JS Link

JS Link began as a genomic analysis company founded in 2000, with core businesses in genetic information databases, gene analysis and disease-gene discovery, and the development and sale of analytical reagents and instruments.

The company has positioned itself as a personalized-medicine healthcare business spanning disease prediction, diagnosis and treatment.

It changed its corporate name to JS Link in 2025, and has since built permanent magnets into a new growth business, having added magnet and related product manufacturing and rare earth magnet recycling to its articles of incorporation in August 2024.

Reported revenue still comes from the legacy bio operations such as genome analysis outsourcing, leasing and identification services, and as of Q1 2026 the magnet segment recorded no revenue while posting a segment operating loss of KRW 2.05 billion on segment assets of KRW 52.3 billion.

The production base is the Yesan magnet plant in Chungcheongnam-do, being prepared for an annual capacity target of 1,000 tonnes, and management has outlined a combined 9,000-tonne system across Yesan (1,000t), the United States (5,000t) and Malaysia (3,000t), targeting mass production in the US in 2027 and in Malaysia in 2028.

On raw materials, Lynas agreed to supply rare earth feedstock to both the Korean plant and the new Malaysian plant through January 2038.

On ownership, as of end-Q1 2026 the largest shareholder was Jusung C&Air, with a combined 29.74% including six related parties, of which Jusung C&Air held 16.91% and joint holder Orbitech 3.19%.

Competitively, the effort amounts to entering the small group of suppliers able to certify non-Chinese supply chains in a market where large Chinese magnet makers hold scale and cost advantages, and it is worth noting the gap between the company's exchange sector classification in services and bio and the nature of its actual new business.

On confirmed financials, revenue moved within a band below KRW 20 billion: KRW 17.0 billion in 2022, KRW 21.9 billion in 2023, KRW 15.9 billion in 2024 and KRW 19.3 billion in 2025.

Operating losses, however, widened from KRW 5.1 billion (2022) and KRW 4.3 billion (2023) to KRW 9.1 billion (2024) and KRW 12.5 billion (2025), pushing the operating margin deep into negative sixty-percent territory.

Net loss also grew from KRW 5.6 billion in 2023 to KRW 10.8 billion in 2024 and KRW 16.4 billion in 2025, while operating cash outflows expanded each year, at KRW 5.0 billion, KRW 6.8 billion and KRW 9.4 billion respectively.

Equity rose from KRW 25.0 billion at end-2024 to KRW 68.6 billion at end-2025 and the debt-to-equity ratio fell from 117.3% to 79.4%, an outcome driven by external funding rather than earnings.

Despite more than five consecutive loss years, the company is not directly affected by the related listing rules thanks to its technology-track listing, and accumulated deficits have been offset by large placements to guard against capital impairment (Dealsite, April 2026).

Quarterly, revenue and operating losses ran at KRW 3.8 billion / KRW 2.4 billion in Q2 2025, KRW 5.2 billion / KRW 3.9 billion in Q3, and KRW 8.9 billion / KRW 1.4 billion in Q4, with sales concentrated in the fourth quarter, yet the Q4 net loss widened to KRW 5.7 billion.

In Q1 2026 revenue dropped to KRW 2.4 billion with an operating loss of KRW 4.9 billion, followed by KRW 6.3 billion of revenue and a KRW 4.2 billion operating loss in Q2.

Notably, Q2 2026 showed a net profit attributable to owners of KRW 8.0 billion despite the operating loss, implying a large non-operating contribution whose composition needs to be checked in the quarterly report footnotes.

Summing the latest four quarters (Q3 2025 to Q2 2026) gives revenue of KRW 22.8 billion, an operating loss of KRW 14.4 billion and a net loss of KRW 5.3 billion, meaning losses persist at the operating level while the bottom line narrowed on non-operating items.

Rare earth permanent magnets are the core material in high-efficiency motors that convert electrical energy into rotational force, and neodymium magnets are used widely in EV traction motors, industrial robots and humanoid robot joint actuators.

On supply, China controls more than 80% of the global rare earth market and has imposed export controls on seven elements including neodymium, dysprosium, samarium and terbium, hitting automakers.

China has temporarily suspended enforcement of its rare earth and related process and equipment export controls until November 2026, leaving the expiry of that suspension as an inflection point for the sector.

On demand, the DFARS sourcing compliance date in US procurement rules is set at January 1, 2027, increasing pressure to source non-Chinese magnets across defense and aerospace supply chains.

The basis of competition is also shifting, as global customers have begun requiring traceability and origin certification from mine through to finished magnet.

Company officials have said supply security and non-Chinese verification, rather than price, dominate customer discussions, and that some high-reliability industries appear willing to absorb a price premium for non-Chinese product.

Scale, however, remains an issue for the competitive position, and the flagship N52 grade offers strong magnetic force but limited heat resistance, so stable output must still be proven in higher-heat grades such as 45UH, 50H and 38SH.

Technical validation has visibly progressed. In July 2026 the company said it had succeeded in trial production of high-performance 42SH grade magnets at the Yesan plant and planned to begin the top-tier 45UH grade and push customer qualification.

In June 2026 it received a registration decision on a patent covering its proprietary grain-boundary-diffusion process for raising coercivity in R-Fe-B magnets.

According to the company, sample shipments to global customers have begun, and the N52, 45H and 50H products approved for shipment met target magnetic properties while achieving yields above the mid-90% range at the block manufacturing stage. Funding and partnerships have also broadened.

A KRW 53.4 billion third-party placement disclosed in July 2026 was allocated solely to Lynas Rare Earths of Australia, with proceeds earmarked entirely for local capex at the Malaysian subsidiary, and Lynas takes a 4.58% stake after the issue.

On July 7, 2026 the company also signed a non-binding letter of intent with REalloys to evaluate an integrated North American rare earth magnet manufacturing platform.

For the US base, the subsidiary announced roughly USD 223 million of investment at Muscogee Technology Park in Columbus, Georgia, with operations slated to begin at end-2027.

In its newsletter, the company said US business cooperation would move into full gear once 45UH quality verification is complete, and that it would take all measures to pull forward start-up timing in Malaysia and the United States.

By contrast, no specific numerical revenue or profit guidance has been confirmed, and the timing at which planned capacity converts into recognized sales remains to be verified.