China’s CXMT posts massive 870% revenue surge as ‘aggressive expansion’ pays off

ChangXin Memory Technologies (CXMT), China’s leading dynamic random-access memory (DRAM) maker, reported its first financial results since becoming the country’s most valuable publicly traded company in a blockbuster Shanghai listing last month. The Hefei-based chipmaker recorded first-half revenue of 150.31 billion yuan (US$22.4 billion) for the six months to June, up 873.64 per cent year on year. Net profit attributable to shareholders reached 77.61 billion yuan, reversing a loss of 2.33 billion yuan in the same period last year. The results exceeded CXMT’s pre-initial public offering guidance of 110 billion to 120 billion yuan in revenue and 50 billion to 57 billion yuan in net profit. Revenue was approximately 25 per cent above the top of that range, while attributable profit was about 36 per cent higher. The earnings surge was driven by skyrocketing demand for memory products from the artificial intelligence industry. CXMT said global DRAM supplies remained tight and prices continued to rise during the first half, with the shortage expected to persist in the coming months. The outlook supports near-term performance, although future results remain exposed to supply and pricing conditions. CXMT is also expanding production and improving its product mix as it increases output of newer products, including DDR5 memory, which is increasingly used in personal computers, workstations and servers. DDR-series revenue reached 69.47 billion yuan in the first half, representing 46.3 per cent of CXMT’s main business revenue, compared with 31.9 per cent in 2025. The increase indicates that newer products are becoming a larger part of the company’s commercial activity. CXMT said its latest LPDDR6 chip, capable of speeds of up to 12,800Mbps, had been sent to key customers for validation as preparations for mass production accelerate. It is the first time a Chinese DRAM maker has entered the commercialisation race for a new LPDDR generation at roughly the same time as global industry leaders. The results demonstrate how aggressive expansion, favourable memory pricing and product upgrades are supporting CXMT’s growth. Supply conditions, customer validation and the transition to mass production remain key investor considerations.