Montage Technology Co Ltd

Montage Technology released its 2026 interim report, with total operating revenue of 3.335 billion yuan, net profit attributable to the parent company of 1.997 billion yuan, and net cash inflow from operating activities of 1.328 billion yuan. The company's asset-liability ratio was 7.51%, gross margin was 65.31%, ROE was 9.28%, and diluted earnings per share was 1.69 yuan. Total asset turnover was 0.18 times, and inventory turnover was 1.22 times, down 13.91% and 55.82% year-on-year respectively. The number of shareholders was 260,900, and the top ten shareholders held 31.48% of the total share capital.

Domestic DRAM leader CXMT debuted on the STAR Market, with eight semiconductor supply chain companies that participated in its strategic placement posting combined paper gains of over 5.8 billion yuan on the first day of trading. The eight companies are Advanced Micro-Fabrication Equipment, Montage Technology, Anji Microelectronics, Tongfu Microelectronics, Xi'an Eswin Material Technologies, Tuojing Technology, E-Town Semiconductor, and National Silicon Industry Group. Each was allocated approximately 18.2448 million shares at a cost of around 158 million yuan, with an 18-month lock-up period. Based on the first-day closing price of 49 yuan per share, each company's holding was worth about 894 million yuan, yielding a paper profit of roughly 736 million yuan per participant. The strategic placement spans the full industry chain, from upstream materials such as silicon wafers and polishing fluids, to core equipment like etching and thin-film deposition, and on to memory interface chips and packaging and testing. This reflects CXMT's strategic intent to build a stable supply chain ecosystem around DRAM manufacturing.

Over the past week, STAR Market companies have been sending a flurry of positive signals. More than 30 companies announced new share buyback plans or progress updates, over 20 disclosed their 2026 half-year earnings forecasts with most reporting upbeat results, and several others signed major contracts or revealed R&D breakthroughs. The semiconductor supply chain is showing a cluster of strong performances. Puya Semiconductor expects first-half net profit attributable to the parent of about 825 million yuan, a more than 19-fold increase year-on-year. Dosilicon expects between 640 million and 680 million yuan, swinging from a loss to a profit. Yuanjie Technology expects net profit attributable to the parent of 600 million to 650 million yuan, up about 12-fold. Lianxun Instruments expects 510 million to 580 million yuan, up over 8-fold. Amlogic expects about 608 million yuan, up 22 percent. China Micro Semicon expects about 165 million yuan, up 91 percent, covering segments from memory and optical chips to SoCs. In biopharma, OPM Biosciences expects revenue of about 450 million yuan, up roughly 1.5 times, and net profit attributable to the parent of about 124 million yuan, up around 229 percent. In new energy and new materials, Minmetals New Energy and Oulai New Materials both expect to swing from losses to profits in net profit attributable to the parent. In the low-altitude economy, AVIC UAS expects revenue of 1.58 billion to 1.68 billion yuan, a more than 2.6-fold increase. On the buyback front, Montage Technology plans to repurchase 300 million to 600 million yuan worth of shares. Kingsoft Office has set a buyback cap of 500 million yuan and has already repurchased about 75 million yuan. Segway-Ninebot has cumulatively repurchased about 220 million yuan. Hoymiles Power Electronics' buyback ratio has exceeded 1 percent. Baimtec Material completed about 100 million yuan in buybacks using over-raised funds. Wasion Information completed 50 million yuan in buybacks. Controlling shareholders of Puya Semiconductor and Biwin Storage have proactively proposed buybacks. Market participants say the intensive buybacks and positive earnings forecasts reflect the growing quality of hard-tech companies and the accelerating release of industrial clustering effects.

