How to read this page. Every maker in our Memory section uses the same 16 sections in the same order, the same shape as our AI Chips brand guides. Each section starts Simple, then goes Deeper, then Expert: stop wherever you have what you need. The small numbers are sources: click one to open the original document. Where a company has not published something, we say so rather than estimate.
1.At a glance
SimpleStart here
CXMT is China's DRAM maker — the working memory a computer forgets when you switch it off. Its product range is DRAM and nothing else 1; the counterpart making China's NAND flash is YMTC, covered on its own page in this section.
What it makesDDR5, LPDDR4X, LPDDR5/5X and LPDDR6 — dies, chips and modules
1
How big¥61.80 billion of revenue in 2025, its first profitable year
2
Who makes it"公司在合肥、北京两地共拥有3座12英寸DRAM晶圆厂" — three 300mm fabs
2
Any HBM?No CXMT document mentions it — see The HBM position
1
DeeperThe detail
Until 2026, a page about CXMT would have looked like this site's YMTC page: a company that published a little about its technology and almost nothing about itself. That changed on 27 July 2026, when CXMT listed on the Shanghai Stock Exchange's STAR Market under code 688825 at ¥8.66 a share 3 — a change visible even in the footer of its own website, which now carries the listed group's name and stock code 4. A Chinese listing requires a prospectus, and the prospectus brought audited accounts, a shareholder register, a headcount and a fab count into public view for the first time 2.
ExpertFor specialists
What those accounts show is a company that spent heavily for years and only just turned the corner. Revenue ran ¥9.09 billion in 2023, ¥24.18 billion in 2024 and ¥61.80 billion in 2025, while the bottom line went from a loss of ¥16.34 billion, to a loss of ¥7.14 billion, to a profit of ¥1.87 billion 2. Research spending rose alongside: ¥4.67 billion, ¥6.34 billion, then ¥9.59 billion 2. As of 31 December 2025 CXMT employed 19,298 people, of whom 6,259 were in R&D 2.
So 2025 was the first year CXMT made money, on revenue that had grown roughly sevenfold in two years — and it listed into the memory upcycle that followed 2 3.
2.Company card
SimpleStart here
| Listed entity | 长鑫科技集团股份有限公司 / CXMT Corporation 2 |
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| Address | 安徽省合肥市经济技术开发区空港工业园兴业大道 388 号 5 |
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| Established | 13 June 2016; converted to a joint-stock company 27 June 2023 3 |
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| Chairman | 朱一明 (Zhu Yiming) 3 |
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| General manager | 赵纶 (Zhao Lun), also legal representative 3 |
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| Listed | Shanghai STAR Market, code 688825, 27 July 2026 at ¥8.66 3 |
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| Employees | 19,298, of whom 6,259 in R&D, at 31 Dec 2025 2 |
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DeeperThe detail
The ownership structure is unusual and stated plainly in the prospectus: "公司无控股股东和实际控制人" — the company has no controlling shareholder and no actual controller 2. The holders above 5% are listed as 清辉集电 at 21.67%, 长鑫集成 at 11.71%, the second National Integrated Circuit Industry Investment Fund at 8.73%, 合肥集鑫 at 8.37% and 安徽省投 at 7.91% 2 — a spread of state, provincial and municipal vehicles with no single one in control.
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One oddity worth flagging, because it trips up anyone reading both the filings and the website. CXMT's English-language About page names Mark Cao as "President", saying he "held the position of Executive Vice President at CXMT, overseeing the research and development of DRAM product lines since 2017" 6, while the listing documents name Zhu Yiming as chairman and Zhao Lun as general manager and legal representative 3. These are different roles rather than a contradiction, but no single CXMT source sets out the full leadership, and this page does not construct one.
The listing itself was large: 66.88 billion shares in issue after the offering — "6,688,088.6077 万股" in the filing's own units — priced at ¥8.66, which the same document puts at 308.92 times earnings 3. At that share count and price the company was valued at roughly ¥579 billion on listing 3.
3.The story
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- 2016 "CXMT founded as a commercial startup"; company established 13 June 6 3.
- 2017.03 "Construction started on Fab A (Hefei)" 6.
- 2018.07 "8Gb DDR4 was taped out for manufacturing" 6.
- 2019.11 "CXMT received first order and launched product sales" 6.
- 2022.01 "Operation began on Fab C1 (Beijing) trial production line" 6.
- 2025 First profitable year 2.
