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 ...

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]