After two years of losses totaling $28.3 billion, Longxin Technology reported a net profit of $33 billion for the quarter and is now restarting its IPO.

According to Dongcha Beating monitoring, Changxin Technology has updated its Sci-Tech Innovation Board IPO prospectus. After submitting additional financial information, the project has officially resumed the review process. The domestic leading DRAM (Dynamic Random-Access Memory) research and manufacturing company plans to raise 29.5 billion yuan for production line upgrades and future technology research and development.

The prospectus revealed a significant turnaround in profitability: Changxin incurred a total loss of over 28.2 billion yuan in 2023 and 2024, only to return to profit in 2025. However, the absolute reversal occurred in the first quarter of 2026—the company's quarterly revenue reached 50.8 billion yuan (a staggering 719.13% year-on-year increase), with a net profit soaring to 33.012 billion yuan (a net profit attributable to the parent company of 24.762 billion yuan).

The company attributed this surge in performance to the surge in global computing power demand, the shortage of DRAM, and the substantial increase in contract prices. Changxin expects revenue in the first half of 2026 to be between 110 billion and 120 billion yuan, with a net profit of 66 billion to 75 billion yuan. However, these unaudited figures do not constitute a performance commitment.

In terms of product roadmap, Changxin has completed the generational transition from DDR4/LPDDR4X to DDR5/LPDDR5X, with the high-margin DDR5 rapidly ramping up in 2025. According to Tom's Hardware, the DDR5 chip showcased by Changxin has reached a speed of 8000 MT/s and a single-chip capacity of 24Gb, officially entering the global high-end speed range.

The prospectus also disclosed that Changxin's sales to the top five customers in 2025 dropped to 39.85%, showing a continued decrease in customer concentration. Regarding supply chain disclosure, the company anonymized the names of the top five suppliers as "Supplier A," "Supplier B," using codes, mainly revealing procurement details, amounts, and percentages. In addition to the performance turnaround, this IPO also gained attention due to the supply chain confidentiality and review mechanism changes, aided by the Sci-Tech Innovation Board's inaugural application of the "preliminary review" mechanism.