10月29日，金力永磁大宗交易成交298.03万股，成交额1.07亿元，占当日总成交额的4.41%，成交价 36.02元，较市场收盘价40.14元折价10.26%。 ...

Core Insights - The company achieved a revenue of 5.373 billion yuan (+7.16%) and a net profit attributable to shareholders of 516 million yuan (+161.81%) in the first three quarters of 2025, with a basic EPS of 0.38 yuan [1] - The company is expanding its production capacity and has a strong order backlog for Q4 2025, driven by market expansion and operational efficiency improvements [1][4] - The establishment of new business units, such as the robot motor rotor R&D center and rubber soft magnetic division, indicates a strategic focus on innovation and product diversification [3][4] Financial Performance - The company's gross margin and net margin for the first three quarters of 2025 were 19.49% and 9.76%, respectively, showing significant year-on-year improvements [2] - In Q3 2025, the gross margin and net margin improved to 25.31% and 11.51%, respectively, primarily due to rising prices of light rare earth materials and effective cost management [2] Product and Market Development - Revenue from the new energy vehicle and auto parts sector reached 2.615 billion yuan, with a year-on-year sales volume increase of 23.46% [1] - The company has established a rubber soft magnetic division and is investing in an intelligent production line, enhancing its product offerings and sustainability efforts [3][4] Capacity Expansion and Future Outlook - The company aims to achieve an annual production capacity of 40,000 tons of high-performance rare earth permanent magnet materials by 2025, with ongoing investments in production lines for robot motor rotors [4] - Forecasts suggest that the company will achieve revenues of 7.57 billion yuan, 9.23 billion yuan, and 11.87 billion yuan in 2025, 2026, and 2027, respectively, with significant growth in net profit [4]

Core Insights - Jinli Permanent Magnet's stock price increased by 124.93% year-to-date, with a recent rise of 3.82% over the last five trading days [1] - The company reported a revenue of 5.373 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 7.16%, while net profit surged by 161.81% to 515 million yuan [2] - The company has distributed a total of 1.223 billion yuan in dividends since its A-share listing, with 837 million yuan distributed over the past three years [3] Financial Performance - As of September 30, 2025, Jinli Permanent Magnet had 134,000 shareholders, an increase of 35.31% from the previous period [2] - The company's main revenue source is from the production and sales of high-performance neodymium-iron-boron permanent magnet materials, accounting for 91.98% of total revenue [1] Shareholder Structure - The fourth largest shareholder is Hong Kong Central Clearing Limited, holding 47.706 million shares, an increase of 41.402 million shares from the previous period [3] - E Fund's ChiNext ETF and Southern CSI 500 ETF are among the top ten shareholders, with changes in their holdings noted [3]

FF305 第 1 頁 共 6 頁 v 1.3.0 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 江西金力永磁科技股份有限公司 呈交日期： 2025年10月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) 06680 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | | | 已發行股份（不包括庫存股份）數 ...

Core Viewpoint - The company Jinli Permanent Magnet (金力永磁) announced the conversion and issuance of 7.1229 million H-shares based on a secured convertible bond of $118 million maturing in 2030 at an interest rate of 1.75% [1] Group 1 - The company will issue 7.1229 million H-shares as part of the bond conversion process [1] - The convertible bond is valued at $118 million and is set to mature in 2030 [1] - The interest rate on the bond is 1.75% [1]

