Zhongxi Tianma

A privately held rare earth recycler in Liangshan County, Shandong, that recovers praseodymium-neodymium, dysprosium, terbium, gadolinium and holmium oxides and rare earth metals from NdFeB magnet scrap, with a stated 36,000 t/yr of rare earth waste processing capacity.

Points to check

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

The company has published no financial statements since its NEEQ quotation ended on August 20, 2020; revenue figures for 2023 and 2024 are chairman statements, not audited accounts.
Its IPO tutoring with Orient Securities was terminated in September 2025, and the company was not in the CSRC tutoring database as of August 10, 2026.
The 36,000 t/yr figure measures scrap feed processed, not oxide or metal output.
The 4,000 t/yr Baotou sorting center appears only in a secondary industry compilation; no company announcement of it was found.
The 中稀 (Zhongxi) prefix does not indicate China Rare Earth Group ownership; no source reports a group shareholding.

At a glance

Founded: 2010 — Registered August 5, 2010. Chinese press describes the predecessor Tianma Yongci (天马永磁) as relocating to Liangshan in August 2010. Quoted on the NEEQ (code 831671) until August 20, 2020.
Headquarters: Maying Industrial Park, Liangshan County, Jining, Shandong, China
Ownership: Private (unlisted since August 20, 2020, when its NEEQ quotation under code 831671 ended). Controlling shareholder and chairman Lin Ping (41.07% reported January 2024). Sanchuan Wisdom Technology (SZSE: 300066) holds a minority associate stake (20% acquired February 2019). No China Rare Earth Group shareholding is reported.
Stage: Mature. Recycling NdFeB scrap in Liangshan since about 2010; published 2019 revenue of CNY 530 million and a stated 36,000 t/yr of waste processing capacity.
Listing: Private. Unlisted; its earlier NEEQ quotation (831671) ended on August 20, 2020.
Revenue: CNY 530 million (net profit attributable to shareholders CNY 50.71 million)
Reported, FY2019.
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
Rare earth waste (NdFeB scrap) processing, Liangshan; feed tonnage	36,000 t/yr (company-stated)	Operating	Aug 2026
Rare earth waste processing, Liangshan; feed tonnage (earlier statement)	30,000 t/yr (stated in promotional article)	Historical	Nov 2022
Annual capacity, product not specified (Jining report)	10,000 t/yr	Operating	Dec 2024
PrNd oxide output after planned technical upgrade; heavy rare earth (Tb, Dy) oxide output	more than 10,000 t/yr PrNd oxide; more than 1,000 t/yr heavy rare earth oxides (expected after upgrade, not nameplate)	Announced	Oct 2023
Scrap pretreatment, Baotou sorting center	4,000 t/yr pretreatment capacity	Announced	Aug 2026

Narrative

Zhongxi Tianma New Materials Technology Co., Ltd. (中稀天马新材料科技股份有限公司) was registered on August 5, 2010, in the Maying industrial park of Liangshan County, Jining, Shandong; Chinese press describes its predecessor, Tianma Yongci, as moving to Liangshan in August 2010. The company recovers rare earths from NdFeB magnet scrap and sells praseodymium-neodymium, gadolinium, terbium, dysprosium and holmium oxides and rare earth metals. Its website, as quoted by Chinese press in August 2026, states a processing capacity of 36,000 t/yr of rare earth waste; a November 2022 promotional article gave 30,000 t/yr, and a December 2024 Jining report said annual capacity had reached 10,000 t without naming the product. The shares were quoted on the National Equities Exchange and Quotations (NEEQ) under code 831671 until August 20, 2020, when the company withdrew its quotation. Its last published accounts, for 2019, showed revenue of CNY 530 million and net profit attributable to shareholders of CNY 50.71 million. Chairman Lin Ping was reported in January 2024 to hold 41.07% and is the controlling shareholder. Sanchuan Wisdom Technology (SZSE: 300066) acquired a 20% stake in February 2019 and carried it at CNY 151 million at the end of 2025. The company signed IPO tutoring agreements with Zhongde Securities in 2022 and Orient Securities in January 2024; the Orient Securities tutoring was terminated in September 2025. Lin Ping stated at a private-enterprise symposium that revenue reached CNY 2.885 billion in 2023, as reported by Times Finance. An August 2026 industry compilation lists a planned 4,000 t/yr scrap pretreatment and sorting center in Baotou, Inner Mongolia, targeted to start in 2026. In August 2026, entities controlled by Lin Ping and his wife Sun Minghua signed a restructuring investment agreement to become controlling shareholders of Shenzhen-listed *ST Fazhan (000838); that company said no injection of Zhongxi Tianma assets had been proposed. No public source links Zhongxi Tianma to China Rare Earth Group, which was formed in December 2021; the company was using the Zhongxi Tianma name by April 2019.

Where public sources disagree

Stated rare earth waste processing capacity: 36,000 t/yr (company website, quoted by eastmoney/Times Finance, August 2026, and CNPP) vs 30,000 t/yr (Jiemian promotional article, November 8, 2022).
Sanchuan Wisdom's stake: 20% acquired February 2019 (Shanghai Metals Market, June 29, 2022; eastmoney Caifuhao, October 2025) vs 'currently holds 16.3%' (eastmoney Caifuhao research note, October 19, 2023).
Annual capacity: a December 2024 Jining report (cited by Times Finance, August 2026) gives 10,000 t/yr without naming the product, while the company website gives 36,000 t/yr of waste processed; the two are not reconciled in any source.

Sources

Profile and ownership (Times Finance via eastmoney) — Eastmoney / Times Finance (2026-08-10)
Revenue and capacity statements — 10jqka / Times Finance (2026-08-10)
NEEQ announcement 2019-024 (code 831671) — Zhongxi Tianma via Eastmoney PDF (2019-04-08)
IPO tutoring, NEEQ delisting, 41.07% holder — Rui Caijing (2024-01-25)
Company registration and 36,000 t/yr — CNPP (2026-10-16)
Sanchuan 20% stake, February 2019 — Shanghai Metals Market (2022-06-29)
Sanchuan 2020 annual report (associate) — Sanchuan Wisdom / CNINFO (2021-03-26)
Sanchuan: no plan to raise stake — Eastmoney Caifuhao (2025-10-22)
Sanchuan research note: 16.3% stake, upgrade output — Eastmoney Caifuhao (2023-10-19)
Liangshan rare earth cluster (30,000 t/yr) — Jiemian (promotional) (2022-11-08)
*ST Fazhan restructuring investors — 10jqka (2026-08-12)
Recycling capacity expansions (Baotou sorting center) — Hstong / Guanyan Tianxia (2026-08-25)
China Rare Earth Group formed — Central News Agency (2021-12-23)

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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