无矿何以称王？金龙稀土北交所IPO：背靠厦钨，绑定比亚迪，专注精深加工

Core Viewpoint - Jinlong Rare Earth has shown significant growth in revenue and net profit, with a 34% year-on-year increase in revenue and a 110% increase in net profit for the first half of 2025, despite lacking its own rare earth mining resources and having divested its smelting business [26][35][36]. Company Overview - Jinlong Rare Earth, established in March 2000, is a subsidiary of Xiamen Tungsten Co., Ltd., which holds a 65.20% stake in the company [5][6][8]. - The company is focused on the manufacturing of high-purity rare earth oxides and deep processing, having transferred its rare earth smelting business to China Rare Earth Group [19][36]. Financial Performance - In the first half of 2025, Jinlong Rare Earth reported a revenue of 2.72 billion yuan, with a net profit of 110 million yuan, marking a 34% and 110% increase year-on-year, respectively [26][35]. - The company's gross profit margin was 10.5% and the net profit margin was 4.4% as of mid-2025 [24][25]. Industry Position - Jinlong Rare Earth ranks among the top four companies in the A-share rare earth permanent magnet industry based on revenue and is in the top three for net profit [28][29]. - The company has a comprehensive competitive edge in the rare earth industry, focusing on deep processing and serving notable clients such as BYD, Siemens, and Midea [29][30]. Supply Chain and Procurement - Jinlong Rare Earth does not own rare earth mining resources but has historically procured from associated companies, with significant purchases from Longyan Rare Earth Development Co. [13][18]. - In 2024, the company shifted to sourcing from third-party suppliers, indicating a change in its procurement strategy [16][18]. Market Trends - The rare earth industry is experiencing high demand due to strategic resource status and increasing applications in sectors like electric vehicles and wind energy, contributing to price increases for rare earth materials [34]. - Jinlong Rare Earth's focus on high-purity rare earth oxides and deep processing aligns with industry trends, positioning the company to benefit from the ongoing market growth [36].