海外有限公司（以下简称"中核海外"）拟通过股权增资的方式获得 Bannerman Energy（UK）Limited （以下简称"BMN UK" 或"标的公司"） 45%的股权并提供财务资助事项进行了审慎核查，核查情况及核查意见如下： 一、交易事项概述 2 二、合作方基本情况 （一）BMN 公司于 2026 年 2 月 11 日召开第一届董事会第二十九次会议，经出席董事会 会议的三分之二以上董事审议同意，审议通过了《关于审议中核海外参股投资纳 米比亚依探戈铀矿事项的议案》，为增强公司长期盈利能力，提升公司对海外资 源的掌控，拓宽海外关键矿产资源布局，助力 ...

1、中国铀业股份有限公司（以下简称"公司"或"中国铀业"）全资子公 司中核海外有限公司（以下简称"中核海外"）拟与 Bannerman Energy Limited （以下简称"BMN"）及其下属全资子公司 Bannerman Energy (Netherlands) B.V. （以下简称"BMN NL"或"现有股东"）、Bannerman Energy (UK) Limited（以 下简称"BMN UK"或"标的公司"）签署《股份认购协议》，中核海外拟通过 增资方式获得标的公司 45%的股权，并将以承接部分现有股东贷款和追加股东贷 款的方式（以下简称"股东贷款安排"），使得双方股东在完成交割时向 BMN UK 所提供的股东贷款金额与双方股权比例完全一致。中核海外需支付的包括股权认 购价款和股东贷款在内的交易总对价不超过 3.22 亿美元，包括 2.27 亿美元股权 增资款和不超过 0.94 亿美元股东贷款（尾差为四舍五入导致，下同），资金来 源为中核海外的自有资金及其自筹资金。 证券代码：001280 证券简称：中国铀业 公告编号：2026-014 中国铀业股份有限公司 关于公司全资子公司对外投资并提供财务 ...