Changxin Technology Raises 57.9 Billion RMB; 2025 DDR Sales Up 282%, Cost Down 26%

Changxin Technology listed on July 27, 2026, raising 57.919 billion RMB based on the basic offering size. In the first quarter of 2026, the company reported revenue of 50.8 billion RMB, operating profit of 35.433 billion RMB, net profit attributable to the parent of 24.762 billion RMB, and operating cash flow of 42.566 billion RMB, with an operating margin near 70%. From 2023 to 2025, revenue rose from 9.087 billion RMB to 61.799 billion RMB, while net profit attributable to the parent swung from a loss of 16.34 billion RMB to a profit of 1.875 billion RMB. EBITDA and operating cash flow turned positive in 2024, and operating cash flow further increased to 36.52 billion RMB in 2025.

According to the prospectus, Changxin Technology attributed its Q1 2026 performance growth to computing power demand, a supply shortage after major DRAM manufacturers adjusted capacity, and improvements in its own production and sales scale and product mix. In 2025, the company's DDR sales grew by about 282%, unit costs fell 26.26%, DDR5 began volume ramp-up, and LPDDR5X entered mass production. That year, LPDDR and DDR still contributed 98.3% of main revenue, with mobile devices accounting for 60% and AI computing server revenue remaining low. Changxin Technology is the only company in mainland China to achieve large-scale DRAM production. It currently operates three 12-inch DRAM wafer fabs in Hefei and Beijing, and stated that all will reach full production in 2026. The company has publicly disclosed CXL, in-memory computing, near-memory computing, and new DRAM architectures, and media have reported sample testing of HBM and development of custom products.

Upstream equipment and material suppliers have benefited from Changxin's production scale. For one piece of equipment from Tuojing Technology, sales during verification at Changxin and other customers increased from 41 units to 86 units, with related revenue rising from about 149 million RMB to 321 million RMB. At the end of 2025, Changxin's fixed assets and construction in progress totaled 214.814 billion RMB, about 63.8% of total assets. From 2023 to 2025, cash paid for acquisition and construction of long-term assets amounted to about 164.627 billion RMB. Capital raised from minority shareholders by subsidiaries totaled 77.909 billion RMB, accounting for 81.4% of total equity financing cash. The listed entity controls the Xinqiao and Beijing factories through acting in concert, but holds only about 30% of the economic interests; at the end of 2025, minority interests accounted for 63.17% of consolidated equity.

In the history of the memory industry, Intel exited DRAM in 1985, Elpida filed for bankruptcy in 2012, and SK Hynix also underwent debt reduction, extension, interest rate cuts, and debt-to-equity swaps. Currently, SK Hynix's 2025 HBM revenue grew over 100% year-on-year; in Q1 2026, DRAM shipments were roughly flat quarter-on-quarter, but the average selling price rose about 65%. Micron's fiscal 2026 third quarter (February 27 to May 28, 2026) results showed HBM4 revenue exceeding 1 billion USD, with DRAM still accounting for 76% of total revenue. Shipments grew only low single digits, while the average selling price rose in the "low 60% range" quarter-on-quarter, and adjusted gross margin increased from 74.9% to 84.9%.

On July 29, 2026, SK Hynix released its second-quarter results; on July 30, Samsung published its full second-quarter financial report. Microsoft and Meta released earnings on July 29, and Amazon on July 30.