Ningbo Yunsheng Expects H1 Net Profit to Rise 122.56%-187.48% YoY, Refined Management Lifts Product Gross Margin

Published: Aug 13, 2026 17:54 (GMT+8)

Save

Ningbo Yunsheng disclosed its earnings forecast on the evening of July 14, saying that, based on preliminary estimates by its finance department, net profit attributable to shareholders of the listed company for H1 2026 is expected to be 240 million yuan to 310 million yuan, up 132.1657 million yuan to 202.1657 million yuan from the same period last year (statutory disclosed data), an increase of 122.56% to 187.48% YoY. Net profit attributable to shareholders of the listed company excluding non-recurring gains and losses for H1 2026 is expected to be 210 million yuan to 280 million yuan, up 121.3954 million yuan to 191.3954 million yuan from the same period last year (statutory disclosed data), an increase of 137.01% to 216.01% YoY.

Ningbo Yunsheng attributed the main reasons for the expected earnings growth to the following: during the reporting period, the company remained customer demand-oriented, focused deeply on NEV, consumer electronics, industrial and other application fields, actively expanded into emerging and regional markets, seized development opportunities for new projects, continued to optimize its business mix, and increased the proportion of revenue from outside China. At the same time, the company continued to deepen refined management, which lifted product gross margins and thereby increased net profit.

In its 2025 annual report, when introducing its main business, Ningbo Yunsheng noted that it entered the rare earth permanent magnet materials industry in 1995 and specializes in the R&D, manufacturing, and sales of rare earth permanent magnet materials. The company's main business is to provide customers with high-end application solutions for rare earth permanent magnet materials and to extend downstream into the magnetic component application field. It is a leading global supplier of application solutions for rare earth permanent magnet materials. As the third-generation rare earth permanent magnet material, NdFeB is mainly composed of neodymium, iron, and boron, and features high remanence density, high coercivity, and high BH product. The company's products are widely used in NEVs, consumer electronics, urban rail transit, industrial robots, energy-saving home appliances, humanoid robots, and other green energy-saving and environmental protection fields.

In its 2025 annual report, when disclosing risks the company may face, Ningbo Yunsheng mentioned the risk of rare earth raw material price fluctuations: the main raw materials the company purchases include rare earth metals such as Pr-Nd alloy, neodymium metal, dysprosium-iron alloy, and terbium metal. China is the world's most important supplier of rare earth raw materials; the rare earth industry receives close national attention, and total rare earth mining and smelting and separation volumes are strictly controlled. The implementation of the 2025 Interim Measures for the Regulation and Control of Total Rare Earth Mining and Smelting and Separation Volumes further standardized rare earth industry management, and China's rare earth industry policies have a significant impact on rare earth raw material price trends. At the same time, if actual short-term industry supply-demand conditions or expectations change substantially, rare earth raw material prices will also fluctuate. If rare earth raw material prices experience wild swings in the future, this will have a significant impact on the company's operating results.

Looking back at the H1 price trend of Pr-Nd alloy, an important raw material for NdFeB permanent magnet materials, it can be seen that:

on June 30, the average price of Pr-Nd alloy was 905,000 yuan/mt, compared with 735,000 yuan/mt on December 31, 2025, representing an H1 increase of 23.13% this year. In H1 this year, the daily average price of Pr-Nd alloy was 904,650.86 yuan/mt, compared with 529,559.83 yuan/mt in H1 2025; the semi-annual daily average price rose by 375,091.03 yuan/mt, up 70.83% YoY.

On August 13, the average price of Pr-Nd alloy was 872,500 yuan/mt, down 0.85% from the previous trading day.

Currently, in the oxide market: affected by the continued pullback in Pr-Nd oxide futures prices, some spot traders lowered their quotes, leading to slight weakness in Pr-Nd oxide prices; however, factories had weak willingness to sell at low prices, and actual transactions were in a relative stalemate. In the metal market, affected by persistently weak raw material prices, although some suppliers lowered their quotes, metal producers were not very willing to proactively quote, market-wide wait-and-see sentiment remained strong, and actual transactions were lackluster. Overall, prices held steady. In the short term, affected by the stalemate in market trading, Pr-Nd product prices are expected to keep moving sideways in a narrow range.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

12 hours ago

[SMM Chromium Flash] Global Chrome Ore Departures Fall 2.74% WoW to 642,500 mt, Maputo Rebounds

Global chrome ore departures totaled 642,500 mt in the week ended October 2, down 2.74% week-on-week, according to SMM's latest data. The modest headline decline masks a significant reshuffling beneath the surface, as a sharp rebound at Maputo was offset by pullbacks at Richards Bay and Mersin. Maputo departures rose to 488,800 mt from 340,200 mt, a 43.68% increase that lifted the port's share of total departures back to roughly 76% from about 51.5% a week earlier, reversing the prior week's shift toward a more distributed export mix. Richards Bay fell to 95,700 mt from 227,800 mt, a 57.99% decline that gave back the bulk of the prior week's rebound, while Mersin eased 31.52% to 58,000 mt from 84,700 mt. Beira again recorded no chrome ore departures, remaining inactive for a fourth consecutive week. The week's data points to a reversion toward the more Maputo-concentrated flow pattern seen through most of August and September, with the prior week's broader distribution across ports proving short-lived. Whether Richards Bay's pullback reflects a one-off after an unusually strong prior week or a return to its more intermittent loading pattern will be worth monitoring in the coming weeks.

12 hours ago

13 hours ago

[SMM Chromium Flash] China's High-Carbon Ferrochrome Output Drops 3.17% MoM in September as Cost Inversion Bites

SMM data showed that China's high-carbon ferrochrome output in September 2026 fell 3.17% MoM, a wider decline than August's 1.25%. Output remained 18.8% higher YoY, though growth slowed from 20.36% in August. Output for January to September was up 30.84% YoY, compared with 32.56% at the end of August. The slowdown reflects squeezed margins. Firm coke prices, higher power tariffs and slow-moving chrome ore prices raised costs, while lower steel mill tender prices pressured ferrochrome prices, so southern producers, where costs are highest, cut output most. Output in the northern producing region held up better and kept national volumes well above last year, which is why YoY and YTD growth remain strong even as the MoM trend turns down. SMM expects output to ease only slightly from here, with weaker stainless steel demand offset by lower chrome ore costs and fixed long-term contract volumes.

13 hours ago

Liberia survey flags early-stage anomalies across Zodiac licences

[SMM Tantalum & Niobium Flash] Zodiac Gold has completed 10,661 soil samples across 530 km² of its Bomi South and Bong West licences in Liberia. National stream-sediment maps place parts of the licence package within the top 0.5% of Liberia’s dataset for 16 elements, including tantalum and niobium. Zodiac’s portable-XRF screening of 2,270 soil samples returned niobium values up to 61 ppm; the release provided no corresponding quantified tantalum soil result. The findings broaden the licences beyond their primary gold focus and identify areas for follow-up mapping and infill sampling. They remain reconnaissance evidence, not a tantalum or niobium discovery: portable-XRF readings are preliminary, most samples have not yet been screened for multiple elements, and no drilling, mineral resource, metallurgy or economic study has established recoverable mineralisation.

13 hours ago