Summary of JL Mag Rare-Earth Co. Ltd Conference Call Company Overview - **Company**: JL Mag Rare-Earth Co. Ltd - **Ticker**: 6680.HK - **Industry**: Greater China Materials - **Market Cap**: Rmb49,560 million - **Current Stock Price**: HK$26.08 - **Price Target**: HK$28.60, indicating a 10% upside potential Key Financial Highlights - **3Q25 Preliminary Net Profit**: Rmb200-245 million, exceeding estimates of ~Rmb200 million, compared to Rmb77 million in 3Q24 and Rmb144 million in 2Q25 [3][2] - **9M25 Net Profit Expectation**: Rmb505-550 million, representing a year-over-year increase of 157-179% [3][2] - **Recurring Net Profit**: Rmb415-460 million for 9M25, with Rmb181-226 million in 3Q25, up from Rmb128 million in 2Q25 [3][2] - **Non-Recurring Gains**: Approximately Rmb90 million in 9M25, primarily from government subsidies, compared to Rmb108 million in the same period last year [3][2] Growth Drivers - **Earnings Growth Attribution**: - Normalization of exports, typically more profitable - Potential gross profit per ton improvement due to rising rare earth prices - Active inventory management by the company [11][4] Strategic Developments - **New Division**: Establishment of an embodied robot rotor division, with small-batch deliveries of magnets and rotors for embodied robots and products for eVTOL (electric vertical takeoff and landing) in 9M25 [10][2] - **Order Book**: Management indicated ample orders for 4Q25, suggesting strong demand [10][2] Market Conditions and Risks - **Export Controls**: Anticipated tightening of rare earth export controls may benefit JL Mag through market share gains with export permits [10][2] - **Risks to Upside**: - Faster-than-expected commencement of new capacities - Stronger downstream demand than anticipated - Rising rare earth prices [15][16] - **Risks to Downside**: - Weaker-than-expected downstream demand - Reduced dependence on rare earth magnets from China by the US and EU [15][16] Valuation and Financial Metrics - **Earnings Per Share (EPS) Estimates**: - FY 2025: Rmb0.59 - FY 2026: Rmb0.88 - FY 2027: Rmb1.18 [7][2] - **Revenue Projections**: - FY 2025: Rmb9,091 million - FY 2026: Rmb11,884 million - FY 2027: Rmb13,618 million [7][2] - **Price-to-Earnings (P/E) Ratios**: - FY 2025: 40.2 - FY 2026: 27.2 - FY 2027: 20.3 [7][2] Conclusion JL Mag Rare-Earth Co. Ltd is positioned for significant growth in the coming quarters, driven by strong earnings performance, strategic developments in new product lines, and favorable market conditions. However, potential risks related to market demand and regulatory changes should be monitored closely.

Group 1 - The core viewpoint of the news highlights the performance and market position of Jinli Permanent Magnet, which saw a 5.04% increase in stock price, reaching 41.48 CNY per share, with a trading volume of 2.861 billion CNY and a market capitalization of 56.764 billion CNY [1] - Jinli Permanent Magnet, established on August 19, 2008, specializes in the research, production, and sales of high-performance neodymium-iron-boron permanent magnet materials, magnetic components, and the recycling of rare earth permanent magnet materials. The main revenue composition is 91.98% from neodymium-iron-boron magnets and 8.02% from other sources [1] Group 2 - The Qianhai Kaiyuan Fund has a significant position in Jinli Permanent Magnet, with its fund, Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed A (003304), increasing its holdings by 56,000 shares to a total of 2.6809 million shares, representing 8.36% of the fund's net value, making it the second-largest holding [2] - The Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed A fund has achieved a year-to-date return of 87.95%, ranking 160 out of 8166 in its category, and a one-year return of 90.79%, ranking 149 out of 8014 [2]

