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China

Baotou Tianhe Magnetics Technology Co., Ltd.

Sintered NdFeB and sintered SmCo rare-earth permanent magnets, including in-house strip-casting of magnet alloy and, per the company's own materials, in-house design and manufacture of its own magnet-production equipment. One of a small number of Chinese magnet makers producing SmCo alongside NdFeB. Reported end markets include new-energy vehicles, wind power, and other high-performance motor applications.

At a glance

Founded

2008 — Incorporated in Baotou, Inner Mongolia on May 22, 2008, per Shanghai Stock Exchange registration data. The company's own site traces its lineage to a predecessor, Taiyuan Connector Factory, founded in 1988, which it says entered rare-earth magnet production in 1993 before the Baotou entity was formally established in 2008. A third-party industry listing gives 2000 as the founding year; this is unverified and inconsistent with the exchange registration date.

Headquarters

Baotou, Inner Mongolia Autonomous Region, China, with a second production site in Tianjin and sales or representative offices in Japan, the United States, and Germany

Ownership

Publicly listed on the Shanghai Stock Exchange Main Board (ticker 603072, listed January 3, 2025). Controlling shareholder is Tianjin Tianhe Yingya Technology Co., Ltd. (approximately 34% stake). Individual actual controllers disclosed as Yuan Wenjie, Yuan Bo, and Yuan Yi.

Stage

Mature. Sintered NdFeB (about 6,200 t output on 12,500 t/yr capacity) and about 500 t/yr of SmCo.

Listing

Listing status not confirmed in a public source.

Revenue

CNY 2.345 billion
Reported, FY2025.
H1 2026: CNY 1.292 billion, up 37.36%; net profit CNY 79.84 million, up 49.36%. Note that press coverage headlined the FY2025 result as growth in both revenue and profit; revenue declined, and the growth described was in net profit and in Q1 2026.
Source

Capacity

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

Narrative

Baotou Tianhe Magnetics Technology Co., Ltd. is a Chinese rare-earth permanent-magnet producer headquartered in Baotou, Inner Mongolia, with a second production site in Tianjin and sales or representative offices in Japan, the United States, and Germany. The company was incorporated in 2008 and traces its history further back to a 1988 predecessor company that it says entered rare-earth magnet production in 1993. It listed on the Shanghai Stock Exchange Main Board (603072) on January 3, 2025. Its core business is sintered NdFeB magnets, with a stated design capacity of 12,500 tons per year and reported actual output of approximately 6,184 tons in 2024; it also produces sintered SmCo magnets at a stated 500 tons per year. In October 2025 the company announced a roughly CNY 900 million investment in a new Inner Mongolia R&D and production base, with phase-1 construction slated to begin in March 2026 over an approximately 18-month build. For fiscal year 2024 the company reported consolidated revenue of about CNY 2.59 billion and net profit of about CNY 136 million, both down year over year.

Where public sources disagree

• Founding year is disputed across sources: the company's own site frames its history as continuous from a 1988 predecessor entering rare-earth magnets in 1993, the Shanghai Stock Exchange registration record gives an incorporation date of May 22, 2008 for the current legal entity, and a third-party industry listing states 2000 with no supporting detail.
• The claim that Baotou Tianhe builds its own magnet-making equipment and does in-house strip-casting is stated on the company's own website but was not independently corroborated by a third-party source.
• No independent public source was found breaking down SmCo actual output (as opposed to the stated 500 t/yr capacity), or confirming that Baotou Tianhe is "one of the few" Chinese majors with SmCo at scale — this characterization appears in the company's own material, not in third-party industry coverage located during research.
• Stated sintered NdFeB capacity differs by source. The company website states 12,500 tons/year of design capacity. The FY2024 and FY2025 annual reports and the May 2026 investor relations record state 9,300 t/yr, rising to 12,300 t/yr by the end of 2026. The filings are themselves inconsistent on scope: the annual report frames 9,300 t as the capacity of a fundraising-financed project, while the investor relations record describes the same figure as company capacity.
• Output figures circulate on different bases for overlapping periods. The FY2024 annual report gives a production and sales line labeled finished NdFeB at 6,183.88 t produced and 6,238.98 t sold, separately states blank output of 10,355 t, and separately states full-year sales of 8,116.47 t. The FY2025 annual report's production and sales line carries no blank or finished qualifier and states 9,189.02 t produced, down 11.26% year over year, which implies a prior-year base of 10,355 t, the blank figure. The two reports' tables are therefore not on the same basis. The 98.81% utilization stated against 9,300 t/yr is computed from the same blank-basis figure. The FY2025 sales line of 8,971.30 t, down 10.63%, implies a prior-year base of roughly 10,038 t, which matches none of the FY2024 figures. No source reconciles them, and blank output is not finished-magnet output.
• The FY2025 annual report and the May 2026 investor relations record both state that the company has obtained export licenses issued by the Ministry of Commerce. Neither document specifies whether these are rare-earth item export licenses or general export licenses, which are different instruments.

Fact checks from the digest

Claims made about this company that the weekly digest has put against this atlas, newest first. The verdict and the working are here in full; the issue each came from is for subscribers.

1. contested · Digest issue 006 · 28 September 2026

   A capacity figure with a decimal point, and two years of tables that do not match

   The capacity figure is the smaller half of this. The output figures are worse, and they are worse in the same way the Bloomberg comparison earlier in this issue is worse.

   The FY2025 annual report of 27 April 2026 states production of 9,189.02 t, down 11.26 percent. That percentage only works against 10,355 t — which is the FY2024 report's blank output, not the 6,183.88 t line that the same FY2024 report labels finished NdFeB. The two years' tables are not on the same basis, and the FY2025 row carries no qualifier saying so.

   The 98.81 percent utilization rate in the same document is that identical blank tonnage divided into a capacity the company words as high-performance rare-earth permanent magnet material: 9,300 × 0.9881 = 9,189.0. Two consequences follow that no source explains. Blank output fell in a year reported at 98.81 percent utilization. And 2024 blank output of 10,355 t exceeded the 9,300 t capacity it is being measured against.

   The sales line reconciles to nothing at all: 8,971.30 t, down 10.63 percent, implies a prior-year base of about 10,038 t — matching neither the 6,238.98 t in the FY2024 table nor the 8,116.47 t in that report's own text.

   None of this is a translation problem and none of it is a reporter in a hurry. It is in the audited filings.

Sources

1. Company About page — Baotou Tianhe Magnetics Technology Co., Ltd. (2026-09)
2. China's Tianhe Magnetics Gains After Revealing Plan to Build New Rare Earth Magnet Factory — Yicai Global (2025-10-10)
3. 603072 company registration and shareholder data — 10jqka (2026-09)
4. Tianhe Magnetics 2024 revenue and net profit — Sina Finance (2025-04-26)

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