CXMT Q1 revenue surges 719% to $7.4bn, lifting Chinese chip stocks
Synopsis
CXMT posted a 719% revenue surge to US$7.4 billion in Q1 2026 and forecast up to 120 billion yuan in first-half revenue — a near-eightfold jump year-on-year — as a global DRAM shortage turns China's homegrown memory champion into one of the fastest-growing chip companies on the planet.
Key Takeaways
CXMT reported Q1 2026 revenue of 50.8 billion yuan (US$7.4 billion) , up 719 per cent year-on-year, disclosed in its updated listing prospectus.
First-quarter net profit reached 33.01 billion yuan , reversing a loss of 2.83 billion yuan in Q1 2025 .
CXMT forecast first-half 2026 revenue of 110–120 billion yuan and net profit of 66–75 billion yuan , compared with 15.44 billion yuan revenue in H1 2025 .
GigaDevice shares rose 6.57 per cent to 400 yuan on the mainland and 8 per cent to HK$587.50 in Hong Kong on 18 May 2026 , with a one-month gain exceeding 40 per cent .
Biwin Storage jumped 8.10 per cent to 331.1 yuan , with its share price more than doubling since March 2026 .
The surge was driven by fast-rising DRAM prices, higher volumes, and an improved product mix amid a global memory shortage that began in H2 2025 .
ChangXin Memory Technologies (CXMT), the Hefei-based DRAM producer, reported first-quarter revenue of 50.8 billion yuan (US$7.4 billion) — a 719 per cent year-on-year jump — sending a broad rally through Chinese memory chip stocks on Monday, 18 May 2026. The blowout figures, disclosed in an updated listing prospectus, underscore how a global memory shortage that began in the second half of 2025 is reshaping China's semiconductor supply chain.
Record profits reverse prior-year losses
CXMT posted first-quarter net profit of 33.01 billion yuan, swinging sharply from a net loss of 2.83 billion yuan in the same period a year earlier. The company attributed the turnaround to fast-rising DRAM prices, expanding sales volumes, and an improved product mix, according to the prospectus filing.
Looking ahead, CXMT forecast first-half 2026 revenue of 110 billion yuan to 120 billion yuan, against 15.44 billion yuan in the first half of 2025. First-half net profit is projected at 66 billion yuan to 75 billion yuan, reversing losses recorded in the year-earlier period.
Market reaction: shareholders and vendors surge
GigaDevice, a chip designer and CXMT shareholder, rose 6.57 per cent on Monday to close at 400 yuan per share on the mainland, extending its one-month gain to more than 40 per cent. In Hong Kong, GigaDevice shares climbed 8 per cent on 18 May to close at HK$587.50.
Biwin Storage, one of CXMT's largest vendors, jumped 8.10 per cent to 331.1 yuan per share. Its stock has more than doubled since March 2026, reflecting the market's confidence in sustained demand from the memory supply chain.
Why it matters: the global memory shortage
Global DRAM supply has been constrained since the second half of 2025, driving prices higher across the industry. CXMT's scale-up positions it as a significant beneficiary — and a growing competitive force against established players such as Samsung Electronics — at a moment when geopolitical pressure is pushing China to accelerate domestic chip self-sufficiency.
The broader ecosystem is also gaining momentum. Equipment and materials suppliers including Naura Technology, ACM Research Shanghai, Advanced Micro-Fabrication Equipment China, and Hwatsing Technology are closely watched as CXMT's expansion drives procurement cycles across the domestic supply chain.
What's next
CXMT's listing process remains in focus, with the updated prospectus signalling the company's intent to access public capital markets. Investors will be watching whether the strong first-half guidance holds as DRAM prices stabilise and whether domestic equipment suppliers can keep pace with CXMT's aggressive production ramp. The trajectory of Semiconductor Manufacturing International Corporation (SMIC) and allied foundry partners will also be a key indicator of how deeply the memory boom permeates China's wider semiconductor ecosystem.
Point of View
Putting the timeline of CXMT's public listing in a race against the memory cycle's peak. The rally in ecosystem names — Naura, ACM Research Shanghai, AMEC — also hints that investors are pricing in a sustained domestic equipment procurement wave, a direct consequence of US export controls pushing CXMT toward homegrown tooling. Samsung and SK Hynix should watch not just CXMT's capacity numbers but its product-mix disclosures: a shift toward higher-density or HBM-adjacent DRAM would signal ambitions well beyond commodity replacement.
NationPress
5 Jul 2026
Frequently Asked Questions
What were CXMT's Q1 2026 financial results?
CXMT reported first-quarter 2026 revenue of 50.8 billion yuan (US$7.4 billion) , a 719 per cent increase year-on-year, with net profit of 33.01 billion yuan compared with a loss of 2.83 billion yuan a year earlier, according to its updated listing prospectus.
Why did Chinese memory chip stocks rally on 18 May 2026?
The rally was triggered by CXMT 's disclosure of sharply stronger Q1 results and an upbeat first-half outlook. GigaDevice , a CXMT shareholder, gained 6.57 per cent on the mainland and 8 per cent in Hong Kong , while vendor Biwin Storage jumped 8.10 per cent .
What is CXMT's revenue forecast for the first half of 2026?
CXMT forecast first-half 2026 revenue of 110 billion yuan to 120 billion yuan , up from 15.44 billion yuan in the same period of 2025 . The company also projected first-half net profit of 66 billion yuan to 75 billion yuan , reversing prior-year losses.
What is driving CXMT's rapid growth?
According to the company's prospectus filing, the surge was driven by fast-rising DRAM prices, expanding sales volumes, and an improved product mix. Global memory supply has been constrained since the second half of 2025 , benefiting producers with available capacity.
How does CXMT compare to global DRAM competitors like Samsung?
CXMT is China's leading domestic DRAM producer and is scaling rapidly as geopolitical pressures accelerate Beijing's push for semiconductor self-sufficiency. While still smaller than Samsung Electronics and SK Hynix by overall capacity, its growth rate and the breadth of its domestic supply chain — spanning equipment makers and module vendors — mark it as an increasingly material competitor in the global memory market.
