Investment Rating - The report maintains a "Recommended" investment rating for the company [6][11]. Core Views - The company has experienced significant growth in performance, with a 4.33% year-on-year increase in total revenue to 35.07 billion yuan in the first half of 2025, and a remarkable 154.81% increase in net profit attributable to shareholders to 3.05 billion yuan [4][6]. - The demand for rare earth permanent magnets is expected to continue growing, driven by the new energy and robotics sectors, with the company accelerating its layout in these areas [6]. - The report adjusts the net profit forecasts for 2025-2027 to 7.92 billion, 11.55 billion, and 13.89 billion yuan respectively, reflecting a positive outlook for the company's performance [6]. Summary by Sections Company Overview - The company operates in the non-ferrous metals industry, with a total market capitalization of 37.6 billion yuan and a total share capital of 1,372 million shares [1]. Financial Performance - In the first half of 2025, the company's gross margin reached 16.39%, an increase of 7.73 percentage points year-on-year, while the net margin improved to 8.82%, up 5.23 percentage points [8]. - The sales revenue from the new energy vehicle sector reached 1.675 billion yuan, with a year-on-year sales volume growth of 28.14% [8]. Production and Capacity Expansion - The company is advancing its capacity expansion plans, including a project to produce 20,000 tons of high-performance rare earth permanent magnet materials annually, with a target of reaching 60,000 tons by 2027 [8]. - The company has begun small-scale deliveries of products in the robotics sector, which is expected to become a significant growth area [8]. Market Trends - The average price of praseodymium-neodymium metal increased by approximately 16% from January to July 2025, indicating a recovery in rare earth prices [8].

