After losing 28.3 billion yuan in two years, Changxin Technology restarts IPO with a quarterly net profit of 33 billion yuan According to Beating monitoring, Changxin Technology has updated its IPO prospectus for the Science and Technology Innovation Board, and the project has officially resumed review after supplementing financial information. This domestic DRAM (Dynamic Random Access Memory) R&D and manufacturing enterprise with the largest production capacity plans to raise 29.5 billion yuan to invest in production line renovation and forward-looking technology research and development. The original prospectus shows an extremely drastic profit margin: Changxin incurred a total loss of over 28.2 billion yuan in 2023 and 2024, and turned around the losses in 2025. The absolute reversal occurred in the first quarter of 2026- the company's single quarter revenue reached 50.8 billion yuan (a year-on-year increase of 719.13%), and its net profit directly rose to 33.012 billion yuan (net profit attributable to the parent company of 24.762 billion yuan). The company attributed this surge in performance to a surge in global computing power demand, a shortage of DRAM supply, and a significant increase in contract prices. Changxin expects a revenue of 110 billion to 120 billion yuan and a net profit of 66 billion to 75 billion yuan in the first half of 2026; However, this unaudited data does not constitute a performance commitment. On the product route, Changxin has completed intergenerational coverage from DDR4/LPDDR4X to DDR5/LPDDR5X, and high gross margin DDR5 will rapidly increase in volume by 2025. According to Tom's Hardware, Changxin's DDR5 chip has achieved a speed of 8000 MT/s and a single 24Gb capacity, officially entering the global high-end speed range. The prospectus also shows that by 2025, the sales proportion of Changxin's top five customers will decrease to 39.85%, and customer concentration will continue to decline. In terms of supply chain disclosure, the company has classified the names of the top five suppliers as "Supplier A", "Supplier B", and other codes, mainly disclosing information such as procurement content, amount, and proportion. The application of the "pre review" mechanism for the first order on the Science and Technology Innovation Board has added a layer of focus on changes in supply chain confidentiality and review mechanisms to this IPO, in addition to a performance reversal. [Original link]