CXMT Achieves Key Breakthrough in LPDDR6

Less than a week after its listing, CXMT, with a market capitalization exceeding 3.6 trillion, has achieved a key milestone breakthrough.

On August 1, insiders close to CXMT revealed that its LPDDR6 R&D has made new progress, with verification now nearing completion, bringing it one step closer to mass production.

According to industry practice, the introduction of LPDDR products generally involves four key stages: single-die verification, R&D verification, small-batch introduction verification, and finally, formal mass production.

The R&D verification stage includes tests for compatibility, system stability, performance and power consumption, and mechanical reliability. The core objective is to comprehensively verify the rationality and reliability of the product design and identify potential risks in advance.

The nearing completion of R&D verification means that CXMT's LPDDR6 commercialization process is more than halfway through.

In March this year, industry sources reported that CXMT was actively promoting the implementation of its LPDDR6 product, had sent samples to core customers, and was expected to achieve the world's first mass production launch in the second half of 2026. However, no further progress was reported until August, which may be related to the advancement of its listing process.

It is reported that CXMT's first LPDDR6 product has a design speed of 12800 Mbps, with a base operating speed of 10667 Mbps in conjunction with SoCs. The die capacity is 16Gb, and the chip capacity is 16GB. It adopts a 1295-ball POP package and shows significant optimization and improvement over LPDDR5X products in terms of low-power design and RAS (Reliability, Availability, and Serviceability) functions.

For comparison, at the end of 2023, CXMT launched its self-developed LPDDR5 series, which included 12Gb dies and 12GB chips in POP packaging, with a single-die speed of 6400 Mbps.

In 2025, CXMT further released the LPDDR5X series, expanding die capacities to 12Gb and 16Gb, with a maximum speed reaching 10667 Mbps, a 66% increase over LPDDR5, and a 30% reduction in power consumption.

According to the prospectus, CXMT's LPDDR product series has entered the supply chains of mainstream manufacturers such as Xiaomi Corporation, Transsion, Honor, OPPO, and vivo.

Calculating by timeline, from the release of LPDDR5 to sending LPDDR6 samples to core customers, CXMT took less than three years to span two generations of DRAM technology.

CXMT's product iteration is positively correlated with its R&D investment. According to data from the prospectus, CXMT's R&D expenditure reached 9.593 billion yuan in 2025, a year-on-year increase of 51.28%; cumulative R&D expenditure from 2023 to 2025 exceeded 20.6 billion yuan; and by the end of 2025, the cumulative number of patents reached 6,972.

In the race for LPDDR6 mass production, SK Hynix is currently CXMT's fastest-moving competitor. In March this year, SK Hynix announced the completion of development verification for the world's first 16Gb LPDDR6 DRAM based on its sixth-generation 10nm-class (1c) process, planning to officially start mass production shipments in the second half of 2026.

In contrast, Samsung and Micron have been relatively restrained in their investments in the LPDDR6 sector. These two giants have shifted a large portion of their wafer capacity towards higher-margin HBM and server DRAM, providing CXMT with a larger window for growth.

Data from Omdia shows that CXMT's global market share is 7.67%. Nomura Securities recently pointed out in a research report that CXMT currently holds about 10% of the global DRAM market share, predicting it will rise to 18% by the end of 2028. Nomura even likened the industrial value of CXMT's DRAM chips to the "Pearl in China's Crown" in the report title, setting a bullish target price of 116 yuan.

Based on data previously disclosed by CXMT, revenue for January to June 2026 is expected to reach 110 billion to 120 billion yuan, a year-on-year increase of 612.53% to 677.31%; net profit attributable to shareholders is expected to be 50 billion to 57 billion yuan, a year-on-year increase of 2244.03% to 2544.19%.

In terms of customer expansion, Xiaomi Corporation, Transsion, Honor, OPPO, and vivo are all customers of its LPDDR products. Of greater interest to the market is that Apple Inc. is pushing to include CXMT in its supply chain diversification system.

Previously, on June 27, the Financial Times reported that Apple hoped to obtain approval to purchase DRAM chips from CXMT and had contacted the U.S. Department of Commerce regarding this matter. On July 8, the Financial Times further disclosed that Apple had initiated internal testing of CXMT's DRAM chips, planning to use them in products sold in the Chinese market.

During Apple's fiscal 2026 third-quarter earnings call on July 30, Tim Cook publicly addressed the issue of memory supply diversification, stating that "Apple is evaluating all options." He noted that there are currently only three core suppliers in the global DRAM market, adding that "having more suppliers is a good thing, which will bring benefits in supply and potentially in pricing."

More critical than being included in Apple's supply chain is CXMT's progress in LPDDR6.

It can be said that approaching the mass production node means that domestic memory storage is gradually narrowing the gap with overseas leading giants, with the potential to break the situation where the iteration rhythm of frontier storage technology is dominated by overseas giants, thereby reshaping the global DRAM market landscape.

Tencent Technology

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