Changxin IPO performance directly exploded, the "super cycle" of storage chips has finally arrived for Chinese players.

Q1 revenue of 50.8 billion yuan, a year-on-year surge of 719%.
Net profit attributable to parent company of 24.7 billion yuan, a year-on-year increase of 1688%.
The company directly released its H1 performance guidance:
Net profit attributable to parent of 50-57 billion yuan, a projected increase of 2244% to 2544% year-on-year.
Brothers, what the hell is this growth? Half a year's revenue may exceed 100 billion yuan, and quarterly net profit nearly 25 billion yuan—Changxin Technology, with a "crazy surge," has pushed China's DRAM industry directly into the global spotlight.
What does this mean?
After years of accumulated losses of 36.65 billion yuan, it may be completely wiped out in just half a year; a domestically produced storage enterprise once severely underestimated, is now rapidly entering the global DRAM supply chain with growth far exceeding international giants.
This is not ordinary performance growth, but China's first truly significant move in the "bottleneck" field of storage chips, turning cyclical dividends into real profits and influence.
1. The historic market trend behind the data
Changxin Technology's explosion is fundamentally a result of severe mismatch in global DRAM supply and demand.
Since the second half of 2025, AI computing power demand has continued to explode, and data centers' demand for high-bandwidth memory (HBM) and high-end DDR5/LPDDR5 has far exceeded expectations. Meanwhile, the world's three major manufacturers (Samsung $SSNLF, SK Hynix $SK Hynix, Micron $MU) have taken a relatively cautious approach to capacity expansion, leading to a clear supply shortage in the #DRAM market. Prices have risen sharply from the second half of 2025 and continued into Q1 2026.
Changxin Technology's Q1 data is highly convincing:
Revenue of 50.8 billion yuan, a 719% increase year-on-year
Net profit margin approaching 49% (close to international giants)
Product structure continues to optimize, with higher proportions of high-value products like #DDR5、#LPDDR5
More importantly, the company's H1 guidance shows this high growth is sustainable. This indicates that the current market trend is not a short-term pulse but driven by long-term AI demand, entering a cyclical upward phase.
Compared to international giants:
Samsung Electronics' Q1 revenue is about 609.1 billion yuan (+69%)
SK Hynix about 239.2 billion yuan (+198%)
Changxin Technology's growth far surpasses these giants, demonstrating that in this cycle, domestic DRAM is moving from "catch-up" to "running alongside" stage.
2. Why can Changxin Technology seize this wave?
Changxin Technology's outperformance in this cycle mainly relies on three points:
1. Successful "jump" in technological platform
The company adopts a leapfrog R&D strategy, having completed mass production from the first to the fourth-generation process platforms, covering #DDR4 到 # DDR5/LPDDR5X, with technical levels now entering the mainstream international sequence. This lays a foundation for product structure upgrades and ASP increases.
2. Capacity and scale effects begin to emerge
The company has three 12-inch #DRAM wafer factories in Hefei and Beijing. Continuous capacity ramp-up over the past few years has formed effective supply for the explosive demand in 2025-2026. The expansion of production and sales scale directly amplifies profit elasticity from price increases.
3. Structural opportunities for domestic substitution
In the current geopolitical and supply chain security context, domestic cloud vendors (Alibaba, ByteDance, Tencent, etc.) have significantly increased acceptance of domestically produced storage. Although the top five customers' sales still account for a high proportion, downstream terminal demand is genuine and stable.
3. Strategic significance of Sci-Tech Innovation Board IPO
Changxin Technology's updated prospectus plans to raise about 29.5 billion yuan (one of the largest on the Sci-Tech Innovation Board in recent years), mainly for upgrading wafer manufacturing lines, DRAM technology, and forward-looking R&D.
This funding will be directly used to further expand capacity, improve process technology, and develop next-generation products like HBM. If successfully listed on the Sci-Tech Innovation Board, Changxin Technology will not only gain low-cost capital support but also complete the transformation from a "national team project" to a "market-leading company."
This has benchmark significance for the entire Chinese semiconductor industry—proving that in the storage field, once severely "bottlenecked," domestic forces now possess global competitiveness.
4. Risks and challenges still cannot be ignored
Cyclical risk: Storage industry is a typical cyclical sector. If demand growth slows or the three major manufacturers significantly expand capacity, prices could fall rapidly.
Technology and scale gap: Changxin Technology's global market share is about 7-8%, still with a clear gap compared to the top three. High-end products like HBM are still in the catching-up stage.
Customer concentration: Heavily reliant on leading cloud vendors; if downstream capital expenditure slows, performance elasticity will be affected.
Sustainability of gross profit margin: Currently high gross margins mainly come from price increases and scale effects; future maintenance depends on continuous process upgrades.
5. Industry and investment perspective
Changxin Technology's explosion is essentially a microcosm of China's AI infrastructure localization process.
AI large model training and inference demand exponential increases in memory bandwidth and capacity. High-end storage like #HBM、# DDR5 and #LPDDR5X has become an indispensable part of the AI computing chain. In this context, domestic storage localization is no longer a question of "whether," but of "how fast" and "how strong."
From an investment perspective, Changxin Technology's listing will provide a window to observe the maturity of China's DRAM industry. Meanwhile, upstream equipment and materials, as well as downstream module manufacturers, may also benefit simultaneously.
Changxin Technology's performance in the first half of 2026 marks China's #DRAM industry officially moving from the "strategic investment period" to the "harvest verification period." It has caught this wave of AI-driven storage super cycle and proved the feasibility of domestic memory in technology, capacity, and commercialization with real data.
Of course, the real test lies ahead—how to maintain technological iteration speed amid cyclical fluctuations, continuously expand market share, and make breakthroughs in next-generation products like HBM.
But regardless, the "crazy surge" in 2026 has already written a bold chapter for China's storage industry.
The pendulum of the storage cycle will never stay at the bottom forever.
And this time, Changxin Technology has positioned itself correctly and seized its era.
#长鑫科技 #Storage chips #DRAM #Semiconductors #CXMT #Sci-Tech Innovation Board #国产替代 #AI computing power #Semiconductor equipment