In the bustling workshops of Baotou Jinmeng Magnetic Materials Co in Baotou city, North China's Inner Mongolia autonomous region, workers are busy with production. Many workers chose to work during the Spring Festival holiday in order to meet delivery deadlines for customer orders.

The production line of the company. [Photo/Baotou news network]

Liu Zhiheng, an R&D technician in the company, is one of the workers that chose to work over the holiday. He said that due to existing orders and customer requirements, many employees remained steadfast in their positions to guarantee a consistent supply of products.

Liu said that only through the advancement of the company can the income of the employees be elevated. "Therefore, we work together to ensure that the work is completed efficiently, refusing to lag behind during critical periods."

Despite the formidable challenges that face the industry, the company's production capacity increased from over 1,200 tons in 2022 to 1,370 tons in 2023, with sales revenue reaching 500 million yuan ($69.4 million).

In recent years, Baotou Jinmeng Magnetic Materials Co has relied on technological innovation to lead the development of the rare earth industry, focusing on the production and processing of high-performance sintered neodymium-iron-boron magnetic materials and bonded neodymium-iron-boron magnetic materials.

Currently, the company's products are primarily used in aerospace, communications, automotive, electro-acoustic, and medical equipment sectors. These products are then exported to countries such as Japan, the United States, Thailand, and South Korea.

Sun Xiping, the company's chairman, said that in the new year, the company will further enhance its capabilities, comprehensively improve its competitiveness, and contribute to the growth of the rare earth sector.