CXMT Q1-Q3 2026 net profit hits RMB 132.04B, reversing year-earlier loss

The scale of the swing matters less than its driver: CXMT's profit is presented as a function of a global DRAM shortage, not of durable pricing power or product mix. That distinction cuts both ways, since shortage-driven margins are inherently cyclical and the same unit-cost declines that lifted gross margins could be competed away once supply responds. For RWA and crypto markets, the read-through is indirect but relevant, as memory pricing feeds the cost base for AI and data-center infrastructure that tokenization and on-chain compute narratives increasingly lean on. Whether the shortage persists into coming quarters is the open question.