CXMT (688825) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached RMB 118.71bn, up 613.18% YoY and 19.30% QoQ; 9M revenue was RMB 269.02bn, up 738.51% YoY.

• Global DRAM shortages, rising prices and sales volumes, expanding capacity, and a richer product mix drove growth; scale and lean manufacturing lowered unit costs.

Financial highlights

• Q3 net income was RMB 88.98bn; net income attributable to shareholders was RMB 54.43bn, up 3.01% QoQ; adjusted attributable net income was RMB 55.24bn, up 5.31% QoQ.

• 9M net income was RMB 196.53bn, including RMB 132.04bn attributable to shareholders; attributable net income was RMB 5.28bn lower YoY, when the prior period recorded a loss.

• 9M gross profit was RMB 216.18bn and total profit was RMB 216.19bn; Q3 gross margin was 89.53%, up 1.94 percentage points QoQ.

• 9M operating cash flow reached RMB 254.75bn, up 1,864.52% YoY, primarily reflecting higher cash receipts from product sales.

Significant events and developments

• DRAM products developed on the sixth-generation technology platform completed engineering-sample validation.

• 9M R&D spending was RMB 11.07bn, up 73.03% YoY, reflecting higher investment, more R&D staff, and increased testing-service fees.