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China's largest rare earth producer, mining and processing light rare earth elements (like neodymium) used in magnets and electronics, majority state-owned.
China's largest rare earth producer, mining and processing light rare earth elements (like neodymium) used in magnets and electronics, majority state-owned.
Buys ore concentrate from the Bayan Obo mine, run by its Baotou Steel parent, at prices agreed with that parent, then processes it into oxides, metals and magnetic materials sold to magnet makers. Profit therefore tracks the spread between that transfer price and market rare-earth prices. Beijing's quota system and industry consolidation shape volumes.
In one line: China's MP Materials, but many times larger and state-controlled.
Moat: wide (regulatory licence, scale, installed base). State-allocated production quotas and access to China's Bayan Obo deposit, the world's largest light rare earth resource.
Headquarters: Baotou, Inner Mongolia, China · Founded: 1997 · Employees: 10,948
Size China Northern Rare Earth (Group) High-Tech (600111.SS) is a China Materials company (Chemicals: Specialty) with a market value of $19.6B, the 115th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥36.34 on 6 Nov 2026.
Performance Over six months the shares fell 31.5%, against -14.7% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 28.6% over the last twelve months (peer median +2.2%); the operating margin is 11.5% (peer median 13.0%).
Valuation It trades at 28.5× forward earnings against a peer median of 15.9× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.1 points below its cost of capital (13.2% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥53.6B | CN¥42.5B | CN¥32.9B | CN¥33.4B | CN¥37.1B |
| Revenue growth | — | +29% | -2% | -10% | — |
| Gross profit | CN¥8.97B | CN¥4.93B | CN¥3.15B | CN¥4.71B | CN¥10.1B |
| EBITDA | n/a | CN¥4.51B | CN¥2.66B | CN¥3.86B | CN¥8.58B |
| Net income | CN¥4.36B | CN¥2.25B | CN¥1.00B | CN¥2.37B | CN¥5.98B |
| Free cash flow | CN¥1.70B | -CN¥138M | -CN¥625M | CN¥1.35B | CN¥3.74B |
| Capital expenditure | CN¥1.20B | CN¥1.31B | CN¥1.69B | CN¥1.11B | CN¥1.01B |
| Total debt | CN¥9.71B | CN¥12.1B | CN¥12.5B | CN¥9.60B | CN¥7.73B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Northern Rare Earth (Group) High-Tech 600111.SS | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% |
| MP Materials MP | $6.31B | -47% | +72% | -17% | 248.7× | n/a |
| Lynas Rare Earths LYC.AX | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% |
| China Rare Earth Resources And Technology 000831.SZ | $7.57B | -7% | -2% | 15% | 103.1× | 53.1% |
| Shenghe Resources 600392.SS | $4.09B | -40% | +34% | 8% | 16.2× | n/a |
| Neo Performance Materials NEO.TO | $821M | -13% | +24% | 14% | 12.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600111.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.3% | -2.0% | 5th highest of 21 |
| 6-month return | -31.5% | -14.7% | 6th lowest of 21 |
| Distance from 52-week high | -42.8% | -28.8% | 7th lowest of 21 |
| Revenue growth (TTM) | +28.6% | +2.2% | 5th highest of 21 |
| Operating margin | 11.5% | 13.0% | 10th lowest of 21 |
| Forward P/E | 28.5× | 15.9× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 24.6% | 7.8% | 3rd most demanding of 16 |
| Growth delivered (Del g) | +14.2% | +10.4% | 7th highest of 16 |
| Hurdle (Req g minus delivered) | +10.4 pp | -4.0 pp | 3rd most demanding of 16 |
| ROIC minus cost of capital | -1.1 pp | -0.4 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Northern Rare Earth (Group) High-Tech 600111.SS | China | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% | +14.2% |
| LyondellBasell LYB | United States | $19.6B | -15% | -2% | 10% | 9.5× | -10.3% | +1.7% |
| Hengli Petrochemical 600346.SS | China | $17.5B | -25% | -8% | 8% | 9.2× | -8.0% | +5.1% |
| Dow DOW | United States | $22.7B | -14% | +4% | 5% | 14.8× | 4.3% | +0.7% |
| Ningxia Baofeng Energy 600989.SS | China | $23.4B | -31% | +35% | 35% | 8.4× | -7.8% | +24.8% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | United States | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% | +20.1% |
| Ems-chemie EMSN.SW | Switzerland | $24.3B | +28% | -3% | 30% | 39.4× | 8.6% | +1.6% |
| Nippon Sanso 4091.T | Japan | $15.3B | +1% | +10% | 15% | 16.9× | 7.8% | +10.7% |
| Symrise SY1.DE | Germany | $15.1B | +30% | -1% | 12% | 24.8× | 8.1% | +7.0% |
| Covestro 1COV.DE | Germany | $14.0B | 0% | -9% | -3% | 200.3× | n/a | n/a |
| Zhejiang Juhua 600160.SS | China | $13.1B | -12% | -5% | 20% | 18.2× | n/a | n/a |
| Lgchem 051910.KS | South Korea | $12.6B | -42% | 0% | 0% | n/a | n/a | n/a |
| Resonac 4004.T | Japan | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% | +6.7% |
| Satellite Chemical 002648.SZ | China | $12.4B | -17% | +20% | 23% | 7.2× | -13.2% | +33.8% |
| Formosa Plastics 1301.TW | Taiwan | $12.1B | +22% | -11% | -2% | 21.4× | n/a | n/a |
| Novonesis A/S NSIS-B.CO | Denmark | $32.1B | +22% | +5% | 21% | 30.0× | 13.2% | +17.2% |
| Albemarle ALB | United States | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% | +10.4% |
| Formosa Chemicals & Fibre 1326.TW | Taiwan | $11.1B | +21% | -5% | 1% | 21.0× | 26.2% | +2.5% |
| Swancor Advanced Materials 688585.SS | China | $10.9B | +50% | +3% | -25% | n/a | n/a | n/a |
| Ganfeng Lithium 1772.HK | Hong Kong | $9.76B | -72% | +123% | 18% | 6.4× | 9.0% | +32.0% |
| Tianqi Lithium 002466.SZ | China | $8.97B | -54% | +104% | 57% | 9.0× | -1.2% | +26.2% |