China Nuclear International ( 02302.HK ) 2025 Revenue up 35% to HKD 2.49 billion, net profit HKD 192 million, natural uranium prices rising

Gelonghui March 25丨China Nuclear International (02302.HK) announced its 2025 annual results. For FY2025, the Group’s revenue increased by approximately 35.2% to approximately HK$2.49 billion, and the Group recorded net profit attributable to shareholders of approximately HK$192 million for the year. Basic earnings per share were HK$0.393.

In 2025, the natural uranium market continued to face challenges. The core contradictions in the global natural uranium market intensified: supply remained rigidly constrained while demand grew on two fronts, leading to a tight supply-and-demand situation. On the supply side, constraints were driven by insufficient capital expenditure for the past decade, limited incremental expansion from major producing countries, and long development cycles for new mines. Meanwhile, on the demand side, demand was propelled by the dual drivers of the global nuclear power industry’s recovery and the rise of the artificial intelligence industry. In addition, aggressive purchasing by global uranium investment funds weakened inventory resilience, causing the supply-demand gap to keep widening. The market structure has shifted from short-term volatility to a long-term tense equilibrium.

In the first quarter of 2025, natural uranium spot prices were hovering in the range of about US$70 to US$75 per pound. After that, they began to rise in mid-year and reached around US$80 per pound by year-end. In 2025, although natural uranium spot prices saw overall fluctuations affected by global financial markets, news on nuclear power development, and geopolitical events, they nevertheless maintained an overall upward trend.

The Group will focus on developing, and continue to invest available resources into, its uranium product trading business, while actively seeking high-quality uranium resource projects, with an emphasis on operating assets, to support the development of the parent group. The Group believes that through this strategic alliance, it can leverage the parent group’s strengths in the nuclear energy sector to generate synergistic effects, thereby further strengthening the Group’s position in the uranium product trading industry.