Core Viewpoint - The company reported a revenue of approximately 3.507 billion yuan for the first half of 2025, reflecting a year-on-year increase of 4.33%, with a significant rise in net profit and a focus on core business areas [1][2][3] Group 1: Financial Performance - In 25H1, the company's main business revenue reached 3.226 billion yuan, up 11.08% year-on-year, with a net profit attributable to shareholders of 305 million yuan, an increase of 154.81% [1] - The company achieved a non-recurring net profit of 234 million yuan, marking a substantial year-on-year growth of 588.18% [1] - Domestic sales revenue was 2.994 billion yuan, up 8.17% year-on-year, while overseas sales revenue was 513 million yuan, down 13.58% [1] Group 2: Market Demand and Growth Areas - The company experienced strong demand in traditional downstream sectors, with emerging needs in areas like embodied robotics, indicating promising future growth [2] - In the new energy vehicle and auto parts sector, sales revenue reached 1.675 billion yuan, with a sales volume increase of 28.14% year-on-year [2] - The variable frequency air conditioning sector generated sales revenue of 1.050 billion yuan, with a sales volume increase of 19.85% year-on-year [2] Group 3: Raw Material Prices and Strategic Outlook - In 25H1, rare earth raw material prices saw a significant increase, with the price of praseodymium-neodymium oxide reaching 625,000 yuan per ton, a rise of 55.28% since January 1, 2025 [3] - The implementation of export controls on certain rare earth elements is expected to reinforce supply rigidity and potentially revalue the strategic metals [3] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.47, 0.59, and 0.72 yuan, with price-to-book ratios (PB) of 5.1, 4.6, and 4.1 respectively, maintaining a "buy" rating [3]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.507 billion CNY, a year-on-year increase of 4.33% [2] - Main business revenue reached 3.226 billion CNY, growing by 11.08% year-on-year [2] - Net profit attributable to shareholders was 305 million CNY, up 154.81% year-on-year [2] - Net profit excluding non-recurring gains and losses was 234 million CNY, a significant increase of 588.18% [2] Export and Sales - Overseas sales revenue for the first half of 2025 was 513 million CNY, a decrease of 13.58% [3] - Sales revenue from exports to the United States was 217 million CNY, an increase of 45.10% [3] Production Capacity and Revenue Structure - The actual production capacity for rare earth permanent magnet materials reached 32,000 tons in 2024, with a target of 60,000 tons by 2027 [4] - Revenue from the new energy vehicle and auto parts sector was 1.675 billion CNY, with a sales volume increase of 28.14% [4] - Revenue from the variable frequency air conditioning sector was 1.050 billion CNY, with a sales volume increase of 19.85% [4] - Other sectors included wind power (214 million CNY), robotics and industrial servo motors (133 million CNY), and 3C products (101 million CNY) [4] Raw Material Supply and Inventory - The company has established large-scale magnetic material factories in key production areas and maintains strategic partnerships with major suppliers, accounting for 70% of total procurement [6] - Raw material inventory was 1.158 billion CNY, a 107.02% increase from the end of 2024 [6] Cash Reserves - The company reported cash reserves of 1.653 billion CNY and large deposits totaling 1.209 billion CNY [9] - The company completed a bond issuance in August 2025, raising a net amount of 115 million USD [9] Dividend Policy - Since its listing in 2018, the company has distributed over 1.2 billion CNY in cash dividends, accounting for over 47% of the cumulative net profit attributable to shareholders [10] - For the first half of 2025, the proposed cash dividend is 1.80 CNY per share, totaling 247 million CNY, which represents 81% of the net profit for the period [10]

Core Viewpoint - The report from Huafu Securities indicates that Jinli Permanent Magnet achieved a year-on-year performance increase of 155% in the first half of 2025, with a target of 40,000 tons of production capacity being largely met [1] Summary by Category Financial Performance - The company generated sales revenue of 1.675 billion yuan in the new energy vehicle and auto parts sector, with a corresponding sales volume increase of 28.14% year-on-year [1] - In the variable frequency air conditioning sector, sales revenue reached 1.050 billion yuan, with a sales volume increase of 19.85% year-on-year [1] - The wind power sector achieved sales revenue of 214 million yuan [1] - The robotics and industrial servo motor sector generated sales revenue of 133 million yuan [1] - The 3C sector recorded sales revenue of 101 million yuan [1] Production Capacity - The company is on track to achieve its goal of an annual production capacity of 40,000 tons of high-performance rare earth permanent magnet materials by 2025, with a potential increase to 60,000 tons by 2027 [1] - The company is planning to build an advanced production line for humanoid robot motor rotors, which is already showing initial large-scale production capabilities [1] - By the first half of 2025, the company has already delivered small batches of products [1] Market Position - The company is rapidly releasing production capacity and is a pioneer in the humanoid robot and low-altitude sectors, maintaining a "buy" rating [1]