Summary of Jinli Permanent Magnet's Conference Call Company Overview - Jinli Permanent Magnet specializes in the research, production, and sales of high-performance neodymium-iron-boron permanent magnet materials, magnetic components, embodied robots, electronic rotors, and rare earth recycling [2][3][5] Financial Performance - In the first half of 2025, the company reported revenue of approximately 3.5 billion yuan, a year-on-year increase of over 4% [2][3] - Main business revenue exceeded 3.2 billion yuan, with a growth rate in the double digits [2][3] - Net profit attributable to shareholders surpassed 300 million yuan, reflecting a 150% year-on-year increase [2][3] - Non-recurring net profit was about 230 million yuan, showing a nearly 600% increase [2][3] - Gross margin improved significantly to 16.39%, up from 8.66% in the same period last year [2][3] Cash Reserves and Financing - The company has strong cash reserves, with approximately 1.65 billion yuan in cash and nearly 3 billion yuan in total [2][3] - Completed convertible bond financing of about 1.15 billion USD (approximately 900 million HKD) in August [2][3] Strategic Initiatives - The company aims to complete industry-leading production capacity for magnetic materials and embodied robot electronic rotors by 2027 [5] - Established strategic partnerships with major rare earth suppliers, with 70% of procurement in the first half coming from Northern Rare Earth and China Rare Earth [5] - Integrated Yinhai New Materials for comprehensive rare earth recycling, achieving a net profit of over 13 million yuan in the first half [2][3][5] Market Dynamics and Production Outlook - Production and sales were slightly delayed in Q2 due to export controls, but recovery is expected in Q3 [6][8] - The company has obtained export licenses for the US, Europe, and Southeast Asia, with exports recovering [6][8] - Full-year production capacity guidance remains at 40,000 tons, maintaining a high utilization rate [8][14] Inventory and Raw Material Strategy - Increased raw material inventory based on a sales-driven production strategy, with inventory cycles extended to two to three months [9][23] - Stable rare earth prices have positively impacted production operations, restoring gross margins to normal levels [9][25] Dividend Policy - The company has consistently shared profits with shareholders, maintaining a dividend payout of no less than 30% of annual net profit since its listing [4][10][27] - Future dividend ratios will consider operational performance and cash flow [10][27] R&D and Innovation - In the first half of 2025, the company added 17 new patents, totaling 136 globally [5] - Investment in smart manufacturing reached 170 million yuan, accounting for nearly 5% of revenue [5] - Focus on high-performance magnetic material technology development, including the research of non-heavy magnetic materials [29][31] Challenges and Opportunities - The company is navigating uncertainties in the external environment and intensified industry competition through technological innovation and operational management [33] - Increased overseas orders have been noted, particularly in the context of export controls, indicating potential for growth in international markets [28][30] Conclusion - Jinli Permanent Magnet is positioned for growth with strong financial performance, strategic partnerships, and a focus on innovation, while also addressing challenges in the market environment and supply chain dynamics [2][3][5][33]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.507 billion CNY, a year-on-year increase of 4.33% [2] - Main business revenue reached 3.226 billion CNY, growing by 11.08% year-on-year [2] - Net profit attributable to shareholders was 305 million CNY, up 154.81% year-on-year [2] - Net profit excluding non-recurring gains and losses was 234 million CNY, a significant increase of 588.18% [2] Export and Sales - Overseas sales revenue for the first half of 2025 was 513 million CNY, a decrease of 13.58% [3] - Sales revenue from exports to the United States was 217 million CNY, an increase of 45.10% [3] Production Capacity and Revenue Structure - The actual production capacity for rare earth permanent magnet materials reached 32,000 tons in 2024, with a target of 60,000 tons by 2027 [4] - Revenue from the new energy vehicle and auto parts sector was 1.675 billion CNY, with a sales volume increase of 28.14% [4] - Revenue from the variable frequency air conditioning sector was 1.050 billion CNY, with a sales volume increase of 19.85% [4] - Other sectors included wind power (214 million CNY), robotics and industrial servo motors (133 million CNY), and 3C products (101 million CNY) [4] Raw Material Supply and Inventory - The company has established large-scale magnetic material factories in key production areas and maintains strategic partnerships with major suppliers, accounting for 70% of total procurement [6] - Raw material inventory was 1.158 billion CNY, a 107.02% increase from the end of 2024 [6] Cash Reserves - The company reported cash reserves of 1.653 billion CNY and large deposits totaling 1.209 billion CNY [9] - The company completed a bond issuance in August 2025, raising a net amount of 115 million USD [9] Dividend Policy - Since its listing in 2018, the company has distributed over 1.2 billion CNY in cash dividends, accounting for over 47% of the cumulative net profit attributable to shareholders [10] - For the first half of 2025, the proposed cash dividend is 1.80 CNY per share, totaling 247 million CNY, which represents 81% of the net profit for the period [10]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5][7] Core Views - The company achieved significant growth in net profit, with a year-on-year increase of 154.81%, reaching a net profit of 305 million yuan in H1 2025 [1] - The rare earth recycling business has become profitable, contributing to the overall financial performance [2] - The company is progressing steadily with its capacity planning, aiming to reach an annual production capacity of 40,000 tons of high-performance rare earth permanent magnet materials by 2025 [3] - Export sales were impacted by policy changes but are expected to gradually recover as export licenses are obtained [4] Financial Performance - In H1 2025, the company reported revenue of 3.507 billion yuan, a year-on-year increase of 4.33% [1] - The gross margin for the NdFeB magnetic steel business improved to 16.02%, up 7.61 percentage points year-on-year [2] - The company’s subsidiary, Yinhai New Materials, achieved revenue of 78.89 million yuan and a net profit of 13.59 million yuan in H1 2025 [2] Capacity and Strategic Development - The company is on track to meet its strategic goal of building a 40,000-ton production capacity by 2025, with ongoing investments in new projects [3] - Initial deliveries of products for embodied robots have been made, indicating the company's growing capabilities in this area [3] Export and Market Outlook - The company’s overseas sales revenue in H1 2025 was 513 million yuan, a decrease of 13.58% year-on-year, but exports to the U.S. increased by 45.10% [4] - The report anticipates a gradual recovery in export activities as the licensing process improves [4] Profit Forecast and Valuation - The forecast for the company's net profit for 2025-2027 has been raised by 6.77%, 11.21%, and 21.42%, respectively, with projected net profits of 841 million, 1.198 billion, and 1.342 billion yuan [5] - The target price for the A-share is set at 35.69 yuan, reflecting an increase from the previous estimate of 24.29 yuan [5][8]

Core Viewpoint - Jiangxi Jinli Permanent Magnet Technology Co., Ltd. reported a steady growth in revenue and profit for the first half of 2025, demonstrating resilience amid external uncertainties and intensified industry competition through market expansion and operational improvements [1] Business Performance - The company achieved operating revenue of 3.507 billion yuan, a year-on-year increase of 4.33% - Net profit attributable to shareholders reached 305 million yuan, up 154.81% year-on-year - The net profit after deducting non-recurring items was 234 million yuan, reflecting a significant growth of 588.18% year-on-year [1] Business Development - Jinli Permanent Magnet is a leading supplier of high-performance neodymium-iron-boron permanent magnet materials, with applications in various sectors including new energy vehicles, energy-efficient air conditioning, wind power generation, robotics, and industrial servo motors [2] - In the first half of 2025, the company reported strong sales performance in several key areas: - New energy vehicles and automotive components generated sales of 1.675 billion yuan, with a sales volume increase of 28.14% - Variable frequency air conditioning sales reached 1.050 billion yuan, with a sales volume increase of 19.85% - Wind power generation sales amounted to 214 million yuan, while robotics and industrial servo motors generated 133 million yuan in sales [2] Raw Material Strategy - To mitigate upstream raw material risks, the company has established long-term strategic partnerships with key rare earth suppliers and developed a rare earth recycling system [3] - The company's subsidiary, Yin Hai New Materials, achieved operating revenue of 78.89 million yuan and a net profit of 13.59 million yuan in the first half of 2025 [3] Emerging Markets - The demand for rare earth permanent magnet materials is increasing in emerging sectors such as humanoid robots and low-altitude flying vehicles [4] - The company is actively expanding into these areas, with ongoing collaborations for the development of motor rotors for humanoid robots and small-scale deliveries already made [4] - The establishment of a dedicated division for humanoid robot motor rotor development indicates a strategic focus on this growth area [4] Market Trends - The global consumption of high-performance rare earth permanent magnet materials is projected to grow significantly, with an estimated increase from 47,500 tons in 2018 to 102,500 tons in 2023, reflecting a compound annual growth rate of approximately 16.6% [5] - By 2028, global consumption is expected to reach 227,100 tons, with a projected compound annual growth rate of 17.2% from 2023 to 2028 [5]

