Yantai Zhenghai Magnetic Material Co., Ltd. (ZHmag) achieved an annual production of 17,512 tonnes of NdFeB permanent magnetic material in 2023, up by 12.66% from 2022, and the annual sales of NdFeB permanent magnetic material increased by 12.16% YoY to 17,178 tonnes, according to the company's annual report.

In 2023, the company produced 11,874 tonnes and sold 11,345 tonnes of high performance NdFeB permanent magnetic material used for automobile industry, up by 22.11% and 19.23% respectively versus the prior year.