Core Viewpoint - China Uranium Corporation (China Uranium) has officially initiated its A-share listing process, aiming to raise 4.11 billion yuan through the issuance of 248 million shares, which will be directed towards natural uranium capacity construction and the comprehensive utilization of radioactive associated mineral resources [1][4]. Financial Performance - For the years 2022 to 2024 and the first half of 2025, the company reported revenues of 10.535 billion yuan, 14.801 billion yuan, 17.279 billion yuan, and 9.551 billion yuan, with net profits of 1.520 billion yuan, 1.511 billion yuan, 1.712 billion yuan, and 0.871 billion yuan respectively. The compound annual growth rates for revenue and net profit over the last three years were 28.07% and 6.12% [2]. Project Investment - The raised funds will be allocated to seven core projects and to supplement working capital, including four domestic natural uranium capacity projects and three projects focused on the comprehensive utilization of radioactive associated mineral resources [2]. Market Context - The listing opportunity for China Uranium aligns with the global nuclear power industry's recovery and China's dual carbon strategy. By December 2024, there will be 441 operational nuclear reactors globally, with a projected demand for natural uranium reaching 13,132 tons in 2024 [3]. Competitive Position - China Uranium has established itself among the major uranium producers globally, competing with giants like Kazatomprom, Orano, and Cameco. The company leverages its "national team" status and global asset layout to create a differentiated competitive advantage [3]. Strategic Goals - The release of the prospectus marks a critical phase in the company's listing process, aiming to enhance capital strength and participate more deeply in the global uranium strategic resource competition [4].

Core Insights - Helium is a critical resource for high-tech industries, with significant reliance on imports, particularly from the US, raising concerns about supply security [1][7][19] - China is making substantial advancements in helium exploration and production, shifting from dependency to self-sufficiency through innovative geological theories and new discoveries [3][5][19] Exploration and Production - China's geological exploration has led to the discovery of helium reserves with a concentration of 0.3% in Shaanxi, marking a significant breakthrough in finding independent helium sources [5] - The new geological theory proposed by Li Jian's team has transformed the exploration approach, focusing on locating helium-generating geological structures [3] Technological Advancements - Chinese companies have developed high-purity helium recovery technologies, achieving production capacities of 180,000 cubic meters annually and reducing costs by 40% [8][10] - The development of ultra-high precision helium detection technology fills a domestic gap, while the complete localization of purification equipment has significantly reduced costs [10] International Cooperation - China is diversifying its helium supply chain through international partnerships, including a memorandum with Russia for stable helium supply and projects in Africa for resource exchange [12][14] - The Belt and Road Initiative is being leveraged to expand procurement channels, with imports from Turkmenistan rising to 31% by 2025 [14] Market Impact - The shift to domestic helium production has led to a decrease in prices, with domestic ultra-pure helium costing 120 RMB per cubic meter, significantly lower than previous import prices [16] - The stable supply of domestic helium has improved production efficiency in semiconductor manufacturing, enhancing yield rates and reducing costs [16] Strategic Resource Management - China has established the world's first underground helium storage facility, creating a strategic reserve system to mitigate supply disruptions [14] - The transition from reliance on imports to a more self-sufficient helium production model exemplifies a broader strategy for securing critical resources [19][21]