CXMT Quarterly Revenue Nears RMB 100 Billion; Net Profit Surges 113% QoQ

CXMT has released its 2026 semi-annual report. In the first half of 2026, the company achieved revenue of RMB 150.31 billion, up 873.64% year on year; net profit attributable to shareholders of the listed company was RMB 77.605 billion, turning from a loss of RMB 2.332 billion in the same period last year to a profit; non-recurring net profit was RMB 78.793 billion, also turning from a loss of RMB 2.387 billion in the same period last year to a profit. As of the end of the reporting period, the gross profit margin of the company's main business reached 84.84%.

On a quarterly basis, CXMT's second-quarter revenue was approximately RMB 99.5 billion, up approximately 95.8% quarter on quarter; net profit attributable to shareholders of the listed company was RMB 52.843 billion, up 113% quarter on quarter; non-recurring net profit was RMB 52.45 billion, up 99.13% quarter on quarter.

In terms of cash flow, net cash flow from operating activities in the first half was RMB 131.156 billion, surging 2,985.64% year on year; weighted average return on net assets was 81.06%, and basic earnings per share was RMB 1.2893, also turning from a loss to a profit year on year.

The announcement stated that the substantial increase in performance was mainly driven by the rapid growth in global computing power demand, industry capacity allocation, tight supply and rising prices of DRAM products, which led to a significant improvement in product gross profit.

In terms of product mix, DDR series revenue in the first half was RMB 69.47 billion, with its share of total revenue increasing from 31.87% in 2025 to 46.22%; LPDDR series revenue was RMB 78.19 billion, accounting for 52% of total revenue. The company's self-developed LPDDR6, with a peak data rate of 12,800 Mbps and a maximum capacity of 16 GB, has been sent to key customers for sampling and verification, and mass production is being advanced.

As of the end of the period, CXMT's inventory stood at RMB 35.13 billion, up 23% from the end of 2025.

R&D expenditure for the period was RMB 6.859 billion, up 87.38% year on year, mainly due to the expansion of R&D personnel and an increase in project testing and service fees. Due to the rapid growth in revenue, the ratio of R&D expenditure to revenue declined.