CXMT 2026年第三季收入按年升613.18%，股東應佔淨利潤達RMB 54.43 billion

ChangXin Technology Group, the Shanghai-listed DRAM maker known as CXMT, reported third-quarter 2026 revenue of RMB 118.71 billion on October 30, 2026, a 613.18% year-over-year increase as printed in its quarterly report, with net profit attributable to shareholders of RMB 54.43 billion.

Net profit attributable to shareholders was RMB 54,434,826,547.23 for the quarter; after deducting non-recurring items it was RMB 55,237,118,776.16, up 4,070.56% as printed, while the report marks the year-over-year change for the unadjusted attributable-profit line as not applicable. Basic earnings per share were RMB 0.8376 for the quarter, and weighted average return on equity was 26.74%. Total profit was RMB 99,041,551,750.11. On a sequential basis, the company said third-quarter revenue rose about 19.30% from the prior quarter, total net profit was about RMB 88.98 billion, up about 19.38%, and gross margin was about 89.53%, up about 1.94 percentage points from the prior quarter.

Nine-Month Results and Cash Flow

Revenue for the first nine months of 2026 was RMB 269,024,106,510.18, up 738.51% as printed, against RMB 32,083,668,103.24 in the same period of 2025. Net profit attributable to shareholders was RMB 132,040,054,067.23, versus a loss of RMB 5,279,974,921.47 a year earlier, and total net profit including minority interests was RMB 196,532,288,837.68. Nine-month basic earnings per share were RMB 2.1369.

Net cash generated from operating activities was RMB 254,751,254,805.69, up 1,864.52% as printed, an increase the report attributes mainly to higher cash received from product sales. Research and development investment totaled RMB 11,070,998,856.61 for the nine months, up 73.03%, and RMB 4,211,514,375.97 for the quarter, up 53.83%; R&D spending equaled 4.12% of nine-month revenue, down 15.82 percentage points. The report states that new product launches and customer introductions progressed during the period, with several DRAM products completing verification across multiple compute platforms.

Total assets stood at RMB 672,535,210,198.62 on September 30, 2026, up 99.69% from the end of 2025, and equity attributable to shareholders was RMB 256,876,312,185.38, up 352.62%. Monetary funds were RMB 285,164,795,853.74. The company reported 794,770 ordinary shareholders at the end of the period.

Report Cites DRAM Shortage as Revenue Driver

The report attributes the revenue increase to accelerating global compute-infrastructure construction and capacity constraints at major global memory suppliers, conditions it says left DRAM products in short supply worldwide; the filing says the company’s capacity build-out and product-mix optimization then lifted both sales volumes and selling prices. For profit, the report cites continued DRAM price increases amid the supply shortfall, higher shipment volumes, and falling unit costs as scale effects materialized, which together lifted gross margin.

The company published a voluntary earnings pre-announcement dated October 17, 2026, projecting nine-month revenue of RMB 265.0 billion to RMB 270.0 billion and attributable net profit of RMB 131.0 billion to RMB 132.5 billion, figures it described at the time as preliminary and unaudited. That notice said rapid growth in AI compute demand since the second half of 2025 had lifted the global DRAM industry, leaving products in short supply with prices rising sharply, while the company raised unit wafer output and capacity utilization. The same notice recorded revenue of RMB 32.084 billion and an attributable net loss of RMB 5.28 billion for the first nine months of 2025.

Board Approves RMB 1–2 Billion Buyback Plan

In a companion announcement, the company said its board approved a plan to repurchase between RMB 1 billion and RMB 2 billion of shares through centralized bidding, funded with the company’s own or self-raised funds, at no more than RMB 72.69 per share. The announcement states that the price cap equals 150% of the stock’s average trading price over the 30 trading days preceding the board resolution.

About half of the repurchased amount is earmarked for equity incentives or employee stock ownership plans and about half for cancellation to reduce registered capital. At the price cap, the plan would cover an estimated 13.76 million to 27.51 million shares, equal to 0.02% to 0.04% of total share capital. Implementation must begin within 12 months of shareholder approval, and only after the stock has been listed for six months; the plan still requires a shareholder vote.

The plan follows a proposal from chairman Zhu Yiming that the board received on October 16, 2026. The announcement states that the RMB 2 billion maximum represents about 0.30% of the company’s total assets, 0.78% of net assets attributable to shareholders, and 0.70% of monetary funds as of September 30, 2026, based on unaudited figures.

Impairment Charge and November Earnings Call

A separate announcement recorded RMB 920,820,520.75 of impairment losses for the first nine months of 2026, reducing nine-month total profit by the same amount. The charge consists of credit impairment of RMB 38,016,457.21 and asset impairment of RMB 882,804,063.54, the latter split between inventory write-downs of RMB 470,392,194.57, construction in progress of RMB 297,435,454.89, and fixed assets of RMB 114,976,414.08. The impairment figures are unaudited.

The company will hold its third-quarter earnings presentation on November 17, 2026, from 15:00 to 16:00 as an online text session on the Shanghai Stock Exchange’s roadshow platform, according to a meeting notice. Investors may submit questions in advance from November 10 until 16:00 on November 16, 2026, and the notice states that the general manager and other executives will attend.