CXMT Slides 6.5% Despite Forecast of $19.8B Nine-Month Profit
China's largest DRAM maker, CXMT, fell 6.5% Monday despite forecasting a sharp profit turnaround driven by surging AI demand and higher memory-chip prices.
China's largest DRAM maker, ChangXin Memory Technologies (CXMT), fell 6.5% on Monday even after forecasting a sharp swing to profit. Surging AI demand, DRAM shortages and higher memory-chip prices are behind the turnaround, but investors sold the shares anyway.
The earnings outlook
CXMT expects net profit of 131 billion to 132.5 billion yuan ($19.6 billion to $19.8 billion) for January through September. A year earlier it lost 5.28 billion yuan. It put nine-month sales at 265 billion to 270 billion yuan, which reflects strong AI-driven demand, DRAM shortages and rising prices.
| Item | Jan–Sep 2026 forecast | Year earlier |
|---|---|---|
| Net profit | 131B–132.5B yuan | Loss of 5.28B yuan |
| Net profit (USD) | $19.6B–$19.8B | — |
| Sales | 265B–270B yuan | About 32.1B yuan* |
*The year-earlier sales figure comes from TNW's account of the preliminary filing with the Shanghai Stock Exchange, which implies sales rose more than eightfold. By our arithmetic, the profit range works out to roughly half of forecast sales.
Market share and competition
CXMT captured 10% of global DRAM revenue in the third quarter of 2026, doubling its 5% share from a year earlier, according to Counterpoint Research. The company keeps expanding its position against Samsung, SK Hynix and Micron (MU).
CXMT said it added capacity and got more chips out of each silicon wafer by using its factories better. In September it said its fifth-generation DRAM had entered mass production, though outside testers have not verified that claim.
Why the shares fell
The forecast landed after CXMT's Shanghai debut in July, when the stock rose 466% on its first day. TNW put its market value at about 3.06 trillion yuan at Friday's close. A stock priced for a big turnaround can fall on good news, and that is the likely explanation here. We did not find a stated reason from the company or from analysts, and we did not have a Monday closing price at the time of writing, so check live quotes. CXMT's chairman has also proposed buying back 1 billion to 2 billion yuan of shares over 12 months, according to The Paper.
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