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JL MAG Rare-Earth Co., Ltd. (dual-listed Shenzhen 300748 / Hong Kong 06680), headquartered in Ganzhou, Jiangxi — China's principal heavy-rare-earth mining and processing hub — is one of the world's largest makers of sintered neodymium-iron-boron (NdFeB) permanent magnets and magnetic components.
GLEIF has an LEI record for JL MAG (see `lei:`) but reports no parent relationship on file, consistent with individual rather than corporate control — confirmed by primary source, not treated as proof by itself. The FY2025 annual report's own glossary and shareholder-register table (pp.5, 74-75) name the actual controllers (实际控制人) as three individuals — Cai Baogui (蔡报贵), Hu Zhibin (胡志滨), Li Xinnong (李忻农) — who hold 40%/30%/30% of controlling-shareholder Jiangxi Ruide's equity respectively. 45,000,000 of Jiangxi Ruide's 387,100,160 shares (11.6% of its stake) are pledged. Second-ranked shareholder is HKSCC Nominees Limited at 17.07% (Hong Kong Stock Connect / H-share nominee, not a beneficial owner). No parent_slug set — this is founder/individual control via a holding vehicle, not a subsidiary of another corpus dossier.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 6 suppliers, 4 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
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.
Supplier number 2 in FY2024, absent from the named FY2025 top-5. Its FY2025 share is at most 3.16 percent. Whether it exited entirely is unverified.
Customer number 5, and the ONLY named customer in either year. Name-collision caveat — this is the Zhuhai-SASAC group holding company, NOT the listed Gree Electric (SZSE 000651). Do not upgrade to an end-use claim.
The only associate with transactions, bidirectional — JL MAG buys CNY 63.1m of materials and sells CNY 43.1m of goods. Sits OUTSIDE both top-5 lists.
H1-2026 semi-annual report, filed 2026-08-21 — 10 days ahead of the 2026-08-31 CSRC grid deadline. JL MAG buys CNY 33,740,375.93 of materials (against a CNY 100,000,000.00 approved quota, not exceeded) and sells CNY 22,313,507.22 of goods. This semi-annual filing does NOT carry a top-5 customer/supplier concentration table — that disclosure is annual-report-only, so counterparty_concentration above stays FY2025 until the next annual report. cninfo static-PDF link for this filing returned 403 as of 2026-09-20 and no live mirror was located this pass — source_url dropped rather than left dead; figures remain from the primary filing already searched in full.
H1-2025 comparative from the H1-2026 filing: JL MAG bought CNY 29,288,760.71 of materials and sold CNY 18,017,848.30 of goods.
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.
Every exposure is read as a buyer dependency; the top 3 are its binding chokepoints.
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 buyer, policy pressure across its consumed 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.