Cameco2025Q4自产铀产量环比增长36%至600万磅，平均实现价格环比上涨5%至65.53美元/磅

Investment Rating - The report provides a recommendation rating of "Recommended" for the industry [1]. Core Insights - In Q4 2025, Cameco's uranium production increased by 36% quarter-on-quarter to 600 million pounds, while the average realized price rose by 5% to $65.53 per pound [1]. - The company experienced a significant increase in external uranium procurement, with a 350% quarter-on-quarter growth to 630 million pounds [1]. - The total uranium sales volume for Q4 2025 was 1,120 million pounds, reflecting an 84% increase quarter-on-quarter but a 13% decrease year-on-year [1]. - The average inventory cost for uranium stood at $61.85 per pound, with total inventory at 970 million pounds by the end of 2025 [1]. - The fuel services segment saw a production increase of 6% year-on-year and 23% quarter-on-quarter, reaching 3,800 tons of uranium [1]. Financial Performance Summary - For Q4 2025, the overall revenue was CAD 1.201 billion, marking a 2% year-on-year increase and a 95% quarter-on-quarter increase [2]. - Gross profit for the same period was CAD 273 million, up 9% year-on-year and 61% quarter-on-quarter [2]. - The uranium business generated revenue of CAD 1.027 billion, a 1% year-on-year decline but a 96% quarter-on-quarter increase [3][4]. - The fuel services segment achieved revenue of CAD 174 million, reflecting an 18% year-on-year increase and a 91% quarter-on-quarter increase [5]. Operational Highlights - In 2025, Cameco produced 21 million pounds of uranium, exceeding the revised annual guidance of 20 million pounds announced on August 28, 2025 [7]. - The Inkai joint venture produced 8.4 million pounds of uranium in 2025, surpassing the previous year's output of 7.8 million pounds [8]. - The fuel services department achieved a record production of 14,000 tons of uranium in 2025, including 11,200 tons of hexafluoride uranium [9]. - The company successfully expanded its long-term contract portfolio in the uranium business, with approximately 230 million pounds of long-term delivery commitments remaining after fulfilling 2025's obligations [12].