恒玄科技（上海）股份有限公司 监事会关于公司 2025 年限制性股票激励计划 激励对象名单的核查意见及公示情况说明 本公司监事会及全体监事保证本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、准确性和完整性承担个别及连带责任。 恒玄科技（上海）股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召 开了第二届董事会第十九次会议、第二届监事会第十九次会议审议通过了《关于 公司<2025 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案。根 据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的相关规定，公 司对 2025 年限制性股票激励计划激励对象名单在公司内部进行了公示。公司监 事会结合公示情况对拟激励对象进行了核查，相关公示情况及核查情况如下： 证券代码：688608 证券简称：恒玄科技 公告编号：2025-048 监事会根据《管理办法》、《激励计划（草案）》的规定，对公司《2025 年限 制性股票激励计划激励对象名单》进行了核查，并发表核查意见如下： 1、列入本次激励计划激励对象名单的人员具备《中华人民共和国公司法》 （以下简称"《公司法》"）、《恒 ...

Core Viewpoint - Hengxuan Technology's stock has shown volatility with a year-to-date increase of 9.95%, but a recent decline of 9.32% over the last five trading days, indicating potential market fluctuations and investor sentiment shifts [1]. Financial Performance - For the first half of 2025, Hengxuan Technology reported a revenue of 1.938 billion yuan, representing a year-on-year growth of 26.58% [2]. - The net profit attributable to shareholders for the same period was 305 million yuan, reflecting a significant year-on-year increase of 106.45% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 22.89% to 12,400, while the average number of circulating shares per shareholder decreased by 18.63% to 9,659 shares [2]. - The company has distributed a total of 315 million yuan in dividends since its A-share listing, with 254 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 4.8491 million shares, a decrease of 953,400 shares from the previous period [3]. - New institutional shareholders include Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF, holding 4.2824 million shares and 3.4778 million shares, respectively [3].

Summary of Hengxuan Technology Conference Call Company Overview - Hengxuan Technology is a leader in the wearable SOC market, focusing on low-power, smart audio-video interaction, and wireless connectivity technologies, with four main product systems: smart audio, wearables, home automation, and wireless connectivity [2][4][5] Key Growth Drivers - **First Growth Curve**: Driven by the Bluetooth headset market, with revenue growth achieved through increasing the average selling price (ASP) of smart Bluetooth audio chips, particularly TWS headsets, and future demand for AR headsets [2][7][8] - **Second Growth Curve**: Originates from the scale-up of SOCs for smartwatches and fitness bands, with the introduction of 12nm and 6nm co-processors leading to increased shipment volumes and higher ASPs [2][9] - **Third Growth Curve**: Focuses on the main processors for smartwatches and the emerging AI glasses market, which is expected to be a significant growth point by integrating audio and imaging functions into existing eyewear [2][10][11] Market Position and Strategy - Hengxuan Technology has established a strong position in the wearable SOC market despite entering later than competitors like Qualcomm, leveraging a decade of experience to build a core competitive advantage [3][4] - The company collaborates with major brands such as Samsung, OPPO, and Xiaomi, ensuring a robust client base and product adoption [2][5][6] Product Development and Innovation - The company has transitioned from Bluetooth headset chips to a broader product range, including smartwatches and AI glasses, with a focus on technological innovation [4][12] - Hengxuan has developed a new main control chip architecture (A+M) that integrates self-developed ISP modules, enhancing performance and expanding its market share in the wearable device sector [11][12] Industry Trends - The AI glasses market is entering a critical development phase, with products like Meta's Rayban AI glasses experiencing strong sales. Domestic manufacturers are also launching related products, indicating a growing market potential [11][12] - The global smartwatch market is showing slight growth, with major players including both smartphone manufacturers and dedicated smartwatch brands [9] Financial and Structural Insights - Hengxuan Technology has a concentrated shareholding structure, which aids in maintaining product definition and strategic direction. The management team possesses extensive industry experience, contributing to the company's stability and growth [6][7] Conclusion - Hengxuan Technology is well-positioned for future growth in the wearable technology sector, with multiple growth curves driven by innovative product development and strategic partnerships. The company’s focus on low-power SOCs and AI integration is expected to yield significant returns as the market evolves [2][10][12]

