HK Stock Market Move | Jl Mag Rare-Earth (06680) rebounds by over 5%, plans to invest in building a green smart manufacturing project for the production of 20,000 tons of high-performance rare-earth permanent magnetic materials annually.

Jl Mag Rare-Earth (06680) rebounded by more than 5%, and as of the time of writing, it has risen by 5.39%, reaching 8.6 Hong Kong dollars, with a turnover of 60.5244 million Hong Kong dollars. On the news front, on January 20, Jl Mag Rare-Earth announced that in response to market demand and its own business development needs, the company plans to invest in the construction of the "Annual Production of 20,000 Tons of High-performance Rare Earth Permanent Magnet Materials Green Intelligent Manufacturing Project" through its wholly-owned subsidiary Jl Mag Rare-Earth (Baotou) Technology Co., Ltd. This project has a total planned investment of 1.05 billion yuan and a construction period of 2 years. Once completed, the company will have an annual production capacity of 60,000 tons of high-performance rare earth permanent magnet materials. On the same day, Jl Mag Rare-Earth issued a profit warning, forecasting that the net profit attributable to shareholders of the listed company for the year ending December 31, 2024 will be approximately 271 million to 327 million yuan, a year-on-year decrease of 42% to 52%. The announcement stated that in 2024, the company overcame the adverse factors of the continuous decline in rare earth raw material prices since 2022, actively expanded its business, and made efforts to release capacity according to the plan, with a capacity utilization rate exceeding 90%. The sales volume of high-performance magnetic material products reached the highest level in the company's history, and the annual operating income is expected to slightly increase from the same period last year.