Jiangsu Huahong Technology

A Shenzhen-listed recycling-equipment and elevator-parts group whose Jiangxi subsidiaries recover separated rare earth oxides from NdFeB scrap (8,794 t produced in 2025) and whose Zhonghang unit makes sintered NdFeB magnets in Ningbo and Shandong, with a Baotou magnet plant under construction.

Points to check

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

All 241,061,558 shares (32.01%) held by the controlling shareholder, Jiangsu Huahong Industrial Group, were pledged at June 30, 2026 (H1 2026 report).
Net operating cash flow was RMB -452.1 million in 2025, against RMB 87.8 million in 2024 (FY2025 annual report summary).
The 2025 profit followed two consecutive loss-making years, including RMB -355.6 million attributable in 2024 with a RMB 334 million goodwill impairment tied to Jiangsu Wilman (China Baogao, August 1, 2026; SMM, May 28, 2025).
Trial production at the Baotou magnet plant, planned for Q2 2026, had not been reported as started in the H1 2026 report.
The H1 2026 financial statements are unaudited.

At a glance

Founded: 2004 — Incorporated August 19, 2004, controlled by Jiangsu Huahong Industrial Group; IPO on the Shenzhen Stock Exchange December 20, 2011. Originally a maker of scrap-metal processing equipment; added elevator components (Jiangsu Wilman, 2015), entered rare earth recycling by acquiring Ji'an Xintai Technology (consolidated from April 2020) and Jiangxi Wanhong (RMB 270 million, May 2021); Xintai's subsidiary Zhonghang New Materials makes sintered NdFeB.
Headquarters: Zhouzhuang Town, Jiangyin, Wuxi, Jiangsu, China
Ownership: Public, Shenzhen: 002645. At June 30, 2026: Jiangsu Huahong Industrial Group 32.01% (controlling shareholder; all shares pledged), Zhou Shijie 6.50%, Hu Shiyong 2.41%, HKSCC 2.39%; actual controllers are brothers Hu Shiyong, Hu Shiqing and Hu Shifa (H1 2026 report).
Stage: Mature. Has recovered rare earth oxides from NdFeB scrap in Jiangxi since acquiring Xintai in 2020 and Wanhong in 2021; produced 8,794 t of oxides and 15,792 t of magnet material in 2025 on stated capacities of 12,000 t/yr and 20,000 t/yr.
Listing: Shenzhen: 002645
Revenue: RMB 7,835.05 million (group); rare earth resource utilization RMB 4,080.77 million (52.08%); magnetic material sales RMB 1,905.39 million (24.32%)
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
Recycled rare earth oxides (separated oxides incl. Pr, Nd, PrNd, Dy, Tb, Gd, Ho) from NdFeB scrap, 1 pre-treatment base and 3 smelting-separation bases in Ganzhou and Ji'an, Jiangxi	more than 12,000 t/yr oxide (company-stated capacity)	Operating	Jun 2026
Rare earth oxide production, all Jiangxi bases	8,794.09 t in 2025 (actual), vs 5,155.88 t in 2024; sales 9,165.94 t	Operating	Dec 2025
Sintered NdFeB magnet capacity, Zhonghang (Ningbo and Liangshan)	20,000 t/yr magnet (company-stated capacity)	Operating	Jun 2026
Rare earth magnet material production	15,791.73 t in 2025 (actual), vs 12,403.58 t in 2024; sales 14,035.62 t	Operating	Dec 2025
Baotou high-performance NdFeB magnet plant, phase 1	10,000 t/yr magnet (planned nameplate); 20,000 t/yr after a second phase	Under construction	Aug 2026

Narrative

Jiangsu Huahong Technology was incorporated in Jiangyin, Jiangsu, in August 2004 and listed on the Shenzhen Stock Exchange in December 2011, at the time a maker of scrap-metal crushing, baling and compacting equipment; it added elevator components in 2015. It entered rare earths by acquiring Ji'an Xintai Technology, consolidated from April 2020, whose subsidiaries include Jishui Jincheng and the sintered NdFeB maker Zhonghang New Materials, and by buying Jiangxi Wanhong High-Tech Materials for RMB 270 million in May 2021. The recycling business takes production scrap and end-of-life NdFeB magnets and produces separated oxides including praseodymium, neodymium, dysprosium, terbium, gadolinium and holmium at one pre-treatment base and three smelting-separation bases in Ganzhou and Ji'an, Jiangxi. The company states oxide capacity of more than 12,000 t/yr; actual oxide production was 5,156 t in 2024 and 8,794 t in 2025, with 9,166 t sold in 2025. Zhonghang produces sintered NdFeB in Ningbo, Zhejiang, and Liangshan, Shandong, with stated capacity of 20,000 t/yr as of the April 2026 annual report (15,000 t/yr in a May 2025 company statement) and 2025 production of 15,792 t. A subsidiary, Baotou Huahong, is building a 10,000 t/yr first phase of a high-performance magnet plant in Inner Mongolia; the annual report targeted trial production in Q2 2026, and the August 2026 half-year report described it as still under construction. Group revenue was RMB 7.84 billion in 2025, of which rare earth resource utilization contributed RMB 4.08 billion (52%) and magnet sales RMB 1.91 billion (24%), and net profit attributable to shareholders was RMB 204 million after a RMB 356 million loss in 2024. In the first half of 2026, revenue was RMB 5.60 billion, with rare earth recycling at 65%, and net profit attributable was RMB 343 million. The controlling shareholder, Jiangsu Huahong Industrial Group, held 32.01% at June 30, 2026, all of it pledged.

Where public sources disagree

Magnet capacity: SMM (May 28, 2025, citing the company) gives 15,000 t/yr; the FY2025 annual report (April 2026) and H1 2026 report give 20,000 t/yr; The Metalnomist (July 11, 2026) says total magnet capacity would reach 20,000 t/yr only after Baotou phase 1 adds 10,000 t/yr; an Eastmoney column (July 23, 2025) gives both 15,000 t and 25,000 t.
Recycled oxide capacity: the FY2025 annual report and H1 2026 report give more than 12,000 t/yr; a Huashengtong industry article (August 25, 2026) gives about 13,000 t/yr and also lists a 3,500 t/yr oxide line from e-waste at Yixing that does not appear in the company's H1 2026 report.
Baotou phase 1 start: an Eastmoney column (July 23, 2025) expected trial production around October 2025; the FY2025 annual report (April 2026) gave Q2 2026; The Metalnomist (July 11, 2026) gave May to June 2026.

Sources

H1 2026 report — Jiangsu Huahong Technology via CNINFO (2026-08-25)
FY2025 annual report — Jiangsu Huahong Technology via Stockstar (2026-04-21)
FY2025 annual report summary — Shenzhen Stock Exchange (2026-04-22)
Company profile and history — Tonghuashun (10jqka) (2026-10-16)
Legal opinion on convertible bond (acquisitions) — Shenzhen Stock Exchange (2022-11-30)
2021 annual report summary — Shenzhen Stock Exchange (2022-04-19)
Huahong output and Baotou plan — The Metalnomist (2026-07-11)
Capacity 15,000 t magnets / 12,000 t oxides — SMM (2025-05-28)
Segment revenue 2025 — China Baogao (2026-08-01)
H1 2026 earnings forecast — Tonghuashun (10jqka) (2026-07-13)
Guotou Securities note on H1 2026 — Gelonghui (2026-08-31)
China rare earth recycling capacity table — Huashengtong (hstong.com) (2026-08-25)
Baotou project column — Eastmoney Caifuhao (2025-07-23)
Q3 2025 results — Gelonghui (2025-10-29)

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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