Investment Rating - The report maintains a "Buy" rating for the company [1][11] Core Insights - The company has shown significant growth in revenue, gross margin, and net profit in Q1 2025, driven by high-end product volume and government subsidies [2][10] - The company achieved a record quarterly revenue of 9.95 billion yuan in Q1 2025, representing a year-over-year increase of 52.25% and a quarter-over-quarter increase of 25.88% [6][10] - The gross margin for Q1 2025 reached 38.47%, up 5.54 percentage points year-over-year, indicating improved profitability [6][10] - The net profit attributable to the parent company for Q1 2025 was 1.91 billion yuan, a remarkable year-over-year increase of 590.22% [6][10] - The company is transitioning towards becoming a platform-type chip company, with a focus on low-power wireless computing SoC chips, particularly in the smart wearable and smart home markets [7][10] Financial Performance Summary - For the full year 2024, the company reported revenue of 32.63 billion yuan, a year-over-year increase of 49.94%, and a net profit of 4.6 billion yuan, up 272.47% [5][10] - The company expects to achieve revenues of 48.31 billion yuan, 60.74 billion yuan, and 75.48 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 48%, 26%, and 24% [9][10] - The projected net profit for 2025, 2026, and 2027 is 9.93 billion yuan, 13.26 billion yuan, and 17.02 billion yuan, with growth rates of 116%, 34%, and 28% [9][10] Market Position and Product Development - The company has significantly increased its market share in the smart watch segment, with revenue from smart watch and band chips reaching 10.45 billion yuan in 2024, a year-over-year increase of 116% [7][10] - The new generation product, BES2800, has been successfully mass-produced, enhancing the company's market position and technological leadership in the industry [7][10]

Core Insights - The company reported a record high revenue of 3.26 billion yuan for the full year of 2024, representing a year-over-year increase of 50%, primarily driven by the significant growth in the smart watch and band business [1] - The net profit attributable to shareholders reached 460 million yuan, up 272% year-over-year, with a non-recurring net profit of 390 million yuan, reflecting a remarkable increase of 1279% [1] - For Q1 2025, the company achieved a revenue of 990 million yuan, a 52% year-over-year increase and a 26% quarter-over-quarter increase, also setting a new record [1] Revenue Breakdown - The revenue from ordinary Bluetooth products was 520 million yuan, up 45% year-over-year, accounting for 16% of total revenue, with a gross margin of 31.4% [2] - The revenue from smart Bluetooth products was 1.5 billion yuan, a 28% year-over-year increase, making up 46% of total revenue, with a gross margin of 32.2% [2] - Revenue from other chips reached 1.24 billion yuan, a 92% year-over-year increase, accounting for 38% of total revenue, with a gross margin of 39.2% [2] Product Development - The new flagship chip BES2800, built on a 6nm FinFET process, is widely applied in headphones, smart watches, and AI glasses, showcasing low power consumption and high integration [3] - The company is actively expanding the application of the BES2800 chip in AI glasses and low-power Wi-Fi markets, enabling lightweight models to run locally and facilitating quick responses to online voice AI needs [3] Profit Forecast and Investment Recommendations - Based on the strong performance in Q1 2025, the company has adjusted its revenue forecasts for 2025 and 2026 to 4.95 billion yuan and 6.49 billion yuan, respectively, with year-over-year growth rates of 51.7% and 31.2% [4] - The net profit forecasts for 2025 and 2026 have been raised to 970 million yuan and 1.37 billion yuan, reflecting year-over-year growth rates of 110.8% and 40.9% [4] - The current stock price corresponds to price-to-earnings ratios of 47, 34, and 26 for 2025, 2026, and 2027, respectively, indicating a strengthening growth trend [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Views - The company achieved a record high revenue of 3.26 billion yuan in 2024, representing a year-on-year growth of 50%, primarily driven by the doubling growth in smart watch and wristband business [1] - The first quarter of 2025 also saw a record high revenue of 990 million yuan, up 52% year-on-year and 26% quarter-on-quarter, attributed to government subsidies and an increase in the proportion of smart watch business [1] - The company is expected to continue its growth trajectory, with projected revenues of 4.95 billion yuan and 6.49 billion yuan for 2025 and 2026, respectively, reflecting year-on-year growth rates of 51.7% and 31.2% [5] Revenue Breakdown - In 2024, revenue from different business segments is as follows: 1. Ordinary Bluetooth: 520 million yuan, up 45% year-on-year, accounting for 16% of total revenue [3] 2. Smart Bluetooth: 1.5 billion yuan, up 28% year-on-year, accounting for 46% of total revenue [3] 3. Other chips: 1.24 billion yuan, up 92% year-on-year, accounting for 38% of total revenue, with smart watch chips being a significant contributor [3] Profitability Metrics - The company achieved a gross margin of 34.7% in 2024, up 0.5 percentage points year-on-year, and a net margin of 14.1%, up 8.4 percentage points year-on-year [2] - In Q1 2025, the gross margin was 38.5%, up 5.5 percentage points year-on-year, and the net margin was 19.2%, up 14.9 percentage points year-on-year [2] Future Projections - The company is projected to achieve a net profit of 971 million yuan in 2025, representing a year-on-year growth of 110.8%, and 1.37 billion yuan in 2026, with a growth of 40.9% [5] - The earnings per share (EPS) is expected to reach 8.09 yuan in 2025 and 11.39 yuan in 2026 [7] Market Position and Product Development - The new flagship chip, BES2800, is widely applied in headphones, smart watches, and AI glasses, showcasing the company's innovation in low-power architecture and integrated design [4] - The company is actively expanding the application of BES2800 in AI glasses and low-power Wi-Fi markets, enhancing its product portfolio [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Views - The company achieved a record high revenue of 3.26 billion yuan in 2024, representing a year-on-year growth of 50%, primarily driven by the doubling growth in smart watch and band business [1] - The first quarter of 2025 also saw a record high revenue of 990 million yuan, up 52% year-on-year and 26% quarter-on-quarter, attributed to government subsidies and an increase in the proportion of smart watch business [1] - The company is expected to continue its growth trajectory, with projected revenues of 4.95 billion yuan and 6.49 billion yuan for 2025 and 2026, respectively, reflecting year-on-year growth rates of 51.7% and 31.2% [5] Revenue Breakdown - In 2024, revenue from different business segments is as follows: 1) Ordinary Bluetooth: 520 million yuan, up 45%, accounting for 16% of total revenue, with a gross margin of 31.4% [3] 2) Smart Bluetooth: 1.5 billion yuan, up 28%, accounting for 46% of total revenue, with a gross margin of 32.2% [3] 3) Other chips: 1.24 billion yuan, up 92%, accounting for 38% of total revenue, with a gross margin of 39.2% [3] - The smart watch and band chip segment generated 1.05 billion yuan in revenue, up 116% year-on-year, becoming the largest growth driver for the company [3] Profitability Metrics - The company achieved a gross margin of 34.7% in 2024, up 0.5 percentage points year-on-year, and a net margin of 14.1%, up 8.4 percentage points year-on-year [2] - In the first quarter of 2025, the gross margin was 38.5%, up 5.5 percentage points year-on-year, and the net margin was 19.2%, up 14.9 percentage points year-on-year [2] Future Earnings Forecast - The company is projected to achieve a net profit of 971 million yuan in 2025, representing a year-on-year growth of 110.8%, and 1.37 billion yuan in 2026, with a growth of 40.9% [5] - The earnings per share (EPS) is expected to reach 8.09 yuan in 2025 and 11.39 yuan in 2026 [7]

