Core Viewpoint - The article highlights the significant growth and performance of the Sci-Tech 100 Index ETF (588030) amid escalating tech competition between China and the U.S., with strong government support for innovation driving market potential [4][6]. Performance Summary - As of March 26, 2025, the Sci-Tech 100 Index (000698) increased by 0.64%, with notable gains from constituent stocks such as Airo Energy (688717) up 9.84% and Greeway (688390) up 6.40% [1]. - The Sci-Tech 100 Index ETF (588030) saw a 0.41% rise, with a trading volume exceeding 121 million yuan, ranking it among the top ETFs in its category [1]. - Over the past six months, the ETF's scale grew by 931 million yuan, placing it second among comparable funds [3]. - The ETF's financing buy-in reached 19.81 million yuan, with a financing balance of 324 million yuan [3]. - Since its inception, the ETF achieved a maximum monthly return of 27.67% and an average monthly return of 8.75% [3]. - The ETF's year-to-date maximum drawdown was 7.83%, with a relative benchmark drawdown of 0.20% [3]. Market Context - The ongoing U.S.-China tech rivalry has shifted from trade to technology, with the U.S. imposing stricter tech restrictions on China [4]. - The Chinese government is providing robust policy support for technological innovation, transitioning from being a follower to a leader in sectors like AI, humanoid robots, and smart vehicles [4]. - Historical analysis indicates that technological innovation, policy guidance, and market funding are key drivers of tech bull markets in China [4]. Index Composition - As of February 28, 2025, the top ten weighted stocks in the Sci-Tech 100 Index accounted for 24.45% of the index, with notable companies including Siwei Technology (688213) and BeiGene (688235) [5]. - The ETF closely tracks the Sci-Tech 100 Index, which consists of 100 medium-cap stocks selected from the Sci-Tech Board based on liquidity [4]. Recent Trends - The Sci-Tech 100 Index ETF recorded a cumulative increase of 5.71% over the past three months [6].

Summary of the Conference Call for 恒玄科技 Company Overview - 恒玄科技 has shown significant growth from 2017 to 2021, with revenue increasing from 28.5 million to 1.765 billion and profit rising from a loss of 144 million to over 400 million [2][3] - Despite a slowdown in 2022 due to macroeconomic factors, the company anticipates a recovery in demand in 2023 and rapid growth in 2024 driven by high-end products [2][3] Industry Insights - The global personal audio device market is expected to continue growing, with projected shipments reaching 533 million units by 2025, and the Greater China region expected to grow over 18% [2][5] - AI technology is enhancing smart audio device functionalities, such as smart noise cancellation and real-time translation, which is expected to increase demand for these devices [2][6] Key Products and Innovations - 恒玄科技 is a leading supplier of TWS (True Wireless Stereo) earphone control chips, benefiting from the growing demand for Android TWS earphones and partnerships with major brands [2][5] - The company is also entering the AI glasses market with its BS2,800 chip, which has already been adopted by Xiaomi [4][13] - The BS2,700 chip has been widely adopted in the smart watch and smart glasses sectors, contributing to significant revenue growth [11][12] Financial Projections - Revenue projections for 恒玄科技 from 2024 to 2026 are 3.27 billion, 4.49 billion, and 5.06 billion respectively, with profits expected to be 466 million, 674 million, and 935 million [4][15] - The company anticipates continued growth in the wearable device and AI glasses markets, which will enhance its revenue and profitability [4][15] Market Position and Competitors - 恒玄科技 has established itself as a competitive player in the wireless ultra-low power SOC market, with products integrated into the supply chains of major brands like Huawei, Samsung, OPPO, and Xiaomi [3][5] - The Chinese smart watch and wristband market is the largest globally, with expected shipments of 45.76 million units in 2024, growing over 20% year-on-year [9][10] Future Outlook - The company is expected to maintain rapid growth, particularly in high-end products for