- Jul 2026 Lists on the STAR Market 3.
- Sep 2026 LPDDR6 and the G5 platform reach mass production 7 8.
DeeperThe detail
CXMT's own milestone timeline is detailed for its first six years and then simply stops. The last entry is "2022.06 Fab A2 (Hefei) construction completed" 6 — nothing for 2023, 2024, 2025 or 2026, even though the company listed, turned profitable and launched two new product generations in that window. The prospectus covers the same period in a single sentence: "自2016年成立以来，公司始终专注于DRAM产品的研发、设计、生产及销售" 2.
ExpertFor specialists
What neither the website nor the prospectus contains is the company's pre-history. CXMT is widely described as having grown out of an earlier Hefei venture, and its chairman is widely linked to another Chinese memory company, but no official CXMT page or filing found in this check mentions any predecessor entity or that lineage 6 2. This page therefore begins the story in 2016, where CXMT's own account begins, and notes that the earlier chapter exists only in press reporting.
4.The lineup
SimpleStart here
| Product | What CXMT publishes |
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| LPDDR6 | Max 12800 Mbps; 1295-ball JEDEC package; dual sub-channel; 20% lower power than LPDDR5X 1 |
| DDR5 and modules | Max 8000 Mbps; 16Gb and 24Gb dies; 20% lower power than DDR4 1 |
| LPDDR5/5X | 12Gb and 16Gb dies; max 10667 Mbps 1 |
| LPDDR4X | Listed as a current family 1 |
That is the entire published product range. There is no HBM, no GDDR and no server-specific line on CXMT's product page 1.
DeeperThe detail
CXMT sells at more than one level of integration. Its prospectus describes offering "DRAM晶圆、DRAM芯片、DRAM模组等多样化的产品方案" — wafers, chips and modules 2 — so it supplies both raw DRAM to other module makers and finished modules under its own name. This check found no separate consumer retail brand 1.
The most recent product milestone is specific and dated: on 7 September 2026 CXMT announced LPDDR6 in mass production, a 16Gb die in a 16GB package running to 12800 Mbps and 10667 Mbps when paired with a system-on-chip, "遵循JEDEC LPDDR6标准，采用1295 Ball FBGA全新封装", and "首发搭载于小米18 Fold折叠旗舰手机" — first shipped in the Xiaomi 18 Fold 7.
ExpertFor specialists
That LPDDR6 launch is worth sitting with. LPDDR6 is a current-generation standard; Samsung and SK hynix were describing their own LPDDR6 parts in the same months this site checked them. CXMT shipping it in a flagship phone is not a company catching up on legacy nodes — it is a company at the front of a mainstream mobile memory generation, and it says so with the specificity of a maker confident in the part: dual sub-channel, dual-rail DVFS, PRAC row-hammer protection and MBIST all named 7.
5.How it’s made
SimpleStart here
CXMT numbers its process generations G1 to G5 rather than in nanometres. G1 through G4 were in mass production by the time of the listing; G5 entered mass production in September 2026 2 8.
DeeperThe detail
The prospectus records the position at filing: "完成了从第一代工艺技术平台到第四代工艺技术平台的量产" — G1 to G4 in mass production 2. On 20 September 2026 CXMT announced that the fifth-generation platform had joined them: "长鑫存储在世界制造业大会上正式宣布第五代DRAM技术平台（以下简称'G5平台'）实现量产" 8.
ExpertFor specialists
Unusually for a company this guarded, the G5 announcement publishes real process physics rather than a marketing node name. CXMT states that quad-patterning brought the memory array's active-area half-pitch down to 11.95 nanometres, which it describes as "接近全球最顶尖的内存量产平台制程"; that the storage capacitor reaches an aspect ratio of 45:1; that it developed a high-k metal gate process suited to DRAM, shrinking the platform's core functional area height to 6762 nanometres; and that dies per wafer rose "至少50%" over G4 8.
Those are more specific numbers than Samsung publishes about its own nodes. Note what is still missing, though: CXMT gives no marketing node figure in nanometres, and its product pages carry none either 1 8.
6.Where it’s made: fabs and addresses
SimpleStart here
CXMT's fab count is in the prospectus and nowhere else: "公司在合肥、北京两地共拥有3座12英寸DRAM晶圆厂" — three 300mm DRAM fabs across Hefei and Beijing 2.
