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China's CXMT forecasts Q3 revenue surge of nearly 600% as DRAM cycle turns
ChangXin Memory Technologies, China's biggest DRAM maker, forecast third-quarter revenue of 114.7-119.7 billion yuan on Oct 16, up 589%-619% year over year, with net profit of 53.395-54.895 billion yuan swinging from a year-ago loss. Nine-month revenue is projected at 265-270 billion yuan and net profit at 131-132.5 billion yuan versus a 5.28 billion yuan loss a year earlier. Chairman Zhu Yiming proposed a 1-2 billion yuan share buyback.
Why it matters
ChangXin Memory Technologies (CXMT, STAR Market 688825), China's largest DRAM maker, issued an earnings forecast on October 16 projecting third-quarter revenue of 114.7 billion to 119.7 billion yuan, up 589% to 619% year over year and 15% to 20% higher than the second quarter. Net profit attributable to shareholders is expected at 53.395 billion to 54.895 billion yuan, above the second quarter's 52.843 billion yuan and a swing from a loss in the same period last year — fresh evidence that surging AI computing demand has lifted the global DRAM industry into an upcycle.
Nine-month figures
For the first three quarters, CXMT projects cumulative revenue of 265 billion to 270 billion yuan, up roughly 725% to 741% from 32.1 billion yuan a year earlier, and net profit of 131 billion to 132.5 billion yuan versus a 5.28 billion yuan loss in the same period last year. The company said AI computing demand has grown rapidly since the second half of 2025, leaving DRAM products in short supply with sharply rising prices, while capacity expansion, process upgrades and higher wafer output strengthened economies of scale.
Confidence signal from management
On the same day, Chairman Zhu Yiming proposed repurchasing 1 billion to 2 billion yuan of the company's A-shares, signaling management's confidence in its value. Analysts note CXMT is accelerating its pursuit of leaders Samsung Electronics and SK hynix; some Wall Street analysts say its technology remains unproven, but its pace of capacity expansion and technology upgrades is becoming a new variable for the industry.
Sources
CXMT earnings forecast announcement, October 16; Science and Technology Innovation Board Daily and Economic Daily, October 17 (via Aju Press); Seoul Economic Daily, Oct 17-18, 2026; BigGo Finance.
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