Golden Dragon Rare Earth

Vertically integrated rare-earth processing and permanent-magnet producer: rare-earth separation and deep processing, rare-earth metal and alloy smelting, sintered NdFeB permanent-magnet material (with in-house machining), plus legacy rare-earth phosphor and functional-ceramics lines. Core operations are at Changting, Fujian, with a newer NdFeB magnet facility at Baotou, Inner Mongolia.

At a glance

Founded: Not established in public sources — No public source located during this research establishes a founding or incorporation date for Golden Dragon Rare Earth (predecessor Fujian Changting Golden Dragon Rare-Earth Co., Ltd.); its NEEQ filings and Xiamen Tungsten disclosures address ownership and financials but not a founding date.
Headquarters: Changting County, Longyan City, Fujian Province, China
Ownership: Controlling subsidiary of Xiamen Tungsten Co., Ltd. (Shanghai Stock Exchange: 600549) — note: 600549 is an SSE (Shanghai) listing, not SZSE (Shenzhen), which some secondary summaries misstate. Xiamen Tungsten holds approximately 65.20% of Golden Dragon, per Sina Finance reporting on Golden Dragon's own NEEQ listing document; other disclosed shareholders include BYD Co., Ltd. (SZSE: 002594, ~3%) and China Northern Rare Earth (Group) High-Tech Co., Ltd. (SSE: 600111, ~3%). Golden Dragon itself has traded on China's National Equities Exchange and Quotations (NEEQ / 新三板, 'Basic' tier) under code 874673 since February 28, 2025, and files its own annual and semi-annual reports there. Ultimate controller of the group, per Golden Dragon's NEEQ filings, is the Fujian Provincial State-owned Assets Supervision and Administration Commission (via Xiamen Tungsten's ownership chain). A June 2026 Xiamen Tungsten announcement (临-2026-067) disclosed that Golden Dragon planned to apply to move up to an NEEQ tier open to unrestricted qualified investors, an intermediate step often preceding a Beijing Stock Exchange listing.
Revenue: CNY 4,372,434,765.32 (~CNY 4.37 billion)
Reported, FY2024, Golden Dragon Rare Earth Co., Ltd. own consolidated financials (NEEQ code 874673).
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
High-purity rare-earth oxides	2,000 t/yr	Operating	Sep 2026
Rare-earth metals and alloys	3,000 t/yr	Operating	Sep 2026
Trichromatic (rare-earth) phosphors — non-magnet product line	1,300 t/yr	Operating	Sep 2026
Rough/sintered NdFeB permanent-magnet material, Changting, Fujian site	15,000 t/yr	Operating	Jul 2026
Sintered NdFeB magnetic material, Baotou (Inner Mongolia) Phase 1, via wholly-owned subsidiary Golden Dragon Rare Earth New Materials (Baotou) Co., Ltd.	5,000 t/yr	Commissioned	2025-06-20
Combined company-wide NdFeB magnetic-material capacity stated by Xiamen Tungsten upon Baotou Phase 1 reaching full production	20,000 t/yr	Commissioned	2025-06-20
Baotou Phase 2 NdFeB magnetic-material expansion (additional line)	5,000 t/yr	Under construction	Apr 2026

Narrative

Golden Dragon Rare Earth is a Fujian-based rare-earth processor and magnet material producer, majority-owned (~65.2%) by Xiamen Tungsten Co., Ltd. (SSE: 600549), with China Northern Rare Earth and BYD each holding small minority stakes. Golden Dragon's roots are in rare-earth separation and deep processing in Fujian (Changting), and its product range extends from high-purity rare-earth oxides and metals/alloys through legacy phosphor and ceramics lines to sintered NdFeB permanent-magnet material — giving it a genuinely integrated position across the rare-earth-to-magnet value chain, though the phosphor/ceramics lines mean its revenue is not purely magnet-derived. In June 2025, Xiamen Tungsten announced that Golden Dragon's wholly-owned Baotou subsidiary had completed construction and commenced operation of a 5,000 t/yr (Phase 1) high-performance NdFeB magnetic-material line in the Baotou Rare Earth High-Tech Zone, Inner Mongolia, at a stated investment of roughly RMB 462.22 million, serving wind power, consumer electronics, efficient motors/appliances, and EV end markets. A Phase 2 addition at Baotou (also reported at 5,000 t/yr) was in the environmental-review/construction stage as of April 2026. Golden Dragon has its own separate public disclosure trail: it listed on China's NEEQ (New Third Board, code 874673) in February 2025 and files its own annual/semi-annual reports, showing revenue of roughly CNY 6.11 billion (2022), CNY 5.47 billion (2023), and CNY 4.37 billion (2024) — a decline that tracks broader rare-earth price volatility rather than a single-year event. As of mid-2026, Xiamen Tungsten disclosed plans for Golden Dragon to seek an upgraded NEEQ tier open to unrestricted qualified investors.

