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China
JL MAG
Sintered NdFeB, with grain boundary diffusion as a core disclosed technology: the company states grain-boundary-diffusion products were roughly 90% of its product mix in FY2025. Documented end markets are new energy vehicles, variable-frequency air conditioning, wind power, robotics and industrial servo motors, consumer electronics, low-altitude aircraft and rail transit. Five plants across Ganzhou, Baotou and Ningbo, plus a Hong Kong research center.
At a glance
- Founded
- 2008 — Established 19 August 2008 as Jiangxi JL MAG Rare-Earth Co., Ltd. in Ganzhou, Jiangxi.
- Headquarters
- Ganzhou, Jiangxi, China
- Ownership
- Dual listed: Shenzhen ChiNext (SZSE: 300748) since September 2018 and Hong Kong main board (HKEX: 6680) since January 2022.
- Revenue
- CNY 7.718 billion, up 14.11% year on year
Reported, FY2025, calendar year ended 31 December 2025.
Net profit attributable to shareholders CNY 705.6 million, up 142.44%. No named source published a US dollar equivalent with a conversion date, so none is given.
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 |
|---|---|---|---|
| Sintered NdFeB, all sites — company states the build was completed at the end of 2025 | 40,000 t/yr | Operating | Dec 2025 |
| Sintered NdFeB capacity in service during FY2025, at utilization above 90% | 38,000 t/yr | Operating | Dec 2025 |
| Actual FY2025 output — magnet blanks | 34,400 t, up 17.31% year on year | Operating | Dec 2025 |
| Actual FY2025 output — finished magnets | 25,300 t, up 21.25% year on year | Operating | Dec 2025 |
| Baotou Phase III high-performance magnet project | 20,000 t/yr | Under construction | Sep 2026 |
| Company target for total sintered NdFeB capacity by the end of 2027 | 60,000 t/yr | Announced | Sep 2026 |
| Rare earth recycling — approved capacity for recovery of single rare-earth compounds | 5,000 t/yr | Operating | Dec 2025 |
Narrative
JL MAG Rare-Earth was established in Ganzhou, Jiangxi in August 2008 and produces sintered NdFeB permanent magnets. It listed on the Shenzhen Stock Exchange's ChiNext board in September 2018 and added a Hong Kong main-board listing in January 2022. The company reports five plants across three sites, states it completed 40,000 metric tons per year of magnet capacity at the end of 2025, and produced 34,400 metric tons of blanks and 25,300 metric tons of finished magnets that year against FY2025 revenue of CNY 7.718 billion. A 20,000 metric ton per year Baotou Phase III project is under construction, with the company targeting 60,000 metric tons per year by the end of 2027.
Where public sources disagree
- Capacity and output are frequently conflated in secondary coverage. The 34,400 t figure is FY2025 magnet blank output, not capacity; at least one English wire has presented it under a capacity heading.
- The 40,000 t/yr milestone is dated differently across sources. One outlet described it as existing capacity in January 2025, while the company's own annual report gives 38,000 t in service during 2025 and a company statement in April 2026 says the 40,000 t build was completed at the end of 2025.
- An English machine translation of one Chinese report rendered 2万吨 (20,000 metric tons) as two million metric tons. That figure is a translation artifact, not a claim anyone has made.
Sources
- FY2025 annual report summary (Chinese) — JL MAG Rare-Earth / Shenzhen Stock Exchange disclosure (2026-03-30)
- Company statement on the 40,000 t/yr build (Chinese) — Sina Finance (2026-04-09)
- Baotou Phase III progress and the 60,000 t/yr target (Chinese) — Tencent News (2026-09-08)
- Baotou Phase III announcement — Yicai Global (2025-01-21)
- Company establishment date and registered address (Chinese) — Tonghuashun 10jqka (accessed 2026-09-18)
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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