1月15日晚，烟台正海磁性材料股份有限公司(以下简称"正海磁材（300224）")披露2025年度业绩预增 公告，预计该公司2025年全年实现归属于上市公司股东的净利润3.1亿元至3.8亿元，同比增长235.72% 至311.52%；扣非后净利润预计为2.79亿元至3.49亿元，同比增幅更高达363.98%至480.39%。 这一业绩表现远超市场预期，也标志着该公司自2024年业绩低谷后实现强势反弹。业绩预告显示，这次 成绩主要得益于主业聚焦、产品结构优化和运营效率提升。 此次业绩预告进一步显示，2025年全年，正海磁材通过灵活调整经营策略，积极拓展市场份额，产品销 量同比增长超过20%，实现连续八年增长。特别是在节能和新能源汽车领域，公司产品搭载的节能和新 能源汽车电机台套数同比增长超过40%。 除巩固传统汽车、风电等领域外，正海磁材也正积极拓展人形机器人、低空飞行器等新兴市场。三季报 中，该公司明确表示已陆续在具身智能机器人、低空飞行器等领域实现小批量交付。 袁帅对此分析称，新兴领域对公司业绩的贡献潜力取决于技术迭代速度、产能释放节奏与市场需求爆发 点的共振，当前小批量交付已验证技术可行性，后续需通过客户 ...

Core Viewpoint - The company announced advancements in the development of heavy rare earth-free magnetic materials, highlighting two main technological pathways for achieving high-performance materials [1] Group 1: Technological Pathways - The first pathway involves formula design and process optimization to develop high-performance heavy rare earth-free magnetic materials [1] - The second pathway utilizes grain boundary diffusion technology to infiltrate elements such as praseodymium, neodymium, copper, and gallium into the surface of magnetic materials to achieve high performance [1] Group 2: Product Development - The company has successfully achieved mass production of the N50SH material, while the N52SH material is currently undergoing small batch verification [1] - Future research and development efforts will focus on other high-performance grades of heavy rare earth-free materials to continuously promote product technology upgrades [1]

Group 1: Market Dynamics and Material Performance - The potential for samarium iron nitrogen and cerium iron boron to replace neodymium iron boron is limited due to high prices of praseodymium and neodymium. Current samarium iron nitrogen on the market is primarily adhesive type, with sintered types still in R&D, making it less competitive [2][3] - In high-end applications such as consumer electronics and new energy vehicles, neodymium iron boron remains irreplaceable due to its superior performance characteristics, despite the introduction of lower-cost alternatives [3] Group 2: Production Capacity and Customization - The company’s products are highly customized and non-standardized, making it impossible to directly convert production capacity into neodymium iron boron equivalents. Capacity planning is based on specific order requirements and product characteristics [3][4] - The company has achieved small-scale delivery of magnetic materials for humanoid robots, which require high precision and dynamic response, but the overall impact on company performance is currently minimal [3] Group 3: Development of Rare Earth Alternatives - Two main approaches exist for reducing the content of regulated elements like dysprosium and terbium in magnetic materials: one through formulation design and process optimization, and the other via grain boundary diffusion techniques [4] - The company has successfully mass-produced N50SH materials and is in the small-scale validation phase for N52SH materials, with ongoing R&D for other high-performance rare earth-free materials [4]