Upstream profits are abundant, the midstream is resilient but has hidden worries, and the rare earth industry chain's third quarter report shows contrasting results.

With the end of the disclosure of the third quarter reports, the rare earth permanent magnet industry chain presented different performance results. Upstream companies saw abundant profits due to the strong rise in product prices, with higher "quality" performance; midstream leading magnet material companies showed strong growth resilience with diverse strategies under the dual pressures of cost and market. However, indicators such as decreasing inventory turnover ratio and tight cash flow also warn of hidden concerns behind this resilience.