Meeting Overview - The first extraordinary general meeting of shareholders was held on September 16, 2025, at the company's conference room in Shanghai [2] - The total share capital as of the registration date for the meeting was 168,366,223 shares, with 316,029 shares in the company's repurchase account not entitled to voting rights [2] Attendance and Voting - The meeting was conducted both in-person and via online voting, presided over by Chairman Liang Zhang [4] - All 9 current directors and 3 supervisors attended the meeting, along with the board secretary [5] Resolutions Passed - The following resolutions were approved: 1. Change of the company's registered capital [6] 2. Cancellation of the supervisory board, adjustment of the number of directors, and amendment of the Articles of Association [7] 3. Revision and establishment of certain internal systems [7] 4. Approval of the 2025 Restricted Stock Incentive Plan (draft) and its summary [7] 5. Approval of the management measures for the implementation assessment of the 2025 Restricted Stock Incentive Plan [7] 6. Authorization for the board to handle matters related to the 2025 Restricted Stock Incentive Plan [7] Legal Verification - The meeting was witnessed by Shanghai Jintiancheng Law Firm, with lawyers Wang Qianqian and Zhu Yijing confirming the legality and validity of the meeting procedures and voting results [8][9]

证券代码：688608 证券简称：恒玄科技 公告编号：2025-049 恒玄科技（上海）股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 2、本次会议由公司董事会召集，董事长 Liang Zhang 先生主持； 3、本次会议的召集和召开程序以及表决方和表决程序符合《公司法》及《公司 章程》的规定，会议合法有效。 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事9人，出席9人； （一） 股东大会召开的时间：2025 年 9 月 16 日 （二） 股东大会召开的地点：上海市浦东新区金科路 2889 弄长泰广场 B 座公 司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 319 | | --- | --- | | 普通股股东人数 | 319 | | 2、出席会议的股东所持有的表决权数量 | 72,0 ...

上海市锦天城律师事务所关于 恒玄科技（上海）股份有限公司 2025 年第一次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于恒玄科技（上海）股份有限公司 2025 年第一次临时股东大会的法律意见书 致：恒玄科技（上海）股份有限公司 本法律意见书仅供本次股东大会之目的使用。本所律师同意将本法律意见书 随恒玄科技本次股东大会其他信息披露资料一并公告。 本所律师根据《证券法》《公司法》及《股东大会规则》等法律法规和其他 规范性文件的要求，按照律师行业公认的业务标准、道德规范和勤勉尽责的精神， 对恒玄科技本次股东大会所涉及的有关事项和相关文件进行必要的核查和验证， 本所律师现场出席了恒玄科技本次股东大会，现出具法律意见如下： 一、本次股东大会召集、召开的程序 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会（以下简 称"中国证监会"）《上市公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In the first half of 2025, the company achieved revenue of 1.938 billion yuan, a year-on-year increase of 26.58%, and a net profit attributable to shareholders of 305 million yuan, a year-on-year increase of 106.45% [2][6] - In the second quarter of 2025, the company reported revenue of 944 million yuan, a year-on-year increase of 7.48% but a quarter-on-quarter decrease of 5.09%, with a net profit of 114 million yuan, a year-on-year decrease of 4.79% and a quarter-on-quarter decrease of 40.02% [2][6] - The company has successfully expanded its market share through its leading technology and quality customer service, with rapid growth in the 2800 series chips widely used in TWS headphones, smartwatches, and glasses [12] Summary by Sections Financial Performance - For the first half of 2025, the company reported a gross margin of 39.3%, an increase of 6.1 percentage points year-on-year [12] - The second quarter's gross margin was 40.12%, up 6.73 percentage points year-on-year and 1.65 percentage points quarter-on-quarter, driven by the continued ramp-up of the 2800 series products [12] Product Development and Market Expansion - The company has introduced new clients such as Xiaotianzai and Songtu, achieving mass production in the smartwatch chip segment, with significant growth in shipments [12] - The company is focusing on expanding into markets for smart glasses and wireless microphones, with successful mass production of the 2700 and 2800 series chips [12] Research and Development - In the first half of 2025, the company's R&D expenses were 395 million yuan, a year-on-year increase of 22.77%, with an R&D expense ratio of 20.37% [12] - The BES2800 series offers multiple advantages such as low latency and low power consumption, applicable across various devices including headphones, smartwatches, and glasses [12] Future Outlook - The company is expected to see continued growth in net profit, with projections of 796 million yuan, 1.187 billion yuan, and 1.711 billion yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 4.73, 7.05, and 10.16 yuan [12]

Core Viewpoint - The article discusses the potential growth and challenges of smart glasses as a new AI terminal, highlighting the expected global shipment of 15 million units in 2023, with approximately 1.5 million units in the Chinese market [4][13]. Industry Overview - The smart glasses industry is at a critical stage of transitioning from technology validation to commercial implementation, with significant participation from tech giants and innovative companies [5]. - Shanghai has developed a comprehensive ecosystem for the smart glasses industry, featuring key players in core components and assembly [5][6]. Technological Developments - Companies like Goertek are focusing on lightweight materials and miniaturization of key components to enhance user experience [4][12]. - Hengxuan Technology has achieved significant production milestones with its ES2800 series chips and plans to advance to a 4nm process node to reduce power consumption [4][13]. Policy and Support - Shanghai's government aims to support the smart glasses industry through policy guidance, funding for R&D, and fostering innovation in core technologies [7][8]. Market Trends - The industry is shifting from hardware competition to enhancing user experience, with a focus on lightweight designs and immersive functionalities [9][12]. - Ant Group emphasizes the importance of smart glasses as a new interaction terminal, potentially serving as a hub for connecting various devices [10][11]. Future Outlook - The smart glasses market is expected to see explosive growth, with a focus on developing popular products and enhancing the overall ecosystem [5][8].

