Core Viewpoint - 招银国际 has lowered the target price for 中广核矿业 from HKD 2.61 to HKD 2.42, a decrease of 7%, while maintaining a "Buy" rating, viewing potential declines post the 2025 H1 earnings announcement as a buying opportunity [1] Group 1: Financial Performance - The company is expected to report a net loss of approximately RMB 68 million in H1 2025, attributed to a one-time negative gross margin in its international uranium trading business and the impact of falling uranium spot prices on joint venture profits [1] - 招银国际 has significantly reduced its 2025 earnings forecast by 47% to RMB 260 million to reflect the anticipated weak performance in H1 2025 [1] Group 2: Market Outlook - The impact on earnings is considered one-time, with expectations that the profit margins in the trading business will turn positive in H2 2025 [1] - With uranium spot prices rebounding since May, it is anticipated that joint venture profits will recover in H2 2025 [1]