DeeperThe detail
The website's timeline names them, up to 2022: Fab A and Fab A1 then A2 in Hefei, and Fab C, C1 and C2 in Beijing, with "Operation began on Fab C1 (Beijing) trial production line" in January 2022 and "Fab A2 (Hefei) construction completed" that June 6. Beijing is therefore an officially confirmed second site, not an inference.
No capacity figure exists in any CXMT source. Neither the prospectus nor the website publishes wafer starts per month, and this page does not carry one 2 6. Widely-quoted figures of a few hundred thousand wafers a month now, rising sharply later this decade, come from news reporting and analyst models rather than from CXMT 9.
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The prospectus does make one competitive claim about scale, in CXMT's own words in a regulatory filing: "公司已成为中国第一、全球第四的DRAM厂商" — first in China and fourth in the world 2. That is a rank rather than a share, and it is CXMT's own characterisation, though third-party trackers put it in the same position: Counterpoint's estimate for the second quarter of 2026 was a 10% share of global DRAM revenue, also fourth 10.
Reports of a fourth, fifth and sixth fab in Shanghai, Hefei and Beijing Yizhuang are press, with no official confirmation found here 9.
7.How the memory works
SimpleStart here
DRAM stores each bit as a charge in a tiny capacitor that leaks, so the chip rewrites every bit thousands of times a second and loses everything when the power goes. Making it denser means making that capacitor narrower and deeper without letting the charge escape 8.
DeeperThe detail
CXMT's G5 disclosure is a rare public look at exactly that problem. A capacitor aspect ratio of 45:1 means a structure forty-five times taller than it is wide 8 — the shape DRAM scaling has been driven into, because the capacitor must keep enough charge to be readable even as its footprint shrinks. The 11.95-nanometre active-area half-pitch is the other half of the same squeeze 8.
ExpertFor specialists
The interesting engineering choice is quad-patterning. CXMT reaches 11.95nm by exposing the wafer four times with existing lithography rather than once with extreme-ultraviolet equipment 8 — more steps, more cost and more opportunity for misalignment, but achievable without EUV tools. Multiple patterning is a normal industry technique, not a workaround CXMT invented; what is notable is a maker at this density describing it as the route to its leading platform, when its competitors at comparable density use EUV. CXMT does not discuss why, and this page does not speculate beyond noting what it published 8.
8.Specs explained
SimpleStart here
| Item | What CXMT publishes |
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| LPDDR6 | Max 12800 Mbps; 16Gb die, 16GB package; 1295-ball FBGA 1 7 |
| DDR5 | Max 8000 Mbps; 16Gb and 24Gb dies 1 |
| LPDDR5/5X | Max 10667 Mbps; 12Gb and 16Gb dies 1 |
| G5 platform | 11.95nm active-area half-pitch; 45:1 capacitor aspect ratio; HKMG; ≥50% more dies per wafer than G4 8 |
| Process node in nm | Not published as a node name 1 |
| Capacity | Not published 2 |
DeeperThe detail
The LPDDR6 part is specified against the standard it implements rather than against a competitor: it "遵循JEDEC LPDDR6标准" and runs at 12800 Mbps at its maximum, 10667 Mbps in the shipping phone pairing 7. The launch release names dual sub-channel architecture and the 1295-ball package 7; CXMT's product page adds dual-rail DVFS and what it spells "PARC" — the per-row activation counting row-hammer defence that JEDEC's LPDDR6 standard calls PRAC — along with MBIST 1.
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The G5 figures deserve one caution about comparability. An "active-area half-pitch" of 11.95nm is a physical measurement of one feature; it is not the same thing as a "node" in the sense Samsung's 1c or Micron's 1-gamma are used, and CXMT does not claim it is 8. Comparing 11.95nm directly against another maker's node label would be comparing a measured dimension to a marketing name. What can be said from CXMT's own words is that it describes the result as "接近全球最顶尖的内存量产平台制程" — approaching, not matching, the most advanced platforms in volume production 8.
9.Official pricing
SimpleStart here
CXMT publishes no prices — not for dies, chips or its own modules 1. In this it is no different from any other maker in this section; the memory industry sells on negotiated contracts throughout.
DeeperThe detail
What CXMT does now publish, which it did not before July 2026, is revenue: ¥61.80 billion for 2025 against ¥24.18 billion for 2024 2. That is the aggregate visibility a listing brings, and it is the difference between this page and the YMTC page on this site — YMTC's own quarterly numbers remain unreadable from its public materials, while CXMT's annual figures are now in a filing 2.
