ChangXin Technology (688825.SH) reported 2026 first-half operating revenue of 150.31 billion yuan, up 873.64% year on year, and net profit attributable to shareholders of 77.605 billion yuan, compared with a loss of 2.332 billion yuan in the year-earlier period. Second-quarter net profit was 52.843 billion yuan, versus 24.762 billion yuan in the first quarter, implying quarter-on-quarter growth of 113%. Net operating cash flow rose 2,985.64% to 131.156 billion yuan, while gross margin was 84.84%. Research and development spending totaled 6.859 billion yuan, or 4.56% of revenue. ChangXin Technology, described as the world’s fourth-largest and China’s largest DRAM integrated device manufacturer, covers DDR5, LPDDR5/5X and LPDDR6 products and works with major customers including Alibaba Cloud, ByteDance, Tencent, Lenovo, Xiaomi, OPPO and vivo. Its fifth-generation process technology platform is undergoing customer certification. As of June 30, the company had 4,484 domestic patents, 3,400 overseas patents and 7,491 research personnel, representing 33.42% of its workforce. It had no controlling shareholder or actual controller; Qinghui Jidian was its largest shareholder with a 21.67% stake. The company listed on the STAR Market on July 27 at 8.66 yuan per share, with its market capitalization exceeding 3.5 trillion yuan on the first trading day.