Kazatomprom 2025Q2 铀产量（100%基础）环比增加 17%至 6,609 吨 U3O8，2025 年计划产量仍为 25000 - 26500 吨（100%基础）

Investment Rating - The report assigns a "Recommended" investment rating for the industry [6]. Core Insights - In Q2 2025, the uranium production volume reached 6,609 tons U3O8, representing a 17% increase quarter-over-quarter and a 14% increase year-over-year [1]. - The group's uranium sales volume for Q2 2025 was 5,065 tons U3O8, which is a significant 98% increase from the previous quarter and a 1% increase from the same period last year [1]. - The average realized price for the group in Q2 2025 was $60.36 per pound, reflecting a 10% increase from the previous quarter but a 12% decrease year-over-year [1]. - The average spot price at the end of Q2 2025 was $72.59 per pound, which is a 10% increase quarter-over-quarter but a 17% decrease year-over-year [2]. Production and Sales Performance - The uranium production volume for the first half of 2025 was 12,242 tons U3O8, a 13% increase compared to the same period in 2024 [9]. - The attributable uranium production volume for Q2 2025 was 3,467 tons U3O8, marking a 17% increase quarter-over-quarter and a 13% increase year-over-year [1]. - The KAP uranium sales volume for Q2 2025 was 4,429 tons U3O8, which is a 73% increase from the previous quarter and a 1% increase year-over-year [1]. Company Developments - The company has applied for a credit line from the Kazakhstan Development Bank to finance the construction of a sulfuric acid plant, with a total project cost of approximately 113 billion KZT [3]. - A new uranium processing plant operated by the joint venture KATCO has commenced operations, with an annual capacity of 2,000 tons of uranium [4]. - The company is exploring opportunities to expand its sales region into the European Union [5]. Updated Guidance for 2025 - The company maintains its production guidance for 2025 at 25,000 - 26,500 tons U3O8 (100% basis) and 13,000 - 14,000 tons (attributable basis) [8][10]. - The expected sales volume for the group in 2025 is projected to be between 17,500 - 18,500 tons, with KAP sales volume adjusted to 13,500 - 14,500 tons [8][10]. - The revenue from group uranium sales is expected to be between 1,400 - 1,500 billion KZT [10].