Top 5 Chinese Rare Earth Companies' H1 Net Profit Up 70%... "Impact of Eco-friendly Cars and Green Appliances Growth"

The net profit of China's top five rare earth companies in the first half of this year increased by about 70% compared to the same period last year.

According to Chinese economic media Jiemian News on the 23rd, the combined net profit of five rare earth companies?Beifang, Shenghua Ziyuan, Guangxing Yousuo, Xiamen Tungsten, and Wukuang?was 5.953 billion yuan (approximately 1.15 trillion KRW) in the first half of the year.

Beifang, the world's largest supplier of light rare earths used in commercial products such as mobile phones, recorded a net profit of 3.098 billion yuan (about 600 billion KRW), up 52% from the same period last year. Beifang explained, "The rapid growth of new energy vehicles, wind power, and green home appliance industries has significantly increased the demand for rare earths."

Shenghua Ziyuan and Guangxing Yousuo tentatively reported net profit increases of 135% and over 91%, respectively, while Xiamen Tungsten saw the lowest growth rate at 32.5%.

According to the China Rare Earth Industry Association, the China rare earth price index surged 26.9% from the beginning of this year to 430.96 in February, marking an all-time high.

However, due to the economic impact of the COVID-19 spread and lockdowns in major cities such as Shanghai in the second quarter, the index turned downward and fell 25.2% from the yearly high to 322.18 as of the 22nd.

This content was produced with the assistance of AI translation services.