恒玄科技（上海）股份有限公司 关于注销部分募集资金专项账户的公告 本公司董事会及全体董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、准确性和完整性依法承担法律责任。 一、募集资金基本情况 经中国证券监督管理委员会于 2020 年 10 月 23 日出具的《关于同意恒玄科 技（上海）股份有限公司首次公开发行股票注册的批复》（证监许可〔2020〕2752 号），公司获准向社会公开发行人民币普通股 3,000.00 万股，每股发行价格为人 民币 162.07 元，本次发行募集资金总额为 486,210.00 万元，扣除不含税发行费 用人民币 10,331.88 万元后，实际募集资金净额为人民币 475,878.12 万元。立信 会计师事务所（特殊普通合伙）对公司本次公开发行新股的资金到位情况进行了 审验，并于 2020 年 12 月 9 日出具了《验资报告》（信会师报字[2020]第 ZA16018 号）。 证券代码：688608 证券简称：恒玄科技 公告编号：2025-007 注："恒玄微电子（上海）有限公司"原名"闻是科技（上海）有限公司"，已于 2025 年 1 月 更名。 ...

Financial Performance - Total revenue for 2024 reached RMB 326,313.92 million, a year-on-year increase of 49.94%[4] - Net profit attributable to shareholders was RMB 45,951.93 million, representing a 271.70% increase compared to the previous year[4] - The basic earnings per share for the year was RMB 3.8279, up 271.68% from the previous year[4] - The weighted average return on equity increased to 7.29%, up 5.24 percentage points from the previous year[4] - The company's gross profit margin for the year was approximately 34.70%, an increase of 0.5 percentage points year-on-year[6] Research and Development - Research and development expenses for 2024 amounted to approximately RMB 621 million, a year-on-year increase of about 12.93%[6] - The company plans to focus on core technology development for ultra-low power wireless SoC chips in 2025[7] - The company aims to leverage new opportunities in edge AI development and continue to launch competitive chip products[7] Assets and Equity - Total assets at the end of the reporting period were RMB 705,803.44 million, a 7.73% increase from the beginning of the period[4] - Equity attributable to shareholders increased to RMB 650,400.94 million, reflecting a 6.67% growth[4]

Summary of the Conference Call for 恒玄科技 Company Overview - 恒玄科技 is a leading provider of SOC (System on Chip) solutions in the global wearable market, focusing on low-power smart Bluetooth audio and video interaction technology, with products spanning smart audio, wearables, smart home, and wireless connectivity [3][4] Key Financial Highlights - Revenue for 2024 is projected to reach between 3.243 billion to 3.283 billion RMB, representing a year-on-year growth of approximately 50% [2][5] - Profit is expected to be between 450 million to 470 million RMB, showing a significant year-on-year increase of 264% to 280% [2][5] - The company experienced a notable recovery in financial performance after a decline in 2022, with a quarterly profit of 140 million RMB in Q3 2024 [8][9] Revenue Sources - The primary revenue streams are from the headphone and smartwatch/bracelet segments, with the Bluetooth audio market recovering and the smartwatch/bracelet business expanding [2][4] - The smartwatch segment is expected to account for 28% of revenue in the first half of 2024, with a growing market share among major clients like Xiaomi, vivo, Huawei, Honor, OPPO, and Samsung [2][13] Market Trends and Opportunities - The AI glasses market is emerging, with potential for significant growth, particularly following the success of Meta's Ray-Ban Stories and entries from companies like Xiaomi [2][6][15] - The global smartwatch and bracelet market is stable with slight growth, and 恒玄科技's SOC solutions are gaining traction among major brands [2][13] - The Bluetooth headphone market is transitioning to a more mature phase, with a focus on upgrading to HALOWS and AI Bluetooth headphones, which is expected to increase the ASP (Average Selling Price) of main control chips [10][12] Strategic Positioning - 恒玄科技 has a concentrated shareholding structure, with over 25% held by the chairman and associated parties, facilitating effective strategic decision-making [7] - The management team has extensive industry experience, enhancing the company's ability to meet brand client demands and fostering a positive development cycle [7] Product Development and Innovation - The company is actively developing SOC solutions for AI glasses, aiming to replicate its success in the headphone and smartwatch markets [6][18] - There are three main AI glasses chip solutions currently in the market, with a trend towards high-performance, multi-system development and AI capabilities [17] Diversification and Future Growth - 恒玄科技 is also expanding into the smart home sector, which supports its long-term growth strategy [19] - The company has clear growth potential in traditional businesses and is positioned to transition from co-processor to main processor supplier in the wearable device market [20] Conclusion - Overall, 恒玄科技 is well-positioned for future growth, with strong financial projections, a diversified product portfolio, and strategic initiatives in emerging markets like AI glasses and smart home technology [2][20]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company is a leader in the smart Bluetooth SoC market, with proven capabilities in expanding product categories from TWS headphones to smartwatches and wristbands, and potential growth in AI glasses [2][4] - The company has a clear growth path driven by product innovation, application expansion, and strong brand partnerships with major global players [4][14] - The company is expected to achieve significant revenue growth, with projected net profits of 460 million, 751 million, and 1.025 billion yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Company Overview - The company was established in 2015 and has evolved into an industry leader, initially focusing on Bluetooth audio chips and expanding into smart wearables and AI glasses [14] - The company emphasizes low-power, smart audio-video interaction, and wireless communication technologies, creating a product matrix that includes smart audio, wearables, smart home, and wireless connectivity [4][14] Bluetooth Headphones - Bluetooth audio chips represent the company's first growth curve, with rapid revenue growth driven by the TWS headphone market [5][46] - The company has successfully partnered with major brands like Samsung, OPPO, and Xiaomi to increase TWS headphone adoption [5][46] - The introduction of OWS and AI headphones is expected to enhance the company's product structure and ASP, leading to sustained revenue growth [53] Smartwatches - The smartwatch SoC is identified as the company's second growth curve, with significant revenue growth from the introduction of new SoC products [6][62] - The company has established partnerships with major brands, and the revenue from smartwatch SoCs is projected to continue increasing [6][62] AI Glasses - The global AI glasses market is anticipated to grow significantly, with the company positioned to capitalize on this trend by providing SoC solutions [7][66] - The company is actively developing SoC solutions for AI glasses, aiming to replicate its success in the headphone and smartwatch markets [7][66] Financial Performance - The company is expected to achieve revenue of 3.243 to 3.283 billion yuan in 2024, representing a year-on-year growth of 49.02% to 50.85% [24] - The net profit for 2024 is projected to be between 450 million and 470 million yuan, indicating a substantial increase compared to previous years [24]

