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 2022 年限制性股票激励计划、 2023 年限制性股票激励计划 授予价格调整事项之 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 2022 年限制性股票激励计划、2023 年限制性股票激励计划 授予价格调整事项之 法律意见书 致：恒玄科技（上海）股份有限公司 第一部分 引言 上海市锦天城律师事务所（以下简称"本所"或"我们"）接受恒玄科技（上 海）股份有限公司（以下简称"恒玄科技"或"公司"）的委托，指派王倩倩律 师和朱怡静律师作为公司 2022 年限制性股票激励计划（以下简称"2022 年激励 计划"）、2023 年限制性股票激励计划（以下简称"2023 年激励计划"）的特 聘专项法律顾问，根据《中华人民共和国公司法》《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理 办法》"）、《上海证 ...

以下文章来源于橙子不糊涂 ，作者橙子 80后，集成电路背景，专注于AI硬科技、半导体领域的研究和投资。 申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 25年Q1财报全部披露完，科技领域的财报值得重点关注，有一大批非常炸裂的，今天具体讨论3个 话题： 1，哪些领域 创了历史最佳； 2，哪些领域 接近，或者说"实际上最佳"； 3，未来哪些领域会 持续加速增长。 首先， 历史最佳财报 主要集中在3个领域： （1）AI芯片：国产AI推理芯片需求爆发 橙子不糊涂 . 主要代表是 寒武纪和海光信息 。Q1营收11.11亿元，同比增长42倍，净利润3.55亿元，最炸裂的是存货 和预付款，预示着Q2将环比几倍的增长。 海光信息， DCU3深算3号作为少数几款国产全精度卡，在一些顶尖应用比如 AI for science 上非常 出色。 （2）端侧 SoC芯片 ：受益于AI端侧设备的井喷 AIoT、自动驾驶、机器人，以及AI玩具、AI智能终端等新兴场景带动端侧算力芯片需求，国内一些巨 头已经有了质的突破，比如 瑞芯微 强悍的3588已经大量上车，明显的4nm的3688 性能会更加猛烈。 端侧SoC整个板块各个公司Q ...

公司专注于低功耗无线计算 SoC 芯片的研发，关键核心技术持续迭代，保 持业内领先。公司自主研发了低功耗多核异构嵌入式 SoC 技术、蓝牙和 Wi-Fi 连接技术、声学和音频系统、可穿戴平台智能检测和健康监测技术和 2.5D GPU 等关键核心技术，SoC 主控芯片产品广泛应用于智能可穿戴、智能家居等终端， 并在先进制造工艺上持续迭代，创新能力突出。 2025 年，公司将持续投入核心技术研发，加快产品升级，进一步丰富芯片 产品结构。一方面，公司将在现有产品系列基础上持续优化升级和迭代创新，通 过在功能、性能、功耗、品质等全方面的提升，提高产品竞争力和客户满意度； 另一方面，公司进一步丰富产品结构，抓住智能可穿戴和智能家居市场机遇，对 公司主营业务进行持续补充，为公司拓展新的业务增长点。 智能可穿戴市场是公司重要的战略布局方向，报告期内公司 BES2800 系列 可穿戴主控芯片已量产落地，2025 年将在 TWS 耳机、智能手表、智能眼镜等产 品中全面应用。未来公司将继续在可穿戴领域深耕，推出更有竞争力的芯片方案。 恒玄科技（上海）股份有限公司 2025 年度"提质增效重回报"行动方案 恒玄科技（上海）股份有限 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant revenue increase of 49.94% year-on-year in 2024, reaching 3.263 billion yuan, and a net profit increase of 272.47%, totaling 460 million yuan [3][5] - In Q1 2025, the company reported record high revenue of 999.5 million yuan, up 52.25% year-on-year, and a net profit of 191 million yuan, up 590.22% year-on-year [3][4] - The company is benefiting from the growth of the end-side AI market and the increasing demand for smart wearable devices, supported by national subsidies [3][4] - The introduction of the new BES2800 chip, utilizing 6nm technology, is expected to enhance the company's product offerings in the smart wearable market [4] Financial Summary - Revenue projections for 2025-2027 are updated to 4.875 billion yuan, 6.241 billion yuan, and 8.085 billion yuan respectively, with corresponding net profits of 976 million yuan, 1.253 billion yuan, and 1.674 billion yuan [3][5] - The gross margin is expected to improve, reaching 38.6% in 2025 and 39.2% in 2026 [5] - The company's R&D expenses for 2024 were 617 million yuan, reflecting a 12.27% increase year-on-year, indicating a commitment to maintaining competitive advantages [3][5] Valuation Metrics - The price-to-earnings (P/E) ratios for 2025-2027 are projected to be 48.8, 38.0, and 28.4 respectively [5] - The price-to-book (P/B) ratios for the same period are expected to be 6.4, 5.5, and 4.6 [5] - The company is anticipated to achieve a return on equity (ROE) of 13.0% in 2025, increasing to 16.1% by 2027 [5]

