CXMT discloses its revenue mix for the first time: LPDDR earned 52% of H1 revenue, and the sixth-gen 4F² platform passed engineering-sample validation
At its first earnings call (Oct 30), CXMT said LPDDR earned 52% of H1 revenue, DDR 46%, and its 4F² platform passed engineering-sample validation.
On the evening of October 30, ChangXin Memory Technologies’ parent, ChangXin Technology Group (SSE STAR Market, ticker 688825), held its first earnings call since listing in July and filed the transcript with the Juchao disclosure platform the next day. For the first time, the company laid out how its revenue splits by product line: per the call transcript as relayed by IT Home, the LPDDR series brought in ¥78.191 billion in the first half of 2026, or 52.02% of revenue — the share Wall Street CN independently confirmed for the DDR series is 46.22%. Mobile memory now accounts for half the revenue of China’s largest DRAM maker. On the technology clock, the company confirmed its fifth-generation platform is in volume production, that DRAM products built on the sixth-generation platform have passed engineering-sample validation, and that first 4F² DDR5 RDIMM samples will ship by year-end.
Key points
- Revenue mix disclosed for the first time: LPDDR 52.02%, DDR 46.22% of H1 2026 revenue (both percentages confirmed by two independent outlets, IT Home and Wall Street CN; the absolute figures of ¥78.191B and ¥69.472B currently trace to IT Home’s transcript relay alone).
- Hard numbers from the Q3 report (verified against the Juchao PDF): Q3 revenue of ¥118.71B, up 613.18% year over year and 19.30% quarter over quarter; nine-month revenue of ¥269.02B; Q3 gross margin near 89.53%. The report states plainly that “global DRAM products remain in short supply.”
- Technology and supply: fifth-gen platform in production (11.95 nm half-pitch, per Wall Street CN), sixth-gen 4F² platform through engineering-sample validation, 4F² DDR5 RDIMM sampling by year-end. Management expects the DRAM shortage to persist through Q4, with 2027 capacity already booked by customers.
Background
ChangXin is China’s largest DRAM manufacturer and, by the market structure cited in the Economic Observer, the world’s number four — behind Samsung, SK hynix and Micron, who together sell more than 90% of the world’s DRAM. The company listed on the STAR Market in July; on September 28 it had already announced a ¥34.9B expansion package covering a technology R&D project and a second packaging-and-test facility in Hefei. Three months in, most of what the market knew about CXMT came from the IPO prospectus and supply-chain rumor. This call was the first time the company answered, on the record, where the money actually comes from.
The technology backdrop is tenser. On October 21, Micron pulled 4F² off its roadmap, with its CTO calling 4F²’s density advantage over 6F² “a bit of a myth”; Samsung, SK hynix and CXMT all stayed on the 4F² side of that split. CXMT’s president had already promised a 4F² server DDR5 RDIMM by year-end — and this call turned that promise into a dated milestone: engineering-sample validation done, RDIMM sampling by December.
The facts
Start with the third-quarter report disclosed on Juchao on October 31 (all figures below from that PDF): Q3 revenue of ¥118,714,029,752.18 — about ¥118.71B — up 613.18% year over year and 19.30% quarter over quarter. Nine-month revenue reached ¥269,024,106,510.18, about ¥269.02B, up 738.51%. Q3 net profit attributable to shareholders was about ¥54.43B; the nine-month figure about ¥132.04B. Q3 gross margin hit 89.53%, up another 1.94 points from the previous quarter, and R&D spending for the nine months was ¥11.07B, up 73.03%. The report’s own explanation for the surge: “global DRAM products remain in short supply, and combined with the company’s capacity build-out and improving product mix, sales volume and prices rose sharply.”
The report itself carries exactly one technology milestone — “DRAM products developed on the sixth-generation technology platform have completed engineering-sample validation” — which the earnings call fleshed out. Details as compiled by Beijing News Shell Finance and Wall Street CN:
| Item | Status | Source |
|---|---|---|
| 5th-gen platform | In production, 11.95 nm half-pitch | Wall Street CN |
| LPDDR5X | 245Ball / 496Ball packages on the 5th-gen platform | Wall Street CN |
| LPDDR6 | In volume production | Beijing News Shell Finance |
| 6th-gen 4F² | Engineering-sample validation complete | Q3 report PDF + call |
| 4F² DDR5 RDIMM | Sampling by year-end, servers and other density-first uses first | Beijing News Shell Finance |
The revenue split needs one sourcing caveat: the two percentages, 52.02% and 46.22%, are confirmed by two independent outlets — IT Home (November 1) and Wall Street CN (October 31). The absolute figures, ¥78.191B and ¥69.472B, currently rest on IT Home’s relay of the call transcript alone; the quarterly report PDF itself contains no product-line breakdown. Dividing out from 52.02% implies H1 revenue of roughly ¥150B, which is consistent with the financials — but cite the absolutes knowing where they came from.
What others say
Management’s supply-side message, per the Economic Observer on November 1: server demand stayed strong into Q4, the DRAM shortage will persist, the company is negotiating long-term supply agreements with several leading customers, and “capacity for next year has already been booked by customers.” The same report supplies the counterweights: Q3 revenue grew 19.30% quarter over quarter, down from about 96% in Q2; TrendForce forecast on September 30 that Q4 contract-price increases would narrow to 10–15% (from 13–18% in Q3); and CXMT shares fell more than 23% over October, leaving the market cap near ¥2.84T at the October 30 close. Management itself cautioned that forward-looking technology investment “will not all convert into current-period profit in the short term.”
Two wording differences are worth tracking. IT Home framed the call as “the first disclosure of the revenue structure,” while the Economic Observer called it “the first earnings call since listing.” And note that the November 17 online briefing announced in the filings — a webcast for all investors on the SSE Roadshow Center — is a different event from the closed analyst call held on October 30.
Our take
For anyone watching memory prices, the load-bearing fact is the supply curve: with 2027 capacity locked into long-term agreements, the pricing pressure has no systematic release valve for at least the next year-plus. That is the same thread this site has been following — the shortage projected to run through 2028, and Samsung selling out its 2027 HBM capacity — except now the world’s number four is locking capacity too, not just the big three.
For industry watchers, the 52% is the more consequential number. The market’s mental model of CXMT has been “catching up to the big three on DDR5 server modules,” yet half of its H1 revenue came from LPDDR — the mobile line has matured to the point of harvesting the AI-phone upswing, while the DDR share keeps climbing as DDR5 ramps. A number-four supplier planted at both the phone and server gates is a genuine change to how global DRAM pricing power is distributed.
The honest gaps: the absolute product-line figures have a single sourcing trail; the 4F² RDIMM production schedule depends on customer validation and carries no date; and the deceleration from 96% to 19.3% quarter-over-quarter growth, alongside TrendForce’s narrowing price forecast, suggests the steepest part of the price curve may be behind us. The next round of the architecture fight has a concrete date: when the 4F² RDIMM samples land by year-end, Micron’s “density is a myth” line meets its first market test.