Group 1 - The core point of the article highlights a significant block trade of Hengxuan Technology on September 8, with a transaction volume of 30,000 shares and a transaction amount of 5.9883 million yuan, executed at a price of 199.61 yuan, which represents a discount of 20.53% compared to the closing price of the day [2][3] - The buyer of the block trade was CITIC Securities Co., Ltd. Shanghai Branch, while the seller was CITIC Jiantou Securities Co., Ltd. Shanghai Wulian Road Securities Branch [2][3] - Over the past three months, Hengxuan Technology has recorded a total of 15 block trades, with a cumulative transaction amount of 186 million yuan [2] Group 2 - As of September 8, the latest margin financing balance for Hengxuan Technology stands at 1.087 billion yuan [3] - The closing price of Hengxuan Technology on the same day was 251.18 yuan, reflecting an increase of 0.67%, with a turnover rate of 2.39% and a total transaction amount of 1.013 billion yuan [2] - The stock has experienced a cumulative decline of 10.61% over the past five days, with a net outflow of funds totaling 140 million yuan during the same period [2]

Group 1 - The core point of the article highlights the trading activity of Hengxuan Technology, which saw a closing price of 251.18 yuan on September 8, with a slight increase of 0.67% [1] - A significant block trade occurred, involving 30,000 shares with a total transaction value of 5.9883 million yuan, at a price of 199.61 yuan per share, reflecting a premium rate of -20.53% [1] - Over the past three months, Hengxuan Technology has recorded 15 block trades, totaling a transaction value of 186 million yuan [1] Group 2 - The stock has experienced a decline of 10.61% over the last five trading days, with a net outflow of 186 million yuan in principal funds [1]

Group 1 - On September 8, Hengxuan Technology executed a block trade of 30,000 shares, with a transaction amount of 5.9883 million yuan, accounting for 0.59% of the total transaction volume for that day [1] - The transaction price was 199.61 yuan, representing a discount of 20.53% compared to the market closing price of 251.18 yuan [1] - The trade was facilitated by CITIC Securities Co., Ltd. and CITIC Jianzhong Securities Co., Ltd. [2]

Investment Rating - The investment rating for the company is "Recommended" (maintained) with a stock price of 243.3 yuan [1]. Core Views - The company reported a revenue of 1.938 billion yuan for the first half of 2025, representing a year-on-year growth of 26.58%, and a net profit attributable to shareholders of 305 million yuan, which is a 106.45% increase year-on-year [3][6]. - The company focuses on low-power wireless computing SoC chips, continuously increasing its market share in the smart wearable and smart home markets, which has led to a significant rise in both gross and net profit margins [6][7]. - The BES2800 chip has been successfully introduced and is rapidly gaining traction in the market, further solidifying the company's technological leadership [7]. Financial Performance Summary - Revenue projections for the company from 2023 to 2027 are as follows: 2.176 billion yuan in 2023, 3.263 billion yuan in 2024, 4.511 billion yuan in 2025, 6.036 billion yuan in 2026, and 7.583 billion yuan in 2027, with year-on-year growth rates of 46.6%, 49.9%, 38.2%, 33.8%, and 25.6% respectively [5]. - Net profit projections for the same period are: 124 million yuan in 2023, 460 million yuan in 2024, 807 million yuan in 2025, 1.208 billion yuan in 2026, and 1.597 billion yuan in 2027, with year-on-year growth rates of 1.0%, 272.5%, 75.2%, 49.7%, and 32.2% respectively [5]. - The company's gross margin is expected to improve from 34.2% in 2023 to 41.2% in 2027, while the net margin is projected to increase from 5.7% to 21.1% over the same period [5][9]. Market Position and Strategy - The company has successfully onboarded new clients in the smart watch market, including Xiaotianzi and Songtuo, and has maintained rapid growth in chip shipments for smart watches [7]. - The company is evolving towards becoming a platform chip company in the low-power wireless computing SoC field, with applications extending to smart glasses and wireless microphones [7]. - The company has established a strong brand influence and technical capability in the industry, recognized by clients for its product offerings [7].

