Baotou INST Magnetic (Vietnam)

The Vietnam factory of Baotou INST, a ChiNext-listed Chinese maker of NdFeB magnet application devices and assemblies for consumer electronics; the plant opened in leased space in northern Vietnam in 2023 and the parent says it supplies overseas customers.

Points to check

Facts from the sources on this page that a reader should weigh before relying on the company's own figures.

No capacity, output or headcount for the Vietnam plant has been published.
The parent's main raw material is sintered NdFeB blanks bought from Chinese producers (prospectus, November 2024); no source places blank-making or sintering in Vietnam.
Apple-related sales were 67.42% of the parent's revenue in the latest period shown in its prospectus.
The parent reported a net loss of CNY 26.2 million for H1 2026, after net profit of CNY 131.5 million in FY2025.

At a glance

Founded: 2023 — Vietnam plant approved locally in June 2023 and expected to start around September 2023 in leased space (Reuters). Parent founded June 28, 2011; listed on ChiNext in late 2024.
Headquarters: Northern Vietnam (Vietnam subsidiary); parent in Baotou, Inner Mongolia, China
Ownership: Wholly owned by Baotou INST Magnetic New Materials Co., Ltd. (SZSE ChiNext: 301622) through INST Magnetic Application (Hong Kong). The parent has no controlling shareholder; its actual controllers are Zhou Baoping and Fei Weimin (prospectus).
Stage: Ramping. Began operating around late 2023 in leased space; the parent said in April 2025 it was operating normally and supplying overseas customers, and new buildings were under way in 2025.
Listing: Shenzhen (ChiNext): 301622
Listed through its parent or partner. The Vietnam company is wholly owned (via Hong Kong) by Baotou INST Magnetic New Materials, listed on ChiNext.
Revenue: CNY 1,443.8 million (net profit attributable CNY 131.5 million)
Reported, FY2025.
Source

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

What	Figure	Status	As of
Magnet application devices and assemblies, Vietnam plant	Not disclosed	Operating	Apr 2025

Narrative

Baotou INST Magnetic New Materials Co., Ltd. was founded in Baotou, Inner Mongolia, on June 28, 2011 and listed on the Shenzhen ChiNext board (301622) after a prospectus dated November 2024. It makes rare earth permanent magnet application devices: machined single magnets and magnet assemblies for laptops, tablets, smartphones, foldable-phone hinges, camera modules, wireless charging and motors. Its main raw material is sintered NdFeB blanks bought from Chinese producers including Earth-Panda (Baotou), Baotou Tianhe, Baotou Jinshan and Fujian Golden Dragon Rare Earth. The prospectus names Foxconn, Luxshare, BYD, Sunway and Chicony among top customers and puts Apple-related sales at 67.42% of revenue in the latest period shown. Reuters reported on August 22, 2023 that INST had received local approval in June 2023 for a leased plant in northern Vietnam, with an initial investment of a few million dollars, operations possibly starting as early as September 2023, and a possible second phase to build its own plant; INST was added to Apple's supplier list in 2021 and the move followed customer requests. The Vietnam company, INST Magnetic New Materials Vietnam Co., Ltd., is wholly owned through INST's Hong Kong subsidiary. In an April 25, 2025 investor briefing INST said the Vietnam factory had entered overseas customers' supply chains and was operating normally. Its half-year report for 2025 attributes most of the rise in construction in progress to new factory buildings and fit-out at the Vietnam subsidiary. No capacity, output or headcount for the Vietnam plant has been published. Group revenue was CNY 1,443.8 million in 2025 with net profit of CNY 131.5 million; for the first half of 2026 revenue was CNY 659.7 million and the group reported a net loss of CNY 26.2 million.

Sources

INST IR record Apr-25 — Baotou INST (cninfo) (2025-04-26)
Reuters Aug-23 (via Dunya) — Reuters (2023-08-22)
INST prospectus Nov-24 — Baotou INST (SZSE) (2024-11-13)
INST H1 2025 report — Baotou INST (Sina mirror) (2025-08)
INST FY2025 summary — Baotou INST (Sina mirror) (2026-04-14)
INST H1 2026 report — Baotou INST (Sina mirror) (2026-08-26)
Nhadautu Aug-23 — Nha Dau Tu (2023-08-23)
Stockstar roadshow Nov-24 — Stockstar (2024-11-21)
Tencent/SSN H1 2026 — Shanghai Securities News via Tencent (2026-08-27)

How this page is sourced

Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.

What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.

Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.

Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.

Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.

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