BRIEF: JL Mag profit rises sharply in first three quarters

Rare-earth magnetic materials producer JL Mag Rare-Earth Co. Ltd. (6680.HK; 300748.SZ) announced on Thursday that it expects to report a net profit for the nine months through September of 505 million yuan ($65 million) and 550 million yuan, representing a year-on-year increase of 157% to 179%. For the third quarter alone, the company estimated its profit will range from 200 million to 245 million yuan, up 159% to 217% from a year earlier.

The company said that despite intensifying competition, management maintained a prudent and efficient operating strategy, optimizing its organizational structure and improving profitability through lean management. It also adopted flexible raw material inventory strategies to mitigate fluctuations in rare-earth prices, ensuring stable deliveries. The company noted that its order book for the fourth quarter remains strong.

JL Mag has also established a humanoid robot motor rotor division, which made small-batch deliveries of motor rotors and magnetic components during the first three quarters of the year. The company also reported small-batch deliveries in the low-altitude aircraft sector.

JL Mag’s stock opened higher on Friday in Hong Kong, but later reversed course and closed at HK$25.86 by the midday break, down 0.84%. The stock has more than tripled so far this year.

By Lee Shih Ta

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