CXMT’s First-Half 2026 Revenue Surge and Profit Turnaround

ChangXin Memory Technologies (CXMT), the Hefei-based DRAM maker, reported first-half 2026 revenue of 150.31 billion yuan (? $22.4 billion), an 873.64 % year-on-year increase. Net profit attributable to shareholders rose to 77.61 billion yuan, reversing a loss of 2.33 billion yuan in the same period a year earlier. The results far exceeded the company’s pre-IPO guidance of 110-120 billion yuan revenue and 50-57 billion yuan profit.

CXMT H1FY26 Results: Revenue surges 874% to $22.4B, profit turns positive South China Morning PostChina's CXMT Posts an 873% Revenue Surge as the Global Memory Shortage Bites BloombergTaipei TimesBloombergChina's CXMT Swings to First-Half Profit of CNY 77.6 Billion, Becomes China's Most Valuable Listed Company — BigGo Finance China's CXMT Reports Massive Profit Turnaround With 873% Revenue Surge

CXMT went public on the Shanghai STAR Market in late July, closing its debut on July 27 up 465.82 % after raising 57.92 billion yuan. The IPO made CXMT China’s most valuable listed company, overtaking Tencent Holdings. The firm is the world’s fourth-largest DRAM producer and has become a focal point of China’s drive for semiconductor self-sufficiency.

Bloomberg

• Revenue growth: 150.31 billion yuan (2026 H1) vs. 16.0 billion yuan (2025 H1).

CXMT H1FY26 Results: Revenue surges 874% to $22.4B, profit turns positive

• Profit swing: 77.61 billion yuan profit vs. 2.33 billion yuan loss a year earlier.

CXMT H1FY26 Results: Revenue surges 874% to $22.4B, profit turns positive

• Product mix: DDR-series sales reached 69.47 billion yuan, representing 46.3 % of total revenue, up from 31.9 % in 2025.

South China Morning Post

• R&D spending: rose 87 % to 6.86 billion yuan; R&D staff grew 61 % to ~7,500 people.

CXMT H1FY26 Results: Revenue surges 874% to $22.4B, profit turns positive

• Market share: Omdia ranked CXMT fourth globally with a 7.67 % DRAM share in Q4 2025.

China's CXMT Posts an 873% Revenue Surge as the Global Memory Shortage Bites

• Valuation: Goldman Sachs values CXMT at roughly 10 × estimated 2027 earnings, a discount to peers.

China's CXMT Swings to First-Half Profit of CNY 77.6 Billion, Becomes China's Most Valuable Listed Company — BigGo Finance

The company said the shortage will persist into the coming months and that its latest LPDDR6 chip, capable of 12,800 Mbps, has been sent to key customers for validation. CXMT also noted that IPO proceeds will fund capacity expansion and efforts to catch up with larger rivals.

Bloomberg

• “It’s no longer a question of whether CXMT can generate exceptional profits,” — Wang Xi, chairman of Shenzhen-based investment firm Jiuxing Investment Co

Bloomberg

• “The quality and durability of those numbers, pace of spending, and tangible progress in high-bandwidth — those factors will drive earnings expectations and set its valuation anchor from here.” — Wang

Bloomberg

• “Valuations across hardware firms in China are propped up by the idea that self-sufficiency will create a large total addressable market,” — Morningstar Inc

Bloomberg

CXMT plans to move its LPDDR6 product to mass production later in 2026 and to use IPO proceeds for further capacity expansion. Analysts expect the firm to meet roughly 50 % of China’s DRAM demand and 40 % of its high-bandwidth-memory (HBM) demand by 2028. Goldman Sachs projects net profit to more than double to 361 billion yuan in 2027. The company’s continued growth will be watched against the backdrop of U.S. export controls and ongoing geopolitical tension over semiconductor supply chains.

China's CXMT Swings to First-Half Profit of CNY 77.6 Billion, Becomes China's Most Valuable Listed Company — BigGo Finance