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之內容概不負責，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 容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） 本公告乃由中廣核礦業有限公司*（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合交易所有 限公司證券上市規則（「上市規則」）第13.09(2)條及證券及期貨條例（香港法例第571章）第XIVA部項下 之內幕消息條文而刊發。 基於本公司管理層對於本集團截至二零二五年六月三十日止六個月之未經審核綜合管理賬目（「管理 賬目」）之初步審閱，本公司董事會（「董事會」）謹此告知本公司股東（「股東」）及潛在投資者，預期本集 團截至二零二五年六月三十日止六個月錄得虧損介乎約40百萬港元至90百萬港元，而二零二四年同 期則錄得溢利約113百萬港元。 1 根據董事會目前所得資料，預期本集團截至二零二五年六月三十日止六個月將錄得虧損，較二零 二四年同期的溢利出現下降，主要原因為(i)由於天然鈾國際貿易合約受目標市場價格大幅波動的影 響，疊加存貨的會計記賬方式為加權平均成本法的因素，二零 ...

Group 1 - The core business of China General Nuclear Power Corporation Mining (CGN Mining) is the development and trade of natural uranium resources for nuclear energy companies, making it the largest uranium producer listed on the Hong Kong Stock Exchange and the only pure uranium listed company in East Asia [1] - As of the latest financial report, CGN Mining reported a total revenue of 7.986 billion yuan and a net profit of 317 million yuan [2] - CGN Mining is set to disclose its interim report for the fiscal year 2025 on August 26 [3] Group 2 - The company's core operational philosophy focuses on seizing opportunities from the global nuclear power recovery and the continuous growth in natural uranium demand, aiming to acquire competitively priced uranium resource projects [1] - CGN Mining is committed to becoming a leading international supplier of natural uranium [1]

Market Overview - On August 19, the Hong Kong stock market showed a lack of direction for two consecutive days, with the Hang Seng Index falling by 54 points or 0.2% to close at 25,122 points. The Hang Seng Tech Index decreased by 0.7% to 5,542 points. The total market turnover reached HKD 278.2 billion, with a net inflow of HKD 18.57 billion into the Hong Kong Stock Connect, primarily into index ETFs [1] Interest Rates and Liquidity - The one-month HIBOR has risen to 2.57%, a two-month high, as the Hong Kong Monetary Authority continues to withdraw HKD liquidity. The Hong Kong-US interest rate spread has narrowed to 1.76%, leading to a strengthening of the Hong Kong dollar. The rising cost of funds in Hong Kong directly impacts corporate financing and investors' margin borrowing costs, potentially reducing the willingness to use leverage [2] - In the medium term, global liquidity is expected to ease, and if the Federal Reserve resumes preventive rate cuts in September, the one-month HIBOR may rise to around 3% before likely reversing downward [2] Automotive Sector - In the automotive sector, Li Auto (9863 HK) reported a half-year vehicle delivery volume of 221,000 units, a year-on-year increase of 155%, with revenue of CNY 24.25 billion, up 174% year-on-year. The company achieved a gross margin of 14.1%, an increase of 13 percentage points year-on-year, and a net profit of CNY 30 million, marking its first profitable half-year. The management has raised the annual sales target to 580,000-650,000 units, a year-on-year increase of 97%-121% [3] Healthcare Sector - The Hang Seng Healthcare Index fell by 1.6%, attributed to a pullback after consecutive gains. Hansoh Pharmaceutical (3692 HK) exceeded market expectations, with a year-on-year revenue increase of 14.3% and a net profit increase of 15.0%. The company's innovative drug product revenue grew rapidly, contributing to a 13.2% increase in total product sales revenue. The sales expense ratio and management expense ratio both decreased, leading to better-than-expected performance [4] Real Estate Sector - The transaction volume of new homes in 30 major cities reached 1.23 million square meters, a year-on-year decline of 15.5%, which is worse than the previous week's decline of 12.3%. The cumulative transaction volume in first-tier cities showed a slight narrowing of declines, with Beijing down 5.4%, Shanghai down 1.5%, Guangzhou up 12.4%, and Shenzhen up 6.3% [5][6] - The inventory-to-sales ratio for commodity housing in ten major cities rose to 121.5, higher than the previous year's 98.7 and the prior week's 119.0 [7] - The land transaction volume in 100 major cities fell by 66.4% year-on-year, with a total area of 7.35 million square meters [8] - Various supportive measures for the real estate market have been introduced across multiple regions, including new initiatives in Tianjin and Fuzhou [9] Policy Outlook - The National Bureau of Statistics reported disappointing figures for July, with new housing starts and completed projects down 15.2% and 29.5% year-on-year, respectively. The overall performance of the real estate market remains weak, but recent policy measures may provide some support [10][12]

