证券代码：688608 证券简称：恒玄科技 公告编号：2025-035 恒玄科技（上海）股份有限公司 第二届董事会第十八次会议决议公告 恒玄科技（上海）股份有限公司（以下简称 "公司"）第二届董事会第十八 次会议于 2025 年 7 月 7 日在公司会议室以现场结合通讯方式召开，本次会议通 知及相关材料已于 2025 年 6 月 30 日以电子邮件方式送达公司全体董事。本次会 议应出席董事 9 人，实际出席董事 9 人。本次会议由董事长 Liang Zhang 先生 主持。本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律、 法规、规章、规范性文件和《恒玄科技（上海）股份有限公司章程》《恒玄科技 （上海）股份有限公司董事会议事规则》的有关规定。 二、董事会会议审议情况 本次会议由董事长 Liang Zhang 先生主持，经与会董事表决，会议通过以 下议案： （一）审议通过《关于调整公司2022年、2023年限制性股票激励计划相关 事项的议案》 公司于 2025 年 5 月 29 日召开 2024 年年度股东大会，审议通过了《关于 2024 年度利润分配及资本公积转增股本方案的议案》，并于 202 ...

Core Viewpoint - Hengxuan Technology (688608.SH) announced a share reduction plan by major shareholders due to personal funding needs, involving a total reduction of up to 2,014,888 shares, representing 1.20% of the total share capital [1] Group 1: Shareholder Reduction Plan - Major shareholders Liang Zhang, Zhao Guoguang, Tang Xiaodong, and their concerted actions intend to reduce their holdings by up to 2,014,888 shares through centralized bidding and block trading [1] - Shareholders Run Yuan I and Run Yuan II plan to reduce their holdings by 1,343,500 shares, accounting for 0.80% of the total share capital [1] - As of the announcement date, the actual controllers hold a total of 53,591,591 shares, representing 31.91% of the company [1] Group 2: Shareholding Structure - Shareholders Run Yuan I and Run Yuan II collectively hold 14,778,434 shares, which is 8.80% of the total share capital [2] - The actual controllers of Hengxuan Technology are Liang Zhang, Zhao Guoguang, and Tang Xiaodong, with Liang Zhang being a U.S. national and the others being Chinese nationals [2] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 16, 2020, with an issuance of 30 million shares at a price of 162.07 yuan per share [2] Group 3: Fundraising and Financials - Hengxuan Technology raised a total of 486,210,000 yuan, with a net amount of 475,878,120 yuan after deducting issuance costs, exceeding the original plan by 275,878,120 yuan [3] - The funds are allocated for various projects, including upgrades for smart Bluetooth audio chips and the development of smart WiFi audio chips [3] - The total issuance costs amounted to 10,331,880 yuan, with the underwriter, CITIC Securities, receiving 8,642,930 yuan in fees [3]

Core Viewpoint - Hengxuan Technology (Shanghai) Co., Ltd. announced plans for significant share reductions by major shareholders, totaling up to 2.00% of the company's total equity, primarily due to personal funding needs [1][4]. Shareholder Reduction Plans - Major shareholders Liang Zhang, Zhao Guoguang, and Tang Xiaodong, along with their concerted actions, plan to reduce a total of 2,014,888 shares, representing 1.20% of the total equity, with a maximum of 1% through centralized bidding within any consecutive 90-day period [1][4]. - Run Yuan Capital I Limited and Run Yuan Capital II Limited also plan to reduce up to 1,343,500 shares, accounting for 0.80% of the total equity, due to funding arrangements [4][5]. - The reduction plans will be executed within three months following the announcement, with share quantities adjusted for any corporate actions like dividends or stock splits [4][5]. Shareholding Structure - As of the announcement date, major shareholders collectively hold 53,591,591 shares, which is 31.91% of the total equity, all acquired before the IPO and released from restrictions on December 18, 2023 [4][5]. Financial Performance - In Q1 2025, Hengxuan Technology reported a revenue of 999.5 million yuan, a year-on-year increase of 52.25%, marking a record high for a single quarter [6][7]. - The net profit attributable to the parent company reached 191 million yuan, a staggering increase of 590.22% compared to the previous year, also the highest quarterly profit since the company's inception [6][7]. - The company’s revenue from smartwatch and wristband chip products accounted for 32% of total revenue in 2024, with a year-on-year growth of approximately 116% [8][9]. Market Performance - From September 23, 2024, to April 30, 2025, Hengxuan Technology's stock price surged from 102 yuan to a peak of 320 yuan, representing an increase of over 200% [9]. - As of July 4, 2025, the stock closed at 227.78 yuan, reflecting a decline of 29% from its peak [9].