Core Viewpoint - Jiangxi Jinli Permanent Magnet Technology Co., Ltd. reported a steady growth in revenue and profit for the first half of 2025, demonstrating resilience amid external uncertainties and intensified industry competition through market expansion and operational improvements [1] Business Performance - The company achieved operating revenue of 3.507 billion yuan, a year-on-year increase of 4.33% - Net profit attributable to shareholders reached 305 million yuan, up 154.81% year-on-year - The net profit after deducting non-recurring items was 234 million yuan, reflecting a significant growth of 588.18% year-on-year [1] Business Development - Jinli Permanent Magnet is a leading supplier of high-performance neodymium-iron-boron permanent magnet materials, with applications in various sectors including new energy vehicles, energy-efficient air conditioning, wind power generation, robotics, and industrial servo motors [2] - In the first half of 2025, the company reported strong sales performance in several key areas: - New energy vehicles and automotive components generated sales of 1.675 billion yuan, with a sales volume increase of 28.14% - Variable frequency air conditioning sales reached 1.050 billion yuan, with a sales volume increase of 19.85% - Wind power generation sales amounted to 214 million yuan, while robotics and industrial servo motors generated 133 million yuan in sales [2] Raw Material Strategy - To mitigate upstream raw material risks, the company has established long-term strategic partnerships with key rare earth suppliers and developed a rare earth recycling system [3] - The company's subsidiary, Yin Hai New Materials, achieved operating revenue of 78.89 million yuan and a net profit of 13.59 million yuan in the first half of 2025 [3] Emerging Markets - The demand for rare earth permanent magnet materials is increasing in emerging sectors such as humanoid robots and low-altitude flying vehicles [4] - The company is actively expanding into these areas, with ongoing collaborations for the development of motor rotors for humanoid robots and small-scale deliveries already made [4] - The establishment of a dedicated division for humanoid robot motor rotor development indicates a strategic focus on this growth area [4] Market Trends - The global consumption of high-performance rare earth permanent magnet materials is projected to grow significantly, with an estimated increase from 47,500 tons in 2018 to 102,500 tons in 2023, reflecting a compound annual growth rate of approximately 16.6% [5] - By 2028, global consumption is expected to reach 227,100 tons, with a projected compound annual growth rate of 17.2% from 2023 to 2028 [5]

Core Viewpoint - The stock price of Beikong Technology increased by over 8%, indicating strong market interest and potential growth in the sector [1] Company Performance - Beikong Technology's stock surge reflects positive investor sentiment and market dynamics [1] - Other companies such as Jinli Permanent Magnet, Sanchuan Wisdom, Keheng Co., Invt, Zhongke Magnetic Industry, Dadi Bear, and Yinstar also experienced stock price increases, suggesting a broader trend in the industry [1]

Core Viewpoint - The company reported strong financial performance in 1H25, with revenue and net profit showing significant year-on-year growth, despite some challenges in the second quarter [1][2]. Financial Performance - In 1H25, the company achieved revenue of 3.507 billion yuan, a year-on-year increase of 4.33%, and a net profit attributable to shareholders of 305 million yuan, up 154.81% [1]. - For 2Q25, revenue was 1.753 billion yuan, with a slight decrease of 0.08% quarter-on-quarter and a decline of 3.97% year-on-year; net profit was 144 million yuan, down 10.03% quarter-on-quarter but up 703.06% year-on-year [1]. - The company's non-recurring net profit for 2Q25 was 128 million yuan, showing a quarter-on-quarter increase of 21.02% and a year-on-year increase of 1256.66% [1]. Market and Operational Insights - The average market price for praseodymium and neodymium oxide increased by 0.69% quarter-on-quarter and 13.53% year-on-year to 433,500 yuan per ton [2]. - Export gross profit margin decreased by 16.33 percentage points year-on-year to 24.44% due to export controls implemented in April [2]. - The company has a flexible inventory strategy, with raw material inventory reaching 1.158 billion yuan, an increase of 107.02% compared to the end of 2024 [2]. Strategic Developments - The company aims to increase its rare earth permanent magnet material production capacity to 60,000 tons by 2027, up from the current 40,000 tons [3]. - The R&D department has been upgraded to focus on embodied robotics, with small batch product deliveries already occurring in 1H25 [3]. - A cash dividend of 1.80 yuan per 10 shares is proposed for 1H25, amounting to 247 million yuan, which represents 81% of the net profit attributable to shareholders [3]. Future Projections - Revenue projections for 2025-2027 are 8.6 billion yuan, 11 billion yuan, and 14 billion yuan, respectively, with net profits of 807 million yuan, 1.157 billion yuan, and 1.591 billion yuan [4]. - Earnings per share (EPS) are expected to be 0.59 yuan, 0.84 yuan, and 1.16 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 49, 34, and 25 [4].

