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China Northern Rare Earth (Group) High-Tech Co., Ltd. (SSE: 600111), based in Baotou, Inner Mongolia, is the world's largest rare-earth producer by volume and holds the separation/refining licences covering output from the Bayan Obo deposit — controlled by its parent, Baotou Steel (Group).
Baotou Steel (Group) is itself wholly state-controlled: the FY2025 annual report's own related-party note states the company's ultimate controller (最终控制方) is the State-owned Assets Supervision and Administration Commission of the Inner Mongolia Autonomous Region People's Government (内蒙古自治区人民政府国有资产监督管理委员会) — i.e. CNRE is, two tiers up, a provincial-SASAC-controlled state-owned enterprise, consistent with the 'controlling shareholder' framing already in this dossier's prose. No Baotou Steel (Group) dossier exists yet in this corpus, so parent_slug is intentionally left unset (never point at a slug with no dossier). GLEIF has no LEI record under this name or nearby variants (checked 2026-08-25 via gleif_lookup.py).
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 8 suppliers, 7 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
The Bayan Obo chokepoint as an audited procurement line — RMB 9,417,453,148.62 under a standing RMB 12.0bn contract, at negotiated intra-group agreement price. FY2024: RMB 8,548,424,689.57, also 100.00 percent.
Controlling shareholder. Leasing, energy and power, security, metering, inspection, consulting — RMB 185,317,029.90, roughly 5x the FY2024 figure of RMB 36,880,833.60.
The ONLY named rare-earth PRODUCT customer in the filing — RMB 408,882,050.87 ex-VAT — and a 46.52 percent-held associate, so it is an affiliated processing outlet, not evidence of external demand. Bidirectional: RE metal out, NdFeB scrap and magnets back in (RMB 12,067,684.96).
Captive treasury, not a goods supplier. RMB 3,302,917,720.77 of deposits sit inside the parent group's own finance company, up from 60.93 percent in FY2024.
Scrap steel, alloys, slag, chemicals, motors RMB 412,972,875.85 plus services and freight RMB 673,028,845.81 — by-products and services, not rare-earth product.
Identified from the BUYER's filing, not this one — JL MAG names CNRE as its number-1 supplier at RMB 4,548,596,045.78. Forced arithmetically into CNRE's top-5 (that is ~10.7 percent of CNRE revenue against a 32.80 percent top-5), but which rank is NOT established. Cross-filing deduction, hence secondary.
First direct naming of JL MAG in CNRE's OWN filing —
#2 accounts-receivable debtor, RMB 627,382,299.08. Same related party already carried above on the FY2025 sales-concentration rows; this is the receivables-balance cut, a different share_of basis, so it is a separate row rather than a joined vintage.
#4 accounts-receivable debtor, RMB 284,862,394.89. New name, not previously in this dossier.
#5 accounts-receivable debtor, RMB 226,799,438.91. New name, not previously in this dossier.
#1 prepayment recipient, RMB 99,777,630.00 — CNRE paid this company in advance of delivery, the disclosure's own signal of a supply relationship. New name.
#3 prepayment recipient, RMB 49,152,000.00. New name.
#4 prepayment recipient, RMB 47,900,000.00. New name.
#5 prepayment recipient, RMB 43,416,620.15. Longnan sits in Jiangxi's ionic-clay heavy-rare-earth belt — worth a follow-up read on this company's own supply position, not researched this tick.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
3 other tracked dossiers name this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 1004 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
Related-party trade in rare-earth concentrate: 419,800 t (dry, REO=50%) traded in 2024, priced quarterly. Report gives no value or share of sales.
Supplier number 1. CNY 4,548,596,045.78 — equal to 58.9 percent of JL MAG's FY2025 revenue.
From the FY2024 annual report, filed 2025-03-29 (cninfo) / 2025-03-28 (HKEXnews parallel H-share filing). Prior vintage. The multi-vintage delta is the finding — feedstock CONSOLIDATED onto one state supplier under export controls, plus 16 points in one year.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 4 of its 4 materials — a restriction on those is a tailwind, not a headwind.
Dossier discloses a dysprosium, terbium or samarium material exposure directly — A61 §1(2) names Dy/Tb-containing NdFeB and SmCo magnets by element.
A61's suspension (Announcement 70) lapses 10 Nov 2026 — on the plain text, controls revive automatically. The US DoD CN/RU/IR/KP sourcing bar follows 1 Jan 2027. See the underlying extraterritorial export-control action. We supply the provenance file; we never compute your ratio for you.
As a producer, policy pressure across its produced materials is rising.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.