Just now, ChangXin Memory Technologies passed the IPO review for the first time.
Just now, the Shanghai Stock Exchange announced that Changxin Storage passed the listing review.
Data shows that Changxin Technology was established in Hefei in 2016. It is the only domestic and the fourth global storage chip enterprise with a complete IDM model integrating DRAM design, manufacturing, and packaging and testing. The global DRAM market has long been monopolized by Samsung, SK Hynix, and Micron. The three together account for more than 90% of the global market share. The annual DRAM import volume in China has long been close to the scale of crude oil imports, making it one of the most difficult core sectors for domestic chip autonomy to break through.
In the first quarter of 2026, Changxin's global DRAM shipment share increased to 8%. The domestic localization rate of DRAM in servers and PCs exceeded 30%. Its products cover DDR5, LPDDR5X, and enterprise - level memory, and it is simultaneously deploying high - end storage products for AI core HBM. Its customers include domestic leading terminal and cloud computing manufacturers such as Alibaba Cloud, ByteDance, Tencent, Lenovo, Xiaomi, and OPPO. It is a real national strategic hard - core technology enterprise.
According to the latest prospectus, Changxin Technology's performance in the first quarter of 2026 saw explosive growth: operating income reached 50.8 billion yuan, a year - on - year increase of 719.13%; net profit was 33.012 billion yuan, a year - on - year increase of 1268.45%; net profit attributable to the parent company's shareholders was 24.762 billion yuan, a year - on - year increase of 1688.30%.
The operating income in the first quarter of 2026 was close to the expected annual operating income for 2025, and the net profit attributable to the parent company far exceeded the value expected in the previous version of the application. According to the application submitted in December 2025, the company conservatively predicted that the annual operating income in 2026 would be between 55 billion and 58 billion yuan, the net profit attributable to the parent company would be between 2 billion and 3.5 billion yuan, achieving a turnaround from losses, and the non - recurring net profit would be between 2.8 billion and 3 billion yuan.
According to the company's latest forecast, from January to June 2026, the operating income will be between 110 billion and 120 billion yuan, a year - on - year increase of 612.53% to 677.31%; the net profit attributable to the parent company will be between 50 billion and 57 billion yuan, a year - on - year increase of 2244.03% to 2544.19%; the non - recurring net profit attributable to the parent company will be between 52 billion and 58 billion yuan, compared with a net loss of 2.387 billion yuan after non - recurring items in the same period of the previous year.
In contrast, Changxin Technology had been in losses for three consecutive years: a loss of 8.328 billion yuan in 2022, 16.34 billion yuan in 2023, and 7.145 billion yuan in 2024, with a cumulative loss of over 30 billion yuan. Now, the pre - estimated profit for half a year is between 50 billion and 57 billion yuan, completely reversing the previous operating decline.
According to data released by the flash memory market today, Changxin Storage's DRAM sales revenue in the first quarter reached 7.309 billion US dollars, a quarter - on - quarter increase of 115.1%, and its market share further increased to 7.7%, ranking fourth.
According to the prospectus, Changxin Storage plans to raise 29.5 billion yuan in this issuance, which will be invested in three major projects: 7.5 billion yuan will be invested in the technical upgrading and transformation project of the memory wafer manufacturing mass - production line, 18 billion yuan in the DRAM memory technology upgrading project, and 9 billion yuan in the forward - looking technology research and development project of dynamic random - access memory. The total investment of the projects is 34.5 billion yuan.
Among them, the total investment in the DRAM memory technology upgrading project is as high as 18 billion yuan, and the equipment purchase and installation cost is 17.4 billion yuan. The construction period of this project is three years. Before the third quarter of 2025, the preliminary work of the project will be completed, including the preliminary design, production capacity planning, and equipment demand planning. The equipment purchase plan will be launched from the fourth quarter of 2025. The work of equipment moving in and equipment debugging will be carried out in batches from 2026 to the end of 2027, and the completion and acceptance of the project will be completed before the first half of 2028.
As shown in the above figure, Changxin Technology has no controlling shareholder and no actual controller, and the actual controller has not changed in the past two years.
According to the company's equity structure, the shareholders directly holding more than 5% of the company's shares are Qinghui Jidian, Changxin Jicheng, the Second Phase of the National Integrated Circuit Industry Investment Fund, Hefei Jixin, and Anhui Provincial Investment, holding 21.67%, 11.71%, 8.73%, 8.37%, and 7.91% of Changxin Technology's equity respectively. Among them, Hefei Jixin is the employee shareholding platform of the issuer.
In addition to the above five shareholders, the top ten shareholders of Changxin Technology also include Alibaba Cloud Computing, Chantou No. 1, GigaDevice Semiconductor, China Merchants Bank Yunting, Beijing Fengyi, Hefei Jianchang, and Harmony Health. In addition, Midea Investment, Hubei Xiaomi, and Alibaba Network also appear in its shareholder lineup.
This article is from the WeChat public account "Semiconductor Industry Observation", and is published by 36Kr with authorization.