688825.SHG

DRAM Revenue Growth (YoY %) of 750% or higher.

Achieving 750%+ YoY DRAM revenue growth would signal CXMT's continued acceleration and exceptional execution in capitalizing on the robust AI-driven memory supercycle. This would validate its strategic importance within China's semiconductor independence push, demonstrating strong market share gains and pricing power despite capacity constraints, thereby reinforcing the long thesis and driving a higher valuation multiple.

CXMT Corp. needs to announce the successful commencement of HBM3 mass production in 2026, reporting an initial run rate of at least 10,000 HBM3 wafers per month by year-end 2026. This would represent a significant, quantifiable leap from the current N/A, effectively an infinite YoY % increase from a zero base, and would contradict recent reports of production delays.

This demonstrates CXMT's ability to overcome technological hurdles and geopolitical constraints, validating its strategic pivot into high-margin HBM. It signals progress towards China's AI self-sufficiency and strengthens CXMT's competitive position against global rivals, driving a positive rerating.

For CXMT Corp. to rerate higher, its Total Revenue Growth (YoY %) for the first half of 2026 needs to be at least 650%. This would significantly exceed the full-year 2026 analyst estimate of 470% YoY revenue growth and demonstrate a less severe deceleration from the 716% reported in Q1 2026.

Hitting this threshold would signal that CXMT is sustaining its rapid growth momentum better than anticipated, validating its market share expansion in the booming DRAM market, especially within China's self-sufficiency drive. This would reinforce its competitive position against global leaders and justify its high valuation post-IPO.