Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining has seen its stock price increase by over 4%, currently trading at HKD 3.79 with a transaction volume of HKD 87.39 million. The company announced its uranium production figures for 2025, indicating strong performance in both its joint ventures [1]. Group 1: Company Performance - In 2025, CGN's 49%-owned Xie Company produced 862.2 tons of natural uranium, achieving a completion rate of 100.1% of its annual plan, while the 49%-owned Ao Company produced 1,836.8 tons, with a completion rate of 102.0% [1]. - For the fourth quarter of 2025, CGN's invested mines produced a total of 702.5 tons of natural uranium, with a completion rate of 94.6% for the quarter. Xie Company contributed 249.2 tons, and Ao Company contributed 453.3 tons [1]. Group 2: Industry Insights - According to Guojin Securities, the supply side of uranium is expected to see a short-term recovery due to the resumption of mining operations, but the long-term supply capacity is facing continuous decline. Additionally, secondary supply is unlikely to generate effective increments in the short term [1]. - On the demand side, the growth of nuclear power installations is being driven by energy security, the transition to clean energy, and the demand for AI-related electricity, leading to a steady increase in demand for natural uranium. The global supply-demand gap for natural uranium is expected to persist [1]. - With expectations of tight supply, the long-term contract prices for uranium are anticipated to continue rising [1].

Major Events - Giant Bio (02367) received the Medical Device Registration Certificate from the National Medical Products Administration for its recombinant type I α1 collagen and sodium hyaluronate composite solution [1] - Jitu Express-W (01519) plans to subscribe for 226 million H shares of SF Holding and issue 822 million Class B shares to SF Holding [1] - Zijin Mining (02899) signed a cooperation and equity transfer agreement for the Shapingou Molybdenum Mine project [1] - Jiangxi Copper (00358) subsidiary signed an Investment Option Agreement with First Quantum for exploration cooperation in Kazakhstan's mining projects [1] - Derin Holdings (01709) received conditional approval from the CSRC for Derin Securities to provide virtual asset consulting services [1] - GAC Group (02238) subsidiary GAC Trumpchi received 100 million yuan in funding for industrial transformation and development [1] - Juteng International (03336) suspected of a cyber attack and has initiated a comprehensive investigation [1] Operating Performance - China Southern Airlines (01055) increased passenger capacity input by 11.89% year-on-year in December [1] - Air China (00753) reported a 10% year-on-year increase in passenger turnover in December [1] - China Eastern Airlines (00670) saw a 7.61% year-on-year increase in passenger turnover in December [1] - China Metallurgical Group (01618) new contract amount for 2025 is 1,113.6 billion yuan, a decrease of 10.8% year-on-year [1] - ZhongAn Online (06060) projected total original insurance premium income of approximately 35.643 billion yuan for 2025, an increase of 6.66% year-on-year [1] - China General Nuclear Power Corporation (01164) produced a total of 702.5 tons of natural uranium in the fourth quarter [1] - Jiuxing Holdings (01836) reported a 0.8% year-on-year increase in comprehensive income to 388.6 million USD in the fourth quarter [1] - Luoyang Molybdenum (03993) issued a profit warning, expecting annual net profit attributable to shareholders to be between 20 billion and 20.8 billion yuan, an increase of 47.80% to 53.71% year-on-year [1] - Chongqing Iron and Steel (01053) issued a profit warning, expecting a net loss of 2.5 billion to 2.8 billion yuan for 2025 [1] - Huiju Technology (01729) issued a profit warning, expecting annual net profit to increase by approximately 60% to 70% year-on-year [1]

