Ningbo Yunsheng
宁波韵升Ningbo NdFeB magnet maker that sold 7,190 tonnes in H1 2026, mostly for EV drive motors and electronics, and has begun sampling for humanoid robots.
- RevenueH1 2026
- ¥3.34bnup 42.0%
- Finished magnets soldH1 2026
- 7,190 tonnesup 11.6%
- Net profit attributable to shareholdersH1 2026
- ¥274.1mup 154.2%
Overview
Business
Ningbo Yunsheng (宁波韵升股份有限公司) has made rare-earth permanent magnets since 1996. It describes sintered neodymium-iron-boron (NdFeB) as the third generation of rare-earth magnets, used in electric vehicles, consumer electronics, servo motors, industrial robots, appliances and hard disk drives (2026 interim report, p. 7).
Results
In the first half of 2026 revenue rose 42.0% to ¥3.34bn and net profit attributable to shareholders rose 154.2% to ¥274.1m (p. 5). It sold 7,190 tonnes of finished magnets, up 11.6%, so most of the growth in revenue came from price and mix (our reading of the figures); main business revenue rose 40.4% to ¥2.91bn, of which magnet assemblies were ¥443m, up 66.5% (p. 9).
By application (pp. 9, 10):
- Electric vehicles: ¥1.50bn, up 31.1%. The company supplied magnets for 1.73 million sets of main drive motors for domestic-brand vehicles.
- Consumer electronics: ¥790m, up 46.3%, helped by demand for hard disk drives.
- Industrial and other: ¥621m, up 59.7%, including servo motors and data centre cooling.
Raw material prices and export controls
The company says rare-earth raw material prices rose sharply in the first half of 2026 with tight supply: the average price of praseodymium-neodymium metal was about ¥900,000 a tonne, up about 34% on a year earlier, after averaging about ¥680,000 in the fourth quarter of 2025. It says China's April 2025 export controls on seven medium and heavy rare earth items continue to have an effect, and that China's rare earth exports in the half year fell 6.4% to 30,483 tonnes (pp. 7, 8).
Humanoid robots
The company says humanoid robots have entered an acceleration period, with some leading firms reaching volume production, and that this should create significant extra demand for magnets. It says it completed development or sampling for several new humanoid and electric aircraft projects in the half year (p. 9). It gives no robot revenue, volumes or customers.
Where it stands
Yunsheng's results are driven by cars and consumer electronics. Its filing treats humanoids as a future market, at the sampling stage.
Key metrics
| Metric | Period | Value |
|---|---|---|
| Revenue2026 interim report, p. 5 | H1 2026 | ¥3.34bnup 42.0% |
| Finished magnets sold2026 interim report, p. 9 | H1 2026 | 7,190 tonnesup 11.6% |
| Net profit attributable to shareholders2026 interim report, p. 5 | H1 2026 | ¥274.1mup 154.2% |
| Praseodymium-neodymium metal average price2026 interim report, p. 8 | H1 2026 | about ¥900,000 a tonneup about 34% |