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One of China's largest makers of high-performance neodymium-iron-boron rare-earth permanent magnets used in EV motors and wind turbines.
One of China's largest makers of high-performance neodymium-iron-boron rare-earth permanent magnets used in EV motors and wind turbines.
Sells magnets to motor makers at prices that move with the cost of neodymium and other rare-earth metals, so profit depends on the lag between metal price changes and selling price changes. This is the Hong Kong listing of the company that trades in Shenzhen as 300748.SZ. Rare-earth supply and pricing are influenced by Chinese policy.
In one line: China's leading rare-earth magnet maker, critical to EV and wind supply chains.
Moat: narrow (process know-how, scale, IP / patents). Advanced sintering/magnet-processing technology and scale, though rare-earth supply and pricing are state-influenced.
Headquarters: Ganzhou, Jiangxi, China · Founded: 2003 · Employees: 7,302
Size JL MAG Rare-Earth (6680.HK) is a Hong Kong Industrials company (Metal Fabrication) with a market value of $4.59B, the 267th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$14.76 on 6 Nov 2026.
Performance Over six months the shares fell 26.8%, against -13.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 19 in its peer set.
Growth Revenue grew 46.4% over the last twelve months (peer median +17.8%); the operating margin is 10.7% (peer median 10.8%).
Valuation It trades at 17.3× forward earnings against a peer median of 39.4× (3rd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points above its cost of capital (8.2% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$11.3B | HK$8.36B | HK$7.33B | HK$7.37B | HK$8.32B |
| Revenue growth | — | +14% | -1% | -11% | — |
| Gross profit | HK$2.71B | HK$1.73B | HK$789M | HK$1.16B | HK$1.32B |
| EBITDA | n/a | HK$1.00B | HK$334M | HK$690M | HK$818M |
| Net income | HK$1.08B | HK$765M | HK$316M | HK$623M | HK$817M |
| Free cash flow | HK$2.04B | -HK$116M | -HK$174M | HK$787M | -HK$316M |
| Capital expenditure | HK$394M | HK$506M | HK$732M | HK$890M | HK$677M |
| Total debt | HK$7.91B | HK$6.51B | HK$4.31B | HK$3.66B | HK$4.09B |
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 |
|---|---|---|---|---|---|---|
| JL MAG Rare-Earth 6680.HK | $4.59B | -27% | +46% | 11% | 17.3× | 14.3% |
| Ningbo Yunsheng 600366.SS | $1.64B | -24% | +33% | 6% | 19.3× | 19.1% |
| 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 |
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 | 6680.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.3% | -6.1% | 8th highest of 20 |
| 6-month return | -26.8% | -13.7% | 4th lowest of 19 |
| Distance from 52-week high | -43.1% | -39.1% | 10th lowest of 20 |
| Revenue growth (TTM) | +46.4% | +17.8% | 4th highest of 21 |
| Operating margin | 10.7% | 10.8% | 10th lowest of 21 |
| Forward P/E | 17.3× | 39.4× | 3rd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 14.3% | 20.2% | 5th least demanding of 9 |
| Growth delivered (Del g) | +25.2% | +14.9% | highest of 9 |
| Hurdle (Req g minus delivered) | -10.9 pp | +6.2 pp | 2nd least demanding of 9 |
| ROIC minus cost of capital | +1.0 pp | -1.8 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| JL MAG Rare-Earth 6680.HK | Hong Kong | $4.59B | -27% | +46% | 11% | 17.3× | 14.3% | +25.2% |
| POCO 300811.SZ | China | $4.24B | -15% | +48% | 24% | 38.4× | n/a | n/a |
| Hengdian Group DMEGC Magnetics 002056.SZ | China | $4.16B | -9% | +3% | 7% | 14.5× | n/a | n/a |
| Jiujiang Defu Technology 301511.SZ | China | $5.09B | -28% | +69% | 6% | 44.4× | n/a | n/a |
| PTC Industries PTCIL.NS | India | $4.09B | +45% | +95% | 19% | 174.5× | n/a | n/a |
| Shyam Metalics & Energy SHYAMMETL.NS | India | $3.84B | +47% | +26% | 9% | 19.3× | n/a | n/a |
| Endurance Technologies ENDURANCE.NS | India | $3.71B | -1% | +32% | 8% | 32.3× | 29.9% | +17.6% |
| Schaeffler India SCHAEFFLER.NS | India | $5.83B | -17% | +23% | 15% | 40.4× | 29.7% | +20.8% |
| Sinomach Precision Industry 002046.SZ | China | $3.47B | -17% | -1% | 4% | 75.7× | n/a | n/a |
| SFS SFSN.SW | Switzerland | $6.68B | +15% | +2% | 12% | 19.8× | -2.1% | +12.3% |
| Shaanxi Sirui Advanced Materials 688102.SS | China | $2.99B | -39% | +38% | 11% | 96.5× | n/a | n/a |
| Zhejiang XCC 603667.SS | China | $2.99B | -20% | -15% | 2% | 91.0× | 47.9% | +13.9% |
| Zetwerk Manufacturing Businesses ZETWERK.NS | India | $2.96B | n/a | +40% | 1% | n/a | n/a | n/a |
| Himile Mechanical Science & Technology (Shandong) 002595.SZ | China | $7.40B | -29% | +17% | 20% | 19.8× | 8.4% | +15.9% |
| Avic Heavy Machinery 600765.SS | China | $2.84B | -23% | -13% | 4% | 23.1× | n/a | n/a |
| Tolerance Technology (Jiangsu) 301583.SZ | China | $2.82B | n/a | +18% | 15% | n/a | n/a | n/a |
| Valmont Industries VMI | United States | $7.74B | -21% | +5% | 14% | 15.9× | 10.7% | +7.2% |
| Jyoti Cnc Automation JYOTICNC.NS | India | $2.45B | +32% | +18% | 21% | 53.8× | n/a | n/a |
| Anhui Tongguan Copper Foil 301217.SZ | China | $8.60B | -12% | +36% | 5% | 105.6× | n/a | n/a |
| Bossard BOSN.SW | Switzerland | $2.42B | +55% | +7% | 11% | 20.1× | 5.9% | +5.6% |
| Bharat Forge BHARATFORG.NS | India | $9.01B | -13% | +18% | 11% | 51.4× | 46.3% | +21.6% |