Group 1 - The core viewpoint of the news highlights the strong performance of the domestic AI industry, particularly the rise of the Science and Technology Innovation Artificial Intelligence ETF (589520), which saw an intraday increase of over 2.5% [1] - The AI industry is experiencing a series of catalytic events, including the development of an advanced AI model by DeepSeek, which aims to compete with global players like OpenAI, with expectations for a commercial explosion in AI agents by 2025 [3] - Huawei's recent launch of the Mate XTs foldable smartphone, featuring the Kirin 9020 chip, marks a significant return of the Kirin brand after four years, indicating a boost in the domestic supply chain [4] Group 2 - Apple's upcoming product launch on September 9 is anticipated to further stimulate the supply chain, with analysts suggesting that the combination of tariff resolutions and increased AI investments will lead to a valuation recovery for Apple suppliers [5] - The current market trend in the semiconductor sector is seen as a rebound in domestic capabilities, with expectations for significant growth in domestic computing power, particularly in AI applications [5] - The Science and Technology Innovation Artificial Intelligence ETF (589520) is positioned to benefit from policy support and the trend of domestic substitution, focusing on companies that are well-placed in the AI industry chain [6] Group 3 - The ETF's top holdings reflect a high concentration in the semiconductor sector, which accounts for nearly half of the fund's assets, indicating a strong offensive strategy [6][7] - As of July 31, 2025, the top ten holdings of the ETF represent over 67% of the fund's net asset value, showcasing a focused investment approach [9]

Group 1: Industry Overview - The performance of companies in emerging industries, particularly integrated circuits, has shown significant improvement, reflecting the optimization and upgrading of China's economic structure [1] - The number of integrated circuit companies listed on the Sci-Tech Innovation Board has reached 120, accounting for 60% of the total number of A-share companies in this sector [1] - In the first half of the year, these 120 integrated circuit companies achieved a total revenue of 160.04 billion yuan, a year-on-year increase of 24%, and a net profit of 13.1 billion yuan, up 62% [1] Group 2: AI Chip Companies - Companies producing AI computing chips have experienced explosive growth due to the surge in demand for computing power driven by AI technology [2] - For instance, Cambrian Technology Co., Ltd. reported a revenue of 2.881 billion yuan in the first half of the year, a staggering increase of 4,300% year-on-year [2] - Other companies like Haiguang Information Technology Co., Ltd. and Montage Technology Co., Ltd. also reported significant revenue growth of 45% and 58%, respectively [2] Group 3: Consumer Electronics and Chips - The dual drive of national subsidies and AI technology has effectively stimulated the consumer market, leading to a structural recovery in categories like smartphones and tablets [3] - Companies such as Tailing Microelectronics and SmartSens Technology have reported substantial revenue increases of 37.72% and 54.11%, respectively, in the first half of the year [3] - The wearable market's growth has also contributed to the revenue increase for companies like Hengxuan Technology, which saw a 26.58% rise in revenue [3] Group 4: Wafer Manufacturing - The domestic wafer manufacturing sector has shown steady growth, with four major wafer foundry companies achieving a combined revenue of 49.059 billion yuan, a year-on-year increase of 21.80% [4] - SMIC reported a revenue of 32.348 billion yuan, up 23.14%, and a net profit of 1.646 billion yuan, reflecting a 39.76% increase [4] - The capacity utilization rates of these companies are close to full capacity, indicating a robust foundation for industry development [4] Group 5: Mergers and Acquisitions - Leading wafer companies are pursuing growth through mergers and acquisitions to enhance their production capacity and technological capabilities [5][6] - For example, Huahong Semiconductor plans to acquire Shanghai Huahong Microelectronics, which is expected to add 38,000 pieces per month of new capacity [6] - Chip Alliance's acquisition of a minority stake in a related company is also aimed at strengthening its service capabilities in emerging markets like new energy vehicles [6] Group 6: Equipment and Materials - The semiconductor equipment sector continues to experience high demand driven by domestic substitution and technological breakthroughs [7] - Companies like Zhongwei Semiconductor Equipment and Shenzhen Zhongke Feicai Technology reported significant revenue growth, with Zhongwei's sales reaching approximately 3.781 billion yuan, a 40.12% increase [7] - The materials segment also saw positive performance, with leading companies like Anji Microelectronics achieving revenue growth of 43.17% [7]

