Insights › Rare-earth magnet supply chain atlas › China Northern Rare Earth (Group) High-Tech Co., Ltd.
China
China Northern Rare Earth (Group) High-Tech Co., Ltd.
Integrated rare-earth mining, separation, smelting, and NdFeB alloy and magnet production, operating through wholly owned units and several magnet-making joint ventures.
At a glance
- Founded
- 1997 — Listed on the Shanghai Stock Exchange (SSE: 600111) on September 24, 1997.
- Headquarters
- Baotou, Inner Mongolia, China
- Ownership
- State-controlled; largest shareholder is Baotou Iron and Steel (Group) Co., Ltd. ("Baogang Group"), holding 38.03% as of mid-2025.
- Stage
- Mature. The world's largest light rare earth miner and separator, with about 100,000 t/yr of magnet alloy capacity.
- Listing
- Shanghai: 600111
- Revenue
- CNY 42.563 billion
Reported, FY2025.
Net profit figures conflict between sources; see conflicts.
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 |
|---|---|---|---|
| NdFeB alloy | approximately 100,000 t/yr | Operating | Jun 2025 |
| NdFeB alloy expansion plus HD powder line | 50,000 t/yr alloy and 10,000 t/yr HD powder | Under construction | 2025 |
| Sintered NdFeB magnets (Antai Beifang joint venture with AT&M) | 5,000 t/yr | Operating | Oct 2025 |
| Sintered NdFeB magnets (Zhaobao joint venture) | 3,000 t/yrA claim of first-batch output in October 2025 could not be independently confirmed. | Under construction | Oct 2025 |
| Cerium-alloyed NdFeB magnets (joint venture, 2026 announcement) | 10,000 t/yr | Announced | 2026 |
| Rare-earth metal (joint venture, 2026 announcement) | 10,000 t/yr | Announced | 2026 |
| Scrap recovery, subsidiary Xinfeng Xinli | 4,960 t/yr | Operating | Nov 2025 |
| Scrap recovery, subsidiary Jinmeng | 4,000 t rare earth oxide per year | Under construction | Nov 2025 |
Narrative
China Northern Rare Earth (Group) High-Tech Co., Ltd. is a Shanghai-listed, state-controlled rare-earth producer headquartered in Baotou, Inner Mongolia, and the dominant light rare-earth processor tied to the Bayan Obo deposit. Its largest shareholder is the state-owned Baotou Iron and Steel (Group) Co. (Baogang Group), holding just over 38 percent as of mid-2025. The company operates roughly 100,000 tons per year of NdFeB alloy capacity, with a further 50,000 tons per year of alloy capacity and a 10,000-ton-per-year hydrogen decrepitation powder line under construction. It also participates in downstream magnet-making joint ventures, including a 5,000-ton-per-year sintered NdFeB venture with AT&M ("Antai Beifang") that was reported operating as of an October 2025 investor filing, and a 3,000-ton-per-year venture ("Zhaobao") under construction as of the same period; a claimed first batch of output from the Zhaobao venture in October 2025 could not be independently confirmed from a second source. In 2026 the company announced two additional joint ventures, each targeting 10,000 tons per year, for cerium-alloyed NdFeB magnets and for rare-earth metal, both still at the announced stage. Reported FY2025 revenue was CNY 42.563 billion, up 29.11 percent year over year; net profit for the same period is reported inconsistently across sources.
Where public sources disagree
- Reported net profit for FY2025 differs between sources: CNY 2.859 billion versus CNY 2.251 billion. This profile does not resolve which figure is correct.
- A claim that the Zhaobao joint venture achieved first-batch magnet output in October 2025 appears in only one source and could not be independently confirmed.
- Since 2022 the company's supply agreements have required downstream magnet makers using its PrNd metal to return the production scrap they generate, on market terms, for recovery — a contractual claim on other companies' scrap rather than recovery of its own. The company states an ambition to reach ten-thousand-ton-scale recycling capacity; no dated target accompanies it.
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.
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JL MAG's first half, from the filing rather than from the press release
Sintered NdFeB capacity on our atlas, largest first: JL MAG 40,000 t/yr, Yantai Zhenghai 30,000, Ningbo Yunsheng 26,000, Zhongke Sanhuan 25,000. The claim holds without needing the word independent to carry it.
One figure that looks larger and is not comparable: China Northern Rare Earth is on the chart at roughly 100,000 t/yr — of NdFeB alloy, with only about 5,000 t/yr of sintered magnets through a joint venture. Alloy and magnets are different products at different points in the chain, and conflating them is how China's magnet capacity gets overstated.
Sources
- Company website — China Northern Rare Earth (Group) High-Tech Co., Ltd. (2026-09)
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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