JL Mag Rare-Earth (300748) Q1 2026 earnings summary

Executive summary

• Q1 revenue reached RMB 2.036bn, up 16.05% YoY; net profit attributable to shareholders was RMB 192.8m, up 20.09% YoY.

• Excluding RMB 50.0m of share-based compensation, net profit was RMB 235m, up 44.57% YoY; adjusted net profit excluding non-recurring items was RMB 219m, up 106.82%.

Financial highlights

• Adjusted for non-recurring items, net profit attributable to shareholders was RMB 175.7m, up 65.95% YoY; reported basic and diluted EPS were RMB 0.14, up 16.67%.

• Operating cash flow improved to RMB 357.6m from an outflow of RMB 350.4m YoY, primarily on higher customer collections.

• Total assets were RMB 15.96bn at quarter-end, up 4.12% from year-end; equity attributable to shareholders was RMB 7.80bn, up 3.11%.

Outlook and guidance

• Annual operating priorities include bringing 20,000 tonnes of new capacity online on schedule and developing motor rotors for embodied robots; no numerical earnings guidance was stated.

• Small-batch embodied-robot rotor deliveries are underway, with active R&D collaboration with a leading global technology company.