Core Viewpoint - The company achieved record revenue and net profit in 2024, driven by expanding customer base and market share in the smart wearable sector [1] Group 1: Financial Performance - In 2024, the company reported revenue of 3.263 billion yuan (yoy: +49.94%) and a net profit of 460 million yuan (yoy: +272.47%), both hitting historical highs and exceeding previous expectations [1] - For Q1 2025, revenue reached 999.5 million yuan (yoy: +52.25%, qoq: +25.88%) and net profit was 191 million yuan (yoy: +590.22%, qoq: +11.18%), marking a record high for a single quarter [1] - The comprehensive gross margin for Q1 2025 improved by 5.54/0.77 percentage points to 38.47%, while the net profit margin increased by 14.93 percentage points to 19.16% [1] Group 2: Product and Market Development - The revenue structure diversified in 2024, with Bluetooth audio chips and smart watch/band chips accounting for 62% and 32% of total revenue, respectively [2] - The smart watch/band chip segment saw a shipment of over 40 million units in 2024, generating revenue of 1.045 billion yuan (yoy: +116%), becoming the largest growth driver for the company [2] - The BES2800 chip, based on 6nm FinFET technology, was successfully mass-produced in Samsung AI headphones and OPPO Watch X2, reinforcing the company's technological leadership [2] Group 3: Future Outlook - The company is positioned to benefit from the upcoming explosion in the AI glasses market, having established itself as a benchmark for chip selection [3] - The BES2800 chip will continue to be introduced to new brands and customers, with R&D investments in NPU, Bluetooth, and low-power technologies expected to translate into revenue growth [3] - The target price is set at 421.9 yuan, with an "overweight" rating maintained, reflecting an increase in profit forecasts for 2025 and 2026 [3]

事件：公司发布2024 年年报及2025 年第一季度报告，2024 年实现收入32.63 亿元，同比增长49.94%， 归母净利润4.6 亿元，同比增长272.47%，扣非归母净利润3.95亿元，同比增长1279.13%；25Q1 实现收 入9.95 亿元，同比增长52.25%，实现归母净利润1.91 亿元，同比增长590.22%，实现扣非归母净利润 1.77 亿元，同比增长1838.6%。 可穿戴SoC 龙头，受益端侧AI 趋势向上。语音是大模型最佳交互方式之一，耳机、手表是最佳硬件载 体，公司是可穿戴SoC 全球龙头，旗舰6nm 行业领先，覆盖主流品牌旗舰。随行业渗透率提升，产品量 价齐升，弹性高。此外AI 功能叠加有望让智能眼镜成为下一爆款可穿戴产品，轻量化智能眼镜对续航 提出更高要求，恒玄在低功耗技术方面全球领先，大大提升端侧续航能力。公司下一代6000 系列芯片 预计今年推出，协同打造国产轻量化AI 眼镜。 考虑到端侧AI 有望带动可穿戴产品放量，我们上调2025-2027 年公司净利润为9.07/12.20/15.56 亿（25- 26 年前值6.22/8.16 亿元），对应PE 估值分别为51/ ...

Core Viewpoint - The company reported record-high revenues and profits for 2024 and Q1 2025, driven by strong performance in smart wearable chips and a diversified revenue structure [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.263 billion yuan, a year-on-year increase of 49.94%, and a net profit attributable to shareholders of 460 million yuan, up 272.47% [1]. - For Q1 2025, revenue reached 995 million yuan, reflecting a year-on-year growth of 52.25% and a quarter-on-quarter increase of 25.88%, with a net profit of 191 million yuan, up 590.22% year-on-year [1]. Product and Market Development - The company’s revenue from smart watch/wristband chips grew by 116% in 2024, contributing significantly to overall revenue growth, with total shipments exceeding 40 million units [2]. - The revenue structure became more diversified, with Bluetooth audio chips accounting for approximately 62% and smart wearable chips for about 32% of total revenue [2]. - Continuous upgrades in wearable terminal applications have led to increased customer demands for main control chips, prompting the company to launch new products like BES2800 and BES2700 series chips [2]. Research and Development - The company maintained high R&D investment, with expenses reaching 617 million yuan in 2024, a 12.27% increase year-on-year [3]. - The company is enhancing its technology layout in Wi-Fi, NPU, and ISP, with low-power, high-performance NPU and ISP systems already in mass production [3]. Strategic Positioning - The company is positioned to capitalize on the growing trend of edge AI, with a focus on developing ultra-low-power computing SoC chips and maintaining close collaboration with premium clients [4]. - The launch of new products like MYVU AR smart glasses and Ola Friend AI smart earphones indicates the company's commitment to innovation and market leadership [4]. Investment Outlook - The company is projected to achieve revenues of 4.920 billion yuan, 6.315 billion yuan, and 7.557 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 923 million yuan, 1.304 billion yuan, and 1.660 billion yuan [4]. - A target price of 500 yuan is set based on a 65x PE valuation for 2025, reflecting the company's leading position in the domestic smart audio SoC market [4].

