CNRE (600111.SH) – H1 FY25 Beat, Downstream Expansion; Valuations Look Stretched

China Northern Rare Earth (600111.SH): Strong H1 Guidance Supports Full-Year Outlook

China Northern Rare Earth (Ticker: 600111.SH): Dominant Force Riding REE Upswing

Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

Australia Metals and mining / Thematic (Sector/Industry)

China Northern Rare Earth Group High-Tech (600111 CH)

China Northern Rare Earth Group High-Tech

<ul>
<li>CNRE delivered strong H1 results and downstream momentum, but its valuation remains elevated even after the pullback.</li>
<li>Shenghe offers superior risk-adjusted value with cleaner pricing leverage and materially lower multiples.</li>
<li>Lynas still trades on geopolitical scarcity, not earnings strength, making it suitable only as strategic optionality.</li>
</ul>


CNRE delivered strong H1 results and downstream momentum, but its valuation remains elevated even after the pullback.
Shenghe offers superior risk-adjusted value with cleaner pricing leverage and materially lower multiples.
Lynas still trades on geopolitical scarcity, not earnings strength, making it suitable only as strategic optionality.


Rare Earths 2025: Improving Fundamentals, Limited Valuation Headroom