证券代码：688608 证券简称：恒玄科技 公告编号：2025-005 恒玄科技（上海）股份有限公司 持股 5%以上股东减持股份结果公告 2024 年 12 月 6 日，公司披露了《股东减持股份计划公告》（公告编号： 2024-062），股东 Run Yuan I、Run Yuan II 拟于 2024 年 12 月 27 日至 2025 年 3 月 26 日期间，合计通过集中竞价减持公司股份不超过 1,200,000 股，即不超过公 司总股本的 1.00%（以该减持计划出具日时的总股本计算，下同）。 近日，公司收到股东 Run Yuan I、Run Yuan II 发来的《关于减持计划实施完 毕的告知函》，截至 2025 年 2 月 6 日，Run Yuan I、Run Yuan II 通过集中竞价方 式累计减持公司股份 1,199,932 股，减持股份数量占公司披露减持计划公告时总 股本的 1.00%。现将减持情况公告如下： 1 一、减持主体减持前基本情况 股东名称 股东身份 持股数量（股） 持股比例 当前持股股份来源 | | 股东名称 | 持股数量（股） | 持股比例 | | 一致行动关系形成原因 | ...

证券代码：688608 证券简称：恒玄科技 公告编号：2025-004 恒玄科技（上海）股份有限公司 第二届监事会第十五次会议决议公告 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、准确性和完整性依法承担法律责任。 特此公告。 本次会议由监事会主席黄律拯女士主持，经全体监事表决，形成决议如下： （一）审议通过《关于使用部分暂时闲置募集资金进行现金管理的议案》 经核查，我们认为：公司使用闲置募集资金进行现金管理没有与募集资金投 资项目的实施计划相抵触，不会影响募集资金投资项目建设和募集资金正常使用， 符合公司和全体股东的利益，不存在损害公司及全体股东，特别是中小股东利益 的情形。 综上，公司监事会同意使用不超过 8 亿元的闲置募集资金进行现金管理。。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）上披露的 《关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2025-003）。 恒玄科技（上海）股份有限公司监事会 一、监事会会议召开情况 恒玄科技（上海）股份有限公司（以下 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2025-003 恒玄科技（上海）股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 本公司董事会及全体董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。 2025 年1 月26 日，恒玄科技（上海）股份有限公司（以下称"公司"）召开 第二届董事会第十五次会议和第二届监事会第十五次会议，审议通过了《关于使 用部分暂时闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资 金安全和投资项目资金使用进度安排的前提下，使用不超过 8 亿元（包含 8 亿元） 的暂时闲置募集资金进行现金管理，用于购买安全性高、流动性好的保本型金融 产品或结构性存款等理财产品，在上述额度范围内，资金可以滚动使用，使用期 限不超过董事会审议通过之日起 12 个月。董事会授权董事长行使该项决策权及 签署相关法律文件，具体事项由财务部负责组织实施。本次事项无需提交股东大 会审议。 一、 募集资金的基本情况 经据中国证券监督管理委员会于 2020 年 10 月 23 日出具的《关于同意恒玄科技 （上海）股份有限公 ...