Summary of Key Points from Conference Call Records Industry Overview - **Power Semiconductor Industry**: Expected revenue growth of approximately 10% in 2024, but net profit is projected to decline by 22%. Excluding Wentai Technology, actual profit growth is 0%, indicating a phenomenon of revenue growth without profit increase. However, third-generation semiconductor company Tianyue Advanced shows significant revenue and profit growth of 40% and 500% respectively [1][3][4]. Key Companies and Their Performance - **Hengxuan Technology**: Benefited from the growing demand in the smart watch and wristband market, with Q1 revenue increasing by 116% year-on-year and gross margin rising to 38.47% [1][5]. - **Rockchip**: In the automotive electronics sector, has mass-produced over ten models and has more than 20 targeted projects [1][5]. - **Stewei**: Achieved a revenue increase of 100% year-on-year in Q1, with smartphone chip business revenue growing by 269%, ranking fifth in the global mobile CIS market with an 11.2% share [1][6]. - **Optical Companies**: Companies like Qiu Tai, Gao Wei, and Rui Sheng have shown profit growth exceeding 100% due to industry recovery and improved profitability after the end of price wars [22][23]. Market Dynamics - **Consumer Electronics**: The sector is recovering well, with a 24% year-on-year revenue increase and an 18.6% increase in net profit in 2024. This is driven by smartphone inventory replenishment and global smartphone shipment growth of 6.4% [22][23]. - **Telecom Equipment**: Facing growth pressure with a 9.7% decline in capital expenditure from major operators in 2024, expected to further decline by 9.1% in 2025. Companies like ZTE are actively seeking new opportunities to offset traditional business pressures [16]. Emerging Trends - **AI and Autonomous Driving**: The AI-driven demand in the optical communication market is maintaining high growth rates. Companies like Xuchuang and Xinyi have seen improved gross margins due to the increased proportion of high-speed products [12][13]. - **IoT Modules**: The global cellular IoT module shipments increased by 10% year-on-year, with China showing a faster growth rate of 21% [18]. Investment Insights - **Valuation Recovery**: Companies like Yangjie Technology and Times Electric have seen their PE ratios drop below 20, indicating potential for valuation recovery as inventory and competition dynamics improve [7]. - **Long-term Outlook**: The consumer electronics sector is expected to face challenges from tariff changes, but companies with strong fundamentals and supply chain resilience are recommended for long-term investment [30][32]. Risks and Considerations - **Tariff Impact**: The consumer electronics sector is significantly affected by tariff changes, particularly for companies heavily reliant on Apple. However, the immediate impact on earnings has been minimal, with no requests for price reductions from Apple suppliers [28][30]. - **Market Competition**: The telecom equipment sector is experiencing intense competition, which may affect profit margins and growth prospects [16]. Conclusion The conference call highlights a mixed outlook for various sectors within the technology and semiconductor industries, with significant growth opportunities in AI, automotive electronics, and consumer electronics, while also addressing the challenges posed by market competition and tariff changes. Investors are advised to focus on companies with strong fundamentals and resilience in their supply chains for long-term gains.