进一步统计，近3个月内该股累计发生19笔大宗交易，合计成交金额为2.00亿元。 证券时报·数据宝统计显示，恒玄科技今日收盘价为254.01元，下跌2.26%，日换手率为3.37%，成交额 为14.63亿元，全天主力资金净流出1070.70万元，近5日该股累计上涨1.80%，近5日资金合计净流出1.15 亿元。 两融数据显示，该股最新融资余额为11.05亿元，近5日增加2266.02万元，增幅为2.09%。（数据宝） 9月12日恒玄科技大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | 业部 | | | 1.46 | | | | 机构专 | 中信建投证券股份有限公司上海市 | | | 341.49 | 233.69 | -8.00 | 用 | 五莲路证券营业部 | 恒玄科技9月12日大宗交易平台出现一笔成交，成交量1.46万股，成交金额341.49万元，大宗交易成交价 为233.69元，相对今日收盘价折价8.00%。该笔交易 ...

9月12日，恒玄科技大宗交易成交1.46万股，成交额341.49万元，占当日总成交额的0.23%，成交价 233.69元，较市场收盘价254.01元折价8%。 ...

Core Viewpoint - The semiconductor sector in China's Sci-Tech Innovation Board is experiencing a strong upward trend, driven by companies like Alibaba and Baidu adopting self-designed chips for AI model training, reducing reliance on Nvidia chips [1] Group 1: Market Performance - As of September 12, 2025, the Sci-Tech Innovation Board Chip Index (000685) rose by 2.88%, with key stocks such as Chip Original Co. (688521) up 18.03%, East China Semiconductor (688110) up 8.22%, and Tianyue Advanced (688234) up 7.57% [1] - The Sci-Tech Chip ETF Index (588920) also increased by 2.91%, marking its third consecutive rise, with the latest price at 1.41 yuan [1] Group 2: Industry Developments - According to The Information, Alibaba and Baidu have begun using internally designed chips for AI model training, indicating a shift away from Nvidia's chips [1] - Dongwu Securities suggests that the recent market surge is not the end of the "domestic computing power" trend, but rather a period of consolidation before a healthier upward movement [1] - Recent positive developments include active capital operations, with Cambrian's private placement approved by the CSRC and Haiguang advancing its acquisition of Shuguang [1] Group 3: Company Initiatives - Alibaba is launching a series of initiatives to strengthen its AI ecosystem, including a strategic partnership with Honor and the release of the "Gaode Street Ranking" [1] - The optimistic outlook for Alibaba's AI prospects in the coming year is supported by the recent launch of the Qwen Max Preview high-parameter model [1] Group 4: Index Composition - As of August 29, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board Chip Index (000685) include Cambrian (688256), Haiguang Information (688041), and SMIC (688981), collectively accounting for 62.02% of the index [2]

Group 1 - The core point of the article highlights the recent trading activities of Hengxuan Technology, including significant block trades and stock performance metrics [2][3] - On September 11, Hengxuan Technology recorded two block trades totaling 23,900 shares, with a transaction value of 4.6493 million yuan, at a price of 194.52 yuan, which represents a discount of 25.15% compared to the closing price [2] - Over the past three months, the stock has seen a total of 18 block trades, accumulating a transaction value of 196 million yuan [2] Group 2 - The closing price of Hengxuan Technology on the same day was 259.88 yuan, reflecting an increase of 6.88%, with a turnover rate of 4.14% and a total transaction amount of 1.759 billion yuan [2] - The stock experienced a net outflow of 20.0797 million yuan in main funds throughout the day, and over the past five days, it has risen by 6.81% with a total net outflow of 63.6081 million yuan [2] - The latest margin financing balance for Hengxuan Technology stands at 1.089 billion yuan, showing a decrease of 18.0649 million yuan, which is a decline of 1.63% over the past five days [2]

9月11日，恒玄科技大宗交易成交2.39万股，成交额464.93万元，占当日总成交额的0.26%，成交价 194.52元，较市场收盘价259.88元折价25.15%。 | 交易日期 | 任务简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 英入营业部 | | 美出精变部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-11 | 恒玄科技 | 688608 | 194.52 | 264.57 | 1.36 | 中信证券股份有限 公司上海分公司 | 中信建投证券股份 有限公司上海市五 | 199 | | | | | | | | | 连路运券营业部 | | | 2025-09-11 | 恒玄科技 | 688608 | 194.52 | 200.36 | 1.03 | 中信证券股份有限 公司上海分公司 | 中信建投证券股份 有限公司上海市五 | Ka | | | | | | | | | 医路还券营业部 | | ...