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Core Viewpoint - China Uranium Corporation is set to go public on September 5, 2024, after a year of review, aiming to raise 4.11 billion yuan for its core operations and working capital [2]. Group 1: Company Overview - China Uranium is a mining company focused on the comprehensive utilization of natural uranium and radioactive co-associated mineral resources, primarily engaged in the mining, sales, and trade of natural uranium [5]. - The company is a key subsidiary of China National Nuclear Corporation (CNNC), holding a 65.77% stake, and is recognized as a national team for ensuring the supply of natural uranium in China [5][9]. - The company has exclusive rights to develop domestic natural uranium resources and benefits from favorable policies supporting its main business [5]. Group 2: Financial Performance - The company has shown steady revenue growth from 1,053.54 million yuan in 2022 to 1,727.88 million yuan in 2024, but net profit has declined from 152.03 million yuan in 2022 to 171.22 million yuan in 2024, indicating a situation of increasing revenue but decreasing profit [7]. - The gross profit margin has decreased from 26.79% in 2022 to 20.48% in 2024, despite rising market prices for natural uranium, due to the lag in pricing agreements [11]. Group 3: Market Dynamics - The global demand for natural uranium is projected to rise significantly, with estimates suggesting it could reach nearly 184,300 tons by 2040, driven by the development of nuclear energy under China's dual carbon goals [6]. - The company faces challenges due to high customer concentration, with the top five customers accounting for over 77% of total revenue during the reporting period [9][10]. Group 4: Related Transactions - The company has a high level of related party transactions, primarily with CNNC, which is the sole supplier of natural uranium products in the nuclear power industry [10]. - Sales to CNNC and its subsidiaries represented a significant portion of the company's revenue, with amounts of 505.94 million yuan, 792.47 million yuan, and 814.28 million yuan over the reporting periods [10].