October 9, 2025 12:28 PM GMT JL Mag Rare-Earth Co. Ltd | Asia Pacific M Update 3Q25 preliminary NP Rmb200- 245mn; a beat Reaction to earnings Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways JL Mag expects 9M25 net profit to be Rmb505-550mn, up 157-179% YoY: 3Q25 net profit is implied to be Rmb200-245mn, above our estimate of ~Rmb200mn. Net profit was Rmb77mn ...