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600111.SH · A-shares

600111.SH Northern Rare Earth: light-RE leader + quota leverage

Northern Rare Earth 2025 revenue ¥42.563B (+29%), parent NI ¥2.251B (+124%). ~¥37.45 / mkt ~¥135B. Light-RE leader; NI highly price/quota sensitive. See China RE.

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KPIs

A-share (approx)
CNY 37.45
Market cap (approx)
CNY 135.0B
2025 revenue
CNY 42.6B
2025 parent NI
CNY 2.3B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Northern Rare Earth Among the world's largest light-RE suppliers. 2025 revenue/NI surge on price recovery and scale. Thesis: RE price/quota beta.

Business

Model: Integrated light-RE mining–separation–trading–magnetics; scale shapes part of global supply voice.

Flagships: (1) light RE oxides; (2) magnetics extension.

Competitiveness: (1) Bayan Obo resources and quota scale; (2) separation-to-magnetics value-add.

Strategy (12–24m): high earnings torque in price upcycles; track annual quotas, separation utilization, magnet demand.

Strategy pillars

Strategy pillars
PillarDetail
主业定位轻稀土采选—分离—贸易—磁材
规模资源与配额规模优势
下游延伸磁性材料
跟踪价格指数、年度配额、分离利用率
As of 2026-09-25

Entity boundary: 600111.SH Northern Rare Earth, among the world's largest light-RE suppliers. No material liquidation/resumption-type events.

Value chain

Position: upstream–midstream integrated (light RE).

Side Counterparties Dependence
Upstream Bayan Obo resources and quotas Limited supply elasticity
Downstream Magnets / new energy / trading Permanent-magnet demand cycle

See China RE, nonferrous deep-dive.

Customer structure

Customer structure
ItemValueNote
客户类型磁材 / 新能源 / 贸易—
客户集中度N/A（未具名）—
上游白云鄂博资源 + 配额—
As of 2026-09-25

Customer concentration: not named; magnetics/new-energy/trading downstream. Bayan Obo resources and quotas are core.

Supply-chain risks: (1) RE price retreat; (2) quotas and ESG/separation-capacity constraints — echoed in Risks.

Price & valuation

Use price/quota scenarios. Trailing PE ~60x embeds policy premium, not a steady industrial multiple.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
P/E（静态）约 60x市值约 1350 亿 / 归母 22.51 亿；高增后仍贵，看价格情景
P/B约 5–7x（示意）轻稀土龙头政策溢价
盈利收益率约 1.5%–2%1/PE
现价读法约 37.45 元价格与配额 beta
As of 2026-09-25

~3y valuation / return series (illustrative public-market; div yield and trailing ann. return approximate):

Valuation & returns · ~3y

Interactive chart available in the reader.

Yahoo/marketcapof Northern Rare Earth PE-TTM/PB; null when unavailable. · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Quarterly close reconstruction (illustrative, split-adjusted approx.) · As of 2026-09-25

Financial trend (~24m)

Last 8Q revenue and gross margin with YoY/QoQ.

Revenue · last 8Q

Interactive chart available in the reader.

Company filings; some quarters synthesized · As of 2026-09-25

Gross margin · last 8Q

Interactive chart available in the reader.

Company disclosures; some quarters synthesized · As of 2026-09-25

Financial health (§A.7)

Healthy (high-growth) — revenue/NI surged; check OCF vs NI and inventory marks vs RE prices.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评健康（高增期）营收/净利高增；价格回落则快速回撤
经营现金流N/A（本包未单列）高增期核对 OCF 与存货；以年报为准
有息债 vs 现金示意：龙头平台稳健以合并报表为准
流动性示意：正常—
审计意见无保留（常规预期）以年报为准
As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Reconstructed from public filings (illustrative; attributable NI) · As of 2026-09-25

Operations

Revenue / segment mix

Revenue / segment mix
SegmentScale/mixNote
稀土氧化物主体轻稀土为主
磁性材料增长下游延伸
贸易次要价格对冲有限
2025 全年营收 +29%、净利 +124%价格回升
As of 2026-09-25

Competition

Peers China RE, Lynas. Pros: light-RE scale/quota. Cons: NI volatility vs industrials.

Market share trend · last 8Q

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer map

Peer map
CompanyRoleMarginStrengthWeakness
北方稀土轻稀土龙头中规模/配额价格 beta 大
中国稀土中重平台中中重定位规模较小
Lynas海外 RE中海外供给地缘/政策
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
董事长刘培勋公开披露平稳
总经理瞿业栋公开披露平稳
董秘以年报为准公开披露—
As of 2026-09-25

Stability: Chair Liu Peixun, CEO Qu Yedong; steady SOE governance.

Outlook

Commodity demand: Light RE pulled by magnets and new energy; quotas/ESG set supply elasticity.

Track RE index, annual quotas, magnet demand, separation utilization.

Scenarios

Scenario Trigger Implication
Bull Sustained RE upcycle Further NI uplift
Base High but choppy prices Cyclical sleeve
Bear Price downcycle Fast NI compression

Risks

Risks (with severity)

Risks (with severity)
RiskLevelNote
稀土价格回落高盈利快速回撤
配额调整高供给政策
环保与分离产能约束中高供应链回扣
磁材需求周期中下游联动
高估值消化中高静态 PE 仍高
中重稀土结构竞争中对标中国稀土
As of 2026-09-25

Tracking

Next interim / annual check:

  1. RE price index
  2. Annual quotas and separation utilization
  3. Magnetics contribution
  4. GM vs price moves
  5. Spread/share vs China RE

Confirm: prices range high, quotas steady, magnet demand holds.
Falsify: RE price retreat, quota shock, NI snaps back.

References

  1. Northern RE disclosures — http://www.cninfo.com.cn/new/disclosure/stock?stockCode=600111&orgId=gssh0600111
  2. SSE notices — https://www.sse.com.cn/assortment/stock/list/info/announcement/index.shtml?productId=600111
  3. China RE · Nonferrous deep-dive

Not investment advice. Valuation series are illustrative public-market estimates.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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