❯ CXMT posts first-half revenue of 150.3 billion yuan, up 873%, with 77.6 billion yuan in profit

first report since listingCXMT released its first semiannual report since going public: first-half revenue of 150.31 billion yuan, up 873.64% year over year, and net profit attributable to shareholders of 77.605 billion yuan, swinging from a loss. Excluding non-recurring items, profit was 78.793 billion yuan, also a reversal. Gross margin reached 84.84%.

where the money came fromPer the filing, the company was still loss-making a year earlier, and attributes the result to fast-growing global compute demand layered on tight DRAM supply and sharply higher prices. Operating cash flow was 131.156 billion yuan, up 2,985.64%, with R&D spending of 6.859 billion yuan, up 87.38%. China’s largest integrated memory maker has been listed for a single month, during which its shares rose nearly sixfold, making it the most valuable company on the A-share market.

a cycle extremeAn 84.84% gross margin is not normal for chip manufacturing; it records a cycle extreme. The cost increase has already reached end devices, and device makers’ bills of materials are the other side of the rising handset ASPs and falling units SemiAnalysis tracked over the same period. Investors betting on a cycle reversal need to answer one question first: how much of this price surge is share won through domestic substitution, and how much is simply an industry-wide shortage.

▪ SIGNALA memory maker clearing 77.6 billion yuan in six months shows AI investment profits piling up upstream along the supply chain.