Changxin has been approved, and domestic DRAM has finally entered the top four globally, but compared to the three giants, it's still a smaller player in terms of scale. However, profit margins are competitive, and the key is the mass production of DDR5.

Changxin Technology's IPO on the STAR Market has been approved by the listing committee, making it the fourth-largest DRAM shipment manufacturer globally, but it still lags behind Micron, SK Hynix, and Samsung in scale. Based on the latest quarterly revenue conversion, Micron is approximately 3.2 times, SK Hynix about 4.7 times, and Samsung Memory about 6.7 times. The Q1 profit margin is 69.7%, higher than Micron's 67.6% and slightly below SK Hynix's 71.5%. Revenue growth comes from capacity ramp-up, product upgrades, and the volume increase of DDR5/LPDDR5. The short-term IPO boom may attract attention, but in the long run, sustained R&D and scale effects are still needed to improve gross profit margins and market share.