Changes in Hong Kong stocks | CGN Mining (01164) fell more than 5% at the end of the session, and the drag on profits due to interschedule delivery of China Gold Index trading business is gradually being lifted

The Zhitong Finance App learned that CGN Mining (01164) fell more than 5% at the end of the session. As of press release, it decreased by 5.01% to HK$1.99, with a turnover of HK$72.674 million.

According to the news, CGN Mining recently announced that in the third quarter of 2026, the company held 1,019 tU of natural uranium, with a weighted average cost of 82.2 US dollars/lb; 1,502 tU were delivered to customers this quarter, and the weighted average price was 86.8 US dollars/lb, which is higher than the inventory cost of holding natural uranium. CICC pointed out that in the first quarter of 2026, losses in the company's trade business dragged down profits; since the second quarter, the trade business achieved profits for two consecutive quarters, and the negative impact of international trade delivery on profits was gradually lifted.

CICC said it maintained the CGN mining industry's “outperforming industry” rating, but lowered the target price by 36% to HK$3.07 due to a decline in the valuation of uranium stocks due to rising interest rates on US bonds. Taking into account short-term international trade losses and rising costs, the bank lowered the company's 2026 and 2027 net profit forecasts by 29%/5% to HK$750 million and HK$1.11 billion.