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份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。 （於開曼群島註冊成立之有限公司） （股份代號：01164） 附註：有關決議案的全文，請參閱股東特別大會通告。 有關決議案之投票結果如下： 由於超過50%之票數投票贊成各項決議案，故所有決議案均獲正式通過為本公司之普通決議案。 於股東特別大會日期，已發行股份總數為7,600,682,645股。誠如通函所述，中國廣核集團有限 公司及其聯繫人士於股東特別大會須放棄並已於會上放棄就所有普通決議案表決，其合共持有 4,278,695,652股股份，相當於本公司於股東特別大會日期已發行股本約56.29%。因此，有權出席股 東特別大會並於會上表決贊成或反對所提呈普通決議案之獨立股東所持有股份總數為3,321,986,993 股。概無(i)本公司持有的任何庫存股份（包括於由香港中央結算有限公司設立並營運的中央結算及交 收系統持有或存放的任何庫存股份），因此概無庫存股份於股東特別大會上行使投票權；及(ii)待註銷 的購回 ...

Group 1: Stock Recommendations - Geely Automobile is rated as a "Buy" with a target price of HKD 25.00, representing a potential upside of 25%[5] - Li Auto is rated as a "Buy" with a target price of HKD 72.00, indicating a potential upside of 7%[5] - Sany International is rated as a "Buy" with a target price of HKD 8.70, suggesting a potential upside of 22%[5] - Luckin Coffee is rated as a "Buy" with a target price of USD 44.95, indicating a potential upside of 17%[5] - Tencent is rated as a "Buy" with a target price of HKD 705.00, representing a potential upside of 19%[5] Group 2: Performance Overview - The basket of 26 long positions had an average return of 4.7%, compared to the MSCI China Index return of 5.2%[10] - Out of the 26 stocks, 11 stocks outperformed the benchmark[10] - The report includes a total of 26 stocks with varying sectors such as automotive, technology, and healthcare[5]

Market Overview - Global markets showed mixed performance, with the Hang Seng Index declining by 0.98% while the Shanghai Composite Index increased by 0.83% [1][3] - Southbound capital inflow reached a record high of HKD 35.876 billion, indicating strong interest in Hong Kong stocks [3] Sector Performance - The Hong Kong stock market experienced a pullback, particularly in consumer discretionary, essential consumer goods, and real estate sectors, while materials, healthcare, and industrial sectors saw gains [3] - The Hang Seng Financial Index fell by 1.25%, and the Hang Seng Real Estate Index dropped by 1.83% [2] Company Insights - NetEase Cloud Music reported a 6% decline in total revenue to RMB 3.83 billion for 1H25, but adjusted operating profit increased by 35% to RMB 905 million, driven by improved commercialization and cost control [4] - Weibo's 2Q25 revenue grew by 2% to USD 444.8 million, exceeding expectations, but the outlook for 2H25 remains uncertain due to challenges in the advertising business [5] - China Hongqiao's net profit for 1H25 was RMB 12.3 billion, a 35% increase, and the company announced a new share buyback plan to enhance market confidence [5] - China Lilang's sales for 1H25 increased by 8% to RMB 1.73 billion, but net profit fell by 14% to RMB 181 million, attributed to rising operational costs [9] Investment Ratings - NetEase Cloud Music maintained a "Buy" rating with a target price of HKD 330, reflecting an upward revision based on operational efficiency improvements [4] - Weibo also holds a "Buy" rating with a target price of USD 14.5, despite a slight downward adjustment in revenue forecasts [5] - China Hongqiao is rated "Buy" with a target price raised to HKD 27, supported by strong profit growth and a favorable industry outlook [5] - China Lilang's target price was lowered to HKD 4.42, but it retains a "Buy" rating due to attractive dividend yields [8]

