在同位素基地竣工之际，中广核同步正式发布了医用同位素品牌——"和嘉"，寓意"核技术让人类生活 更美好"，传递出对产业高质量发展与民生福祉提升的双重追求。"和嘉"与"IsoNosis"商标同步完成注 册，也将用于旗下各类同位素产品。 12月30日，随着核心设备回旋加速器成功出束，由中广核同位素科技(绵阳)有限公司(简称"中广核同位 素公司")投资建设的中能回旋加速器生产医用同位素基地，在四川绵阳正式竣工并启动试生产，构建起 覆盖锗-68、锗镓发生器、铜-64、锆-89、碘-123等多种关键医用同位素的工程化、批量化自主生产能 力。 医用同位素作为现代核医学的"源头活水"，是恶性肿瘤、心脑血管疾病等重大疾病精准诊断与治疗的核 心物质基础，其稳定供应直接关乎临床诊疗水平与创新药物研发进程。 中广核同位素公司是中广核技（000881）的全资子公司，致力于核药研发、生产、销售和服务的专业化 企业。该公司聚焦临床急需与科研前沿，已形成多元化医用同位素产品矩阵：镓-68作为PET/CT显像(正 电子发射型计算机断层显像)的重要核素，通过中广核同位素公司自主生产的锗镓发生器实现即时衰变 制备，攻克该核素半衰期仅67.71分钟 ...

如果提到乐山，你会想到什么？是世界上最大的石刻弥勒坐佛乐山大佛？还是四大佛教名山之一的峨眉山？又或是酥脆香甜的甜皮鸭？ 当很多人对这个川西小城的印象，还停留在巍峨壮阔的山川景观和垂涎欲滴的美食时，它早已在硬核科技的赛道上狂奔，徒手闯出了一片新天地。 你可别小瞧乐山这座GDP仅仅只有2533亿，在四川位居第8的城市，人家手里掌握的硬核科技产业，那可真是不少。随便拎出来一个，都可以在行业内排 得上名号。 对于这个小城来说，实现工业逆袭的关键密码，并非跟风追热点，而是源于一场清醒的自我审视——知道自己有什么，该往哪儿走。 秉承着侯德榜"在化学的领域是没有废物的"这句箴言，福华化学企业里的化工高材生们日夜奋战，攻克了一个又一个行业难题。其中影响力最大的，就是 草甘膦生产过程中产生的高有机磷含盐废水"母液"。通过自研的母液集成处理技术，他们成功将99%的磷资源转化为磷酸氢二钠等高附加值产品。 这一突破，也让福华顺势跃上了新能源的风口。 当下，新能源电池爆发式增长，磷酸铁锂需求猛增。福华凭借自产的磷酸氢二钠，创新改良传统工艺，直接合成出电池级磷酸铁。每年，仅从母液中回收 的磷，就可支撑磷酸铁的生产，配套磷酸铁锂。 要知道 ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [6]. Core Insights - The company sold 240,000 pounds of U₃O₈ in Q3 2025, with an average spot price of approximately $74.66 per pound, leading to total revenue of $17.71 million, a 338% year-over-year increase [2][22]. - The company expects to achieve an annual U₃O₈ production of approximately 1 million pounds in 2025, with Q4 production expected to contribute significantly to this target [9][10]. - The average realized price for U₃O₈ in Q3 2025 was $72.38 per pound, with a gross margin of 26% [3][22]. - The company has a total uranium inventory of 2.125 million pounds as of September 30, 2025, which includes 485,000 pounds of finished U₃O₈ [4]. - The company anticipates a significant increase in cash profits due to lower mining costs and expects gross margins to continue to grow through 2026 [5][13]. Summary by Sections Uranium Business - **Production**: In Q3 2025, the company mined approximately 465,000 pounds of uranium ore, with a total uranium content of about 1.245 million pounds U₃O₈ as of September 30, 2025 [1]. - **Sales**: The company sold 240,000 pounds of U₃O₈ in Q3 2025, with a total revenue of $17.71 million [2][22]. - **Pricing**: The weighted average realized price was $72.38 per pound, with a gross margin of 26% [3]. - **Inventory**: The total uranium inventory was 2.125 million pounds, with an increase due to production from various mines [4]. - **Cost**: The average cost of finished U₃O₈ inventory was approximately $53 per pound, reflecting the company's efforts to improve production efficiency [7]. - **Guidance**: The company expects to mine between 5.5 million to 8 million tons of ore in 2025, containing approximately 875,000 to 1,435,000 pounds of U₃O₈ [8]. Rare Earth Business - **Heavy Rare Earth**: The company successfully produced 99.9% pure dysprosium oxide, exceeding commercial specifications [15]. - **Price Trends**: The price of praseodymium-neodymium (NdPr) increased by approximately 25% from June 30, 2025, to September 30, 2025 [17]. - **Project Development**: The company is advancing the Donald project, which is expected to produce approximately 7,200 tons of rare earth oxides annually [18]. Financial Performance - **Revenue Growth**: The company reported total revenues of $17.71 million in Q3 2025, a significant increase compared to the previous year [22]. - **Net Loss**: The net loss for Q3 2025 was $16.7 million, an improvement from the previous quarter [22]. - **Liquidity Position**: As of September 30, 2025, the company had $298.5 million in working capital, positioning it favorably for project advancement [24].

