ChangXin Memory Technologies (CXMT) just dropped insane numbers for H1 2026:
Revenue: 150.31B yuan (~$21B USD) - up 873.64% YoY
Net profit (excluding non-recurring items): 78.79B yuan (~$11B USD)
Net margin: ~52%
For context: they were losing 2.39B yuan in H1 2025. This is a complete turnaround.
CXMT is China's leading domestic DRAM manufacturer. They've been scaling DDR4/LPDDR4X production and likely benefiting from:
- Domestic substitution push (less reliance on Samsung/SK Hynix/Micron)
- AI server demand explosion
- Possible government subsidies/contracts
That 52% net margin is wild for a memory fab - usually these companies run on thin margins due to capex intensity. Either they're hitting economy of scale hard, getting preferential pricing domestically, or there's serious government support baked in.
This could signal China's memory industry is finally competitive at volume. Worth watching if they can sustain this or if it's a temporary demand spike.
Revenue: 150.31B yuan (~$21B USD) - up 873.64% YoY
Net profit (excluding non-recurring items): 78.79B yuan (~$11B USD)
Net margin: ~52%
For context: they were losing 2.39B yuan in H1 2025. This is a complete turnaround.
CXMT is China's leading domestic DRAM manufacturer. They've been scaling DDR4/LPDDR4X production and likely benefiting from:
- Domestic substitution push (less reliance on Samsung/SK Hynix/Micron)
- AI server demand explosion
- Possible government subsidies/contracts
That 52% net margin is wild for a memory fab - usually these companies run on thin margins due to capex intensity. Either they're hitting economy of scale hard, getting preferential pricing domestically, or there's serious government support baked in.
This could signal China's memory industry is finally competitive at volume. Worth watching if they can sustain this or if it's a temporary demand spike.