According to reports, JLMAG (06680) has seen an increase of nearly 6%, currently up 5.74% at HKD 23.58, with a trading volume of HKD 177 million. In terms of news, a report by CITIC Securities states that on the policy front, the Ministry of Commerce, in collaboration with the General Administration of Customs and other departments, has released multiple export control policies, emphasizing the strategic nature of rare earth resources. Under the backdrop of additional regulatory constraints and declining imports, the rigid supply of rare earths continues to strengthen. The combination of demand support and gradual recovery in exports is providing strong backing for rare earth prices. Demand from sectors such as new energy vehicles, consumer electronics, variable frequency air conditioning, and wind energy is expected to continue rising, while emerging fields such as robotics, low-altitude economy, and industrial motors may open up long-term growth in demand. The supply-demand dynamics within the rare earth industry are anticipated to reach a turning point, leading to recommendations for the strategic allocation value within the rare earth industrial chain. Recently, JLMAG reported that for the first three quarters of 2025, revenue reached CNY 5.373 billion, a year-on-year increase of 7.16%; net profit attributable to the shareholders of the listed company was CNY 515 million, up 161.81% year-on-year. Galaxy Securities pointed out that the company's profitability has significantly improved. The gross profit margin for the first three quarters of 2025 reached 19.49%, up 9.46 percentage points year-on-year, with an estimated gross profit margin of 25.3% for Q3 2025, an increase of 8.2 percentage points quarter-on-quarter, marking four consecutive quarters of rising gross profit margins. This improvement in gross margin is mainly attributed to robust orders driving sales growth of primary products, an increased proportion of high-margin overseas income, and adjustments to the company's rare earth raw material inventory strategy amid significantly rising rare earth prices.