中信建投证券股份有限公司 关于恒玄科技（上海）股份有限公司 注：2022 年 4 月 25 日，公司召开第一届董事会第十九次会议和第一届监事会第 十三次会议，审议通过了《关于变更部分募投项目和募投项目延期的议案》，终止 了"Type-C 音频芯片升级项目"，并将该项目的剩余募集资金用于"智能蓝牙音频芯片 升级项目"。 由于募集资金投资项目建设及投入需要一定周期，且根据公司募集资 金的使用计划，公司的部分募集资金存在暂时闲置的情形。 使用部分闲置募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"保荐机构"）作为恒玄科技（上海） 股份有限公司（以下简称"恒玄科技"或"公司"）首次公开发行股票并在科创 板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所 科创板股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》和《上海证券交易所科创板上市公司自律监管指引第 1 号—— 规范运作》等相关规定，对恒玄科技使用部分闲置募集资金进行现金管理进行了 审慎核查，发表核查意见如下： 一、募集资金基本情况 经据中国证券监督管理委员会于 2020 年 10 月 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][9]. Core Insights - The company is expected to achieve a revenue of approximately 324.3 million to 328.3 million yuan in 2024, representing a year-on-year growth of 49.02% to 50.85%. The net profit attributable to the parent company is projected to be between 45 million to 47 million yuan, indicating a significant year-on-year increase of 264.00% to 280.18% [3][6]. - The wearable market is experiencing rapid growth, with the company enhancing its market share in smart Bluetooth headsets and smartwatches through the introduction of new low-power SoC chips [6][7]. - The company has reported a steady improvement in gross margin, with an expected gross margin of around 34.70% for 2024, reflecting a year-on-year increase of 0.5 percentage points [6][9]. Financial Summary - The company's revenue is projected to grow from 2,176 million yuan in 2023 to 3,282 million yuan in 2024, with a year-on-year growth rate of 50.8% [5][11]. - Net profit is expected to rise from 124 million yuan in 2023 to 459 million yuan in 2024, marking a year-on-year growth of 271.1% [5][11]. - The company’s R&D expenses are anticipated to be approximately 620 million yuan in 2024, an increase of about 12.93% compared to the previous year [6][10]. Market Position and Strategy - The company focuses on the development and sales of ultra-low power computing SoC chips, which are widely used in smart wearable and smart home products, establishing a strong brand influence in the industry [9][10]. - The new generation of 6nm smart wearable chip, BES2800, is expected to enhance the performance of TWS headsets, smartwatches, and smart glasses, benefiting from the trend towards AI integration in wearable products [9][10]. - The company plans to continue its strategy of focusing on brand clients and developing competitive chip products to capture new opportunities in the wearable and smart home markets [7][9].

Revenue and Profit Projections - The company expects 2024 annual revenue to be between 3,243 million and 3,283 million CNY, representing a year-on-year increase of 49.02% to 50.85% compared to 2,176.28 million CNY in 2023[4]. - The projected net profit attributable to shareholders for 2024 is estimated to be between 450 million and 470 million CNY, reflecting a year-on-year growth of 264.00% to 280.18% from 123.63 million CNY in 2023[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 384 million and 404 million CNY, indicating a significant year-on-year increase of 1,242.08% to 1,311.98% from 28.61 million CNY in 2023[4]. Gross Margin and Expenses - The company's overall gross margin for 2024 is projected to be around 34.70%, an increase of 0.5 percentage points compared to the previous year[9]. - Research and development expenses for 2024 are estimated to be approximately 621 million CNY, a year-on-year increase of about 12.93%[9]. - The sales gross margin has shown a quarterly improvement, with figures of 32.93%, 33.39%, 34.68%, and 37.70% for the first to fourth quarters of 2024, respectively[9]. Strategic Focus and Product Development - The company plans to continue focusing on core technology development for ultra-low power wireless SoC chips and capitalize on new opportunities in edge AI development[9]. - The company has launched a series of smart wearable chips, including BES2800 and BES2700iBP, to meet diverse customer needs and enhance market share in smart Bluetooth earphones and smart watches[8]. Forecast Accuracy and Reporting - The company has not identified any significant uncertainties that could affect the accuracy of this earnings forecast[10]. - The data provided is preliminary and subject to confirmation in the official 2024 annual report[12].