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China's largest DRAM memory chipmaker, supplying memory chips for servers, phones, PCs and cars.
China's largest DRAM memory chipmaker, supplying memory chips for servers, phones, PCs and cars.
Sells standard DRAM, whose price is set by the global market, mostly to Chinese phone, PC and server makers that want a domestic supplier. It ranks well behind Samsung, SK hynix and Micron in scale and process technology.
In one line: China's Micron Technology.
Moat: narrow (scale, IP / patents, installed base). Only Chinese DRAM maker at meaningful scale, backed by huge state/investor capital and Hefei government ownership.
Headquarters: Hefei, Anhui, China · Founded: 2016
Size CXMT (688825.SS) is a China Information Technology company (Semiconductors) with a market value of $411B, the 2nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥40.41 on 6 Nov 2026.
Growth Revenue grew 156.2% over the last twelve months (peer median +27.9%); the operating margin is 12.9% (peer median 37.2%).
Valuation It trades at 43.9× enterprise value to sales against a peer median of 12.3× (most expensive of 15).
Capital Return on invested capital runs 14.8 points below its cost of capital (16.4% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | CN¥61.5B | CN¥24.0B | CN¥8.98B | CN¥8.28B |
| Revenue growth | — | +156% | +167% | +8% | — |
| Gross profit | n/a | CN¥23.1B | CN¥367M | -CN¥281M | -CN¥740M |
| EBITDA | n/a | CN¥35.0B | CN¥8.36B | -CN¥6.63B | -CN¥1.83B |
| Net income | n/a | CN¥1.87B | -CN¥7.14B | -CN¥16.3B | -CN¥8.33B |
| Free cash flow | n/a | -CN¥13.0B | -CN¥64.2B | -CN¥50.8B | -CN¥37.1B |
| Capital expenditure | n/a | CN¥49.7B | CN¥71.2B | CN¥43.7B | CN¥35.4B |
| Total debt | CN¥140B | CN¥149B | CN¥131B | CN¥102B | CN¥69.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| CXMT 688825.SS | $411B | n/a | +156% | 13% | 43.9× | n/a |
| SamsungElec 005930.KS | $886B | -14% | +88% | 46% | 2.0× | -7.2% |
| SK hynix 000660.KS | $608B | -12% | +220% | 74% | 3.1× | -3.1% |
| Micron Technology MU | $781B | -8% | +256% | 75% | 5.6× | 7.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688825.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.0% | -29.7% | 5th highest of 15 |
| Distance from 52-week high | -34.6% | -42.8% | 5th highest of 15 |
| Revenue growth (TTM) | +156.2% | +27.9% | 3rd highest of 15 |
| Operating margin | 12.9% | 37.2% | 2nd lowest of 15 |
| EV / Sales | 43.9× | 12.3× | most expensive of 15 |
| ROIC minus cost of capital | -14.8 pp | +11.0 pp | lowest of 15 |
| EV / EBITDA | 77.1× | 27.0× | most expensive of 11 |
| Net debt / EBITDA | -6.1× | 0.2× | least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CXMT 688825.SS | China | $411B | n/a | +156% | 13% | 43.9× | n/a | n/a |
| ASML ASML.AS | Netherlands | $550B | -6% | +23% | 39% | 12.2× | 28.9% | +18.5% |
| Intel INTC | United States | $299B | -55% | +12% | 11% | 5.2× | 46.1% | -7.5% |
| SK hynix 000660.KS | South Korea | $608B | -12% | +220% | 74% | 3.1× | -3.1% | +24.9% |
| Texas Instruments TXN | United States | $253B | -4% | +20% | 41% | 12.5× | 23.3% | +4.1% |
| Advanced Micro Devices AMD | United States | $733B | -1% | +42% | 18% | 16.0× | 60.9% | +28.8% |
| Micron Technology MU | United States | $781B | -8% | +256% | 75% | 5.6× | 7.1% | +36.9% |
| Arm ARM | United States | $204B | -18% | +25% | 17% | 38.9× | n/a | n/a |
| SamsungElec 005930.KS | South Korea | $886B | -14% | +88% | 46% | 2.0× | -7.2% | +7.1% |
| KLA KLAC | United States | $180B | -26% | +16% | 43% | 12.5× | 23.5% | +14.4% |
| Qualcomm QCOM | United States | $177B | -24% | +2% | 24% | 4.2× | 15.9% | +5.1% |
| Analog Devices ADI | United States | $176B | -13% | +34% | 36% | 13.2× | 27.8% | +14.5% |
| Mediatek 2454.TW | Taiwan | $164B | +7% | +6% | 15% | 8.7× | 40.7% | +13.1% |
| Marvell Technology MRVL | United States | $124B | -17% | +31% | 17% | 13.3× | 54.4% | +22.5% |
| Broadcom AVGO | United States | $1.40T | -32% | +49% | 49% | 16.1× | 26.6% | +21.7% |