金力永磁（300748）(06680)涨超6%，截至发稿，涨6.41%，报22.92港元，成交额4.15亿港元。 此外，金力永磁近期在机构调研时表示，具身机器人是未来高性能钕铁硼磁材及电机转子重要需求增长 点之一。公司将相关研发部门升级为具身机器人电机转子事业部，由公司首席执行官兼任该事业部的战 略统筹工作。目前公司根据客户的需求，已进行了包括项目专用厂房、专用设备及专业团队等多方面的 配套投入，初具一定的规模化量产能力。2025年上半年公司已有小批量产品的交付，机器人领域有望成 为公司未来重要的业务增长点之一。 消息面上，华西证券（002926）近日研报指出，市场采购需求回暖，镨钕价格下行空间有限。美国政府 积极重建本国稀土产业链，但短期看全球稀土永磁体生产仍高度集中于中国，且考虑到海外产能释放仍 需时间且我国新增产能规模，我国仍是全球唯一具备稀土全产业链各类产品生产能力的国家，且美西方 稀土产业链的整体规模远低于我国，其产业链均不完整并存在明显短板。且8月22日发布的《稀土开采 和稀土冶炼分离总量调控管理暂行办法》或引发市场对供给侧收紧的预期。 ...

Core Viewpoint - The market demand for rare earth materials is recovering, and the price of praseodymium and neodymium has limited downward potential, with China remaining the dominant player in the global rare earth supply chain [1] Group 1: Market Dynamics - The recent report from Huaxi Securities indicates a rebound in market procurement demand and limited downward price movement for praseodymium and neodymium [1] - The U.S. government is actively working to rebuild its domestic rare earth supply chain, but global production of rare earth permanent magnets remains highly concentrated in China [1] - The overall scale of the rare earth supply chain in the U.S. and Western countries is significantly lower than that of China, with incomplete supply chains and notable shortcomings [1] Group 2: Regulatory Environment - The interim measures for the total quantity control management of rare earth mining and separation, released on August 22, may lead to market expectations of supply-side tightening [1] Group 3: Company Developments - Jinli Permanent Magnet has upgraded its R&D department to focus on embodied robotics, which is expected to be a significant growth point for high-performance neodymium-iron-boron magnetic materials and motor rotors [1] - The company has made investments in specialized facilities, equipment, and teams to support this new business line, indicating a move towards scalable production capabilities [1] - Small batch product deliveries are expected in the first half of 2025, positioning the robotics sector as a key future growth area for the company [1]

Core Viewpoint - The company, Jinli Permanent Magnet (300748), identifies embodied robots as a significant growth point for high-performance neodymium-iron-boron magnets and motor rotors in the future [1] Group 1: Company Developments - The company has upgraded its R&D department to a dedicated division for embodied robot motor rotors, with the CEO overseeing strategic operations [1] - The company has made substantial investments in project-specific facilities, specialized equipment, and professional teams to support this initiative, achieving a certain level of scalable production capacity [1] - By the first half of 2025, the company plans to deliver small batches of products, positioning the robotics sector as a key future growth area [1]

Core Viewpoint - The rare earth industry is experiencing positive performance in mid-year reports due to policy support and growing demand, with the Wande Rare Earth Concept Index rising by 19.41% since August 18 [1] Policy Support - The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Natural Resources jointly announced a temporary regulation on total quantity control for rare earth mining and separation [1][2] - The regulation mandates that rare earth production companies are responsible for adhering to total quantity control indicators and must report their compliance to local government authorities [2] - The regulation aims to enhance oversight of the rare earth supply chain, including previously unregulated imported ore processing [2] Strong Mid-Year Performance - Northern Rare Earth's mid-year profit forecast for 2025 indicates a net profit of 900 million to 960 million yuan, a year-on-year increase of 1882.54% to 2014.71% [3] - China Rare Earth expects a net profit of 136 million to 176 million yuan for the first half of 2025, recovering from a loss of 244 million yuan in the same period last year [3] - Shenghe Resources anticipates a net profit of 305 million to 385 million yuan, driven by rising prices and improved production and marketing strategies [3] Investment Opportunities - Analysts suggest that the rare earth sector may face a supply shortage from 2025 to 2026 due to domestic quota systems and slow overseas expansion [4] - The demand for high-end magnetic materials in sectors like electric vehicles and wind power is rapidly increasing, leading to a shift in the supply-demand balance towards scarcity [4] - The domestic permanent magnet industry is experiencing strong demand, with some companies extending production schedules into mid-October [4]

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]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 JL MAG RARE-EARTH CO., LTD. 江 西 金 力 永 磁 科 技 股 份 有 限 公 司 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 碼：06680） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 做 出。 茲載列江西金力永磁科技股份有限公司於深圳證券交易所網站(www.szse.cn)刊 登 的 公 告 如 下，僅 供 參 閱。 证券代码：300748 证券简称：金力永磁 公告编号：2025-054 江西金力永磁科技股份有限公司 2025 年半年度报告摘要 承董事會命 江西金力永磁科技股份有限公司 董事長 蔡報貴 江 西，2025年8月19日 於 本 公 告 日 期，董 事 ...