smart watches and emerging applications in AI glasses [7][12] - The AI glasses market is projected to grow significantly, with sales expected to reach 3.5 million units in 2024, doubling year-on-year [4][12] Conclusion - 恒玄科技 is well-positioned for future growth, driven by its innovative products and strategic partnerships in the rapidly evolving audio and wearable technology markets [7][15]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7]. Core Insights - The company is experiencing significant growth in the smart wearable market, with a projected revenue of 3.263 billion yuan in 2024, representing a year-on-year increase of 49.94%. The net profit attributable to the parent company is expected to reach 460 million yuan, a remarkable growth of 271.70% [5][7]. - The company is heavily investing in R&D, with an estimated R&D expenditure of 621 million yuan in 2024, an increase of approximately 12.93% year-on-year. This investment is aimed at advancing low-power SoC technology and enhancing product capabilities [6][7]. Financial Performance Summary - The company’s revenue is projected to grow from 2.176 billion yuan in 2023 to 3.263 billion yuan in 2024, with a growth rate of 46.57% in 2023 and 49.94% in 2024 [8][10]. - The net profit attributable to the parent company is expected to increase from 124 million yuan in 2023 to 460 million yuan in 2024, reflecting a growth rate of 271.70% [8][10]. - The earnings per share (EPS) is forecasted to rise from 1.03 yuan in 2023 to 3.83 yuan in 2024 [8][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7] Core Insights - The company is experiencing significant growth in the smart wearable market, with a projected revenue of 3.263 billion yuan in 2024, representing a year-on-year increase of 49.94%. The net profit attributable to the parent company is expected to reach 460 million yuan, a remarkable growth of 271.70% [5][7] - The company is heavily investing in R&D, with an estimated R&D expenditure of 621 million yuan in 2024, an increase of approximately 12.93% year-on-year. This investment is aimed at advancing low-power SoC technology and enhancing product capabilities [6][7] Financial Summary - The company’s revenue projections for 2024, 2025, and 2026 are 3.263 billion yuan, 4.315 billion yuan, and 5.416 billion yuan, respectively. The net profit attributable to the parent company is expected to be 460 million yuan in 2024, 639 million yuan in 2025, and 842 million yuan in 2026 [7][10] - The company’s EBITDA for the same years is projected to be 546.93 million yuan in 2024, 724.18 million yuan in 2025, and 925.91 million yuan in 2026 [10] - The company’s earnings per share (EPS) is expected to increase from 3.83 yuan in 2024 to 7.01 yuan in 2026, reflecting strong growth potential [10]

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），恒玄科技（上海）股份有限公司（以下简称"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，其中超募资金 275,878.12 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）。公司依照规定对募集资金采取了专户存储管理，并由 公司与保荐机构、募集资金专户监管银行签订了募集资金三方监管协议，具体 情况详见公司于 2020 年 12 月 15 日在上海证券交易所网站（www.sse.com.cn） 披露的《恒玄科技首次公开发行股票科创板上市公告书》。 二、《募集资金专户存储三方监管协议 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2025-008 恒玄科技（上海）股份有限公司 关于股东权益变动达到 1%的提示性公告 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。 本次权益变动前，宁波百碧富、宁波千碧富和宁波亿碧富及公司实际控 制人 Liang Zhang、赵国光和汤晓冬合计持有公司股份 40,640,190 股，合计持股 比例为 33.85%；本次权益变动后，以上股东合计持有公司股份 38,395,751 股， 合计持股比例为 31.98%。 公司于近日收到股东宁波百碧富、宁波千碧富和宁波亿碧富发来的《关于股 1 东权益变动比例触及 1%的告知函》，2024 年 12 月 30 日至 2025 年 3 月 4 日， 股东宁波百碧富、宁波千碧富和宁波亿碧富以集中竞价方式减持公司股份 1,128,532 股，以大宗交易方式减持公司股份 1,115,907 股，累计减持公司股份共 2,244,439 股。