中核国际二零二四年年报

Stock Code: 2302 2024ANNUAL REPORT CONTENTS Corporate InformationChairman’s StatementManagement Discussion and AnalysisEnvironmental, Social andCorporate Governance ReportRisk ManagementProfiles of Directors and Senior ManagementDirectors’ ReportIndependent Auditor’s ReportConsolidated Statement of Profit or Loss andOther Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Consolidated Financial StatementsFinancial Summary2482158616681888991929417624821586166818889919294176 CNNC INTERNATIONAL LIMITED (Incorporated in the Cayman Islands with limited liability) BOARD OF DIRECTORS Chairman and Non-Executive DirectorWang Cheng Chief Executive Officer and Executive DirectorZhang Yi Non-Executive DirectorsSun RuofanWu Ge Independent Non-Executive DirectorsCui LiguoChan Yee HoiLiu Yajie AUDIT COMMITTEE Chan Yee Hoi(Chairman)Wu GeCui LiguoLiu Yajie REMUNERATION COMMITTEE Cui Liguo(Chairman)Zhang YiWu GeChan Yee HoiLiu Yajie NOMINATION COMMITTEE Wang Cheng(Chairman)Zhang YiCui LiguoChan Yee HoiLiu Yajie COMPANY SECRETARYXu Ling Corporate Information(continued) REGISTERED OFFICE P.O. Box 309GTUgland HouseSouth Church StreetGrand CaymanCayman Islands P.O. Box 309GTUgland HouseSouth Church StreetGrand CaymanCayman Islands HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS 26292906(852) 2598 1010(852) 2598 6262info@cnncintl.com Unit 2906, 29th FloorChina Resources BuildingNo. 26 Harbour RoadWanchaiHong KongTel:(852) 2598 1010Fax:(852) 2598 6262Email: info@cnncintl.com LEGAL ADVISERS AS TO HONG KONG LAWS DeHeng Law Offices (Hong Kong) LLP AUDITORSHINEWING (HK) CPA Limited PRINCIPAL BANKERS Bank of Communications Co., Ltd. Hong Kong BranchBank of China (Hong Kong) LimitedIndustrial and Commercial Bank of China (Asia) Limited HONG KONG SHARE REGISTRAR ANDTRANSFER OFFICE (BRANCH REGISTRAR) 18346 Computershare Hong Kong Investor Services Limited46th FloorHopewell Centre, 183 Queen’s Road EastHong Kong CAYMAN ISLANDS SHARE REGISTRAR ANDTRANSFER OFFICE (REGISTRAR) Maples Fund Services (Cayman) LimitedP.O. Box 1093Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands Maples Fund Services (Cayman) LimitedP.O. Box 1093Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands www.cnncintl.com CORPORATE WEBSITEwww.cnncintl.com 2302 SHARE LISTING AND STOCK CODEThe Stock Exchange of Hong Kong LimitedStock Code: 2302 3 Chairman’s Statement Wang ChengChairman The year 2024 continued to be surrounded by external challenges.The spot uranium prices had experienced rapid and significant surgeand volatility in the first half of 2024. The presence of associatedtransactionrisks of conducting spot uranium trades amid suchheightened price volatility and uncertainty in the international spoturanium trading environment could be overly burdensome to markettraders in the short run. The disinclination further exacerbated thereduction of offshore trading business opportunities for both buyersandsellers in the natural uranium market amidst geopoliticaltensionsand persistent supply uncertainties,influencing uraniumsupplydynamics.With spot uranium prices demonstrating relativestability in the second half of 2024, the Group was able to expanditsuranium trading activities while maintaining manageable risklevels, compared to both the first half of 2024 and the second halfof2023,which also facilitated the fulfilment of outstandinguranium product demand from its parent group carried over fromtheyear 2023 under the continuing connected transactionframework. 1077075(i)(ii)(iii) In 2024, the natural uranium market continued to face challenges.Supply chain disruptions, ongoing geopolitical developments, and theactive involvement of large investment funds in the uranium spotmarketin recent years,whose purchasing activities arepredominantlyspeculative in nature and sensitive to market andmomentumconditions,have exerted increasing influences on theglobal uranium supply-demand dynamics and at times exacerbatingmarketand pricing volatility.The spot price of natural uraniumsurgedto approximately US$107 per pound in around Januaryand February 2024, an unprecedented high level since August 2007,butsubsequently exhibited a downward trend and declinedcontinuously to a range of approximately US$70–US$75 per poundby the end of the year. The decline was primarily attributable to (i)the high uranium spot prices at the beginning of the year not beingsubstantivelysupported by the underlying supply-demandfundamentals;(ii)financial market fluctuations,which led to adeclinein the share prices of uranium investment funds,in turnconstraining their ability to raise funds for further procurement andresulting in a significant contraction in global spot trading volume;and(iii)elevated uranium spot prices in early 2024 dampeningpurchasingsentiment among buyers with rigid demand,such aspower plants, while simultaneously incentivizing