CXMT (688825 CH) H1 2026 (CNY): Revenue 150.3bln (prev. 15.4bln Y/Y), Adj. Net Income 78.8bln (prev. -2.4bln Y/Y)

CXMT is China's leading domestic DRAM producer, and the print shows revenue up roughly tenfold year on year with a swing from loss to substantial adjusted profit, a trajectory consistent with a memory maker moving from capacity build-out into volume shipment during an upcycle in DRAM pricing. In past memory cycles, Chinese entrants' results have tracked the commodity price of DRAM rather than idiosyncratic execution, so the operative question is how much of the swing is price versus shipped bit growth, and whether margins hold as legacy-node capacity continues to be added. Earnings of this scale from a Chinese memory maker historically feed into the global supply debate: rapid domestic share gains have on previous occasions pressured pricing at the trailing-edge nodes where incumbents in Korea and Taiwan are most exposed, while leaving leading-edge economics comparatively insulated. The attached tags reference a European insurer and appear to be a tagging error unrelated to the subject. Worth watching is any disclosure on capital expenditure and node migration, since that determines whether the supply overhang narrative intensifies, and the read-across to listed memory peers' pricing commentary. The figures as carried are unusually large relative to the prior year and merit confirmation against the primary filing before being treated as clean.