技术优势精准转化为盈利韧性，37.9%的核心产品毛利率远超行业均值，即便面对稀土价格波动、竞争 加剧的市场环境，仍保持稳定盈利水平。这一成绩源于技术溢价带来的定价权、国际龙头客户构建的稳 定合作体系，以及自主装备研发、自动化升级实现的成本优化，形成"技术领先-市场领跑-盈利领先"的 良性循环。目前，银河磁体稳居全球"粘结工艺"钕铁硼龙头，获工信部单项冠军认证，在人形机器人、 高端汽车电机等新兴赛道持续发力，未来有望引领全球稀土永磁行业高端化发展方向。 热压钕铁硼作为高性能永磁材料核心品类，工艺复杂度高、磁性能要求严苛，曾长期由日本大同电子独 家掌控工业化量产技术，国内市场陷入"需求依赖进口"的被动局面。银河磁体聚焦技术攻坚，组建专业 团队深耕配方优化与工艺革新，成功突破热压、热变形等关键环节技术瓶颈，成为国内唯一实现该产品 批量生产的企业，彻底打破海外技术壁垒。目前，公司已建成300吨年产能生产线，规划扩至500吨，产 品在热稳定性、耐腐蚀性及原料利用率上优势显著，可替代高端"烧结工艺"钕铁硼磁体，顺利切入汽车 电机、机器人、伺服电机等高端领域，获众多国际巨头认可。 技术持续迭代进一步筑牢竞争护城河。2025 ...

Core Viewpoint - Beijing Zhongke Sanhuan High Technology Co., Ltd. reported a mixed financial performance for the first three quarters of 2025, with a revenue decline but significant profit growth, indicating potential recovery in the rare earth permanent magnet industry [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.85 billion yuan, a year-on-year decrease of 2.65% [1] - The net profit attributable to shareholders was 90.33 million yuan, showing a substantial year-on-year increase of 314.8% [1] - In the third quarter, the company recorded a revenue of 1.928 billion yuan, reflecting a year-on-year growth of 13.9% [1] - The net profit for the third quarter was 46.34 million yuan, which is a year-on-year increase of 53% [1] Industry Position and Outlook - Zhongke Sanhuan is one of the earliest industrial producers of sintered neodymium-iron-boron permanent magnet materials in China and is a global leader in rare earth permanent magnet supply [1] - By the end of 2024, the company's production capacity for sintered neodymium-iron-boron is expected to reach 25,000 tons, while bonded neodymium-iron-boron capacity is projected to be 1,500 tons [1] - The company's products serve multiple high-end sectors, including new energy vehicles, traditional automobiles, variable frequency air conditioners, energy-saving appliances, consumer electronics, wind power, robotics, and low-altitude economy [1] - Analysts believe that the previous shortage of overseas magnetic materials has led to a recovery in exports, which, combined with the traditional peak season for magnetic materials, is expected to increase demand for rare earth magnetic materials, benefiting Zhongke Sanhuan significantly [1]