JL Mag Rare-Earth (300748) Q4 2025 earnings summary

Executive summary

• FY2025 revenue reached a record ¥7.72bn, up 14.11% YoY; parent-attributable net income rose 142.44% to ¥705.6m, with record magnet output and sales volumes.

• Growth reflected higher shipments, a 10.05 percentage-point gross-margin recovery, stronger demand across key applications, and a broader production footprint.

Financial highlights

• Revenue was ¥7.718bn, up 14.11% YoY; core NdFeB magnet revenue was ¥7.028bn, up 19.00%, while other business revenue fell 19.58% to ¥689.4m.

• Parent-attributable net income was ¥705.6m, up 142.44%; excluding non-recurring items, net income was ¥619.7m, up 264.00%.

• Q4 revenue was ¥2.345bn; parent-attributable net income was ¥190.1m and adjusted net income excluding non-recurring items was ¥189.6m.

• Gross margin was 21.18%, versus 11.13% a year earlier; magnet-product margin was 20.92%, up 9.85 percentage points.

• R&D expense increased 57.60% to ¥505.7m, or 6.55% of revenue; share-based compensation and convertible-bond finance costs totaled ~¥107m.

Outlook and guidance

• 2026 priorities include commissioning the planned 20,000-tonne capacity addition, expanding embodied-robot motor-rotor activity, and converting R&D into customer projects and orders.

• Capacity is planned to rise to 60,000 tonnes annually by end-2027; timing depends on construction, equipment commissioning, market demand, and other uncertainties.

• 2026 plans emphasize product mix, automation, digitalization, supply-chain resilience, staged capital spending, and cash-flow discipline.