JL Mag Rare-Earth (300748) Q1 2025 earnings summary

Executive summary

• Q1 revenue rose 14.19% YoY to ¥1.754bn; net income attributable to shareholders increased 57.85% to ¥160.5m, while adjusted net income rose 331.10% to ¥105.9m.

• New capacity ramped to over 90% utilization; finished-magnet sales increased more than 40% YoY to approximately 6,024 tonnes.

Financial highlights

• Revenue was ¥1.754bn, up 14.19% YoY; net income attributable to shareholders was ¥160.5m, up 57.85%.

• Adjusted for non-recurring items, attributable net income was ¥105.9m, up 331.10% YoY; basic and diluted EPS were ¥0.12, versus ¥0.08.

• Net profit was ¥162.5m; operating profit was ¥184.2m, compared with ¥114.7m a year earlier.

• Operating cash flow was negative ¥350.4m, improving 43.03% YoY as materials-purchase cash payments decreased.

Outlook and guidance

• Continued market development and capacity expansion; focus areas include EVs and auto parts, energy-efficient air conditioning, wind power, robotics, industrial servo motors, 3C and low-altitude aircraft.

• Development and capacity construction for embodied-robot motor rotors continued with international technology companies; small-batch deliveries began.