Core Viewpoint - Jiangxi Jinli Permanent Magnet Technology Co., Ltd. reported significant growth in its 2025 annual performance, achieving record-high core financial metrics and demonstrating strong competitiveness in the rare earth permanent magnet sector [1][2]. Financial Performance - The company achieved total revenue of 7.718 billion yuan in 2025, a year-on-year increase of 14.11%, marking a historical high [1]. - The net profit attributable to shareholders reached 706 million yuan, up 142.44% year-on-year, while the net profit after deducting non-recurring items was 620 million yuan, reflecting a 264.00% increase [1]. - The company’s R&D investment reached 506 million yuan, accounting for 6.55% of total revenue, an increase of 1.81 percentage points year-on-year [1]. Dividend Policy - The company proposed a cash dividend of 2.2 yuan per 10 shares (including tax), with an expected total dividend of 302 million yuan, leading to a total cash dividend of 550 million yuan for 2025, a 103% increase year-on-year [2]. - The cash dividend payout ratio is approximately 78%, reflecting the company's commitment to returning long-term value to shareholders [2]. Production and Capacity Expansion - The company achieved record sales of 25,300 tons of magnetic materials in 2025, a 21% increase year-on-year, supported by steady capacity expansion [2]. - By the end of 2025, the company established a production capacity of 40,000 tons per year, with a utilization rate exceeding 90% [2]. - Future capacity plans include increasing production to 60,000 tons per year by the end of 2027, with ongoing projects in Baotou [2]. Market Position and Product Applications - The company maintained a leading market position in the new energy and energy-saving sectors, generating 3.941 billion yuan in revenue from the new energy vehicle sector, a 30.31% increase year-on-year [3]. - In the energy-saving variable frequency air conditioning sector, revenue reached 1.917 billion yuan, up 12.66% year-on-year, while the wind power sector generated 488 million yuan, with a 3.57% increase [3]. - The robotics sector showed strong performance, with revenue of 300 million yuan, reflecting a 45.19% year-on-year growth [3]. Strategic Initiatives - The company established a dedicated division for embodied robot motor rotors and set up a research center in Hong Kong, enhancing its strategic positioning in this emerging market [4]. - The company is actively investing in the supply chain and has built an automated production line for embodied robot rotors, with profitability expected to increase as downstream clients ramp up production [5]. - The company is also focusing on resource recycling through its subsidiary, which generated 195 million yuan in revenue and 505 million yuan in net profit [5].

Core Viewpoint - Bank of America Securities initiates coverage on Jinli Permanent Magnet (06680) H-shares and A-shares, both rated "Buy" with target prices of HKD 24 and RMB 36 respectively, highlighting the company's market expansion potential driven by the new energy heavy truck and humanoid robot sectors, stable upstream material supply, high customer stickiness, rapid market share growth, and attractive current valuation [1][2] Group 1: Company Overview - Jinli Permanent Magnet is a leading global producer of high-performance neodymium-iron-boron permanent magnet materials, securing long-term contracts with two major rare earth suppliers in China to lock in material supply at approximately 10% below spot prices [1] - The high-performance magnetic materials industry has high technical barriers and long certification cycles, leading to long-term contracts with approved suppliers who often collaborate with downstream partners on product development [1] Group 2: Market Potential - The global demand for high-performance magnetic materials is projected to grow at a compound annual growth rate (CAGR) of 9% from 2025 to 2028, with increasing material usage per vehicle due to multi-motor configurations in electric vehicles [1] - New energy heavy trucks benefit from policy support, with material usage approximately three times that of standard electric vehicles, while humanoid robots are expected to see global shipments reach 1.2 million and 10 million units by 2030 and 2035 respectively, increasing the demand for actuators and magnetic materials per robot [1] Group 3: Financial Projections - The market share of Jinli Permanent Magnet is expected to rise from 19% last year to 25% by 2028, with net profit forecasts growing by 30% and 44% in 2026 and 2027 respectively [2] - The target price for H-shares is based on a discounted cash flow model with a weighted average cost of capital of 8.5% and a terminal growth rate of 4%, while the A-share target price incorporates a 73% A/H premium [2] - The current H-share price corresponds to a projected price-to-earnings ratio of approximately 21 times for 2026 to 2027, while the target price reflects a ratio of about 27 times, which is attractive compared to peers in the humanoid robot and electric vehicle components sector, which have ratios of 59 times and 40 times respectively [2]