Core Viewpoint - China Tongfu (01763) has made a significant breakthrough in the stable isotope field by launching carbon isotope products, positioning China among the few countries capable of producing high-abundance CO gas and carbon-13 urea raw materials [1] Company Summary - The launch of high-abundance CO gas, a key raw material for urea breath tests used to detect Helicobacter pylori infections, marks the end of China's complete reliance on imports for this material [1] - China Tongfu has enhanced its research and production capabilities in stable isotope products, establishing itself as a leading enterprise with a complete grasp of the entire industrial chain for breath test products [1] Industry Summary - The initiation of the second phase of the stable isotope base project will enable China Tongfu to ensure a stable supply of high-abundance CO gas, carbon-13 urea raw materials, and other raw materials for gastrointestinal disease treatment [1] - This development is expected to significantly contribute to improving national health standards, promoting high-quality development of medical isotopes, and supporting the "Healthy China" initiative [1]

Core Viewpoint - China Tongru (01763.HK) has announced the launch of carbon isotope products, marking a significant breakthrough in high-end technology in the stable isotope field, making China one of the few countries capable of producing high-abundance 13CO gas and carbon-13 urea raw materials for pharmaceuticals [1] Group 1: Product Launch and Significance - The release of high-abundance 13CO gas is crucial for the urea breath test used to detect Helicobacter pylori infection, indicating a shift from complete reliance on imports for this material [1] - This product launch significantly enhances China's research and production capabilities in stable isotope products, positioning China Tongru as a leading enterprise with a complete grasp of the entire industrial chain for breath test products [1] Group 2: Future Developments - On the same day, China Tongru officially commenced the construction of the second phase of its stable isotope base project, which will establish a stable supply capability for high-abundance 13CO gas, carbon-13 urea raw materials, and other raw materials for gastrointestinal disease treatment drugs [1] - The completion of this project is expected to contribute to improving national health levels, promoting high-quality development of medical isotopes, and supporting the "Healthy China" initiative [1]

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [6]. Core Insights - The company produced 180,000 pounds of U3O8 in Q2 2025 and expects a total production of approximately 1 million pounds of finished U3O8 for the year [1][9]. - The average uranium grade at the Pinyon Plain mine is reported to be 2.23%, making it one of the highest-grade uranium mines in U.S. history [1]. - The company anticipates a decrease in production costs starting from Q4 2025, with expected sales costs dropping to between $30 and $40 per pound by Q1 2026 [7][8]. Production and Sales - In Q2 2025, the company sold 50,000 pounds of U3O8 at an average price of $77.00 per pound, generating total revenue of $3.85 million with a gross margin of 31% [2]. - The company holds a total inventory of 1.875 million pounds of U3O8 as of June 30, 2025, which includes 725,000 pounds of finished U3O8 [4][10]. - The company has adjusted its sales guidance for 2025 from 220,000 pounds to 350,000 pounds of U3O8, reflecting increased demand from utility customers [12]. Cost Structure - The weighted average cost of finished U3O8 inventory as of June 30, 2025, is approximately $53.00 per pound [8]. - The company expects to achieve a total weighted average sales cost of $23 to $30 per pound of U3O8, positioning it among the lowest production costs globally [7]. Project Development - The company is actively developing its Pinyon Plain mine and has reported excellent drilling results, indicating the potential for increased uranium resources [13]. - The Donald rare earth project in Australia has received final regulatory approval, with a final investment decision expected by Q4 2025 [16]. Financial Performance - In Q2 2025, the company reported total revenues of $4.212 million, a decrease of 52% year-over-year and a 75% decrease quarter-over-quarter [23]. - The net loss for Q2 2025 was $21.812 million, with total operating funds of $253.23 million, including $71.49 million in cash and cash equivalents [24].