China Northern Rare Earth High-Tech (600111) investor relations material

Executive summary

• Revenue for Q1 2026 reached RMB 11.86 billion, up 27.69% year-over-year, driven by higher average prices for key rare earth products and increased downstream demand for permanent magnet materials.

• Net profit attributable to shareholders was RMB 917.74 million, a 113.12% increase year-over-year, with basic and diluted EPS at RMB 0.2539.

• The company emphasized strategic alignment with national policies, focusing on intelligent, green, and integrated development, and strengthening its position as the largest rare earth resource base in China.

Financial highlights

• Operating income: RMB 11.86 billion, up 27.69% year-over-year.

• Total profit: RMB 1.25 billion, up 82.05% year-over-year.

• Net profit attributable to shareholders: RMB 917.74 million, up 113.12% year-over-year.

• Net cash flow from operating activities: -RMB 271.78 million, down from RMB 410.13 million last year.

• Total assets at quarter-end: RMB 50.53 billion, up 4.98% from year-end 2025.

Outlook and guidance

• The company will continue to enhance its rare earth competitive advantage, optimize industrial structure, and accelerate high-end, digital, and green transformation.

• Focus remains on expanding market share, improving product quality, and developing new materials and applications.