A company's Q1 profit in 2026 is nearly 20 times its total profit for the entire previous year. This is ChangXin Memory, the fourth-largest player in the global DRAM storage industry after Micron, Samsung, and SK Hynix, and a beacon of hope for China's push into advanced manufacturing processes. ChangXin Memory updated its IPO prospectus today: In Q1 2026, it achieved revenue of 50.8 billion RMB, a year-on-year growth of 719%, with net profit reaching 33 billion RMB. The surge in HBM demand driven by AI infrastructure development has led the three major international manufacturers to shift significant production capacity from traditional DRAM to HBM, resulting in severe shortages of general-purpose DRAM like DDR4 and DDR5. In Q1 2026, DRAM contract prices skyrocketed by 58% to 63% compared to the previous quarter. In the global DRAM market dominated by Samsung (36.6%), SK Hynix (32.9%), and Micron (22.9%), ChangXin Memory holds the fourth spot with a 4.7% market share. The most striking feature of this storage supercycle is not just revenue growth but also historically high profitability. SK Hynix's operating profit margin reached 72%, Micron's gross margin exceeded 75%, and in Q1 2026, ChangXin Memory's operating profit margin was approximately 65%. Although slightly lower than SK Hynix and Micron, considering ChangXin Memory's current product portfolio lacks high-margin HBM products and its process costs are relatively high, this profitability level is already quite impressive. HBM is the area where ChangXin Memory has the largest technological gap with international giants. By 2026, SK Hynix and Samsung have already begun mass production of HBM4, and Micron is accelerating its HBM4 production process. In contrast, ChangXin Memory is essentially blank in the HBM field. The company's mass-produced products are currently focused on general-purpose DRAM like DDR4, DDR5, and LPDDR4/5, while HBM3 is still under development, with plans for mass production at its Shanghai packaging plant by the end of 2026. This means that in the HBM field, ChangXin Memory lags about two generations behind the industry leaders, and its 16nm process, lacking EUV technology, is 3-4 generations behind Samsung and SK Hynix's 12nm process. TrendForce predicts that by 2027, the global DRAM market will approach $400 billion, with HBM's share of total DRAM revenue rising from about 12% in 2024 to over 35%. This implies that manufacturers unable to produce HBM will be marginalized in the high-growth market. For ChangXin Memory, this is both the most daunting challenge and the greatest opportunity. If the company can quickly advance the development of HBM4 and more advanced products based on HBM3 mass production, it has the potential to join the "HBM club" by 2030, thereby truly reshaping the competitive landscape of the global DRAM industry. Conversely, if the technological gap in HBM remains unresolved for an extended period, ChangXin Memory may remain confined to a niche position in the general DRAM market, unable to transition from China's leading player to a global giant.