Core Viewpoint - The company, Jiangxi Jinli Permanent Magnet Technology Co., Ltd., reported significant growth in its financial performance for the first half of 2025, with a notable increase in net profit and revenue compared to the same period last year [1][4]. Financial Performance - The company's operating revenue for the reporting period reached approximately 3.51 billion yuan, representing a year-on-year increase of 4.33% [1]. - The net profit attributable to shareholders was approximately 305 million yuan, showing a substantial increase of 154.81% compared to the previous year [1][4]. - The net profit after deducting non-recurring gains and losses was approximately 234 million yuan, reflecting a remarkable growth of 588.18% [4]. - Basic earnings per share increased to 0.22 yuan, up 144.44% from 0.09 yuan in the same period last year [1][2]. Sales Performance - Domestic sales revenue amounted to approximately 2.99 billion yuan, an increase of 8.17% year-on-year, while overseas sales revenue was approximately 513 million yuan, a decrease of 13.58% [4]. - Sales in the variable frequency air conditioning sector reached approximately 1.05 billion yuan, with a corresponding sales volume increase of 19.85% [4]. - The company achieved sales revenue of approximately 214 million yuan in the wind power sector and 133 million yuan in the robotics and industrial servo motor sector [4]. Strategic Initiatives - The company is actively investing in smart manufacturing to build an automated, intelligent, and digital production system [5]. - A new division for embodied robotics has been established, focusing on the development of high-performance neodymium-iron-boron magnetic materials and motor rotors [6]. - The company holds a 51% stake in Yinhai New Materials, which specializes in rare earth recycling, and has achieved significant revenue and profit in this segment [6]. Shareholder Returns and Corporate Governance - The company has consistently implemented cash dividends since its listing in 2018, with cumulative cash dividends exceeding 1.2 billion yuan, accounting for over 47% of the cumulative net profit attributable to shareholders [7]. - A new employee stock ownership plan and restricted stock plan for H shares have been introduced to enhance long-term incentive mechanisms [8]. - The company received recognition for its investor relations management and was ranked highly in various categories of the Extel "2025 Asia Best Management Team" awards [8].

Investment Rating - The industry rating is "Outperform" [2] Core Insights - The report highlights the supply-demand imbalance and rebalancing in the base metals sector, with a focus on the cyclical nature of recession and recovery [3][10] - In the precious metals sector, central bank gold purchases and a shift in risk appetite are expected to drive gold prices upward [4][26] - The small metals sector is characterized by cyclical demand trends, with both supply-demand tug-of-war and long-term opportunities [5][46] - The rare earth permanent magnet sector is anticipated to enter a new cycle, driven by the growing demand for high-performance materials in electric vehicles [6][65] - The report discusses the sandwich structure of investment in new metal materials, emphasizing long-term technological trends and short-term performance elasticity [7][80] Summary by Sections Base Metals - Base metals are closely tied to manufacturing and economic cycles, with copper facing supply constraints primarily at the mining level due to previous capital expenditure limitations [3][15] - Aluminum supply is bottlenecked at the smelting stage, with profitability per ton determining operational capacity [22][24] Precious Metals - Central banks have significantly increased gold purchases, contributing to rising demand [27][32] - The correlation between gold prices and U.S. Treasury yields has shifted, indicating a market response to extreme risks [35][36] Small Metals - The small metals sector shows stronger price elasticity compared to industrial metals, with tungsten and tin being highlighted for their strategic importance and demand from the electronics sector [5][49][55] Rare Earths - The demand for high-performance neodymium-iron-boron magnets is expected to grow, particularly in the automotive sector, while supply remains rigid [6][75] - The report notes a tightening supply-demand balance in the rare earth sector, driven by increasing demand from various applications [6][75] New Metal Materials - The investment framework for new metal materials is described as a sandwich structure, focusing on long-term trends, mid-term growth attributes, and short-term performance [7][80] - The report identifies key investment opportunities in semiconductor materials and high-performance applications driven by AI and power density trends [83][84]

Group 1 - The transatlantic alliance is experiencing unprecedented fractures, with Germany taking a strong stance against U.S. tariffs, marking a significant shift in global trade dynamics [1][2] - The U.S. tariff policy, particularly the proposed 30% tariff on EU automobiles, threatens to cause losses of up to €100 billion for German automotive exports, impacting major companies like Daimler, BMW, and Volkswagen [2] - Germany's response includes halting discussions with the U.S. and adopting a "cold treatment" strategy, indicating a shift in power dynamics in trade relations [2] Group 2 - China is providing strategic support to Germany through three key advantages: access to a large market, control over rare earth resources, and a model for strategic autonomy [4][5] - The Chinese market is crucial for German automotive companies, with significant sales percentages coming from China, highlighting the importance of this relationship for maintaining profitability [5] - Germany's unique position in rare earth material production gives it leverage in negotiations with the U.S., especially in light of U.S. dependency on Chinese supply chains [7] Group 3 - Germany's strategic response to U.S. tariffs includes a proposal targeting U.S. sectors such as electric vehicles, medical devices, and smart manufacturing, aiming to limit U.S. market access in Europe [10] - Public sentiment in Germany is shifting towards questioning reliance on the U.S., with mainstream media and social movements advocating for a strategic transformation [9] - The global trade landscape is evolving into a tripartite structure, with China positioning itself as a key player, facilitating trade partnerships while not forcing alignment with either the U.S. or Europe [9][11]