China’s largest DRAM maker posted first-half revenue of 150.31 billion yuan, or roughly US$22.4 billion, an 873.6% jump from a year earlier. Net profit attributable to shareholders came in at 77.61 billion yuan, reversing a 2.33 billion yuan loss. Both figures sailed past the company’s own pre-listing guidance, which had capped revenue at 120 billion yuan and profit at 57 billion yuan.
Guidance blown past
The Shanghai-listed chipmaker exceeded the top end of its revenue range by about 25% and the profit range by roughly 36%. That gap between forecast and result is the only number that matters for a newly public company still calibrating its credibility with investors.
DDR5 mix shifts
DDR-series products generated 69.47 billion yuan, representing 46.3% of main business revenue. A year earlier that share sat at 31.9%. The ramp of DDR5 into PCs, workstations and servers is doing the heavy lifting, and the mix shift is visible in the margin structure.
LPDDR6 validation
The company said its LPDDR6 device, rated to 12,800 Mbps, has been shipped to key customers for validation. It marks the first time a Chinese DRAM producer has reached the commercialization stage for a new LPDDR generation on a timeline comparable with the established global suppliers.
What to watch
The guidance beat is clean, but the real test is whether the DDR5 mix holds through a cyclical downturn. Capacity additions are still coming online. If pricing softens, the revenue quality gets tested fast.