CXMT, through capacity expansions, yield improvement, and related policies, has emerged swiftly in the LPDDR4X market. Its production capacity has helped replenished the supply void left behind by major South Korean and US suppliers, who shifted to advanced processes, as well as restructured the supply structure of mobile DRAM for smartphones. CXMT is now also involved in development of new-gen processes and products, but remains uncertain pertaining to G5 and LPDDR6 under restricted exports of US equipment.

Negotiations for 4Q25 contract prices of both Mobile DRAM and NAND Flash are currently undergoing, and risk of price hikes has risen due to confined market activities and price competitions among suppliers.

Key Highlights

• CXMT has been surging in market share since joining the supply chain of DRAM in 2020, and could potentially account for 50% of the market share of LPDDR4X by 2026.
• Major South Korean and US DRAM suppliers are shifting their capacity to newer iterations to avoid price wars, which formed a structural supply void of LPDDR4X. This provided an opportunity for CXMT to expand and restructure the supply structure of mobile DRAM for mid-to-low end smartphones.
• CXMT’s LPDDR5X is scheduled to be offered externally at mass batches starting from the end of 2025, while the next-gen LPDDR6 will have to wait until 2026 before seeing the light of day. CXMT currently focuses on G4 as the mainstream process, and aims to offer samples of the next-gen G5 process in mid-2026 for qualifications.
• CXMT has been expanding applications outside of smartphones to disperse risk and enlarge revenue. The constrained supply of LPDDR4X in the short term would facilitate CXMT’s market expansions, however, restrictions of geopolitical risks will persist.
• Price negotiations for mobile DRAM and NAND Flash are advancing swiftly in 4Q25, where the risk of price hikes has risen under tightened market activities and price competitions among suppliers.

Table of Contents

1. Key Points
2. Coverage on CXMT’s Mobile DRAM
   • LPDDR4(X) Supply Bits
   • Distribution of CXMT’s Mobile DRAM by Generation
3. Updates on Mobile DRAM and NAND Markets

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