DRAM leader Changxin Technology passes the Sci-Tech Innovation Board IPO review, with a single-quarter turnaround net profit of 33.0 billion yuan in Q1 2026.

ME News Report, May 27 (UTC+8), according to Beating Monitoring, on May 27, the Shanghai Stock Exchange Listing Review Committee held a meeting and approved Changxin Technology Group Co., Ltd.'s (referred to as Changxin Technology) application for the first public offering (IPO) on the STAR Market. As the largest domestic integrated circuit design and manufacturing company with the capability for large-scale mass production of general-purpose DRAM, Changxin Technology's first listing approval makes it the first project on the STAR Market to utilize the "pre-review" mechanism.

Changxin Technology's initial prospectus disclosed its turnaround and loss-making history. The company experienced a cumulative net loss of over 28.2 billion yuan in 2023 and 2024 due to heavy asset investments and industry cycle downturns, but successfully turned profitable in 2025. In the first quarter of 2026, driven by a surge in global computing power demand, DRAM supply shortages, and rising contract prices, the company's quarterly revenue reached 50.8 billion yuan, a year-on-year increase of 719.13%, with quarterly net profit rising to 33.01B yuan (parent net profit of 24.76B yuan).

Changxin Technology expects its revenue in the first half of 2026 to reach between 110 billion and 120 billion yuan, with net profit between 66 billion and 75 billion yuan.

In terms of product technology roadmap, Changxin Technology has completed generation coverage from DDR4/LPDDR4X to DDR5/LPDDR5X. The high-margin DDR5 chips saw rapid volume expansion in 2025, with DDR5 chips reaching speeds of 8000 MT/s and a single chip capacity of 24Gb, successfully entering the high-end memory segment globally.

For this IPO, Changxin Technology plans to raise 29.5 billion yuan, which will be invested in upgrading and transforming memory wafer manufacturing lines and in forward-looking technology R&D. Additionally, the prospectus refers to the top five suppliers with code names such as "Supplier A" and "Supplier B" to maintain supply chain confidentiality, and the sales share of the top five customers has decreased to 39.85%, with customer concentration continuing to decline.

(Source: BlockBeats)