证券代码：688608 证券简称：恒玄科技 公告编号：2025-031 恒玄科技（上海）股份有限公司 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： （以下简称"宁波百碧富"）、宁波梅山保税港 区千碧富创业投资合伙企业（有限合伙）（以下简称"宁波千碧富"）和宁波梅山 保税港区亿碧富创业投资合伙企业（有限合伙）（以下简称"宁波亿碧富"）合计 持有公司股份 53,591,591 股，持股比例 31.91%。上述股份均为公司首次公开发 行前取得的股份以及公司转增股份，已于 2023 年 12 月 18 日解除限售并上市流 通。 公司持股 5%以上股东 Run Yuan Capital I Limited（以下简称"Run Yuan I"）和 一致行动人 Run Yuan Capital II Limited（以下简称"Run Yuan II"）合计持有公司 股份 14,778,434 股，合计占公司总股本 8.80%。上述股份均为公司首次公开发行 前取得的股份以及公司转增股份，已于 2021 年 12 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2025-031 公司持股 5%以上股东 Run Yuan Capital I Limited（以下简称"Run Yuan I"）和 一致行动人 Run Yuan Capital II Limited（以下简称"Run Yuan II"）合计持有公司 股份 14,778,434 股，合计占公司总股本 8.80%。上述股份均为公司首次公开发行 前取得的股份以及公司转增股份，已于 2021 年 12 月 16 日解除限售并上市流通。 减持计划的主要内容 因自身资金需求，公司控股股东 Liang Zhang、赵国光、汤晓冬和一致行动 人宁波百碧富、宁波千碧富、宁波亿碧富拟通过集中竞价和大宗交易方式合计减 持公司股份不超过 2,014,888 股，即不超过公司目前总股本的 1.20%，且任意连 续 90 日内通过证券交易所集中竞价交易减持股份的总数不超过公司股份总数的 1%。 1 公司股东 Run Yuan I、Run Yuan II 因自身资金需求，拟通过集中竞价交易方 式合计减持公司股份 1,343,500 股，即不超过公司目前总股本的 0.80%。 恒玄科技 ...

恒玄科技公告，因自身资金需求，公司控股股东Liang Zhang、赵国光、汤晓冬及一致行动人拟通过集 中竞价和大宗交易方式合计减持公司股份不超过201.49万股，即不超过公司目前总股本的1.20%。公司 股东Run Yuan Capital I Limited和一致行动人Run Yuan Capital II Limited拟通过集中竞价交易方式合计减 持公司股份134.35万股，即不超过公司目前总股本的0.80%。减持计划自公告披露之日起15个交易日后 的3个月内实施。 ...

Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]

Investment Summary - The report maintains an "Overweight" rating for the semiconductor and consumer electronics sectors, highlighting the acceleration of semiconductor technology breakthroughs driven by AI, which is expected to enhance the upgrade of consumer electronics [1][2]. Semiconductor Technology Breakthrough - The semiconductor industry is experiencing a structural transformation due to the dual pressures of "bottleneck" and "breakthrough," leading to a decrease in the proportion of externally sourced chips from 63% in 2024 to 42% in 2025 [9]. - Emerging application fields such as low-altitude economy, commercial aerospace, AI, new energy vehicles, and intelligent robotics are driving the demand for precision electronic components, accelerating the domestic substitution process [9]. AIDC Sector - AI is driving an increase in server power, leading to a growth in demand for major equipment. The demand for data centers is continuously increasing due to the surge in data volume driven by cloud computing, big data, and AI technologies [12]. - The shift from traditional CPUs to GPUs in AI computing core devices is resulting in a significant increase in power requirements, necessitating higher system efficiency and reliability in power distribution [12]. Consumer Electronics - The market for domestic System on Chip (SoC) is growing, providing high-performance hardware support and customized software solutions for various industries, including smart homes and industrial automation [15]. - SoC chips are widely used in AI applications due to their high performance, low power consumption, and high integration, becoming essential components in consumer electronics such as smartphones and tablets [15]. CIS Market Recovery - The CIS market is experiencing rapid recovery, driven by increased shipments from manufacturers like OmniVision, Gekewei, and Sitaiwei, fueled by demand from smartphones, smart cars, and emerging fields like drones and AR/VR [17]. - Domestic CIS manufacturers are intensifying market expansion efforts, with high-end products expected to continue gaining market share, particularly in flagship smartphones [17].