Core Viewpoint - Jinli Permanent Magnet (06680) experienced a stock price increase of over 4% following the release of its annual performance report, indicating positive market sentiment towards the company's financial results and growth prospects [1] Financial Performance - The company reported an operating revenue of approximately 7.718 billion yuan, representing a year-on-year growth of 14.11% [1] - The net profit attributable to shareholders was around 706 million yuan, showing a significant year-on-year increase of 142.44% [1] - Basic earnings per share were reported at 0.52 yuan, with a proposed final dividend of 2.2 yuan per 10 shares (tax included) [1] - The net cash flow from operating activities was 353 million yuan [1] Production Capacity and Utilization - By the end of 2025, the company is on track to achieve an annual production capacity of 40,000 tons of magnetic materials, with an actual production capacity of 38,000 tons for the year [1] - The capacity utilization rate exceeded 90%, indicating efficient production operations [1] - The sales volume of magnetic material products reached new highs, reflecting the company's strengthening core competitiveness [1]

Core Viewpoint - Jieli Permanent Magnet (06680) experienced a stock price increase of over 4% following the release of its annual performance report, indicating strong financial results and growth potential [1] Financial Performance - The company reported an operating revenue of approximately 7.718 billion yuan, representing a year-on-year increase of 14.11% [1] - The net profit attributable to shareholders was around 706 million yuan, showing a significant year-on-year growth of 142.44% [1] - Basic earnings per share were 0.52 yuan, with a proposed final dividend of 2.2 yuan per 10 shares (tax included) [1] - The net cash flow from operating activities was 353 million yuan [1] Production Capacity - By the end of 2025, the company is expected to complete a magnetic material production capacity of 40,000 tons per year, with an actual production capacity of 38,000 tons for the year [1] - The capacity utilization rate exceeded 90%, and the sales volume of magnetic material products reached a new high, indicating an enhancement in core competitiveness [1]

Core Viewpoint - The price of rare earth raw materials has rebounded, leading to a significant increase in the net profit of the leading rare earth permanent magnet company, Jinli Permanent Magnet, which saw a nearly 1.5 times year-on-year growth in net profit, reversing the decline of the previous two years [1] Financial Performance - The company achieved an operating income of 7.718 billion yuan, a year-on-year increase of 14.11% [1] - The net profit attributable to shareholders was 706 million yuan, a year-on-year increase of 142.44% [1] - The net profit after deducting non-recurring gains and losses was 620 million yuan, a year-on-year increase of 264.00% [1] - The net cash flow from operating activities was 353 million yuan, a year-on-year decrease of 30.50% [1] Market Position and Growth - The significant growth in performance is attributed to the continuous consolidation of market share and an increase in comprehensive gross profit margin [1] - The company plans to achieve record production and sales volumes by 2025, with an estimated production of approximately 34,400 tons of magnetic material and sales of about 25,300 tons, representing year-on-year increases of 17.31% and 21.25%, respectively [1] Gross Profit Margin and Pricing - The comprehensive gross profit margin reached 21.18%, an increase of 10.05 percentage points compared to the previous year, primarily due to the rebound in the prices of key rare earth raw materials [2] - The average price of praseodymium-neodymium metal is projected to be 601,300 yuan per ton in 2025, a year-on-year increase of 23.8% [2] Business Segments and Revenue - The main business involves the production and sales of high-performance neodymium-iron-boron permanent magnet materials, with applications in electric vehicles, energy-efficient variable frequency air conditioners, and wind power [2] - In the electric vehicle and auto parts sector, the company expects sales revenue of 3.941 billion yuan in 2025, a year-on-year increase of 30.31% [2] - Revenue from the energy-efficient variable frequency air conditioner sector is projected to be 1.917 billion yuan, a year-on-year increase of 12.66% [2] Regional Sales Performance - Domestic sales revenue is expected to reach 6.447 billion yuan in 2025, a year-on-year increase of 16.36%, accounting for 83.54% of total revenue [2] - International sales revenue is projected to be 1.270 billion yuan, a year-on-year increase of 3.92%, accounting for 16.46% of total revenue [2] - Sales revenue to the United States is expected to be 501 million yuan, a year-on-year increase of 39.80% [2] New Business Developments - The company achieved revenue of 300 million yuan in the robotics and industrial servo motor sector, a year-on-year increase of 45.19% [3] - The company has developed an automated production line for embodied robot rotors and is collaborating with international technology companies on rotor development, with small batch products already delivered [3] Capacity Expansion - By the end of 2025, the company plans to establish a production capacity of 40,000 tons per year for magnetic materials [3] - The Baotou Phase III project, with an annual production capacity of 20,000 tons of high-performance rare earth permanent magnet materials, has passed acceptance and is expected to reach a capacity of 60,000 tons per year by the end of 2027 [3] - In 2026, the company plans to focus on its main business of magnetic materials and build an additional capacity of 20,000 tons while actively expanding into the embodied robot motor rotor business [3]

Core Viewpoint - The announcement from Jinli Permanent Magnet indicates changes in the top ten circulating shareholders as of December 31, 2025, including one new shareholder, three increased holdings, and one decreased holding [1][5]. Shareholder Changes - A new shareholder, HKSCC NOMINEES LIMITED, holds 235 million shares, representing 17.2% of the circulating shares [1][5]. - Among the increased holdings, northbound funds increased their shares by 10.09% to 52.5169 million shares; E Fund's ChiNext ETF increased by 1.57% to 12.9506 million shares; and Southern CSI 500 ETF increased by 2.21% to 10.2217 million shares [1][5]. - The shareholder Jin Feng Investment reduced its holdings by 55.95% to 17.1294 million shares [1][5]. Overall Shareholder Composition - The top ten circulating shareholders collectively hold 810 million shares, accounting for 59.38% of the circulating shares, which is a decrease of 9.4016 million shares compared to the previous period [2][6].