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 80 CNY [5][11][15]. Core Insights - China Uranium Industry (001280) derives over 90% of its revenue from natural uranium business and is the exclusive supplier of natural uranium products for its controlling shareholder, China National Nuclear Corporation (CNNC) [2][11]. - The company is expected to benefit from the growing demand for nuclear energy and the ongoing global uranium supply-demand gap, which is projected to persist in the long term [11][39]. Financial Summary - The total revenue is projected to grow from 14,801 million CNY in 2023 to 31,422 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.5% [4][16]. - Net profit attributable to the parent company is expected to increase from 1,262 million CNY in 2023 to 4,428 million CNY in 2027, with a significant growth rate of 87.8% in 2026 [4][11]. - Earnings per share (EPS) is forecasted to rise from 0.61 CNY in 2023 to 2.14 CNY in 2027 [4][11]. Revenue Breakdown - The revenue from natural uranium sales is expected to grow from 13,234.90 million CNY in 2023 to 28,500 million CNY by 2027, with a growth rate of 43.94% in 2024 [16]. - The radioactive co-mineral resource business is projected to see revenue growth from 1,164.08 million CNY in 2023 to 2,672.00 million CNY by 2027, with a notable increase of 39.51% in 2025 [16]. Industry Position - China Uranium Industry is a leading player in the uranium sector, with a strong historical presence and a comprehensive resource layout both domestically and internationally [19][24]. - The company controls significant uranium resources, ranking among the top ten global uranium producers, and has a robust operational footprint in key strategic areas [33][39]. Supply-Demand Dynamics - The global uranium market is characterized by a high concentration of resources, with the top five countries holding 68% of the total uranium reserves [39][40]. - The report highlights a persistent supply-demand gap in the uranium market, driven by increasing nuclear energy requirements and a recovery in global uranium production expected to reach 60,213 tons in 2024 [40][41].

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining reported strong production figures for natural uranium in 2025, with both joint ventures exceeding their annual production targets, indicating robust operational performance and potential for future growth [1] Group 1: Production Performance - In 2025, the joint venture Semizbay-Uranium LLC, in which CGN holds a 49% stake, produced 862.2 tons of natural uranium, achieving a completion rate of 100.1% of its annual plan [1] - The other joint venture, Ortalyk LLP, also with a 49% stake, produced 1,836.8 tons of natural uranium, with a completion rate of 102.0% [1] - For the fourth quarter of 2025, CGN's mines produced a total of 702.5 tons of natural uranium, with a completion rate of 94.6% [2] Group 2: Uranium Holdings and Pricing - As of December 31, 2025, CGN held 929 tons of natural uranium (approximately 242 million pounds of U3O8) at a weighted average cost of $73.83 per pound of U3O8 [1] - The company has signed contracts for an additional 3,019 tons of natural uranium (approximately 785 million pounds of U3O8) with a weighted average selling price of $81.59 per pound of U3O8 [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining announced the production results of its joint ventures in Kazakhstan for 2025, highlighting strong performance in uranium production with completion rates exceeding annual plans [1] Group 1: Production Results - The joint venture Semizbay-U uranium LLC, in which CGN holds a 49% stake, produced 862.2 tons of natural uranium, achieving a completion rate of 100.1% of its annual plan [1] - The joint venture Ortalyk LLP, also with a 49% stake, produced 1836.8 tons of natural uranium, with a completion rate of 102.0% of its annual plan [1] - In Q4 2025, CGN's invested mines produced a total of 702.5 tons of natural uranium, with a completion rate of 94.6% for the quarter [1] Group 2: Quarterly Production Breakdown - Semizbay-U produced 249.2 tons of natural uranium in Q4 2025 [1] - Ortalyk produced 453.3 tons of natural uranium in Q4 2025 [1] Group 3: Uranium Holdings and Sales - As of December 31, 2025, CGN holds 929 tons of natural uranium (approximately 2.42 million pounds of U3O8) with a weighted average cost of $73.83 per pound of U3O8 [1] - The company has signed but not yet delivered contracts for 3019 tons of natural uranium (approximately 7.85 million pounds of U3O8), with a weighted average selling price of $81.59 per pound of U3O8 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 1 2025年天然鈾產量 （於開曼群島註冊成立之有限公司） （股份代號：01164） 2025 年第四季度運營報告 本公告乃由中廣核礦業有限公司*（「本公司」，加上其附屬公司統稱「本集團」）自願作出，以向股東及 潛在投資者報告本集團2025年第四季度天然鈾生產及貿易情況。 一、天然鈾生產情況 2025年，本集團持股49%之哈薩克斯坦合營企業謝米茲拜伊鈾有限責任合夥企業（「謝公司」）共生 產天然鈾862.2tU，而另一持股49%之哈薩克斯坦聯營公司礦業公司奧爾塔雷克有限責任合夥企 業（「奧公司」）共生產天然鈾1,836.8tU，年度計劃完成率分別為100.1%和102.0%。2025年第四季 度，本集團旗下投資的礦山共生產天然鈾702.5tU，本季度計劃完成率94.6%。其中，謝公司生 產天然鈾249.2tU，奧公司生產天然鈾453.3tU。 2025年第四季度天然鈾產量 | | 計劃產量 | 實際產量 ...

