Highlights

• China Northern Rare Earth achieved RMB 18.87 billion in H1 2025 revenue.
• A 45.24% year-over-year increase in revenue.
• REO production surged by 111.2%.
• Notable growth across metals and magnetic materials segments.
• Company demonstrates strong operational performance.
• Amid domestic demand for rare earth products.

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What happened.

China Northern Rare Earth (Group) High-Tech Co. reported RMB 18.87 billion (~US$2.64 billion) in H1 2025 operating revenue, up 45.24% YoY, alongside record production and sales across key product lines, per a semi-annual update carried by Asian Metal. Metals output rose 28.10% YoY and sales 32.33%; “functional materials” output and sales climbed 16.65% and 17.93%. The report highlights historic highs for La-Ce and Pr-Nd products. From January–June, NRE produced 15,161 t REO (+111.2%), 71,145 t salts (−1.32%), 24,108 t metals (+28.10%), 34,570 t magnetic materials (+24.13%), 12,545 t polishing materials (+1.22%), and 975 t hydrogen-storage materials (−0.72%). Sales volumes were 20,162 t REO (+15.71%), 64,792 t salts (+45.41%), 22,398 t metals (+32.33%), 34,744 t magnetic materials (+25.39%), 12,650 t polishing materials (+2.41%), and 975 t hydrogen-storage materials (+2.14%).

What holds up.

Directionally, the data show broad-based volume strength—especially the outsized REO production jump—consistent with strong domestic pull for PrNd-bearing streams and policy emphasis on downstream magnet capacity.

Where the copy stumbles.

The Q1 vs. H1 wording glitch should be corrected in the source. More importantly, the piece doesn’t break out price vs. volume in revenue, nor does it disclose margins—critical to judging whether growth is quality (higher realizations, profitable mix) or simply throughput.

Questions that matter now.

How much of metals and “magnetic materials” growth is PrNd versus LaCe? What were average realized prices and gross margins? Did April–June export-license cadence alter export vs. domestic sales mix or inventories? Within “magnetic materials,” how much is NdFeB, and are those sales tied to long-term OEM contracts? Finally, can H2 sustain record volumes if license approvals tighten or domestic stimulus fades?

REEx take.

NRE’s H1 prints look like real operational strength from the sector’s most systemically important producer. For investors, the next tells are margin quality, permit cadence, and contract visibility in magnet materials. Those datapoints will determine whether this surge is a durable base reset or a high-water mark.

Note Northern Rare Earth is partially owned by Baogang Group, which is a state owned entity.

Source: Asian Metal, “Northern Rare Earth sees robust H1 metal production and sales,” Aug. 27, 2025 (author not listed).

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