Investment Rating - The report maintains a cautious recommendation for Lu'an Huanneng and a recommendation for Jin Control Coal Industry, Huayang Co., Shanxi Coal International, China Shenhua, Zhongmei Energy, Shaanxi Coal Industry, and Zhongguang Nuclear Mining [3][4][10]. Core Viewpoints - Supply contraction is evident, with port inventories declining again and coal prices showing sufficient elasticity. Since April, domestic production and imports from Xinjiang have significantly reduced, with a year-on-year decline of 3.8% in national raw coal production in July. The National Energy Administration has initiated production inspections in key provinces, leading to self-reduction in some overproducing mines. A comprehensive reduction in overproducing mines is expected by late August, further tightening supply. As a result, port inventories have significantly decreased compared to the same period last year, and power plant inventories have also declined. Demand has been recovering since June, with total electricity generation increasing by 3.1% year-on-year in July [1][7][8]. - Coal prices have rebounded from 615 CNY/ton to 700 CNY/ton since early July, with expectations of continued upward momentum, potentially reaching levels above 800 CNY/ton and possibly breaking through 1000 CNY/ton if production cuts are effective. The report suggests focusing on companies with high spot price elasticity, particularly those in Shanxi province, which has minimized the impact of the current production limits [1][7][8]. - Strong support from essential demand indicates that coking coal prices still have room for upward movement. Despite some fluctuations in coking coal prices, supply-side reductions are anticipated, and demand may see a temporary decline due to limited production expectations in Shandong and Hebei. However, strong supply contraction is also expected, suggesting potential for price increases [2][9][10]. Summary by Sections Supply and Demand Dynamics - The report highlights a significant reduction in coal supply, with national raw coal production experiencing its first year-on-year decline in 2025, down 3.8% in July. The National Energy Administration's inspections are expected to lead to further production cuts, tightening supply conditions [1][7][35]. - Demand for coal has shown signs of recovery, with total electricity generation increasing by 3.1% year-on-year in July, and coal consumption in the chemical industry also rising by 13.6% year-on-year [1][9][35]. Price Trends - Coal prices have rebounded significantly, with expectations of continued increases due to improved supply-demand dynamics. The report anticipates that coal prices could reach levels above 800 CNY/ton and potentially exceed 1000 CNY/ton if production cuts are effectively implemented [1][7][8]. Company Recommendations - The report recommends focusing on companies with high spot price elasticity, such as Lu'an Huanneng, and those with stable performance and growth potential, including Jin Control Coal Industry and Huayang Co. Additionally, it suggests monitoring industry leaders like China Shenhua and Zhongmei Energy for their robust performance [2][3][10].

Investment Rating - The report suggests a positive outlook for the nuclear power industry, indicating that the entire nuclear power supply chain has entered a performance release window, shifting from thematic trading to fundamental-driven logic [5]. Core Insights - Brookfield projects that global AI infrastructure investment will exceed $7 trillion over the next decade, with approximately $4 trillion allocated for chips, $2 trillion for AI data centers, and $500 billion each for power transmission and other technologies [1][16]. - The U.S. electricity demand forecast has been revised upwards, with expectations of a 15.8% increase by 2029, driven by significant infrastructure investment and the need for enhanced power transmission capabilities [20][21]. - The report highlights a robust recovery in the aerospace and defense sectors, with increased defense spending and modernization needs, suggesting investment opportunities in companies like BAE Systems and Raytheon Technologies [5][6]. Summary by Sections Global Infrastructure and Construction Equipment - Brookfield anticipates over $7 trillion in global AI infrastructure investment in the next decade, with significant allocations for data centers and chip manufacturing [1][16]. Global Electrical and Intelligent Equipment - The U.S. gas turbine price index increased by 1.3% year-on-year as of June 2025, while the production price index for electric and special transformers remained stable [2][26]. - U.S. transformer exports saw a significant increase, with June 2025 figures showing a 48% year-on-year growth [34]. Global Energy Industry - U.S. electricity prices rose by 66.89% week-on-week, while natural gas prices also saw an increase [3]. - The U.S. Department of Energy has selected 11 companies for a pilot program aimed at deploying high-tech nuclear reactors to meet rising electricity demands driven by AI data centers [44][45]. Global New Materials - The report notes a decline in uranium spot prices, with July 2025 figures at $71.10 per pound, down 9.4% month-on-month [4]. Global Defense and Aerospace - The aircraft engine and parts manufacturing price index remained stable, with a year-on-year increase of 1.5% as of June 2025 [4]. - Increased defense spending and the recovery of the aerospace sector present investment opportunities in companies involved in high-performance structural components and aerospace parts manufacturing [5][6].

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining announced a board meeting scheduled for August 26, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the potential distribution of an interim dividend, if applicable [1] Group 1 - The board meeting will take place on August 26, 2025 [1] - The meeting will focus on the approval of interim results for the six months ending June 30, 2025 [1] - The company will also consider the distribution of an interim dividend during the meeting [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之內容概不負責，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 容而引致之任何損失承擔任何責任。 承董事會命 中廣核礦業有限公司* 執行董事兼首席執行官 邱斌 香港，二零二五年八月十四日 於本公告日期，董事會包括兩名執行董事：邱斌先生（首席執行官）及徐軍梅女士；三名非執行董 事：王先鋒先生（主席）、孫旭先生及劉冠華先生；及三名獨立非執行董事：高培基先生、張蘊濤先 生及吳英鵬先生。 * 僅供識別 （於開曼群島註冊成立之有限公司） （股份代號：01164） 董事會會議通告 中廣核礦業有限公司*（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二五年八月二十六日 （星期二）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬公司截至二零二五年六月三十 日止六個月之中期業績及其發佈，並考慮派發中期股息（如有）。 ...