External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>CGN Mining released a new pricing mechanism for the off-take agreement (2026-28) with its parent company.</li><li>Under the new mechanism, the proportion of fixed pricing will be reduced to 30% from 40% currently.</li><li>Most importantly, the fixed price in 2026E is set at US$94.22/lb (with 4.1% increment per year in 2027E/28E), which is way higher than the US$61.78/lb in 2023 (with annual increment of 3.5% in 2024/25) under the current mechanism. Besides, the new pricing is also ~18% higher than the latest industry contract price published by Cameco (CCJ US, NR). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CGN Mining released a new pricing mechanism for the off-take agreement (2026-28) with its parent company.Under the new mechanism, the proportion of fixed pricing will be reduced to 30% from 40% currently.Most importantly, the fixed price in 2026E is set at US$94.22/lb (with 4.1% increment per year in 2027E/28E), which is way higher than the US$61.78/lb in 2023 (with annual increment of 3.5% in 2024/25) under the current mechanism. Besides, the new pricing is also ~18% higher than the latest industry contract price published by Cameco (CCJ US, NR). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CGN Mining (1164 HK) - New Pricing Formula for Off-Take Agreement a Big Surprise