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This paper presents a new flux-mnemonic dual-magnet brushless machine which incorporates both the neodymium-iron-boron (NdFeB) and aluminum-nickel-cobalt (AlNiCo) permanent magnets (PMs) for hybrid excitation. By applying a temporary current pulse in a small magnetizing winding to online tune the magnetization of AlNiCo PMs, the proposed machine can provide flexible air-gap flux control, thus achieving high efficiency at different speeds and loads. By newly using a parallelogram to model the AlNiCo PM hysteresis loop and then incorporating into the finite element field equation, the performance of the proposed machine is analyzed. Finally, experimental results are given to verify the simulation, confirming the validity of the proposed machine and its analysis.