格隆汇8月19日丨金力永磁(300748.SZ)公布半年度报告，2025年上半年，公司实现营业收入35.07亿元， 同比增长4.33%，其中主营业务收入32.26亿元，同比增长11.08%。报告期内实现境内销售收入29.94亿 元，同比增长8.17%；实现境外销售收入5.13亿元，同比下降13.58%，其中对美国出口的销售收入为 2.17亿元，同比增长45.10%。实现归属于上市公司股东的净利润3.05亿元，同比增长154.81%；实现归 属于上市公司股东的扣除非经常性损益的净利润2.34亿元，同比增长588.18%。向全体股东每10股派发 现金红利1.8元。 ...

截至2025年8月19日15时21分，金力永磁股价报28.84元，较前一交易日下跌0.48元，跌幅1.64%。当日 开盘价为29.13元，最高触及29.63元，最低下探至28.59元，成交量为67.89万手，成交额19.77亿元。 金力永磁主营业务为高性能钕铁硼永磁材料的研发、生产和销售，产品广泛应用于新能源汽车、节能变 频空调、风力发电、消费电子等领域。公司近年来积极拓展具身机器人、低空飞行器等新兴应用市场。 8月19日晚间，金力永磁发布2025年半年度报告，上半年实现营业收入35.07亿元，同比增长4.33%；归 属于上市公司股东的净利润3.05亿元，同比增长154.81%；扣非净利润2.34亿元，同比增长588.18%。公 司拟向全体股东每10股派发现金红利1.8元。此外，公司重点布局的具身机器人电机转子业务已实现小 批量交付，并成立专门事业部推进相关产能建设。 2025年8月19日，金力永磁主力资金净流出1.58亿元，占流通市值的0.48%；近五日主力资金累计净流出 1.21亿元，占流通市值的0.37%。 风险提示：市场有风险，投资需谨慎。 ...

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的內容概不 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 對 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的任何損失承擔任何責 任。 JL MAG RARE-EARTH CO., LTD. 江 西 金 力 永 磁 科 技 股 份 有 限 公 司 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 碼：06680） 更新一般授權以額外發行本公司A股 或H股 獨立董事委員會及獨立股東之獨立財務顧問 ALTUS CAPITAL LIMITED ቺᑼၗԖज़Ϧљ 董 事 會 建 議 更 新 現 有 一 般 授 權 並 授 出 新 一 般 授 權，以 便 由 董 事 會 轉 授 權 董 事 長 及 任 何 由 其 授 權 人 士 決 定 單 獨 或 同 時 配 發、發 行 及 處 理A股 及╱或H股或可 轉 換 成 該 等 股 份 的 證 券、購 股 權、認 股 權 證 或 可 認 購 不 超 過 有 關 決 議 案 於 臨 時 股 東 會 上 ...

香港交易及結算所有限公司及香港聯合交易所有限公司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 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 報 失 承 任 何 責 任。 JL MAG RARE-EARTH CO., LTD. 江 西 金 力 永 磁 科 技 股 份 有 限 公 司 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 碼：06680） 截 至2025年6月30日止六個月之中期業績公告 江 西 金 力 永 磁 科 技 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈 本 公 司 及其附屬公司截至2025年6月30日 止 六 個 月 之 未 經 審 計 業 績。本 公 告 列 載 本 公 司2025年 中 期 報 告 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 資 料 之 要 求。本 公 ...

發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，董事會成員包括執行董事蔡報貴先生及呂鋒先生；非執行董事胡志濱先生、李忻農先生、梁敏輝先生及李曉光先 生；及獨立非執行董事朱玉華先生、徐風先生及曹穎女士。 EF001 免責聲明 | 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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 江西金力永磁科技股份有限公司 | | 股份代號 | 06680 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 05834 JLMAG B3008 | | 公告標題 截至2025年6月30日止六個月之中期現金股利 | | | 公告日期 | 2025年8月19日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股 ...