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On Feb 24, 2026, China placed 20 Japanese firms, including Subaru, on an export control watchlist for unverifiable end-use of dual-use items. This signals tighter controls on critical minerals and tech amid geopolitical and supply chain shifts. The analysis examines the firms' supply chain roles and the long-term industrial implications.

On February 24, 2026, China's Ministry of Commerce issued Announcement No. 12 of 2026, adding 20 Japanese entities, including Subaru Corporation, to the export control "watch list" on the grounds of "inability to verify the end-users and end-uses of dual-use items." This move marks the first time since January 2026 that China has explicitly implemented such list-based management measures targeting Japanese enterprises, signaling a shift toward more precise, systematic, and in-depth development of export controls in the fields of critical minerals and high-tech materials. This article will conduct an in-depth analysis of the core backgrounds of these 20 enterprises, reveal their deep-seated connections with supply chains of critical materials such as rare earths, and explore the potential impact of this measure on the future global industrial landscape.

Shenghe Resources Holding Co., Ltd. (600392.SH) disclosed its 2025 annual performance forecast, expecting net profit attributable to owners of the parent company to be 790 million–910 million yuan for the full year of 2025, an increase of 582.8035 million–702.8035 million yuan compared with the same period last year, up 281.28%–339.20% YoY.

Hainan Chensheng Rare Earth Metals Co., Ltd. was established, with Li Yamin as its legal representative and a registered capital of 20 million yuan. Its business scope includes the smelting of rare and rare earth metals; manufacturing of non-ferrous metal alloys; manufacturing of metal materials; processing of non-ferrous metal rolling; R&D of new material technologies, among others. According to Qichacha's equity structure analysis, the company is indirectly wholly owned by Shenghe Resources (600392).

Beijing Zhong Ke San Huan High Technology Co., Ltd. disclosed its performance forecast. The company expects to achieve a net profit attributable to shareholders of the publicly listed firm of 80 million to 120 million yuan in 2025, an increase of 566.23% to 899.35% compared with the same period last year.

Recently, the team led by Chen Lin and Feng Jing from the School of Materials Science and Engineering at Kunming University of Science and Technology, the National-Local Joint Engineering Research Center for Advanced Metal Solidification Forming and Equipment Technology, and the Thermal Protection Materials Committee of the Chinese Society of Rare Earths reported their latest findings in the top international journal *Advanced Materials*, under the title "Breaking the Trade-Off Relationship Between Thermal Conductivity and Toughness of Ferroelastic Oxide Ceramics via a High-Density Dislocation Strategy."

Recently, the finals of the 14th China Innovation and Entrepreneurship Competition's Disruptive Technology Innovation Contest concluded. After multiple rounds of selection, including preliminary screening, field competitions, and the national finals, the project titled "Key Technologies for the Industrialisation of Rare Earth-Modified Polymer Material Masterbatches and Products" by China Northern Rare Earth Ruihong Company stood out from 891 competing projects nationwide and successfully won the Excellence Award.

The Information Office of the Inner Mongolia Autonomous Region Government held the first press conference in a series themed "Implementing the '1571' Work Plan to Promote High-Quality Development in Inner Mongolia." In 2026, Inner Mongolia will emphasize adapting measures to local conditions, promoting the deep integration of industrial innovation and scientific and technological innovation. In terms of innovation-driven development, the region will focus on five key tasks: increasing investment in science and technology, tackling major challenges, building innovation platforms, strengthening innovation entities, and integrating the development of education, science and technology, and talent.

Ningbo Yunsheng Co., Ltd. announced that it expects to achieve a net profit attributable to shareholders of the publicly listed firm ranging from 280 million yuan to 380 million yuan for the full year of 2025, representing an increase of 194.49% to 299.67% compared with the same period last year. It is projected that the net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses will range from 260 million yuan to 360 million yuan for the full year of 2025, an increase of 165.79% to 268.01% compared with the same period last year.

Recently, the rare earth automotive steel independently developed by Bao Gang United Steel successfully passed the painting certification of a major automaker. This achievement is of great significance, as it marks the first time that Bao Gang United Steel's rare earth automotive steel has smoothly passed the specialized painting certification of an automaker, formally qualifying it for mass supply. This lays a critical foundation for Bao Gang United Steel to further expand its market in the automotive industry. It is reported that in the supply chain of major automotive steel manufacturers, corrosion resistance in painting is a core entry threshold and also a common technical challenge faced by the entire industry. The automaker involved in this certification has extremely stringent detection standards for corrosion resistance, with the specified corrosion resistance cycle being twice as long as conventional standard requirements.

The US Department of Defense recently awarded a $2 million contract to ReElement Technologies to support the expansion of its rare earth element separation capacity at its facility in Marion, Indiana. The two-year grant was actually awarded on September 3, 2025, but its announcement was delayed until this week due to a government shutdown. The funding will be specifically used to purify rare earths from ore, recycled magnets, and scrap, as part of the US Department of Energy’s "Mine-to-Magnet" program, which aims to build a domestic rare earth supply chain to reduce reliance on China. ReElement employs a unique chromatography refining technology to produce high-purity rare earth oxides for use in defense and commercial permanent magnets.

The US Department of Defense recently announced a $2 million contract collaboration with ReElement Technologies, with the funds specifically designated to support the company in expanding its rare earth element separation capacity at its facility in Marion, Indiana. Although the two-year grant was actually awarded on September 3, 2025, its announcement was delayed until this week due to a government shutdown. The funding will be used exclusively for purifying rare earth elements from ore, recycled magnets, and scrap, as part of the US Department of Energy’s "Mine-to-Magnet" initiative, which aims to build a domestic rare earth supply chain and reduce reliance on China. ReElement employs a unique chromatographic refining technology capable of producing high-purity rare earth oxides, which can be used in both national defense and commercial permanent magnet applications.

MP Materials has selected Northlake, Texas, as the site for its new "10X" campus, a U.S. rare earth magnet manufacturing park. MP Materials will invest over $1.25 billion to develop what is historically the largest and most strategically significant U.S. rare earth magnet manufacturing asset. MP Materials, the largest rare earth mining company in the U.S., recently announced that it will build a large-scale rare earth magnet manufacturing campus in Northlake, Texas, with a total investment exceeding $1.25 billion.

Trafigura today signed a $2.1 billion five-year loan agreement with the German government to supply critical minerals for Germany's industrial, energy, and technology sectors. The German government guaranteed the loan through its export credit agency Euler Hermes, while Commerzbank helped arrange the financing, which was provided by a consortium of eight banks.