Group 1 - On March 26, Jinli Permanent Magnet announced that Yu Han is no longer serving as Vice President due to job relocation [1][9] - Yu Han, born in 1981, has a background in urban traffic management and marketing, with experience in various managerial roles at Jinli Permanent Magnet since 2011 [1][9] - The company has undergone changes in its executive team, with three changes in the past year, including the departure of Yu Han [6][15] Group 2 - As of the 2025 annual report, Jinli Permanent Magnet has 13 directors and senior management personnel, with an average age of 50 years [2][10] - The total remuneration for directors and senior management in 2025 is 16.37 million yuan, with an average salary of 1.42 million yuan [2][10] - The total remuneration has increased by 19.78% from 2023 to 2025, amounting to an increase of 2.70 million yuan [4][12] Group 3 - The company's stock price increased from 19.48 yuan at the end of 2023 to 34.11 yuan at the end of 2025, representing a growth of 75.06% [13][14] - In 2025, the annual stock price growth rate was 92.80%, following a decline of 9.20% in 2024 [5][14] - The total remuneration for directors and executives in 2025 is significantly higher compared to previous years, indicating a positive trend in compensation relative to stock performance [4][14]

Core Viewpoint - Jinli Permanent Magnet (06680) reported a significant increase in revenue and net profit for the fiscal year ending December 31, 2025, indicating strong growth and operational efficiency in the magnetic materials industry [1] Financial Performance - The company's operating revenue reached approximately 7.718 billion yuan, representing a year-on-year growth of 14.11% [1] - The net profit attributable to shareholders was about 706 million yuan, showing a remarkable year-on-year increase of 142.44% [1] - Basic earnings per share were 0.52 yuan, with a proposed final dividend of 2.2 yuan per 10 shares (tax included) [1] - The net cash flow from operating activities was 353 million yuan [1] Strategic Development - The year 2025 is identified as a critical year for the company's development, focusing on consolidating its position as a global leader in the magnetic materials sector [1] - The company is actively exploring emerging fields while successfully completing its group transformation layout [1] - Management emphasizes technological innovation as a core driving force, aligning with the vision of becoming a leading enterprise in the rare earth permanent magnet industry and providing comprehensive magnetic material solutions [1] Production Capacity and Efficiency - By the end of 2025, the company is set to achieve an annual production capacity of 40,000 tons, with an actual production capacity of 38,000 tons for the year [1] - The capacity utilization rate exceeded 90%, and the sales volume of magnetic materials reached new highs, enhancing the company's core competitiveness [1]

Core Viewpoint - The company achieved significant growth in revenue and net profit for the fiscal year 2025, indicating a strong operational performance and strategic positioning in the rare earth permanent magnet industry [1] Financial Performance - The company reported total revenue of RMB 7.718 billion for 2025, representing a year-on-year increase of 14.11% [1] - The net profit attributable to the parent company was RMB 706 million, showing a remarkable year-on-year growth of 142.44% [1] - Basic earnings per share were RMB 0.52, and the board proposed a final dividend of RMB 2.2 per 10 shares [1] Strategic Development - 2025 is identified as a critical year for the company's development, focusing on consolidating its global leadership position and expanding into emerging fields [1] - The company successfully completed its group transformation layout while emphasizing technological innovation as a core driver [1] - The strategic vision is to become a leading enterprise in the global rare earth permanent magnet industry and to provide comprehensive magnetic material solutions to customers [1] Operational Efficiency - By the end of 2025, the company established an annual production capacity of 40,000 tons of magnetic materials, with an actual production capacity of 38,000 tons [1] - The capacity utilization rate exceeded 90%, and the production and sales volume of magnetic materials reached new highs, enhancing the company's core competitiveness [1]

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聲明，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損失承任何責任。 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12月31日止年度業績公告 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12月31日止年度之經審計業績。本公告列載本公司2025 年年度報告全文，並符合香港聯合交易所有限公司證券上市規則中有關年度業績 初步公告附載資料之要求。本公司2025年年度報告的印刷版本將於2026年4月寄 發予要求印刷文本的本公司的H股股東，並將同時可於香港聯合交易所有限公司 網站(www.hkexnews.hk)及本公司的網站(www.jlmag.com.cn)查閱其全文。 發佈業績公告 本業績公告的中英文版本可在本公司網站(www.jlmag.com.cn)及香港聯合交易所 有限公司網站(www.hkex ...