Core Viewpoint - The company, Jinli Permanent Magnet (06680), announced the conversion and issuance of 7.1229 million H-shares based on a secured convertible bond of $118 million maturing in 2030 with an interest rate of 1.75% [1] Group 1 - The company will issue 7.1229 million H-shares on October 28, 2025 [1] - The convertible bond is valued at $118 million and has a maturity date in 2030 [1] - The interest rate on the bond is set at 1.75% [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 份 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。 本 公 告 僅 供 參 考，並 非 收 購、購 買 或 認 購 證 券 的 邀 請 或 要 約，亦 非 邀 請 訂 立 協 議進行收購、購買或認購，且不可視為邀請提出收購、購買或認購證券的建議。 本 公 告 並 非 供 於 美 國（包 括 其 領 地 及 屬 土，美 國 任 何 一 個 州 及 哥 倫 比 亞 特 區） 直 接 或 間 接 分 發。本 公 告 及 其 所 載 資 料 並 不 構 成 或 組 成 在 美 國 購 買、認 購 或 出 售 證 券 的 建 議 或 要 約。本 公 告 所 述 的 證 券 並 無 亦 不 會 根 據1933年《美 國 證 券 法》 （經 修 訂）（「證券法」）或 美 國 任 何 州 或 其 他 司 法 權 區 的 證 券 法 登 記。本 公 告 ...

FF305 FF305 B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) 公司名稱： 江西金力永磁科技股份有限公司 呈交日期： 2025年10月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) 06680 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 ...

Core Insights - The company has implemented a flexible inventory management strategy to dynamically adjust its inventory based on market conditions and rare earth price forecasts, which is expected to enhance profit stability and sustainability [1] - The establishment of a rubber soft magnetic division is anticipated to create synergies with existing product lines, improving operational efficiency and profitability while adhering to green circular economy principles [2] - The company maintains a positive outlook on its earnings per share for 2025-2027, with a target price based on a 51 times price-to-earnings ratio for 2026 [3] Group 1: Inventory Management - The company reported a decrease in inventory balance from 30.93 billion yuan in Q2 2025 to 28.5 billion yuan in Q3 2025, indicating a proactive approach to inventory management [1] - The average price of praseodymium-neodymium oxide increased by 27.34% from 450,200 yuan per ton in Q2 2025 to 573,400 yuan per ton in Q3 2025, reflecting the company's ability to navigate price fluctuations [1] Group 2: Rubber Soft Magnetic Business - The company has launched a rubber soft magnetic division and is investing in an intelligent production line, which is expected to complement existing product offerings and enhance customer solutions [2] - The gross margin has improved to 19.49%, a 9.46 percentage point increase year-on-year, driven by steady capacity release and strong sales in the electric vehicle and energy-efficient air conditioning sectors [2] Group 3: Earnings Forecast and Valuation - The projected earnings per share for the company are 0.59 yuan, 0.82 yuan, and 1.02 yuan for the years 2025, 2026, and 2027 respectively [3] - The target price of 41.82 yuan is based on a valuation of 51 times the estimated earnings for 2026, supporting a buy rating for the company's stock [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company has implemented a flexible inventory management strategy to respond to fluctuations in rare earth material prices, which has positively impacted profit stability [9]. - The establishment of a rubber soft magnetic division is expected to create synergies and enhance operational efficiency [9]. - The gross profit margin has shown a steady increase, reaching 19.49% in the first three quarters of the year, with expectations for continued stability and potential further improvement [9]. Financial Performance Summary - Revenue projections for 2023A to 2027E are as follows: 6,688 million, 6,763 million, 9,511 million, 13,186 million, and 17,882 million, respectively, with growth rates of -6.7%, 1.1%, 40.6%, 38.6%, and 35.6% [4][11]. - Operating profit is forecasted to increase significantly from 619 million in 2023A to 1,508 million in 2027E, with growth rates of -19.5%, -48.5%, 173.8%, 38.3%, and 24.8% [4][11]. - Net profit attributable to the parent company is expected to rise from 564 million in 2023A to 1,397 million in 2027E, with growth rates of -19.8%, -48.4%, 178.8%, 38.0%, and 24.8% [4][11]. - Earnings per share are projected to grow from 0.41 yuan in 2023A to 1.02 yuan in 2027E [4][11]. Valuation Metrics - The report estimates a reasonable valuation level for the company at a 51x price-to-earnings ratio for 2026, corresponding to a target price of 41.82 yuan [3][5]. - The company's current price-to-earnings ratio is 97.7 for 2023A, decreasing to 39.4 by 2027E [4][11]. - The price-to-book ratio is projected to decline from 7.8 in 2023A to 5.8 in 2027E [4][11].