Insights › Rare-earth magnet supply chain atlas › Ningbo Yunsheng
China
Ningbo Yunsheng
Sintered NdFeB magnets and magnetic assemblies, supplied as application solutions from design through finished components. Filings position Baotou for high-volume blank production close to raw material and Ningbo for precision finishing of magnets and assemblies, with end markets in new-energy vehicles, consumer electronics, rail transit and industrial robotics.
At a glance
- Founded
- 1994 — Listed company incorporated in 1994; its own filings date its entry into rare-earth permanent magnets to 1996.
- Headquarters
- Ningbo, Zhejiang, China
- Ownership
- Listed, SSE: 600366. Controlling shareholder Yunsheng Holding Group at 29.15% per the 2026 interim report. An H-share listing application was filed with the Hong Kong exchange in June 2026.
- Stage
- Mature. Sintered NdFeB at about 26,000 t/yr across Ningbo and Baotou for many years; it delayed the last 10,000 t of a Baotou expansion in July 2026.
- Listing
- Shanghai: 600366
- Revenue
- CNY 5.464 billion total operating revenue, up 8.39% year on year
Reported, FY2025, calendar year ended 31 December 2025.
Net profit attributable to shareholders CNY 331 million, up 247.95%.
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 blanks, group-wide across Ningbo and Baotou | 26,000 t/yr | Operating | Dec 2025 |
| Grain boundary diffusion processing | 10,000 t/yr | Operating | Dec 2025 |
| Baotou 15,000 t/yr project — first tranche, commissioned June 2025 | 5,000 t/yr | Operating | Jun 2025 |
| Baotou project — second tranche, originally due June 2026, moved to 31 December 2027 | 5,000 t/yr | Delayed | Jun 2026 |
| Baotou project — third tranche, originally due June 2026, moved to 31 December 2028 | 5,000 t/yr | Delayed | Jun 2026 |
| Finished magnet sales, FY2025 — actual | 14,197 t | Operating | Dec 2025 |
| Finished magnet sales, H1 2026 — actual | 7,190 t, up 11.61% year on year | Operating | Jun 2026 |
Narrative
Ningbo Yunsheng is a Shanghai-listed rare-earth permanent magnet producer headquartered in Ningbo, Zhejiang. Filings describe it as supplying NdFeB application solutions spanning blanks, finished magnets and assemblies, with Ningbo handling finishing and Baotou producing blanks in volume. At the end of 2025 it reported 26,000 metric tons per year of blank capacity and 10,000 metric tons per year of grain-boundary-diffusion capacity, and sold 14,197 metric tons of finished magnets. Its 15,000 metric ton Baotou project commissioned a first 5,000 metric tons in June 2025; in June 2026 the company moved the remaining 10,000 metric tons to December 2027 and December 2028, citing export-policy adjustment and structural change in industry competition. It filed for a Hong Kong listing in June 2026.
Where public sources disagree
- FY2025 revenue is stated three ways across public sources: CNY 5.464 billion total operating revenue, CNY 4.833 billion core-business revenue in the annual report's own narrative, and CNY 5.417 billion in coverage of the June 2026 Hong Kong listing application, likely on a different reporting basis. The first two are different line items rather than contradictory.
- The 26,000 t/yr figure is blank capacity, not finished-magnet capacity. FY2025 finished magnet sales were 14,197 t. Third-party lists presenting 26,000 t as magnet capacity conflate the two.
- The expansion slowdown is primary and well documented: announcement 2026-042, dated 13 June 2026, moved two 5,000 t/yr tranches to the end of 2027 and the end of 2028, citing the external macroeconomic environment and export-policy adjustment, and a decision to control the pace of investment.
- Reuters-sourced reporting in December 2025 named the company as one of the first magnet makers to receive a general rare-earth export license. No company announcement confirming this was located; separately, the company stated in July 2025 that it does not conduct direct exports of rare-earth raw material, which is a different question.
- Ningbo and Baotou capacity is not split out in filings. Do not expect a site-by-site tonnage breakdown; it is not public.
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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The deal is a statement, not a document
Two things to weigh, and they pull in opposite directions.
The outcome is reported, not documented, and this digest will not print it as settled. A one-year delay renegotiated annually is what was said. Searching for the text of it returns, over and over, coverage of the Busan summit of October 2025 — which produced a structurally identical result, a one-year pause, and whose figures (tariffs from 57 to 47 percent, a suspension expiring 10 November 2026) are still circulating attached to this week's meeting. At least one account of the 2026 outcome carries 2025's numbers. Until a MOFCOM notice or a White House readout exists, the honest description is that two governments have described an understanding that neither has published.
The compression that does not stand. The Times grouped lanthanum, cerium, neodymium and praseodymium as “widely used in oil refining, glass polishing and low-end magnets.” Split the list: lanthanum and cerium are the refining and polishing elements. Neodymium and praseodymium are the basis of NdFeB, the strongest commercial permanent magnet there is. The arithmetic settles it — a sintered NdFeB magnet is roughly 30 percent rare earth by weight, nearly all of it neodymium and praseodymium, with dysprosium or terbium added in low single digits and only where the grade must survive heat. By mass, the elements China has left unrestricted are almost the entire magnet. Read as written, the sentence says Beijing declined to restrict the unimportant stuff. What it says is that Beijing declined to restrict the feedstock for every traction motor, wind turbine and hard drive on the planet.
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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
- 2025 annual general meeting materials, board report and capacity (Chinese) — Ningbo Yunsheng via cninfo (2026-04-29)
- FY2025 annual report summary (Chinese) — Shanghai Securities News, official filing publication (2026-04-11)
- 2026 interim report (Chinese) — Ningbo Yunsheng via cninfo (2026-08-18)
- Announcement 2026-042 on project delay (Chinese) — Ningbo Yunsheng via Sina Finance announcement archive (2026-06-13)
- Baotou first tranche commissioned — Shanghai Metals Market (2025-06-27)
- First streamlined rare-earth export licenses issued — MINING.COM, sourcing Reuters (2025-12-02)
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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