ChangXin's Q1 net profit attributable to the parent was 24.8 billion. Based on linear extrapolation from the H1 guidance, the full-year net profit attributable to the parent will likely exceed 100 billion.

According to the operational norms of this type of heavy-asset manufacturing company in China, dividends are extremely rare or even nonexistent. Profits at the 100-billion level will be almost entirely converted into capital expenditures.

These capital expenditures ultimately flow into equipment procurement and cleanroom engineering. Equipment-side controls are accelerating domestic substitution; one can imagine the magnitude of order amounts that domestic semiconductor equipment companies and cleanroom engineering companies can achieve.

This is only considering ChangXin, not YMTC (Yangtze Memory).