JL Mag Rare-Earth

Business

JL Mag (江西金力永磁科技股份有限公司) develops, makes and sells high-performance neodymium-iron-boron (NdFeB) magnets, magnet assemblies, motor rotors for embodied robots, and rare-earth recycling. Its products go into electric vehicles and parts, energy-saving inverter air conditioners, wind power, robots and industrial servo motors, consumer electronics and low-altitude aircraft (2026 interim report, p. 10). It has four magnet plants in Ganzhou, Baotou and Ningbo and says its high-performance capacity is 40,000 tonnes a year, expected to reach 60,000 tonnes by the end of 2027 as a third Baotou phase of 20,000 tonnes comes on line (pp. 10, 13).

The company says China dominates the global rare-earth permanent magnet supply chain and that in 2024 it ranked first in the world by magnet output and sales (p. 11). That is its own claim.

Results

In the first half of 2026 revenue rose 32.6% to ¥4.65bn and net profit attributable to shareholders rose 51.6% to ¥462.2m (p. 8). Gross margin was 21.7%, up from 16.4% a year earlier; NdFeB magnet revenue was ¥3.98bn at a 22.0% margin (pp. 12, 19).

By application (p. 12):

• Electric vehicles and parts: ¥2.23bn, up 33.0%, about 48% of revenue.
• Inverter air conditioners: ¥956m.
• Wind power: ¥250m.
• Robots and industrial servo motors: ¥261m, up 96.4%, about 6% of revenue.

Robot rotors

The company says that in the first half of 2026 it won a motor rotor project for an embodied robot from a world-famous technology company, which it does not name, and is preparing for volume production. It says it has invested about ¥200m in a dedicated plant, equipment and team and has built an automated rotor line producing micron-accuracy rotor modules to the customer's requirements (pp. 12, 13). Rotors are closer to a finished assembly than a bare magnet, and the company says their value depends on machining accuracy, reliability and consistency (p. 13). It gives no volumes or rotor revenue.

Export controls and raw materials

The company says it has applied for export approval under national rules, has received export licences from the authorities and was among the first companies to receive a general licence (p. 14). It says it has long-term supply arrangements with Northern Rare Earth and China Rare Earth Group, and plans to buy a 9.24% stake in the Baotou rare earth exchange for about ¥22.1m to secure supply (p. 13).

Where it stands

JL Mag is a magnet supplier to cars and appliances first. Robots are a fast-growing but small line, and the filing gives no way to separate humanoid demand from industrial servo motors.