ExpertFor specialists
One widely-assumed fact about CXMT is worth marking as unverified: that it wins business by undercutting the incumbents on price. This check found no CXMT statement about pricing at all 1 2, and no source it could open that establishes how CXMT prices against Samsung, SK hynix or Micron. The assumption may well be right; it is not documented here, so this page does not repeat it.
10.The HBM position
SimpleStart here
CXMT has published nothing about HBM. Anywhere. Not on its product pages, not in its news archive, and not in the prospectus it filed to list on a stock exchange 1 11 2.
DeeperThe detail
That absence is the finding, and the listing is what makes it meaningful. A prospectus is where a company must describe its business, its technology and its risks to a securities regulator. CXMT completed that process in 2026 with no HBM disclosure in the document 2 — which means that as of filing, HBM was not a material business line it was required to describe. For a DRAM maker in 2026, when HBM is where the industry's profit has concentrated, that is a substantial statement by omission.
ExpertFor specialists
Everything circulating about CXMT and HBM is press, and the underlying sourcing is unnamed. Reports of small-scale HBM3E production, of HBM3 yields, and of Chinese AI-chip customers trace to journalism citing unidentified people and to analyst yield models 12. No statement from CXMT confirms any of it, and this page does not convert those reports into fact 1 11.
The honest formulation is narrow: CXMT is a DRAM maker of real and growing scale with a current-generation mobile memory product in a flagship phone 7, and it has said nothing publicly about the product category that has made its competitors most of their recent money. Whether that reflects absence, secrecy or a product not yet material is not something the public record settles.
11.Who buys it and why
SimpleStart here
CXMT names one customer in its own material: Xiaomi, whose 18 Fold was the first phone to ship its LPDDR6 7. Beyond that, its filings and website name no customers 2.
DeeperThe detail
The most consequential customer question about CXMT is one neither CXMT nor the customer has answered. In July 2026 a bipartisan group of US senators led by Jim Banks and Chuck Schumer wrote to Apple's chief executive to "express our concern regarding credible reports that Apple has begun testing DRAM" from CXMT, urging Apple to "abandon any effort to incorporate memory from CXMT, Yangtze Memory Technologies Co. (YMTC), or any other Chinese state-backed supplier" 13. They asked Apple to answer by 21 August 2026: "Will Apple commit that it will not incorporate CXMT or YMTC memory into any Apple product, whether sold in the United States or abroad?" 13.
Note how carefully that is worded, and read it that way. The senators are relaying press reports, not asserting knowledge of Apple's supply chain 13. This check found no statement from Apple or CXMT confirming, denying or describing any relationship, and no reporting on whether Apple answered 13 14.
ExpertFor specialists
One competitor has effectively confirmed CXMT's commercial traction, which is a more reliable signal than most. Micron publicly acknowledged that CXMT and YMTC "had both grown in capability and market share over the years, although the 'overwhelming majority' of their output was still sold within China" 15. That last clause matters: it frames CXMT as a large maker whose scale is mostly domestic, which is consistent with a company that has only just begun appearing in Western product teardowns.
12.Hidden in plain sight
SimpleStart here
CXMT is not on the US Entity List — and YMTC is. The two Chinese memory makers are routinely discussed as a pair under the same restrictions. They are not under the same restrictions, and the difference is documented 16.
DeeperThe detail
The December 2022 action that put YMTC on the Entity List, with a licence requirement "For all items subject to the EAR" and a "Presumption of denial", does not name CXMT or ChangXin anywhere 16. Nor does the December 2024 round of additions 17. CXMT is subject to other US measures — see Weak spots — but not that one.
The clearest confirmation comes from the senators pressing the case against CXMT. Their own letter says Commerce "identified YMTC as a national security threat when it added the company to the Entity List in 2022" and makes no equivalent Entity List claim for CXMT, resting its argument instead on the Pentagon's military-company list and the NDAA procurement bar 14. If an Entity List designation existed, that is the letter that would cite it.
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A limit on this finding, stated because it matters: this check verified CXMT's absence from the December 2022 and December 2024 Entity List rules directly 16 17, and corroborated it from the Senate's own framing 14, but could not read the live consolidated Entity List at 15 CFR Part 744 Supplement No. 4 end to end. The negative is well supported and is an inference from converging sources rather than a single direct read.