Group 1 - The rare earth permanent magnet sector experienced a low opening followed by a strong recovery, indicating positive market sentiment [1] - Beikong Technology reached the daily limit increase, showcasing significant investor interest [1] - Other companies such as Jinli Permanent Magnet, Sanchuan Wisdom, Keheng Co., Yingteng, Zhongke Magnetic, Dadi Bear, and Yinstar also saw upward movement in their stock prices [1]

江西金力永磁科技股份有限公司 2025 年半年度报告全文 江西金力永磁科技股份有限公司 JL MAG RARE-EARTH CO., LTD. （江西省赣州市经济技术开发区工业园） 江西金力永磁科技股份有限公司 2025 年半年度报告全文 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人蔡报贵、主管会计工作负责人谢辉及会计机构负责人(会计主 管人员)万伟声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展规划及经营计划的陈述，不构成公司对投资者的 实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异。请投资者注意投资风险。 请投资者注意阅读本报告第三节"管理层讨论与分析"之"十、公司面临 的风险和应对措施"对公司风险提示的相关内容。 公司经本次董事会审议通过的利润分配预案为：以本次权益分派实施公告 中确定的股权登记日当日扣减公司 A 股回购专户持有股份数量的 A 股与 H 股的 股本为基数，向全 ...

Core Insights - A-shares continue to show an upward trend with significant market activity, as the total market capitalization surpassed 100 trillion yuan, indicating a new phase of "volume and price rising together" [1] - The Hong Kong market is experiencing a narrow fluctuation, with the Hang Seng Index showing slight gains, reflecting a divergence in market sentiment between A-shares and Hong Kong stocks [1] Major Index Performance - A-share indices all closed higher, with the Shanghai Composite Index at 3739.26 points (+0.30%), Shenzhen Component at 11871.35 points (+0.30%), and the ChiNext Index up 0.39% at 2616.33 points [2] - The North Star 50 Index continued its explosive growth, with an increasing number of stocks hitting the daily limit [2] Industry Hotspots and Driving Logic - A-shares are focusing on low-level rebounds and policy-driven sectors, with significant activity in consumer and healthcare stocks [3] - The telecommunications sector leads with a 2.25% increase, driven by the integration of AI and robotics, alongside supportive policies for industrial upgrades [5] Structural Opportunities in Hong Kong - Structural opportunities in Hong Kong are highlighted, particularly in policy-sensitive sectors and industries undergoing upgrades [4] Underperforming Sectors and Risk Factors - The consumer and real estate sectors are showing positive correlations, with food and beverage stocks rebounding by 1.21% and real estate stocks up 1.22% due to favorable policies [5] - The technology sector is experiencing internal rotation, with Huawei-related stocks benefiting from the release of the HarmonyOS 6 [5] - The rare earth sector is gaining strength due to policy expectations and renewed demand in the new energy sector [5] - The real estate sector is attracting risk-averse capital following government signals to stabilize the market [5] Short-term Focus and Mid-term Layout - Short-term focus should be on low-level rebounds in consumer, healthcare, and Huawei supply chain sectors, while avoiding crowded high-level themes [6] - Mid-term strategies should target core technology growth sectors such as AI computing and robotics, as well as sectors benefiting from increased household investment [6]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is experiencing a transition driven by high-end products, which is expected to enhance profitability significantly [5] - The company has implemented a dual upgrade strategy focusing on products and customers to meet the demands of emerging industries such as new energy vehicles and AI [5] - The company is expanding its international presence and green transformation initiatives, with overseas revenue increasing by 21.86% [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 110,500 million in 2023 to 153,585 million by 2027, with a compound annual growth rate (CAGR) of approximately 7.1% [4][6] - The net profit attributable to shareholders is expected to rise from 527 million in 2023 to 1,186 million by 2027, reflecting a significant growth rate of 53.9% in 2025 [4][6] - Earnings per share (EPS) is forecasted to increase from 0.31 in 2023 to 0.80 in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 35.2 to 15.7 [4][6] Operational Highlights - In the first half of 2025, the company achieved a revenue of 592.94 billion, a year-on-year increase of 2.46%, and a net profit of 3.73 billion, up 203.86% [5] - The company has successfully entered the supply chains of major clients such as BYD, Geely, and CATL, particularly in the high-demand new energy vehicle sector [5] - The production of copper-based products and rare earth permanent magnets has shown significant growth, with the latter achieving a revenue increase of 37.76% [5] Strategic Initiatives - The company is focusing on the AI computing industry, particularly in data center cooling solutions, with a 72% increase in sales of copper cooling products [5] - The company is enhancing its overseas production capabilities, with projects in Thailand and Vietnam progressing well [5] - The sales of recycled copper products have increased by 61%, aligning with global trends towards sustainable sourcing [5]