[Edaily Reporter JAEMIN SONG ] The revenue base of China’s largest DRAM manufacturer, Changxin Memory Technology (CXMT), is rapidly shifting outside of China. The proportion of revenue generated outside mainland China has jumped from the 30% range to the 60% range in just one year. Analysts note that CXMT—which grew by leveraging the domestic market—is expanding its overseas presence through the global distribution networks of Chinese finished goods manufacturers, emerging as a new variable in the general-purpose and mobile DRAM markets previously dominated by Korean memory manufacturers.

According to CXMT’s semi-annual report released on the 31st, out of 150 billion yuan (approximately 30 trillion won) in revenue for the first half of this year, sales outside mainland China totaled 95.8 billion yuan, accounting for 63.8 percent. This is 1.8 times the 54.2 billion yuan in mainland revenue. The share of revenue from outside the mainland, which stood at 36.9% in the first half of last year, rose by 26.9 percentage points in just one year, reversing the regional revenue composition. In terms of absolute value, it grew approximately 17-fold from 5.6 billion yuan.

Revenue from outside the mainland includes sales in Hong Kong, a hub for semiconductor trade and dollar settlements. Since CXMT did not disclose separate figures for revenue from Hong Kong and other regions in the first half of this year, there may be a discrepancy with actual overseas end demand. However, given that the share of revenue from outside the mainland has nearly doubled when measured by the same criteria, it can be interpreted that the company is shedding its reputation as a supplier primarily serving the “domestic market” overseas.

CXMT stated that its LPDDR4X has entered the supply chains of IT companies such as Xiaomi, Oppo, Vivo, Transsion, and Lenovo, and has entered overseas markets through these companies’ device distribution channels. CXMT’s overseas assets still account for only 0.15% of the total. This suggests that the company is relying on its factories in China and its customers’ sales networks rather than establishing separate overseas production bases.

According to market research firm Counterpoint Research, CXMT’s global DRAM revenue share rose from 4% in the second quarter of last year to 7% in the second quarter of this year. There is still a significant gap compared to SamsungElectronics (39%) and SK hynix (26%). However, if CXMT expands its global supply base—primarily through standard DDR DRAM and mobile LPDDR DRAM—it could pose a challenge to K-Memory in the medium to long term.