Key points
- CXMT's first-half revenue hit 150.31 billion yuan ($22.4 billion), up 873.6% from a year earlier.
- Net profit of 77.61 billion yuan reversed last year's loss and beat its own IPO forecast by 36%.
- DDR5-class chips are now 46.3% of revenue, up from 31.9% in 2025.
China's largest DRAM maker CXMT reported 150.31 billion yuan ($22.4 billion) in revenue for the first half of 2026, up 873.64% from a year earlier. It was the company's first earnings report since listing in Shanghai last month. Net profit came to 77.61 billion yuan (about $10.8 billion), a reversal from the 2.33 billion yuan loss it posted in the same period of 2025.
The company had already told investors what to expect. Its July IPO prospectus projected first-half revenue of 110 billion to 120 billion yuan and net profit of 50 billion to 57 billion yuan, and those forecasts were only weeks old when the actual numbers came in about 25% and 36% above the top of each range.
| First half 2026 | July forecast | Reported |
|---|---|---|
| Revenue | 110 to 120 billion yuan | 150.31 billion yuan |
| Net profit | 50 to 57 billion yuan | 77.61 billion yuan |
The company credited rising DRAM prices, higher sales volumes, and a better product mix, and said global supply remained tight, according to the filing as reported by the South China Morning Post. Memory has been short since the second half of 2025, and memory chip prices kept climbing into late August while shares of Micron (MU), SanDisk (SNDK), and SK Hynix (SKHY) slipped.
DDR5 is now almost half the business
Revenue from DDR-series chips, the newer standard that includes the DDR5 memory used in servers, reached 69.47 billion yuan in the first half, or 46.3% of main business revenue. In 2025 that share was 31.9%. CXMT also said samples of LPDDR6, its next mobile memory part, are with customers for validation, at speeds up to 12,800 megabits per second.
CXMT has been a public company for barely a month. It listed on Shanghai's STAR Market on July 27 at 8.66 yuan a share, raised 57.92 billion yuan (about $8.6 billion) in the largest mainland IPO since 2010, closed its first day up 465.82%, and by mid-August had passed Tencent as China's most valuable listed company at about $524 billion, according to Tom's Hardware. Its prospectus put its 2025 share of the global DRAM market at 7.67%.
US investors can't buy the stock directly. The closest route is the Roundhill Memory ETF (DRAM), which held a $627.5 million CXMT total return swap in its August 2 holdings file, about 2.52% of assets.
Korean media reported on August 5 that Apple (AAPL) asked CXMT for a discount on mobile DRAM and was quoted prices level with or above Samsung Electronics and SK Hynix. Neither company has confirmed the report.
None of this is investment advice. Only 6.73% of CXMT's stock was tradable at listing, and the first institutional lock-up doesn't expire until January 2027.
Sources
- CXMT 2026 half-year report, disclosed August 28, 2026, for revenue, profit, and product-mix figures, as reported by the South China Morning Post
- South China Morning Post, August 28, 2026, for the guidance comparison and the company's supply commentary
- CXMT STAR Market prospectus, July 2026, for the first-half forecast, the 7.67% global DRAM share, and float and lock-up detail
- Tom's Hardware, August 2026, for CXMT's market value passing Tencent's