Where public sources disagree

Exchange/ticker: Xiamen Tungsten trades under 600549, which is a Shanghai Stock Exchange (SSE) listing — confirmed by the SSE's own company page, Bloomberg (600549:CH), Shanghai Metals Market (600549.SH), and Rare Earth Exchanges ('Shanghai Stock Exchange: 600549'). Some secondary/aggregator sources and informal notes label 600549 as a Shenzhen (SZSE) listing; that is incorrect.
Scope of the '20,000 t/yr' magnet-capacity figure: Xiamen Tungsten's June 2025 cninfo filing and Rare Earth Exchanges' coverage of it state that, upon Baotou Phase 1 reaching full production, the company's 'magnetic material business' total capacity would reach 20,000 t/yr. It is not explicit in that filing whether this is a Baotou-site-only figure or a company-wide total (which would roughly match Changting's ~15,000 t/yr plus Baotou's new 5,000 t/yr). Separately, Metalnomist (July 2026) and a Baotou Ecology and Environment Bureau EIA filing (April 2026) describe Baotou's own Phase 2 as adding a further 5,000 t/yr, bringing Baotou-site capacity specifically to 10,000 t/yr once Phase 2 is complete — a different scope/accounting than the 20,000 t/yr figure. Both are reported here without reconciling which scope each number refers to.
Commissioning date: Xiamen Tungsten's own cninfo announcement (dated June 20, 2025), Baotou municipal news, and Shanghai Metals Market/Metal.com all state the Baotou Phase 1 line finished construction and began operation around June 19-20, 2025. Metalnomist's July 2026 article instead states 'trial operations began September 2025.' The roughly three-month discrepancy between primary company disclosure and this later trade-press account is unresolved in public sources.
Golden Dragon's own reported revenue (CNY ~5.47 billion for FY2023, CNY ~4.37 billion for FY2024, per its NEEQ filings) is close to but not identical to the 'Rare Earth Business' segment revenue Xiamen Tungsten reports at the group level for the same years (approximately CNY 5.52 billion for 2023 and CNY 4.47 billion for 2024, per MarketScreener's compilation of Xiamen Tungsten's segment disclosures) — the small gaps likely reflect differences in consolidation scope between the subsidiary's standalone filing and the parent's segment reporting, which this profile does not attempt to reconcile.

Sources

Xiamen Tungsten cninfo announcement on Baotou Golden Dragon 5,000 t (Phase 1) NdFeB project completion and start of operations (临-2025-052) — Shanghai Stock Exchange / cninfo (2025-06-20)
Golden Dragon Rare Earth New Materials (Baotou) first-phase 5,000-ton magnet project put into operation — Baotou Daily (baotounews.com.cn) (2025-06)
Xiamen Tungsten: Baotou Jinlong's 5,000 mt (first phase) high-performance NdFeB magnetic materials project completed and put into operation — Shanghai Metals Market (SMM) (2025-06-21)
China's Golden Dragon Launches New NdFeB Magnet Project in Baotou — Rare Earth Exchanges (2025-06-21)
Golden Dragon Magnet Output Expansion Strengthens Baotou NdFeB Capacity — The Metalnomist (2026-07)
Baotou Ecology and Environment Bureau: environmental impact statement for Golden Dragon New Materials (Baotou) 5,000 t/yr Phase 2 NdFeB project — Baotou Municipal Ecology and Environment Bureau (2026-04-13)
Fujian Golden Dragon Rare-Earth Co., Ltd. — company overview (products, capacities) — Fujian Golden Dragon Rare Earth Co., Ltd. (company site) (2026-09)
Fujian Changting Golden Dragon Rare-Earth Co., Ltd. — employer profile (investment scale, business lines) — Jilin University Employment Portal (2026-09)
Golden Dragon Rare Earth 2024 Annual Report (NEEQ notice) — Eastmoney / NEEQ (新三板) (2025-04-25)
新三板迎来一家年入超50亿的稀土企业 (A rare-earth company with revenue over CNY 5 billion lists on NEEQ) — Sina Finance (2025-03-03)
厦门钨业"拆出"金龙稀土登陆新三板比亚迪、北方稀土坐镇股东 (Xiamen Tungsten spins off Golden Dragon onto NEEQ; BYD, China Northern Rare Earth among shareholders) — Sina Finance (2025-03-04)
Xiamen Tungsten Co Ltd (600549) company page — Shanghai Stock Exchange (2026-09)
600549:CH — Xiamen Tungsten Co Ltd quote — Bloomberg (2026-09)
Xiamen Tungsten Co.,Ltd.: Business Segments and Geographical Breakdown of Revenue — MarketScreener (2026-09)
Xiamen Tungsten Co., Ltd. released its preliminary earnings report (2025 group revenue/profit) — Shanghai Metals Market (SMM) (2026)

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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