CXMT's 719% revenue surge drives Chinese memory chip stocks rally
ChangXin Memory Technologies (CXMT), a Hefei-based DRAM producer, reported a 719% year-on-year revenue increase to US$7.4 billion in the first quarter of 2026, reversing a net loss of 2.83 billion yuan to a profit of 33.01 billion yuan. The company 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 and a loss in the same period last year. The surge is attributed to rising DRAM prices, expanding sales volumes, and an improved product mix amid memory shortages since H2 2025. The earnings outlook fueled a rally in Chinese memory chip stocks: GigaDevice, a chip designer and CXMT shareholder, rose 6.57% on Monday to 400 yuan per share, gaining over 40% in the past month; its Hong Kong shares rose 8% on May 18 to HK$587.50. Biwin Storage, one of CXMT's largest vendors, jumped 8.10% to 331.1 yuan per share, more than doubling since March.
Key facts
- CXMT reported Q1 2026 revenue of US$7.4 billion, up 719% year-on-year.
- Net profit reached 33.01 billion yuan, reversing a 2.83 billion yuan loss.
- First-half 2026 revenue forecast: 110–120 billion yuan.
- First-half 2026 net profit forecast: 66–75 billion yuan.
- Growth driven by rising DRAM prices, sales volumes, and product mix.
- Memory shortages since H2 2025 contributed to the surge.
- GigaDevice shares rose 6.57% to 400 yuan; up over 40% in a month.
- Biwin Storage shares jumped 8.10% to 331.1 yuan; more than doubled since March.
Entities
Institutions
- ChangXin Memory Technologies (CXMT)
- GigaDevice
- Biwin Storage
- ChangXin Memory Technologies
- CXMT
- Hefei Qinghui Jidian Enterprise Management Partnership
- Hefei Changxin Integrated Circuit
- Big Fund Phase II
- Hefei Jixin Enterprise Management Partnership
- Anhui Investment Group
- Hefei ChangXin Integrated Circuit
- South China Morning Post
Locations
- Hefei
- China
- Hong Kong