Over the past week, Shanghai-listed companies launched 42 new buyback plans with a maximum value of 8.386 billion yuan, and 17 new shareholding increase plans with a maximum value of 7.457 billion yuan, totaling up to 15.8 billion yuan. NARI Technology's chairman proposed a buyback of 500 million to 1 billion yuan, Daqin Railway's chairman proposed a buyback of 400 million to 500 million yuan, Sany Heavy Industry plans a buyback of 400 million to 800 million yuan, Haier Smart Home has spent a total of 1.817 billion yuan on buybacks, and Seres has repurchased over 587 million yuan. On the shareholding increase side, China Three Gorges Renewables' controlling shareholder plans to increase holdings by 1.5 billion to 3 billion yuan, Aluminum Corporation of China's controlling shareholder plans to increase holdings by 1 billion to 2 billion yuan, and China State Construction's controlling shareholder plans to increase holdings by 500 million to 1 billion yuan. On the STAR Market, more than 30 companies announced buyback-related announcements within a week, with Montage Technology planning a buyback of 300 million to 600 million yuan, Kingsoft Office setting a buyback cap of 500 million yuan, and multiple companies disclosing positive half-year earnings forecasts or research breakthroughs.

On the evening of July 23, several listed companies on the Shanghai and Shenzhen stock exchanges released important announcements. Pengding Holdings plans to invest 10 billion yuan to build a new Shenzhen Third Campus, along with an artificial intelligence high-end substrate and flexible circuit board intelligent manufacturing base project, scheduled to start in July 2026 and be completed and put into production by 2033. Yunnan Germanium's holding subsidiary signed an indium phosphide wafer supply agreement worth between 570 million and 855 million yuan, accounting for 53.48% to 80.23% of the company's 2025 annual revenue. Huadian New Energy's controlling shareholder intends to transfer 29% of the company's shares to China Huadian for free, after which the controlling shareholder will change to China Huadian. In terms of performance, Dongfeng Motor expects net profit for the first half of the year to increase by 23.45% to 33.74% year-on-year, Minmetals New Energy expects to turn losses into profits, and Poly Developments' net profit fell by 38.96% year-on-year. Additionally, Jiangbolong's chairman proposed a share buyback of 400 million to 800 million yuan, and Montage Technology plans to buy back shares worth 300 million to 600 million yuan.

ChangXin Memory Technologies announced its shares will list on the Shanghai Stock Exchange STAR Market on July 27, 2026, at an issue price of 8.66 yuan per share, with total post-IPO share capital of 66.881 billion shares. Puya Semiconductor expects net profit of approximately 825 million yuan in the first half of 2026, up 1,925.36 percent year-on-year, mainly driven by improved volumes and pricing for general-purpose memory chips. Montage Technology plans to repurchase A-shares for 300 million to 600 million yuan, at a maximum repurchase price of 332.90 yuan per share. China Railway Signal and Communication Corporation won eight major projects in May and June, with a total contract value of about 1.711 billion yuan, accounting for roughly 4.93 percent of its 2025 audited total operating revenue. In addition, the chairman of China Southern Power Grid Technology proposed a 2026 interim dividend of no less than 40 percent of first-half net profit, while several other companies including Haochen Software, Hanbang Technology, and Juyi Technology also disclosed buyback plans.

Montage Technology disclosed that MRDIMM is currently still in the volume trial phase for its second-generation product, and the industry expects volume deployment to begin in the next two to three years, followed by a rapid ramp-up. MRDIMM is a JEDEC-compliant high-bandwidth server memory module using a one-plus-ten design, capable of accessing two ranks simultaneously to achieve double the bandwidth. As one of only two global suppliers of first-generation DDR5 MRCD and MDB chips, the company's second-generation product supports speeds up to twelve thousand eight hundred megatransfers per second, a forty-five percent increase over the first generation, with shipments rising significantly from the fourth quarter of twenty twenty-five. Factors driving volume deployment include sustained technology performance leadership, gradually maturing CPU support, and structural demand from applications such as AI inference and agents. The recent rise in RDIMM prices has also enhanced MRDIMM's cost-performance advantage. In addition, the company's PCIe Retimer chips are currently dominated by Gen five products, and the industry expects PCIe six point zero Retimer chips to enter volume deployment in twenty twenty-seven.

Montage Technology said its PCIe 6.x / CXL 3.x Retimer chip is currently actively cooperating with customers for testing and validation. The company launched the chip and provided samples to customers in January 2025. At this stage, PCIe Retimer chip shipments are still dominated by Gen5 products. Since server CPUs supporting PCIe 6.0 have not yet entered mass production, the related Retimer chips are still in the industry introduction phase. The industry expects PCIe 6.0 Retimer chips to enter formal large-scale application in 2027. In addition, the company released its PCIe 6.x / CXL 3.x AEC solution in January this year.