NBYS(SH:600366) Xin Lang Cai Jing·2025-10-30 12:28Core Viewpoint - Ningbo Yunsheng is a leading global supplier of rare earth permanent magnet materials, focusing on the research, manufacturing, and sales of neodymium-iron-boron permanent magnet materials, with a strong technological and industrial chain advantage [1] Group 1: Business Performance - In Q3 2025, Ningbo Yunsheng reported revenue of 3.91 billion yuan, ranking 4th in the industry, with the top competitor, Jinli Permanent Magnet, at 5.373 billion yuan [2] - The main business of neodymium-iron-boron generated 2.076 billion yuan, accounting for 88.37% of total revenue, while other revenues contributed 273 million yuan, or 11.63% [2] - The net profit for Q3 2025 was 275 million yuan, ranking 3rd in the industry, with the leading company, Jinli Permanent Magnet, at 524 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 40.22%, higher than the previous year's 33.99% and above the industry average of 33.39%, indicating increased debt pressure [3] - The gross profit margin for Q3 2025 was 18.36%, up from 13.10% year-on-year, but still below the industry average of 24.35%, suggesting room for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 19.03% to 157,200, while the average number of circulating A-shares held per account decreased by 15.99% [5] - Institutional holdings showed activity with changes in positions from entities like Hong Kong Central Clearing Limited and Qianhai Kaiyuan [5] Group 4: Future Projections - Revenue for 2024 is projected to be 5.041 billion yuan, with a net profit of 95 million yuan, and Q1 2025 revenue is expected to be 1.122 billion yuan with a net profit of 37 million yuan [5] - The production volume of neodymium-iron-boron is anticipated to be 13,400 tons in 2024, with sales expected to reach 12,900 tons [5] - In the first quarter of 2025, sales revenue from neodymium-iron-boron materials in the electric vehicle sector is projected to be 574 million yuan, a year-on-year increase of 43.14%, representing 51% of total revenue [5]