Market Overview - US stock indices collectively declined overnight, with the Chinese concept index dropping by 2.03% [1] - Hong Kong's three major indices opened lower, with the Hang Seng Index down by 0.85%, the National Index down by 0.94%, and the Hang Seng Tech Index down by 1.4% [1] Sector Performance - Major technology stocks experienced a collective decline, with Alibaba, Baidu, and JD.com falling over 2%, and NetEase, Kuaishou, Meituan, and Xiaomi dropping over 1% [1] - Tencent saw a decrease of 0.96% [1] - Gold stocks led the decline in the non-ferrous metal sector, with China Gold International, Zijin Mining International, and Shandong Gold each falling nearly 4% [1] - Lithium battery stocks, automotive stocks, home appliance stocks, semiconductor stocks, Chinese brokerage stocks, and biopharmaceutical stocks also saw declines [1] Rising Stocks - Conversely, telecom equipment stocks, new consumption concept stocks, and rare earth concept stocks generally rose, with ZTE Corporation increasing by 3.4% and Jinli Permanent Magnet and Hu Shang Ayi rising over 2.4% [1] New Listings - Two new stocks debuted on the Hong Kong market, with Jinye International Group opening 500% higher, achieving an oversubscription rate of over 9030 times, marking the highest oversubscription rate for a new stock in Hong Kong history [1] - Zhida Technology opened 183% higher, with a global offering of 597.89 million shares, where the Hong Kong public offering accounted for 10% and international offering for 90% [1]

金力永磁（300748）(06680)盈喜后涨超3%，截至发稿，涨1.3%，报26.32港元，成交额7783.25万港 元。 消息面上，10月9日，金力永磁发布公告，该集团预计2025年前三季度(2025年1月-9月)归属于上市公司 股东的净利润5.05亿元-5.5亿元人民币，同比增加157%-179%；第三季度归属于上市公司股东的净利润2 亿元-2.45亿元人民币，同比增加159-217%。 2025年前三季度，在行业竞争持续加剧的背景下，公司管理层坚持稳健、合规的经营方针，积极拓展市 场，通过技术创新、组织优化及精益管理，不断提升运营效率与盈利能力。此外，公司通过灵活调整原 材料库存策略等措施，积极应对稀土原材料价格波动风险，保障交付能力获得国内外客户的充分肯定， 进一步巩固了经营的稳定性、可持续性。截至目前，公司第四季度在手订单充足。 ...

2025年前三季度，在行业竞争持续加剧的背景下，公司管理层坚持稳健、合规的经营方针，积极拓展市 场，通过技术创新、组织优化及精益管理，不断提升运营效率与盈利能力。此外，公司通过灵活调整原 材料库存策略等措施，积极应对稀土原材料价格波动风险，保障交付能力获得国内外客户的充分肯定， 进一步巩固了经营的稳定性、可持续性。截至目前，公司第四季度在手订单充足。 智通财经APP获悉，金力永磁(06680)盈喜后涨超3%，截至发稿，涨1.3%，报26.32港元，成交额7783.25 万港元。 消息面上，10月9日，金力永磁发布公告，该集团预计2025年前三季度(2025年1月-9月)归属于上市公司 股东的净利润5.05亿元-5.5亿元人民币，同比增加157%-179%；第三季度归属于上市公司股东的净利润2 亿元-2.45亿元人民币，同比增加159-217%。 （原标题：港股异动 | 金力永磁(06680)盈喜后涨超3% 预期前三季度归母净利润同比增加157%-179%） ...

Core Viewpoint - The company, Jinli Permanent Magnet (06680.HK), forecasts significant growth in net profit for the first three quarters of 2025, driven by operational efficiency and innovation in response to industry competition [1] Financial Performance - The expected net profit attributable to shareholders is projected to be between RMB 5.05 billion and RMB 5.50 billion, representing a year-on-year increase of 157% to 179% [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between RMB 4.15 billion and RMB 4.60 billion, showing a substantial growth of 365% to 415% year-on-year [1] - For the third quarter, the net profit is expected to reach between RMB 2.00 billion and RMB 2.45 billion, reflecting a year-on-year increase of 159% to 217% [1] Operational Strategy - In the context of intensified industry competition, the company has enhanced operational efficiency and profitability through technological innovation, organizational optimization, and lean management [1] - The company is actively managing the risks associated with fluctuations in rare earth material prices by flexibly adjusting inventory strategies to ensure delivery capabilities, which has been recognized by customers [1] Product Development - The newly established division for embodied robot motor rotors has achieved small batch product deliveries in the first three quarters of 2025 [1] - The company has also made breakthroughs in the low-altitude flying vehicle sector [1] - The company's products are widely used in various fields, including new energy vehicles, energy-saving variable frequency air conditioning, and wind power generation, with a strong order backlog for the fourth quarter [1]

