According to the Zhitong Finance App, CNNC International (02302) announced that in 2023, the Group's revenue will be significantly reduced to no less than HK$300 million compared to 2022. Despite the decrease in total revenue, in turn, gross profit from uranium products trading business increased by no less than HK$20 million in 2023, while revenue and gross profit for the corresponding year of 2022 were approximately HK$905 million and approximately HK$102 million respectively.

The main reason for the significant decline in revenue was the decline in sales volume of uranium products traded with independent third parties. The current economic recession was largely affected by economic growth. Interest rates rose in 2023, leading to an increase in borrowing costs associated with international trade fund financing. Many capital-intensive industries were affected. This economic situation had a significant impact on many sectors that relied heavily on capital investment.

Despite these challenges, the Group's overall gross margin improved due to significant improvements in the uranium trading market (especially in the second half of the year) and the proceeds from the Group's physical delivery transactions in 2023. Unlike transactions between independent third parties, the former is usually a physical delivery transaction, while the latter is executed on the basis of book transfers and involves a range of more complex transaction services and logistical arrangements. This increased complexity enables the Group to ensure better profit margins.

In 2023, the Group completed sales of approximately HK$369 million in uranium supply transactions and completed commission revenue of approximately HK$13 million in 2023.

Due to the above reasons and the improved performance of the associated companies in 2023 compared to 2022, the Group is expected to record net profit attributable to shareholders of not less than HK$100 million in 2023 after deducting all other expenses incurred in 2023. Net profit of approximately HK$81 million was recorded for the same period in 2022.