Zhongke Sanhuan (Beijing)

Rare-earth permanent magnet materials, principally sintered NdFeB with a smaller bonded line, supplying automotive traction and auxiliary motors, consumer electronics, wind power, industrial motors and home appliances. Production is organized across subsidiaries in Beijing, Ningbo, Tianjin and Shanghai.

At a glance

Founded: 1999 — The joint-stock company was established in 1999 and listed in Shenzhen in April 2000. The business traces to 1985, when Wang Zhenxi left the Chinese Academy of Sciences' Institute of Physics to commercialize NdFeB magnets.
Headquarters: Beijing, China
Ownership: Listed, SZSE: 000970. Controlling shareholder Beijing Sanhuan Holdings at 23.07%, acting in concert with Zhongke Industrial Group at 1.49%, a combined 24.56%. Filings name the actual controller as China Science Academy Holdings, the investment arm of the Chinese Academy of Sciences — the source of the Zhongke in the name. This is control through a concentrated minority block, not majority ownership.
Stage: Mature. A long-established Chinese sintered NdFeB producer at more than 12,000 t/yr, holding a general export license since December 2025.
Listing: Shenzhen: 000970
Revenue: CNY 6.641 billion, down 1.63% year on year
Reported, FY2025, calendar year ended 31 December 2025.
Net profit attributable to shareholders CNY 91.3 million, up 660.50%.
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	25,000 t/yr	Operating	2025
Bonded NdFeB	1,500 t/yr	Operating	2025
Additional sintered NdFeB funded by a rights issue; the company states 5,000 t/yr of a planned 10,000 t/yr had been built	10,000 t/yr planned, 5,000 t/yr built	Under construction	2025
Stated plan to raise total sintered NdFeB capacity	approximately 30,000 t/yr	Announced	Nov 2021

Narrative

Beijing Zhong Ke San Huan High-Tech is a rare-earth permanent magnet maker listed in Shenzhen under code 000970. Its business traces to 1985, when Wang Zhenxi left the Chinese Academy of Sciences' Institute of Physics to commercialize NdFeB magnets; the joint-stock company was formed in 1999 and listed in April 2000. Filings name Beijing Sanhuan Holdings as controlling shareholder, with the Academy's investment arm as actual controller. The company reported FY2025 revenue of CNY 6.641 billion, down 1.63 percent, and net profit of CNY 91.3 million. It states sintered NdFeB capacity of 25,000 metric tons per year plus 1,500 metric tons per year of bonded NdFeB.

Where public sources disagree

Export licensing status is unresolved in public sources. Shanghai Securities News reported in December 2025 that the company had obtained a general rare-earth export license; on the same day a company staff member told another outlet that the department handling exports was still confirming the position with its supervising authority. China's commerce ministry confirmed later that month that some general licenses had been approved, without naming companies. No company announcement confirming a general license was located.
FY2025 figures differ marginally between the preliminary results announcement and the final annual report. The annual report figures are used here.
Capacity figures come from investor-relations statements and shareholders' meeting reporting rather than a line item in the annual report, and no figure stated as of the end of 2025 was located.
Founder Wang Zhenxi is an academician of the Chinese Academy of Engineering, not of the Chinese Academy of Sciences, despite having worked at the latter's Institute of Physics. The error is common.
Do not confuse this company with Ningbo Yunsheng, an unrelated listed competitor that appears alongside it in the same export-license reporting, nor with Chaozhou Three-Circle, an unrelated electronic ceramics maker with a similar English name. Its own Ningbo entity is Ningbo Konit Industries, a wholly owned subsidiary.

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.

contested · Digest issue 006 · 28 September 2026

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.
it stands · Digest issue 005 · 21 September 2026

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

FY2025 annual report summary (Chinese) — Zhongke Sanhuan via cninfo, the SZSE-designated disclosure site (2026-03-28)
FY2025 annual report, full text (Chinese) — Zhongke Sanhuan via cninfo (2026-03-28)
Capacity statement in an investor-relations reply (Chinese) — Jiemian News (2025)
Share transfer completion, post-transfer holdings (Chinese) — Zhongke Sanhuan via Shenzhen Stock Exchange (2025-12-02)
Founder history and company formation (Chinese) — The Paper (2024-04-24)
Company response on the general export license (Chinese) — Sina Finance (2025-12-05)

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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