CXMT Posts 77.6 Billion Yuan Net Profit in H1 2026, Swinging to Profit Year-over-Year
Nashnova编辑部
ChangXin Memory Technologies booked RMB 150.3 billion in revenue and RMB 77.6 billion in net profit for H1 2026, swinging from a RMB 2.3 billion loss a year earlier; whether the memory-chip upcycle holds through H2 is now the market's key question.
Revenue up nearly tenfold — where did the money come from?
H1 2026 revenue hit RMB 150.31 billion, up 873.64% year-on-year — nearly a tenfold expansion from the same period last year.
This means → CXMT didn't just sell a bit more; output and shipment volumes jumped by an order of magnitude.
Memory chips — the components that handle temporary data storage in phones and servers — are in an industry upcycle, with both volumes and prices rising together.
From a RMB 2.3 billion loss to a RMB 77.6 billion profit — how?
Net profit attributable to shareholders reached RMB 77.605 billion, versus a loss of RMB 2.332 billion a year ago — a remarkably rare single-year swing from red to black.
Net profit after stripping out non-recurring items came in at RMB 78.793 billion, actually higher than headline net profit.
In plain terms = when profit *excluding* one-off items is higher than headline profit, it means the earnings are driven by the core business, not subsidies or asset sales — a sign of solid earnings quality.
Why could it earn this much?
Two things happened at once: capacity release (factories could produce far more chips) + pricing power (chips commanded higher prices and still sold).
This reflects the intense cyclicality of the memory-chip industry — deep losses at the trough, explosive profits on the upswing. CXMT landed right at the sweetest point of the cycle.
Can the momentum last into H2?
The market's key checkpoint: whether H2 can sustain H1's growth trajectory.
This means → if memory-chip prices peak and roll over, or capacity expansion hits a bottleneck, profit growth could slow markedly.
Put simply = the first-half scorecard is impressive, but with cyclical stocks, "how long the wind blows" matters more than "how strong the wind is."
市场有风险，内容仅供研究参考，不构成投资建议。