CXMT Q3 Revenue Hits RMB 118.71B, Up 613%, With Net Profit at RMB 54.4B

ChangXin Memory Technologies (CXMT), the Chinese DRAM maker, reported third-quarter 2026 revenue of RMB 118.71 billion on Oct. 30, up 613.18% from a year earlier, and attributable net profit of about RMB 54.4 billion. The figures come from the company's third-quarter report, as relayed by China's National Business Daily and by Reuters-based coverage.

Third-quarter net profit attributable to shareholders was about RMB 54.43 billion, against a loss in the same quarter last year, so the report carries no year-on-year percentage for that line. National Business Daily, quoting the report, put quarterly gross margin at about 89.53%, up about 1.94 percentage points from the second quarter. Revenue rose about 19.30% from the second quarter and attributable profit about 3.01%.

Nine-month numbers and the guidance check

For the first nine months, revenue reached RMB 269.02 billion, up 738.51% year on year, while attributable net profit was RMB 132.04 billion, against a loss of about RMB 5.28 billion a year earlier. National Business Daily noted that both nine-month figures landed in the upper part of the ranges CXMT gave in a pre-announcement on Oct. 16: RMB 265 billion to RMB 270 billion in revenue and RMB 131 billion to RMB 132.5 billion in attributable profit.

Seoul Economic Daily, in a Reuters-Yonhap report, said the quarterly revenue also matched the RMB 114.7 billion to RMB 119.7 billion range CXMT had flagged. It added that sequential revenue growth slowed to 19.3% from 95.9% in the second quarter.

What CXMT says drove it

The report attributes the revenue jump to rapid growth in global compute demand and the capacity allocation of the major global suppliers, which left DRAM in short supply, according to National Business Daily. Together with CXMT's own capacity build-out and a better product mix, that lifted both shipment volumes and selling prices. Profit rose because prices climbed and unit costs fell as scale effects set in, the company said.

Morningstar analyst Phelix Jing told Seoul Economic Daily he expects CXMT's results to stall over the next few quarters as customers push back on prices, since consumer electronics still take roughly 30% to 40% of global memory demand.

Buyback plan and earlier coverage

On the same day, CXMT's board approved a repurchase of RMB 1 billion to RMB 2 billion of shares at no more than RMB 72.69 each. About half is meant for employee incentives and at least half for cancellation. The plan still needs a shareholder vote and cannot start until six months after the listing, National Business Daily said. The paper listed the stock at RMB 41.80 and the market value at RMB 2.838 trillion.

As Voltgrid reported, the company entered the Shanghai Composite on Oct. 28 as its largest constituent. We also covered the report of limited HBM3E output at 20% to 30% yields, which CXMT has not confirmed, and Micron's decision to stay with 6F2 DRAM while CXMT advances a 4F2 cell design.

Every figure here is attributed to the outlet that reported the filing, and all are in renminbi. The quarter's slower sequential growth, set against an 89.53% gross margin, is the number to watch as Chinese DRAM output keeps rising.