A second thing hidden in plain sight: CXMT's prospectus never names any of the US measures that do apply to it. Its export-control risk language is generic — "如短期内相关国家进一步加强限制政策，可能导致公司面临产业链不稳定的风险" — with no mention of the 1260H designation, Section 5949 or the Entity List regime 2. An investor reading only the prospectus would not learn that US federal agencies are barred from buying products containing CXMT chips from December 2027 18.
13.Weak spots
SimpleStart here
- Designated a Chinese military company by the US Department of Defense 19.
- Named in US statute, with a federal procurement bar from 23 December 2027 20 18.
- No published capacity, and no HBM in a market where HBM is where the margin is 2 1.
DeeperThe detail
The Pentagon designation is the most specific. CXMT was named on the Section 1260H list of Chinese military companies in January 2025 21, and the June 2026 reissue sets out the reasoning verbatim: "ChangXin Memory Technologies, Inc. (CXMT) - CXMT is directly affiliated with MIIT and indirectly affiliated with SASAC and MIIT (Section 1260H(g)(2)(B)(i)(I))." 19. The same notice lists YMTC with a different formula, "indirectly owned by SASAC and…indirectly affiliated with MIIT and SASTIND" 19.
There was a brief reversal. A February 2026 update to the list was rescinded and withdrawn, and the June 2026 notice restored both Chinese memory makers, bringing the list to 188 entities 22 19. Anyone who saw a headline in early 2026 saying CXMT had been removed was reading a notice that did not stand.
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Section 5949 of the FY2023 NDAA is the measure with the longest reach, because it names CXMT in statute rather than on an administrative list. Covered products include "A semiconductor…designed, produced, or provided by ChangXin Memory Technologies (CXMT) or Yangtze Memory Technologies Corp (YMTC) (or any subsidiary, affiliate, or successor of such entities)" 20. The prohibition takes effect on 23 December 2027, with commercial products and services "for which there are no alternative sources available" excepted until 23 December 2028; a proposed implementing Federal Acquisition Regulation rule was published for comment in February 2026 18 23. Because it reaches products *containing* the chips, not just direct purchases, it is materially broader than it first appears for a component maker.
CXMT is contesting the military designation. In August 2026 it sued the Department of Defense, with Defense Secretary Pete Hegseth named, asserting that "CXMT is not affiliated with the Chinese military" 24. The reporting that carried the filing paraphrases the rest of its argument: that the firm "manufactures DRAM chips exclusively for civilian and commercial purposes, not military applications" 24. This page could not retrieve the complaint or the docket number, so it quotes only the one sentence the reporting gives verbatim and does not state the court 24.
14.India angle
SimpleStart here
Nothing. This check found no CXMT investment, subsidiary, office, customer relationship or announced plan involving India 6 2.
DeeperThe detail
Neither CXMT's website nor its prospectus mentions India 6 2, and targeted searching surfaced only Indian commentary about CXMT's rise rather than any factual link. As with YMTC, this is an absence established by looking rather than a formal exclusion, and it is stated as such.
ExpertFor specialists
The context is the same as for YMTC: India's semiconductor programme is built in close alignment with the United States and its partners, and CXMT carries a US military-company designation 19 and a statutory federal procurement bar 20. Of the eight makers documented in this section so far, only Micron has manufacturing in India.
15.What’s next
SimpleStart here
What is on the record:
- G5 in mass production since September 2026 8.
- LPDDR6 shipping in a flagship phone 7.
- A lawsuit against the Pentagon, filed August 2026 24.
- A US procurement bar on products containing its chips from 23 December 2027 20 18.
CXMT has announced no product roadmap beyond G5 and LPDDR6 11.
DeeperThe detail
The listing changes what can be known about CXMT going forward more than it changes the company. A STAR Market issuer files periodic reports, so revenue, profit, R&D and headcount will now arrive on a schedule rather than not at all 2. If CXMT does develop HBM into a material business, a filing is where it would first have to be described — which makes the next set of reports the thing to watch on the question this page cannot currently answer.
ExpertFor specialists
Two external dates bound the next few years. The Pentagon litigation will either remove the 1260H designation or leave it in place 24 19; and 23 December 2027 arrives regardless, because Section 5949 is statute rather than an administrative decision that a court could readily unwind 20 23. Neither turns on CXMT's technology.
The technical question is quieter and probably more important: whether quad-patterning can carry CXMT past G5, or whether density beyond this point requires the EUV tooling its export-control position makes hard to obtain 8. CXMT has not addressed it publicly, and this page will not guess.