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>We forecast CGN Mining to report a net loss of ~RMB68mn in 1H25E, due to (1) a one-off negative margin of the uranium trading business, and (2) a decrease in the spot uranium price in 1H25 that may affect the margin of JVs (mining segment).</li><li>We therefore slash our 2025E earnings forecast by 47% to RMB260mn to reflect the potential weak 1H25E results.</li><li>That said, we regard the impact as one-off, and expect the margin of trading business to return to positive in 2H25E. </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>

We forecast CGN Mining to report a net loss of ~RMB68mn in 1H25E, due to (1) a one-off negative margin of the uranium trading business, and (2) a decrease in the spot uranium price in 1H25 that may affect the margin of JVs (mining segment).We therefore slash our 2025E earnings forecast by 47% to RMB260mn to reflect the potential weak 1H25E results.That said, we regard the impact as one-off, and expect the margin of trading business to return to positive in 2H25E. 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) - Potential Loss in 1H25E but Recovery in 2H25E