Core Viewpoint - The announcement of $2.7 billion in funding by the U.S. government to Centrus Energy and two other nuclear fuel manufacturers aims to restart domestic nuclear fuel production and reduce reliance on Russian enriched uranium [1] Group 1: Company Performance - China General Nuclear Power Corporation (CGN) Mining (01164) saw its stock price rise over 4% in early trading, currently up 2.79% at HKD 3.68, with a trading volume of HKD 170 million [1] Group 2: Market Dynamics - Uranium futures prices have recently surpassed $82 per pound, reaching the highest level since mid-2024 [1] - According to Guojin Securities, the primary supply of uranium is expected to recover in the short term due to the resumption of mining operations, but long-term supply capabilities are facing continuous decline [1] - The demand for nuclear power is steadily increasing due to energy security, the transition to clean energy, and the demand for AI-driven electricity, leading to a persistent global supply-demand gap for natural uranium [1] - Expectations of tight supply are driving up long-term uranium contract prices [1]

每经AI快讯，中广核矿业(01164.HK)一度涨超4%，截至发稿，涨2.79%，报3.68港元，成交额1.7亿港 元。 ...

Group 1 - The core viewpoint of the article highlights the positive market reaction to the U.S. government's announcement of $2.7 billion in grants to nuclear fuel manufacturers, including Centrus Energy, aimed at revitalizing domestic uranium production and reducing reliance on Russian enriched uranium [1] - China General Nuclear Power Corporation (CGN) Mining's stock rose over 4% in early trading, reflecting investor optimism, and was reported at HKD 3.68 with a trading volume of HKD 170 million [1] - Uranium futures prices have recently surpassed $82 per pound, marking the highest level since mid-2024, indicating a bullish trend in the uranium market [1] Group 2 - According to Guojin Securities, the supply side of uranium is expected to see a short-term recovery due to the resumption of mining operations, but long-term supply capabilities are facing continuous decline [1] - On the demand side, nuclear power installations are steadily increasing due to energy security, the transition to clean energy, and the demand for AI-driven electricity, leading to a persistent global natural uranium supply-demand gap [1] - Expectations of tight supply are driving up long-term uranium contract prices [1]

Group 1 - China General Nuclear Power Corporation (CGN) Mining (01164) saw its stock rise over 4% in early trading, currently up 2.79% at HKD 3.68, with a trading volume of HKD 170 million [1] - The U.S. government announced a funding of USD 900 million to Centrus Energy and two other nuclear fuel manufacturers, totaling approximately USD 2.7 billion, aimed at restarting domestic nuclear fuel production and reducing reliance on Russian enriched uranium [1] - Uranium futures prices recently surpassed USD 82 per pound, reaching the highest level since mid-2024 [1] Group 2 - According to Guojin Securities, the primary supply of uranium is expected to recover in the short term due to the resumption of mining operations, but the long-term supply capacity is facing continuous decline; secondary supply is unlikely to generate effective increments in the short term [1] - On the demand side, nuclear power installations are steadily increasing due to energy security, the transition to clean energy, and the demand for AI-driven electricity, leading to a persistent global natural uranium supply-demand gap [1] - With expectations of tight supply, long-term uranium contract prices are expected to continue rising [1]