In-Depth Analysis of ChangXin Memory Technologies (CXMT)'s DDR5 Product Performance and Market Prospects

Based on search results, I have prepared an in-depth analysis report on the performance and market prospects of ChangXin Memory Technologies (CXMT)'s DDR5 products.

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ChangXin Memory Technologies (CXMT) released its latest DDR5 product line in November 2025, with

[1]. The specific technical parameters are as follows:

Product Type	Maximum Speed	Single Chip Capacity	Technical Level
DDR5	Exceeds 8000Mbps	24Gb	Internationally Leading
LPDDR5X	10667Mbps	-	66% increase compared to the previous generation

CXMT has adopted a

to achieve rapid technological catch-up[2]:

• DDR4 Phase
  (2019): Mass-produced the first 19nm process DDR4 memory chip, achieving a “from 0 to 1” breakthrough for China’s DRAM industry
• DDR5 Phase
  (2025): Directly completed mass production from the first to the fourth-generation process technology platform, covering mainstream specifications such as DDR5 and LPDDR5/5X
• Comparison with International Manufacturers
  : Samsung, SK Hynix, and Micron released their DDR5 product lines in 2020-2021 respectively. Although CXMT is about 4 years behind, its technical level has now caught up[3]

Behind its technological breakthroughs, CXMT has invested heavily in R&D resources[4]:

• Cumulative R&D Investment (2022-2024)
  : RMB 15.207 billion
• R&D Investment as a Percentage of Revenue
  : 36.60%
• R&D Personnel
  : 4,653 people, accounting for over 30% of total employees
• Patent Portfolio
  : 3,116 domestic patents (2,348 invention patents) + 2,473 overseas patents

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According to data from Omdia and Counterpoint Research[5][6]:

Time Period	Global DRAM Market Share	Ranking
2024	~3%	4th Globally
2025 Q2	3.97%	4th Globally (by sales)
2025 Q3	8% (shipment share)	4th Globally

(2024 data):

• Samsung Electronics
  : 40.35% (1st place)
• SK Hynix
  : 33.19% (2nd place)
• Micron Technology
  : 20.73% (3rd place)
• Combined share of the three giants
  : 94.27% of the market

1. Localized Supply
   : As the only enterprise in mainland China to achieve large-scale mass production of DRAM, it undertakes the strategic mission of domestic substitution
2. Top Customer Access
   : Has entered the supply chains of Alibaba Cloud, ByteDance, Tencent, Lenovo, Xiaomi, Honor, OPPO, vivo, etc.[7]
3. Domestic Revenue Ratio
   : Over 60% of revenue comes from the domestic market
4. Policy and Financial Support
   : Established with the support of the Hefei Municipal Government, it plans to raise RMB 29.5 billion through a STAR Market IPO

1. Wide Market Share Gap
   : Obvious gap with the three giants (3.97% vs 94%)
2. Technological Generation Gap
   : Lagging in the layout of high-end products such as HBM
3. Profitability to Be Verified
   : Highly dependent on industry price hike cycles, independent profitability needs to be tested by the market

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The artificial intelligence boom has spawned strong demand for memory chips[8]:

• Storage Cost Ratio in AI Data Centers
  : Rising rapidly from 20-30% in traditional IT
• Large Model Demand
  : The larger the parameter scale, the higher the requirements for memory chip capacity and bandwidth
• HBM Demand
  : Supporting demand for AI GPUs has surged; CXMT plans to start mass production of HBM2/3 alternative products by the end of 2026

Memory chips are experiencing the strongest price hike cycle in nearly 8 years[9]:

• 2025 Price Increase
  : Some products (e.g., 16Gb) have seen price increases of up to 500%
• 2026 Outlook
  : Samsung and SK Hynix plan to increase server DRAM contract prices by another 60-70%
• Supply-Demand Gap
  : The supply of DRAM bits is expected to increase by approximately 15-20% in 2026, while demand growth is expected to reach 20-25%

CXMT is accelerating capacity expansion[10]:

• Current Capacity
  : Approximately 200,000 wafers per month (3 12-inch wafer fabs, Hefei + Beijing)
• 2026 Target
  : Monthly capacity reaches 300,000 wafers
• IPO Fund Utilization
  :
  • DRAM Memory Technology Upgrade Project: RMB 13 billion
  • Cutting-Edge Technology R&D Project: RMB 9 billion
  • Mass Production Line Technical Transformation: RMB 7.5 billion

• Samsung and SK Hynix are shifting DDR4 capacity to DDR5 and HBM
• A supply gap has emerged in the mid-end market, driving product price increases
• CXMT is expected to seize this opportunity to quickly gain market share

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Year	Revenue (RMB 100 million)	Year-over-Year Growth
2022	82.87	-
2023	90.87	9.7%
2024	241.78	166%
2025 (Projected)	550-580	127%-140%

• 2025 Performance Forecast
  : Expected net profit of RMB 2-3.5 billion (first annual profit)
• Gross Profit Margin
  : Increased from -3.13% in 2022 to 13% in the first half of 2025
• Reasons for Turning Profitable
  : Memory price hikes + product structure optimization (increased proportion of DDR5) + emergence of scale effects

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CXMT’s DDR5 products

in performance, with the latest products exceeding 8000Mbps, basically on par with international mainstream levels[11]. The company has completed the leap from catching up to running side by side in less than 10 years, and its technical strength should not be underestimated.

• Benefiting from the memory price hike cycle and explosive AI demand, it is expected to achieve sustained profitability
• Capacity expands to 300,000 wafers per month, shipment share is expected to exceed 10%

• The key lies in breakthroughs in HBM products and progress in process upgrades
• If it can break the monopoly of overseas high-end markets, its share is expected to rise to 10-15%

• The real challenge is how to break through technical barriers and break overseas monopolies
• Capital market support (STAR Market IPO) + domestic substitution strategic demand will continue to support its development

1. Technological Iteration Risk
   : Memory chip technology iterates rapidly, requiring continuous huge R&D investment
2. Cyclical Fluctuation Risk
   : Profitability is highly dependent on industry price hike cycles
3. International Competition Risk
   : The three giants have obvious advantages in scale and technical accumulation
4. Geopolitical Risk
   : Restrictions on equipment and material supplies may affect yield and capacity expansion

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[1] Securities Times - “Domestic DRAM Manufacturer CXMT’s STAR Market IPO Application Accepted” (https://www.stcn.com/article/detail/3566930.html)

[2] China Economic Net - “How CXMT Crossed the Technological Generation Gap and Rose to the Global Memory Stage?” (http://www.cnjjwb.com/news-show-173333.html)

[3] Guancha.cn - “One of the Most Reliable Domestic Chip Companies in Recent Years is Going Public” (https://user.guancha.cn/main/content?id=1579078)

[4] Flush Financial - “CXMT’s DDR5 Breakthrough: Domestic Equipment and Materials Embrace a Super Cycle” (https://www.caizhongshe.cn/article-7406162099338671718.html)

[5] Omdia Global DRAM Market Data (2024-2025)

[6] Counterpoint Research - “CXMT’s DRAM Output Scale 2025-2026” (Q3 2025)

[7] DIGITIMES - “CXMT logs first annual profit on DRAM price rebound” (https://www.digitimes.com/news/a20260102PD220/dram-cxmt-2025-profit-price.html)

[8] Inferential Investor - “Memory Semiconductor Deep Dive” (https://www.inferentialinvestor.com/p/memory-semiconductor-deep-dive-whats)

[9] Sina Finance - “Memory Prices Hit a New High in Nearly 8 Years! RMB 300 Billion CXMT ‘Takes On’ International Giants Alone” (https://finance.sina.com.cn/tech/roll/2026-01-13/doc-inhhcntt7644161.shtml)

[10] The News International - “CXMT IPO highlights China’s drive to compete with Samsung, SK Hynix” (https://www.thenews.com.pk/latest/1386761-cxmt-ipo-highlights-chinas-drive-to-compete-with-samsung-sk-hynix)

[11] Product Launch at the 22nd China International Semiconductor Expo (ICChina 2025)

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