China National Uranium (001280) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose 15.14% YoY to ¥19.894bn; attributable net income increased 12.82% to ¥1.645bn, supported by stronger uranium sales volumes and pricing.

• Q4 revenue was ¥6.130bn and attributable net income ¥445.8m; operating cash flow was positive ¥672.5m in the quarter.

Financial highlights

• FY2025 total profit was ¥2.568bn, up 18.84% YoY; consolidated net income reached ¥1.912bn versus ¥1.712bn in 2024.

• Revenue increased from ¥17.279bn in 2024 to ¥19.894bn; adjusted for non-recurring items, attributable net income was ¥1.620bn, up 18.49% YoY.

• Operating cash flow was -¥2.565bn versus +¥505.9m in 2024, primarily as uranium procurement increased and inventory rose ¥3.658bn.

• Q4 attributable net income was ¥445.8m versus ¥434.6m in Q3; Q4 revenue was ¥6.130bn versus ¥4.213bn in Q3.

Outlook and guidance

• 2026 priorities include accelerating domestic uranium capacity projects, developing overseas resources, scaling monazite processing, advancing technology and digital operations, and strengthening safety and environmental controls.

• Plans include progressing the Rössing Phase IV development and capacity expansion, advancing the Etango project toward construction readiness, and pursuing additional global uranium opportunities.

• WNA forecasts global reactor uranium demand of 150,500 tU by 2040 in its base case, potentially rising to nearly 204,600 tU; long-term supply deficits are expected.