Company Reports

JL Mag Rare-Earth is the world’s largest producer of high-performance rare-earth permanent magnets, according to Frost & Sullivan. The company started producing high-performance NdFeB PMs used for wind turbines in 2010; for energy-saving variable-frequency air conditioners in 2011; and for new energy vehicles in 2012. Its major customers included all of the top 10 players in the global NEV sector by sales volume, four of the top five players in the global wind power sector by newly added installed capacity, and the top two household air conditioner producers by production volume in China.

JL Mag's second-quarter revenue grew 49% year on year despite lackluster downstream electric vehicle sales. Stable rare earth prices supported a 5-percentage-point increase in gross margin from a year ago, while margins remained stable quarter over quarter.

JL Mag’s first-quarter revenue grew 16% year on year despite lackluster downstream electric vehicle sales. Due to a sharp fluctuation in rare-earth prices during the period, gross margin narrowed 3 percentage points sequentially from the prior quarter.

JL Mag’s fourth-quarter revenue grew 34% year on year. Together with increasing rare-earth prices during the period, gross margin gained 11 percentage points sequentially from the prior quarter.

JL Mag Rare-Earth is the world’s largest producer of high-performance rare-earth permanent magnets, according to Frost & Sullivan. The company started producing high-performance NdFeB PMs used for wind turbines in 2010; for energy-saving variable-frequency air-conditioners in 2011; and for new energy vehicles in 2012. Its major customers included all of the top 10 players in the global NEV sector by sales volume, four of the top five players in the global wind power sector by newly added installed capacity, and the top two household air-conditioner producers by production volume in China.

JL Mag’s preliminary 2025 full-year net profit more than doubled year over year to CNY 660 million-CNY 760 million. The midpoint of the guidance is on par with our full-year net profit estimate of CNY 710 million.

JL Mag Rare-Earth is the world’s largest producer of high-performance rare earth permanent magnets, or REPMs, according to Frost & Sullivan. The company started producing high-performance NdFeB PMs used for wind turbines in 2010; for energy-saving variable-frequency air-conditioners, or VFACs, in 2011; and for new energy vehicles, or NEVs, in 2012. Its major customers included all of the top 10 players in the global NEV sector by sales volume, four of the top five players in the global wind power sector by newly added installed capacity, and the top two household air-conditioner producers by production volume in China.

JL Mag’s third-quarter revenue grew 13% year over year, driven mainly by sales volume. Together with mildly increasing rare earth prices during the period, gross margin gained 8 percentage points sequentially from the prior quarter.

JL Mag Rare-Earth is the world’s largest producer of high-performance rare earth permanent magnets, or REPMs, according to Frost & Sullivan. The company started producing high-performance NdFeB PMs used for wind turbines in 2010; for energy-saving variable-frequency air-conditioners, or VFACs, in 2011; and for new energy vehicles, or NEVs, in 2012. Its major customers included all of the top 10 players in the global NEV sector by sales volume, four of the top five players in the global wind power sector by newly added installed capacity, and the top two household air-conditioner producers by production volume in China.

JL Mag’s second-quarter revenue declined 4% year over year due to government export control measures on rare earth products. However, amid stable rare earth prices during the period, gross margin gained another 1.4 percentage points sequentially from the prior quarter.

JL Mag Rare-Earth is the world’s largest producer of high-performance rare earth permanent magnets, or REPMs, according to Frost & Sullivan. The company started producing high-performance NdFeB PMs used for wind turbines in 2010; for energy-saving variable-frequency air-conditioners, or VFACs, in 2011; and for new energy vehicles, or NEVs, in 2012. Its major customers included all of the top 10 players in the global NEV sector by sales volume, four of the top five players in the global wind power sector by newly added installed capacity, and the top two household air-conditioner producers by production volume in China.

JL Mag’s first-quarter revenue grew by 14% year over year to CNY 1.8 billion, due to higher sales volume that offset soft selling prices dampened by a decline in rare earth prices. Gross margin further improved by 1.4 percentage points sequentially from the prior quarter.

JL Mag Rare-Earth is the world’s largest producer of high-performance rare earth permanent magnets, or REPMs, according to Frost & Sullivan. The company started producing high-performance NdFeB PMs used for wind turbines in 2010; for energy-saving variable-frequency air-conditioners, or VFACs, in 2011; and for new energy vehicles, or NEVs, in 2012. Its major customers included all of the top 10 players in the global NEV sector by sales volume, four of the top five players in the global wind power sector by newly added installed capacity, and the top two household air-conditioner producers by production volume in China.

JL Mag’s fourth-quarter revenue edged up 7% year over year to CNY 1.7 billion. The mild revenue growth was mainly driven by sales volume, while product selling prices remained lackluster due to a decline in rare-earth prices. Gross margin recovered 1.5 percentage points from the prior quarter.

JL Mag Rare-Earth is the world’s largest producer of high-performance rare earth permanent magnets, or REPMs, according to Frost & Sullivan. The company started producing high-performance NdFeB PMs used for wind turbines in 2010; for energy-saving variable-frequency air-conditioners, or VFACs, in 2011; and for new energy vehicles, or NEVs, in 2012. Its major customers included all of the top 10 players in the global NEV sector by sales volume, four of the top five players in the global wind power sector by newly added installed capacity, and the top two household air-conditioner producers by production volume in China.

JL Mag reported in-line preliminary 2024 annual results, with full-year net profit slipping 42%-52% year over year to CNY 271 million-CNY 327 million. The midpoint of the guidance is 4% above our full-year net profit estimate of CNY 286 million.

JL Mag reported 2% revenue growth year over year in the third quarter. Due to a prolonged price drop in various rare-earth materials—hence increasing price pressure for the company’s rare-earth magnet products—gross margin trended down 6 percentage points from last year.

JL Mag Rare-Earth is the world’s largest producer of high-performance rare earth permanent magnets, or REPMs, according to Frost & Sullivan. The company started producing high-performance NdFeB PMs used for wind turbines in 2010; for energy-saving variable-frequency air-conditioners, or VFACs, in 2011; and for new energy vehicles, or NEVs, in 2012. Its major customers included all of the top 10 players in the global NEV sector by sales volume, four of the top five players in the global wind power sector by newly added installed capacity, and the top two household air-conditioner producers by production volume in China.

JL Mag's second-quarter results disappointed, with first-half revenue and net profit accounting for 40% and 23% of our previous full-year forecasts, respectively. Extended price drops in various rare-earth materials during the quarter raised price pressure for the company’s rare-earth magnet products, leading to gross margin trending down another 3 percentage points from last quarter.

JL Mag Rare-Earth is the world’s largest producer of high-performance rare earth permanent magnets, or REPMs, according to Frost & Sullivan. The company started producing high-performance NdFeB PMs used for wind turbines in 2010; for energy-saving variable-frequency air-conditioners, or VFACs, in 2011; and for new energy vehicles, or NEVs, in 2012. Its major customers included all of the top 10 players in the global NEV sector by sales volume, four of the top five players in the global wind power sector by newly added installed capacity, and the top two household air-conditioner producers by production volume in China.