CGN Mining (SEHK:1164) First Half Loss Challenges High P/E Growth Narrative

Simply Wall St.03-27

CGN Mining (SEHK:1164) has just posted its FY 2025 first half results, reporting revenue of HK$1,708.7 million and a basic EPS loss of HK$0.0089, compared with revenue of HK$4,072.7 million and EPS of...

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Over the past few reporting periods, the company’s first half revenue moved from HK$2,933.8 million in 2023 to HK$4,072.7 million in 2024 and then HK$1,708.7 million in 2025. Over the same periods, first half EPS shifted from HK$0.0236 to HK$0.0159 before...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"01164":"中广核矿业","BK1592":"有色金属","BK1524":"核电","BK1594":"碳中和概念股","BK1178":"煤与消费用燃料"},"translate_title":"中广核矿业(SEHK：1164)上半年亏损挑战高市盈率增长叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01164":0.9},"content_text":"CGN Mining (SEHK:1164) has just posted its FY 2025 first half results, reporting revenue of HK$1,708.7 million and a basic EPS loss of HK$0.0089, compared with revenue of HK$4,072.7 million and EPS of HK$0.0159 in the first half of 2024. Over the past few reporting periods, the company’s first half revenue moved from HK$2,933.8 million in 2023 to HK$4,072.7 million in 2024 and then HK$1,708.7 million in 2025. Over the same periods, first half EPS shifted from HK$0.0236 to HK$0.0159 before turning to a small loss, creating a margin story that investors are likely to watch closely. See our full analysis for CGN Mining. With the headline numbers on the table, the next step is to see how this earnings print lines up with the widely discussed growth and risk narratives around CGN Mining. Curious how numbers become stories that shape markets? Explore Community Narratives SEHK:1164 Earnings & Revenue History as at Mar 2026 AdvertisementTrailing Margin Holds At 6.6%  Over the last 12 months, CGN Mining reported a net profit margin of 6.6%, compared with 6.1% in the prior year period, which sits alongside trailing twelve month revenue of HK$6.9b and net income of HK$452.8 million. What is interesting for a bullish narrative that focuses on high quality earnings and strong growth expectations is that this 6.6% margin sits next to forecast revenue growth of 25.5% a year and expected earnings growth of about 39.8% a year, yet the most recent first half of FY 2025 showed a loss of HK$67.6 million on HK$1,708.7 million of revenue.\n     Supporters of the bullish view can point to the trailing twelve month net income of HK$452.8 million and basic EPS of HK$0.0596 as evidence that the small first half loss fits within a still profitable trailing picture. At the same time, the swing from HK$120.8 million of net income in the first half of 2024 to a loss in the first half of 2025 is a clear reminder that even with a 6.6% trailing margin, short term profit volatility still matters for that growth story.    P/E Of 66.5x Versus Sector Teens  The shares trade on a trailing P/E of 66.5x compared with a peer average of 14.4x and an industry average of 12.1x, while the current share price of HK$3.96 also sits well above the DCF fair value estimate of HK$0.25. Bears argue that such a high multiple and the gap between HK$3.96 and the DCF fair value of HK$0.25 leave little room for error, and the recent swing to a HK$67.6 million loss in the first half of FY 2025 gives them specific numbers to point to.\n     Critics highlight that even with trailing twelve month net income of HK$452.8 million and basic EPS of HK$0.0596, paying 66.5x earnings is a big premium to the 14.4x and 12.1x peer and industry levels. They also stress that the move from HK$179.7 million of net income in the first half of 2023 and HK$120.8 million in the first half of 2024 to a loss in 2025 makes the high P/E and premium to the HK$0.25 DCF fair value harder to justify on recent semi annual results alone.    On these numbers, skeptics reading this half year will want to see whether future updates can bridge the gap between a 66.5x P/E and the much lower implied value before re rating the risk and reward balance for this stock. 🐻 CGN Mining Bear Case Interest Coverage Stays A Key Watchpoint  The analysis flags that interest payments are not well covered by earnings, even though trailing twelve month net income stands at HK$452.8 million on revenue of HK$6.9b and the latest first half of FY 2025 recorded a HK$67.6 million loss. What stands out for investors weighing the bullish growth story is that forecasts of 25.5% annual revenue growth and roughly 39.8% annual earnings growth have to sit alongside this interest coverage weakness and the recent loss, since both affect how durable any future earnings ramp might be.\n     Supportive readers of the growth case may focus on the trailing basic EPS of HK$0.0596 and the improved 6.6% net margin compared with 6.1%, arguing that these figures show the business can still generate earnings to work with. More cautious readers point to the combination of a HK$67.6 million loss in the latest half, weak interest cover and a 66.5x P/E at HK$3.96 as a cluster of numbers that calls for closer attention to balance sheet strength as the growth forecasts play out.    For a fuller breakdown of how these growth forecasts, risks and valuation signals fit together, have a look at the wider community views on CGN Mining in one place with the Curious how numbers become stories that shape markets? Explore Community Narratives. Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on CGN Mining's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. Mixed signals in the numbers so far? Take a moment to review the figures, weigh both sides, and then check the 1 key reward and 1 important warning sign. See What Else Is Out There CGN Mining combines a small first half loss, weak interest cover and a P/E far above sector levels, which puts extra pressure on its growth story. If that mix of earnings volatility, balance sheet strain and valuation risk worries you, compare it with companies in the 284 resilient stocks with low risk scores to quickly focus on more resilient ideas.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: AI Stock Screener & AlertsOur new AI Stock Screener scans the market every day to uncover opportunities.• Dividend Powerhouses (3%+ Yield)• Undervalued Small Caps with Insider Buying• High growth Tech and AI CompaniesOr build your own from over 50 metrics.Explore Now for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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