Core Viewpoint - China Uranium Corporation (stock code: 001280) has officially launched its IPO on the Shenzhen Stock Exchange, aiming to enhance its position in the natural uranium industry and contribute to national energy security [1][2] Company Summary - China Uranium Corporation is a major global supplier of natural uranium, with a comprehensive business system covering mining, sales, and trade. The company holds 17 mining rights domestically and has developed third-generation in-situ leaching technology to address challenges in extracting high-grade uranium ores [1] - The company controls the sixth-largest uranium mine globally, the Rossing Uranium Mine in Namibia, and is expanding projects in resource-rich regions in Africa and Central Asia, establishing stable partnerships with leading international firms [1] - From 2022 to 2024, the company's natural uranium production is expected to rank sixth globally, with an average annual revenue growth rate of 28.07%. By 2024, the revenue is projected to reach 17.279 billion yuan, with over 90% of revenue coming from its core natural uranium business [1] IPO and Fundraising - In its IPO, China Uranium Corporation plans to issue 248 million shares, raising funds for three main areas: 2.184 billion yuan for domestic uranium mining capacity projects, 693 million yuan for the comprehensive utilization of radioactive co-associated minerals, and 1.233 billion yuan to supplement working capital [2] - The company commits to distributing at least 30% of its distributable profits as cash dividends to shareholders annually after meeting certain conditions post-listing, ensuring stable returns for investors [2] Industry Outlook - The global nuclear power industry is experiencing a significant recovery, with the World Nuclear Association predicting that global natural uranium demand will reach 150,000 tons by 2040, nearly doubling from 2024 levels. Domestically, nuclear power development is accelerating, with 57 operational nuclear power units expected by the end of 2024, the largest construction scale globally [2] - Supported by national policies and favorable industry cycles, China Uranium Corporation aims to solidify its strategic position as a "strong nuclear cornerstone" and "nuclear power granary," progressing towards becoming an "internationally leading technology-driven mining company" [2]

Core Viewpoint - The launch of China Uranium Corporation's IPO marks a significant milestone in the context of advancing global "dual carbon" goals and the rapid development of the domestic nuclear power industry, aiming to enhance the supply of natural uranium and solidify its strategic position as a leading technology-driven mining company [1][9]. Company Overview - China Uranium Corporation, a core subsidiary of China National Nuclear Corporation (CNNC), has evolved from its origins in 1989 to become a key player in the natural uranium supply chain, with a complete business structure encompassing mining, sales, and trade [2]. - The company holds 17 mining rights for natural uranium or uranium-molybdenum mines across resource-rich regions in China and has developed advanced extraction technologies to efficiently exploit complex sandstone uranium deposits [2][3]. Financial Performance - The company has shown robust growth, with revenue increasing from 10.535 billion yuan to 17.279 billion yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 28.07%, while net profit rose from 1.520 billion yuan to 1.712 billion yuan during the same period [4]. - The natural uranium business remains the core revenue driver, contributing over 89% of total revenue in recent years, with projected revenue from this segment reaching 15.898 billion yuan in 2024 [4]. Investment and Growth Strategy - The IPO will raise funds primarily for enhancing natural uranium production capacity and the comprehensive utilization of radioactive co-mined resources, with a total investment plan of 4.798 billion yuan [7]. - Key projects include the development of several uranium mining operations in Inner Mongolia and Xinjiang, which are expected to significantly boost domestic uranium supply and reduce reliance on imports [7][10]. Market Demand and Opportunities - The global nuclear power industry is recovering, with a projected increase in uranium demand driven by the "dual carbon" goals, with estimates suggesting a rise to 86,000 tons by 2030 and 150,000 tons by 2040 [9][10]. - Domestically, China's nuclear power capacity is expected to grow significantly, with projections indicating an increase to approximately 12 million kilowatts by 2030, leading to a corresponding rise in uranium demand [10][11]. Policy Support - The Chinese government continues to strengthen support for strategic mineral resources, including uranium, as reflected in various policy documents that encourage the development of uranium mining and resource utilization technologies [11].