$CXMT's slowdown: the base matters, and so does who gets the profit For $MU and $SKHY investors, CXMT's Q3 shows growing revenue and gross margin alongside much slower attributable profit growth. Those signals need separate readings. Revenue reached RMB118.71bn, up 613.18% YoY: 7.13 times last year's level. Revenue growth eased from 873.64% in H1, but Q3 sales still rose 19.30% sequentially. The comparison base matters. Q3 2025 revenue was about RMB16.65bn, exceeding the entire first half's RMB15.44bn. Slower YoY growth alone does not establish falling orders or prices. The bigger earnings distinction is attribution. Q3 group net profit rose 19.38% QoQ to RMB88.98bn. Profit attributable to parent shareholders rose just 3.01% to RMB54.43bn; attributable profit excluding non-recurring items grew 5.31%. Subtracting H1 from nine-month accounts gives RMB34.55bn attributable to non-controlling interests in Q3: 38.8% of group profit, versus 27.8% in H1. Controlled subsidiaries are consolidated in full, but their earnings are shared with outside owners. That explains the divergence between group and parent-shareholder profit growth. The report does not fully identify which subsidiaries drove the change. Gross margin reached 89.53%, up 1.94 percentage points QoQ. Rising sales and margin do not establish a price-war squeeze. The report lacks sufficient quarterly selling-price and bit-shipment data to isolate price and volume effects. For CXMT shareholders, attributable earnings and EPS need to keep pace with expansion. Group profit is not all theirs. For Micron and SK hynix, profit attribution does not directly reduce CXMT's saleable DRAM. Competitive pressure still depends on qualified bit output, product overlap and customer approvals. Single-digit attributable profit growth is insufficient evidence that Chinese supply competition has weakened. Those operating measures, and their cash returns, are what I'm watching next.