ChangXin's IPO is approaching, with "China's Micron" boasting top-notch profitability, although its revenue scale still lags behind.

BlockBeats News, May 27th, Today's Update: ChangXin Technology's STAR Market IPO Approved by Listing Committee. As the world's fourth-largest DRAM manufacturer by shipment volume, ChangXin Technology's revenue has entered the "second only to the three major international leaders" queue, but the scale gap is still clear.

BlockBeats compared ChangXin Technology's financial indicators with international DRAM giants Micron, SK Hynix, and Samsung Electronics as follows:

· Based on the latest quarter's revenue converted to RMB, Micron is about 3.2 times that of ChangXin, SK Hynix is about 4.7 times, and Samsung Memory is about 6.7 times. ChangXin Technology still lags behind the top companies in terms of revenue.

· In terms of profitability, ChangXin's first-quarter 2026 operating profit margin is 69.7%, higher than Micron's GAAP-calibrated 67.6%, and slightly lower than SK Hynix's 71.5%. Benefiting from the upward industry trend, the company's profitability can now compete with the leading companies.

In addition, ChangXin's prospectus shows that the Q1 revenue growth is driven by a triple combination of capacity ramp-up, product structure upgrade, and DRAM price recovery. Since the end of 2025, the mass production of DDR5, LPDDR5/5X, combined with industry supply-demand tension, has significantly improved the first-quarter revenue and profit margin.

Currently, Micron and SK Hynix have prominently surpassed a trillion-dollar market cap. The timing of ChangXin Technology's "domestic Micron" IPO can be described as perfect, and in the short term, the market will undoubtedly be enthusiastic after the IPO. However, in the long run, ChangXin's gross margin still lags behind the top three, and in the future, it will need to strive for a larger market share through continuous R&D, new product innovation, mass production, and scale effect improvement.