Core Viewpoint - The company, Jinli Permanent Magnet (06680.HK), forecasts significant growth in net profit for the first three quarters of 2025, driven by operational efficiency and innovation in response to industry competition [1] Financial Performance - The expected net profit attributable to shareholders is projected to be between RMB 5.05 billion and RMB 5.50 billion, representing a year-on-year increase of 157% to 179% [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between RMB 4.15 billion and RMB 4.60 billion, showing a substantial growth of 365% to 415% year-on-year [1] - For the third quarter, the net profit is expected to reach between RMB 2.00 billion and RMB 2.45 billion, reflecting a year-on-year increase of 159% to 217% [1] Operational Strategy - The company is enhancing operational efficiency and profitability through technological innovation, organizational optimization, and lean management in the face of intensified industry competition [1] - To mitigate risks associated with fluctuations in rare earth material prices, the company is flexibly adjusting its inventory strategy to ensure delivery capabilities, which has been recognized by customers [1] Product Development - The newly established division for embodied robot motor rotors has achieved small batch product deliveries in the first three quarters of 2025 [1] - The company has also made breakthroughs in the low-altitude flying vehicle sector [1] - The products are widely used in various fields, including new energy vehicles, energy-saving variable frequency air conditioners, and wind power generation, with a strong order backlog for the fourth quarter [1]

2025年前三季度，在行业竞争持续加剧的背景下，公司管理层坚持稳健、合规的经营方针，积极拓展市 场，通过技术创新、组织优化及精益管理，不断提升运营效率与盈利能力。此外，公司通过灵活调整原 材料库存策略等措施，积极应对稀土原材料价格波动风险，保障交付能力获得国内外客户的充分肯定， 进一步巩固了经营的稳定性、可持续性。截至目前，公司第四季度在手订单充足。 金力永磁（300748）(06680)发布公告，该集团预计2025年前三季度(2025年1月-9月)归属于上市公司股 东的净利润5.05亿元-5.5亿元人民币，同比增加157%-179%;第三季度归属于上市公司股东的净利润2亿 元-2.45亿元人民币，同比增加159-217%。 ...

智通财经APP讯，金力永磁(06680)发布公告，该集团预计2025年前三季度(2025年1月-9月)归属于上市公 司股东的净利润5.05亿元-5.5亿元人民币，同比增加157%-179%;第三季度归属于上市公司股东的净利润 2亿元-2.45亿元人民币，同比增加159-217%。 2025年前三季度，在行业竞争持续加剧的背景下，公司管理层坚持稳健、合规的经营方针，积极拓展市 场，通过技术创新、组织优化及精益管理，不断提升运营效率与盈利能力。此外，公司通过灵活调整原 材料库存策略等措施，积极应对稀土原材料价格波动风险，保障交付能力获得国内外客户的充分肯定， 进一步巩固了经营的稳定性、可持续性。截至目前，公司第四季度在手订单充足。 ...

（ 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） JL MAG RARE-EARTH CO., LTD. 江 西 金 力 永 磁 科 技 股 份 有 限 公 司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 （股 份 代 碼：06680） 2025年前三季度業績預增公告 本 公 告 乃 由 江 西 金 力 永 磁 科 技 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，「本 集 團」）根 據 香 港 法 例 第571章證券及期貨條例第XIVA部 項 下 內 幕 消 息 條 文（定 義 見 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）及 上 市 規 則 第13.09 條及第13.10B條 而 作 出。 本公告所載本集團截至2025年9月30日 止 ...