Core Insights - The performance of companies in the integrated circuit sector on the STAR Market has shown significant growth, reflecting the optimization and upgrading of China's economic structure [1] - The demand for AI computing power has surged, leading to substantial growth in general-purpose chips such as servers and CPUs [1][2] Group 1: Integrated Circuit Companies - A total of 120 integrated circuit companies on the STAR Market achieved a combined revenue of 160.04 billion yuan in the first half of the year, representing a year-on-year growth of 24% [1] - The net profit attributable to shareholders reached 13.1 billion yuan, with a year-on-year increase of 62% [1] - The second quarter saw a revenue and net profit growth of 17% and 72% respectively, indicating a robust recovery [1] Group 2: AI Chip Companies - Companies like Cambricon Technologies reported a revenue of 2.881 billion yuan in the first half of the year, a staggering increase of 4,300% year-on-year [2] - Haiguang Information Technology achieved a revenue of 5.464 billion yuan and a net profit of 1.201 billion yuan, with year-on-year growth rates of 45% and 41% respectively [2] - Advanced packaging companies such as Yongxi Electronics saw a revenue increase of 23.37% and a net profit surge of 150.45% [2] Group 3: Audio and Imaging Companies - TaiLing Microelectronics reported a revenue of 503 million yuan, a year-on-year increase of 37.72%, and a net profit of 101 million yuan, up 274.58% [3] - STMicroelectronics achieved a revenue of 3.786 billion yuan and a net profit of 397 million yuan, with year-on-year growth of 54.11% and 164.93% respectively [3] - Hengxuan Technology's revenue reached 1.938 billion yuan, growing 26.58% year-on-year, with a net profit increase of 106.45% [3] Group 4: Wafer Manufacturing Companies - The four wafer foundry companies on the STAR Market achieved a combined revenue of 49.059 billion yuan, a year-on-year growth of 21.80%, and a net profit of 2.537 billion yuan, up 55.89% [4] - SMIC reported a revenue of 32.348 billion yuan, a 23.14% increase, and a net profit of 1.646 billion yuan, growing 39.76% [4] - Hefei Integrated Circuit's revenue and net profit reached 5.198 billion yuan and 332 million yuan, with year-on-year growth of 18.21% and 77.61% respectively [4] Group 5: Mergers and Acquisitions - Leading wafer companies are pursuing mergers and acquisitions to enhance growth and acquire quality capacity and technology [5][6] - Huahong Semiconductor plans to integrate Shanghai Huahong Microelectronics, which is expected to add 38,000 pieces/month of new capacity [6] - Chip Alliance's acquisition of minority stakes in Xinchuan Integrated Circuit Manufacturing is expected to enhance service capabilities in emerging markets like new energy vehicles [6] Group 6: Equipment and Materials Sector - The semiconductor equipment sector continues to thrive due to strong domestic substitution demand and technological breakthroughs [7] - Companies like Zhongwei Semiconductor Equipment reported a revenue increase of approximately 40.12% to 3.781 billion yuan [7] - The materials segment also showed strong growth, with leading companies like Anji Microelectronics achieving a revenue increase of 43.17% [7]