In early December, three companies obtained the general export license for rare earth permanent magnets—Jinli Permanent Magnet, Zhongke Sanhuan, and another potentially underrated name: Ningbo Yunsheng.

The government's stance is very clear: applications for compliant civilian rare earth exports will be approved as they should be. This may sound plain, but what does it mean for the industry? It means the rules of the game haven’t changed, and those who should be working can keep working.

Ningbo Yunsheng’s inclusion this time isn’t a surprise. Their NdFeB magnetic materials have long been supplied to leading humanoid robot manufacturers like Zhiyuan—think about those robots in factories moving boxes or tightening screws; their products might be hidden inside those joint motors. Besides robots, they’re also targeting low-altitude aircraft, which is quite a hot track right now.

Now, let’s look at the numbers. In the first three quarters, revenue reached 3.91 billion, up 7% year-on-year, which isn’t explosive growth. But what about net profit? 276 million, a staggering 299% year-on-year increase. Profit growth far outpaces revenue, which means either costs are under control or the product mix has been optimized. Either way, the money is real.

They’re also laying the groundwork for capacity. Their “annual output of 15,000 tons of high-performance rare earth permanent magnet materials intelligent manufacturing project” began production of 5,000 tons this June. This capacity mainly targets new energy vehicle motors and consumer electronics—the former goes without saying, and for the latter, from phones to watches, which doesn’t need a micro-motor?

Rare earth permanent magnets may look like a materials business on the surface, but in reality, they’re a chokepoint for manufacturing. New energy vehicles need them to run farther, humanoid robots need them for agile movement, and low-altitude aircraft need them for stable flight—all rely on these magnets. Ningbo Yunsheng now sits at the throat of this supply chain.

Of course, whether the story continues depends on when the remaining 10,000 tons of capacity comes online, and whether the international market keeps buying. But for now, their hand still looks pretty solid.