Investment Rating - The report suggests a positive outlook for the electronic sector, driven by AI industry growth and domestic substitution logic, recommending a focus on AIOT, AI-driven technologies, equipment materials, and consumer electronics [5][6]. Core Insights - The electronic sector is experiencing a moderate recovery in demand, with notable performance in AI cloud and edge chip-related companies for 2024 and Q1 2025. Google's Q1 capital expenditure increased by 43.4% year-on-year, indicating strong investment in AI and cloud computing [5][6]. - Companies like Cambricon and Haiguang Information reported significant revenue growth, with Cambricon achieving a revenue of 1.174 billion yuan in 2024, up 65.56% year-on-year, and a staggering 4230.22% increase in Q1 2025 [5][6]. - The report highlights the importance of sustained high capital expenditure by leading cloud providers like Google, which is crucial for maintaining competitive advantages in AI and cloud services [5][6]. Summary by Sections Industry News - The report notes that the semiconductor industry is facing challenges, with companies like STMicroelectronics reporting a 27.3% decline in revenue due to lower demand in automotive and industrial sectors [11]. - Alphabet's Q1 revenue exceeded expectations, driven by strong search advertising performance and increased AI investments [11]. Company Performance - Haiguang Information reported a Q1 revenue of 2.4 billion yuan, a 50.76% increase year-on-year, with a net profit of 506 million yuan, up 75.33% [20]. - Cambricon's Q1 revenue reached 1.111 billion yuan, marking a 4230.22% increase year-on-year, with a net profit of 355 million yuan [5][20]. - The report also highlights the performance of other companies such as Hengxuan Technology and Zhaoyi Innovation, which reported significant revenue and profit growth in 2024 and Q1 2025 [18][19]. Market Trends - The report indicates that the electronic sector outperformed the broader market, with the Shenwan Electronics Index rising by 0.83% compared to a 0.38% increase in the CSI 300 Index [21][23]. - The semiconductor sub-sector showed varied performance, with consumer electronics and electronic components experiencing positive growth, while semiconductor stocks faced declines [23][24]. Investment Recommendations - The report recommends focusing on AIOT companies such as Lexin Technology and Hengxuan Technology, as well as AI-driven chip manufacturers like Cambricon and Haiguang Information [5][6]. - It also suggests monitoring the upstream supply chain for semiconductor equipment and materials, highlighting companies like North Huachuang and Zhongwei Technology as potential investment opportunities [6].

Investment Rating - The report suggests a positive outlook for the electronic sector, driven by AI industry growth and domestic substitution logic, recommending a focus on AIOT, AI-driven, equipment materials, and consumer electronics sectors [4][5]. Core Insights - The electronic sector is experiencing a moderate recovery in demand, with notable performance in AI cloud and edge chip-related companies for 2024 and Q1 2025. Google reported a 43.4% year-on-year increase in capital expenditure for Q1 2025, indicating strong investment in AI and cloud computing [4][5]. - Companies like Cambricon and Haiguang Information have shown impressive revenue growth, with Cambricon achieving a revenue of 1.174 billion yuan in 2024, up 65.56% year-on-year, and a staggering 4230.22% increase in Q1 2025 [4][5]. - The report highlights the importance of AI-driven sectors and domestic substitution in the semiconductor industry, with specific companies recommended for investment based on their performance and market position [4][5]. Summary by Sections Industry News - The report notes that the semiconductor industry is facing challenges, with companies like STMicroelectronics reporting a 27.3% decline in revenue for Q1 2025 due to lower-than-expected demand in automotive and industrial sectors [10]. - Alphabet's Q1 2025 revenue exceeded expectations at $76.5 billion, driven by strong search advertising performance and significant investments in AI [10]. Company Performance - Cambricon's Q1 2025 revenue reached 1.111 billion yuan, a 4230.22% increase year-on-year, with a net profit of 355 million yuan, marking a significant turnaround [4][19]. - Haiguang Information reported a revenue of 2.4 billion yuan in Q1 2025, up 50.76% year-on-year, with a net profit of 506 million yuan, reflecting strong growth in its CPU and DCU products [4][19]. - Hengxuan Technology achieved a revenue of 9.95 billion yuan in Q1 2025, a 52.25% increase year-on-year, with a remarkable net profit growth of 590.22% [4][19]. Market Trends - The report indicates that the electronic sector outperformed the broader market, with the Shenyin Wanguo electronic index rising 0.83% compared to a 0.38% increase in the CSI 300 index [20][22]. - The semiconductor sub-sector showed a decline of 0.81%, while consumer electronics saw a rise of 3.86%, indicating a mixed performance across different segments [22][24]. Investment Recommendations - The report recommends focusing on AIOT companies such as Lexin Technology and Hengxuan Technology, as well as AI innovation-driven firms like Cambricon and Haiguang Information [5][4]. - It also suggests monitoring the upstream supply chain for semiconductor equipment and materials, highlighting companies like North Huachuang and Zhongwei Technology as potential investment opportunities [5][4].