Montage Technology (688008)
Montage Technology (688008) is China’s leader in DDR5 memory-interface chips, the register clock drivers and data buffers that every server memory module needs, and it is one of only two first-generation MRCD/MDB suppliers worldwide. In ETFpedia it represents the memory-interface layer of the China Memory & Storage concept.
| Ticker | 688008 |
|---|---|
| Exchange | SSE STAR Market |
| Sector | Technology · Memory Interface & Interconnect Chips |
| Country | China |
| Wikidata | Q106222118 |
| Last updated | 2026-06-16 |
Next event:Next report · H1 2026 半年报 (semi-annual report), estimated · Estimated from China's August 31 semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 一季报 filed 2026-04-28. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-04-28)
Montage's Q1 2026 revenue rose 19.51% year over year to about ¥1.46 billion and net profit attributable to shareholders rose 61.30% to about ¥847 million, with gross margin reaching 69.8% as DDR5 sub-generation upgrades and MRCD/MDB shipments for AI servers ramped.
| Revenue | ¥1.46B+19.51%YoY |
|---|---|
| Net profit (attrib.) | ¥847M+61.30%YoY |
| Gross margin | 69.8% · Up from 60.5% a year earlier |
Revenue by segment
| Interconnect chips (memory interface, PCIe/CXL) | ¥5.14B · 94%of revenue+53.4% YoY |
|---|---|
| Jintide server platform (CPU & accelerators) | ¥0.31B · 6%of revenue+10.2% YoY |
Recent & upcoming events
- · FY2025 annual results filed.Full-year 2025 revenue of ¥5.46 billion (+49.94%) and net profit of ¥2.24 billion (+58.35%), at a 62.2% gross margin, with interconnect chips up 53.4% to ¥5.14 billion. (source)
- · Q1 2026 results.Revenue ¥1.46 billion (+19.51%) and net profit ¥847 million (+61.30%) at a 69.8% gross margin, led by DDR5 RCD and MRCD/MDB shipments. (source)
Figures are from Montage Technology's cninfo filings (FY2025 annual report; Q1 2026 report). Amounts in CNY; 亿 = 100 million.
Figures are as of 2026-04-28 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Montage do?
Montage is a fabless chip designer in Shanghai, listed on the STAR Market in 2019. Its core business is interconnect chips, which were 94% of 2025 revenue. Within that, memory-interface chips are the franchise: the register clock driver (RCD) that buffers commands on every high-capacity DDR5 module, the data buffer (DB), and the MRCD/MDB pair that high-bandwidth MCRDIMM modules for AI servers require. Montage is a lead developer of the JEDEC DDR5 RCD standard and one of only two suppliers of first-generation MRCD/MDB. It also sells PCIe and CXL interconnect chips and Jintide x86 server platforms (Montage FY2025 annual report).
How is AI driving Montage’s business?
AI servers need more memory bandwidth and more capacity per socket, and both translate into more interface content. As DDR5 penetration deepens and sub-generations iterate, the dollar value of interface chips per module climbs, and MRCD/MDB for MCRDIMMs adds an entirely new socket. That mix is why Montage earns memory-chip economics with software-like margins: interconnect-chip gross margin was 65.6% in 2025 and total gross margin reached 69.8% in Q1 2026 (Montage Q1 2026 report).
“The evolution of artificial intelligence is elevating the ‘data-transport capacity’ of data transmission to a strategic level on par with compute power and storage power; accordingly, Montage is moving from being the global leader in memory-interconnect chips into the broader blue ocean of high-speed interconnect.”
— Montage Technology, 2025 Annual Report (cninfo)
What did Montage report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Montage posted revenue of about ¥1.46 billion, up 19.51% year over year, net profit attributable to shareholders of about ¥847 million, up 61.30%, and a 69.8% gross margin, up from 60.5% a year earlier (Montage Q1 2026 report). For full-year 2025, revenue was ¥5.46 billion (+49.94%) and net profit ¥2.24 billion (+58.35%) at a 62.2% gross margin, with interconnect chips up 53.4% (FY2025 annual report).
What are the risks for Montage?
- DRAM-cycle dependence. Interface-chip demand tracks DDR5 module shipments, so a memory down-cycle that cuts module volumes would slow Montage even though it does not make the DRAM itself.
- Concentration on a few products. A large share of profit rides RCD and MRCD/MDB; a slip in standard timing, share, or a competitor’s entry (Renesas is the other first-gen MRCD/MDB supplier) would matter.
- High-margin base. A 69.8% gross margin is a demanding bar; any normalization in pricing or mix would weigh on the multiple.
- Geopolitics. As a Chinese supplier into a global server supply chain, Montage is exposed to export-control and procurement shifts on both sides of the US-China divide.
Related securities, concepts & terms
- China Memory & Storageparent
- Asia Memory Semiconductorrelated
- GigaDevice Semiconductor (603986)sibling
- DRAM (Dynamic Random-Access Memory)related
Related indices & ETFs
Frequently asked questions about Montage
What does Montage Technology do?
Montage Technology (688008) is a Shanghai-based fabless chip designer best known for memory-interface chips: DDR5 register clock drivers (RCDs), data buffers, and the MRCD/MDB modules that high-bandwidth memory for AI servers depends on. It is a lead developer of the JEDEC DDR5 RCD standard and one of only two first-generation MRCD/MDB suppliers worldwide. It also makes PCIe and CXL interconnect chips and Jintide server-platform products (Montage FY2025 annual report).
Why is Montage in the China memory & storage concept?
Because it owns the memory-interface layer of the chain. Every high-capacity DDR5 server memory module needs an RCD, and AI servers increasingly need MRCD/MDB modules, where Montage is one of two global suppliers. That makes it a high-margin, AI-server-leveraged way to own China's memory build-out without being a fab; interconnect chips earned a 65.6% gross margin in 2025 (Montage FY2025 annual report).
What was Montage's latest quarterly revenue?
In Q1 2026 (the quarter ended March 31, 2026), Montage reported revenue of about ¥1.46 billion, up 19.51% year over year, with net profit attributable to shareholders of about ¥847 million, up 61.30%, at a 69.8% gross margin (Montage Q1 2026 report). For full-year 2025, revenue was ¥5.46 billion (+49.94%) and net profit ¥2.24 billion (+58.35%) (FY2025 annual report).
When does Montage next report earnings?
Chinese A-share issuers do not pre-announce earnings dates. Montage's next scheduled disclosure is its H1 2026 半年报 (semi-annual report), due on or before August 31, 2026 under China's semi-annual filing deadline. That date is estimated, not company-confirmed. Montage last filed its Q1 2026 一季报 on April 28, 2026 (Montage Q1 2026 report).
Sources & references
- Montage Technology 2025 Annual Report (澜起科技 2025年年度报告) · Montage Technology / cninfo (巨潮资讯), 2026-03-31
- Montage Technology Q1 2026 Report (澜起科技 2026年第一季度报告) · Montage Technology / cninfo (巨潮资讯), 2026-04-28
- Montage Technology — Investor Relations · Montage Technology, 2026-04-28
- AI Architecture Evolution Set to Drive Memory Market Revenue to a New Peak in 2027 · TrendForce, 2026-01-22