宁波百碧富、宁波千碧富和宁波亿碧富与公司实际控制人 Liang Zhang、赵国光和汤 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leader in SoC chips, focusing on AIoT applications with a diverse product portfolio, including TWS audio chips, smart wearable devices, and AI/AR glasses [1][4] - The company achieved record high annual performance in 2024, with total revenue reaching 3.26 billion yuan, a 50% year-on-year increase, and net profit attributable to shareholders reaching 460 million yuan, a 272% increase [1][4] - The company is expected to continue its growth trajectory, with projected revenues of 4.4 billion yuan and 5.6 billion yuan for 2025 and 2026, respectively, representing year-on-year growth rates of 34.9% and 27.3% [4] Summary by Sections 1. SoC Chip Leadership and Diverse Business Layout - The company has established itself as a leader in wireless SoC chips, continuously iterating its product technology [12][14] - The company has expanded its business into various applications, including smart audio devices and AIoT platforms, with a focus on low-power and intelligent audio-video interaction technologies [14][15] - The company has maintained a stable shareholding structure and actively promotes employee stock incentive plans to foster innovation [20] 2. TWS Market Foundation and AI-Driven Growth - The TWS earphone market is solid, with a 5.6% year-on-year increase in shipments in the first half of 2024 [2] - The company has developed proprietary technologies for TWS earphones, enhancing audio processing capabilities and user experience [2] - The company’s TWS audio chips are gaining traction, supported by innovative products like the BES2600 and BES2700 series [2] 3. Smart Watch Growth and New Product Launches - The smart watch market continues to grow, with domestic brands like Xiaomi and Huawei gaining market share [3] - The company’s BES2700BP is the first 12nm SoC platform for sports watches, offering strong performance and low power consumption [3] - Revenue from smart watch and band chips has increased, accounting for 28% of total revenue in the first half of 2024 [3] 4. AI/AR Glasses Market Potential - The global AI smart glasses market is expected to grow significantly, with sales projected to reach 5.5 million units by 2025 [4] - The company has established partnerships with major brands like Xiaomi and Huawei to develop audio glasses, leveraging its BES2700 series chips [4] - The company aims to capture more market share in the AI glasses segment with the upcoming BES2800 series products [4] 5. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 4.4 billion yuan and 5.6 billion yuan in 2025 and 2026, respectively, with net profits of 746 million yuan and 1 billion yuan [4][5] - The current stock price corresponds to a PE ratio of 59 and 44 for 2025 and 2026, respectively, indicating a favorable investment opportunity [4][5]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [34]. Core Insights - The Chinese ICT market is projected to grow to $751.76 billion by 2028, with the enterprise-level ICT market expected to reach approximately $269.36 billion in 2024, reflecting an 11.7% increase from 2023 [2][5]. - In 2024, global AI PCs are anticipated to account for 17% of total PC shipments, with Apple leading the market at 54% share, followed by Lenovo and HP at 12% each. The fourth quarter of 2024 is expected to see AI PC shipments reach 15.4 million units, a quarter-on-quarter increase of 18% [2][10]. - The global DRAM industry revenue is projected to reach $28.6 billion in the fourth quarter of 2024, with a quarter-on-quarter increase of 9.9%. Samsung holds the largest market share at 39.3%, followed by SK Hynix and Micron [2][15]. Summary by Sections Industry News and Commentary - The semiconductor industry is currently in a recovery phase, driven by a rebound in consumer electronics, which is expected to initiate a new upward cycle for semiconductors. Key investment lines include wafer fab expansion and the A1 industry chain [2][28]. - The semiconductor industry index has shown a year-to-date increase of 37.6%, outperforming the CSI 300 index by 24.2 percentage points [21]. Market Performance - The semiconductor industry index experienced a weekly decline of 3.62%, underperforming the CSI 300 index by 1.4 percentage points [21]. - As of the last trading day of the week, the overall P/E ratio for the semiconductor industry was 84.2 times, with 34 stocks rising, 1 remaining flat, and 126 declining [24]. Investment Recommendations - Recommended stocks include Northern Huachuang, Zhongwei Company, Tuojing Technology, and Dinglong Co., with a focus on A1+ semiconductor investment opportunities such as Haiguang Information, Shengke Communication, Hengxuan Technology, and Shenghong Technology [28][32].

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]