Core Viewpoint - The A-share market is experiencing a rebound, particularly in the semiconductor sector, with significant capital inflow into the Sci-Tech Chip 50 ETF, indicating a bullish sentiment among investors [1][5]. Group 1: Market Performance - The Sci-Tech Chip 50 ETF (588750) has seen a capital inflow exceeding 64 million yuan over the past two days, despite a slight decline of 0.1% [1]. - The performance of constituent stocks within the ETF is mixed, with notable movements including a 2.32% increase in Lanke Technology and a 4.63% decrease in Chip Origin Technology [6]. Group 2: EDA Market Developments - Major EDA software companies, including Synopsys, Cadence, and Siemens, have resumed services to China, which is crucial for the semiconductor design process [3]. - The global EDA market is dominated by these three companies, holding a combined market share of over 70% [3]. Group 3: Domestic EDA Industry Growth - The domestic EDA industry is expected to accelerate its development, with companies like Huada Jiutian and Gai Lun Electronics making significant advancements [4]. - The Chinese EDA market is projected to reach 4.22 billion yuan by 2028, with a compound annual growth rate of 21.2% from 2024 to 2028 [4]. Group 4: Semiconductor Industry Outlook - The semiconductor sector is entering an upward cycle, with a projected global sales growth rate of 17% in 2024 [5]. - The net profit of the semiconductor sector is expected to increase by 15.1% year-on-year in Q1 2025, with the Sci-Tech Chip 50 ETF's constituent companies projected to see a net profit growth of 70% in Q1 2025 [5]. Group 5: AI and Semiconductor Demand - The rapid growth of AI is anticipated to create a second growth curve for the semiconductor industry, with major internet companies increasing their capital expenditures on AI-related chips [7]. - The global AI chip market is expected to grow significantly, reaching over $400 billion by 2027 [7]. Group 6: Domestic Equipment Replacement - The trend of domestic equipment replacement in the semiconductor industry is gaining momentum, with local equipment manufacturers increasing their market share from 7% in 2020 to an estimated 19% in 2024 [4]. - The average validation cycle for domestic semiconductor equipment is expected to decrease from 24 months to 14 months by 2024 [4].

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 27.907 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 999 million yuan [1] - A total of 255 stocks saw net inflows, while 332 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 284 stocks rose, with two stocks, Frontier Bio and Kaiweite, hitting the daily limit, while 293 stocks fell [1] - Among the stocks with net inflows, Longxin Zhongke led with a net inflow of 155 million yuan, followed by Baijie Shenzhou and Anji Technology with net inflows of 111 million yuan and 102 million yuan, respectively [1] Continuous Fund Flow Analysis - There are 53 stocks that have seen continuous net inflows for more than three trading days, with Zhengfan Technology leading at 12 consecutive days of inflow [2] - Conversely, 100 stocks have experienced continuous net outflows, with Puyuan Information leading at 13 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow include: - Longxin Zhongke: 155.47 million yuan, 8.92% inflow rate, 6.43% increase [2] - Baijie Shenzhou: 111.34 million yuan, 13.10% inflow rate, 3.65% increase [2] - Anji Technology: 101.90 million yuan, 11.29% inflow rate, 5.01% increase [2] Notable Outflows - The stock with the highest net outflow is Hanwujing, with a net outflow of 692 million yuan and a 6.40% decrease [1] - Other significant outflows include Haiguang Information and Hengxuan Technology, with net outflows of 220 million yuan and 163 million yuan, respectively [1]