China Northern Rare Earth High-Tech (600111) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 35.96% YoY to RMB 15,533,608,346.07; attributable net profit increased 161.13% to RMB 1,592,929,968.78.

• 9M revenue grew 36.45% YoY to RMB 41,332,501,328.18, supported by higher rare-earth product prices and sales volumes.

• Production, cost control, marketing and full-chain coordination supported strong 9M performance; Q3 statements were unaudited.

Financial highlights

• 9M total profit rose 101.07% YoY to RMB 5,195,153,028.05; attributable net profit increased 136.55% to RMB 3,646,096,542.06.

• 9M adjusted attributable net profit was RMB 3,655,508,661.27, up 168.34% YoY; Q3 adjusted attributable net profit was RMB 1,604,044,664.22, up 244.51%.

• 9M operating profit was RMB 5,210,030,999.73, versus RMB 2,590,439,747.91 in 9M 2025; consolidated net profit reached RMB 4,373,417,861.22.

• 9M operating cash flow increased 63.46% YoY to RMB 4,454,535,882.09, reflecting higher cash receipts from sales and services.

Segment performance

• Output of rare-earth separation products, rare-earth metals and magnetic materials reached new highs; sales of metals, magnetic and polishing materials increased YoY.

• Lanthanum-cerium product average prices and sales volumes rose YoY; customized, higher-value products included low-chloride cerium carbonate and fine-particle lanthanum oxide.

• Processing costs declined YoY through benchmarking and targeted efficiency work; sales progress remained on plan, with tighter customer credit and payment-term management.