Market Overview - The net inflow of main funds in the Shanghai and Shenzhen markets reached 4.975 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 773 million yuan [1] - A total of 252 stocks saw net inflows, while 330 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 275 stocks rose while 299 stocks fell [1] - Among the stocks with significant net inflows, Lanke Technology led with a net inflow of 114 million yuan, followed by TuoJing Technology and DaMeng Data with net inflows of 65.78 million yuan and 47.04 million yuan respectively [1] Continuous Fund Flow - There are 48 stocks that have seen continuous net inflows for more than three trading days, with MaiXinLin leading at 13 consecutive days of inflow [1] - Conversely, 137 stocks have experienced continuous net outflows, with ZhuoYue New Energy and AiKe GuangDian both seeing 11 consecutive days of outflow [1] Top Stocks by Net Inflow - The top stocks by net inflow include: - Lanke Technology: 113.92 million yuan, 9.72% inflow rate, 1.35% increase [1] - TuoJing Technology: 65.78 million yuan, 11.69% inflow rate, 4.72% increase [1] - DaMeng Data: 47.04 million yuan, 8.83% inflow rate, 7.01% increase [1] Stocks with Significant Outflows - The stocks with the highest net outflows include: - SMIC: 246 million yuan outflow, 0.76% decrease [1] - HengXuan Technology: 108 million yuan outflow [1] - Chip Origin Technology: 73.09 million yuan outflow [1]

以最新收盘价计算，科创板平均股价为29.59元，其中股价超100元的有39只，股价最高的是寒武纪。 证券时报·数据宝统计显示，科创板股今日上涨的有275只，下跌的有299只，以收盘价为基准测算，科 创板平均股价为29.59元，其中，收盘价超过100元的有39只，股价在50元至100元之间的有89只，股价 在30元至50元的有143只。 科创板股中，收盘价最高的是寒武纪，今日报收689.96元，下跌0.29%，其次是惠泰医疗、恒玄科技 等，最新收盘价分别为433.06元、382.45元。 科创板百元股中，今日平均下跌0.78%，具体来看，今日上涨的有18只，涨幅居前的有源杰科技、达梦 数据、茂莱光学等。下跌的有21只，跌幅居前的有思瑞浦、晶丰明源、热景生物等。 向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价305.99%，溢价幅度居前的有百利天恒、 寒武纪、安集科技等，溢价幅度分别为1021.05%、971.53%、912.26%。 资金流向方面，科创板百元股今日主力资金合计净流出2.62亿元，净流入资金居前的有拓荆科技、达梦 数据、茂莱光学等，净流入资金分别为6578.21万元、4704.71万元、3 ...

Fundraising Overview - The company raised a total of RMB 4,862,100,000.00 from the issuance of 30,000,000 shares at a price of RMB 162.07 per share, with a net amount of RMB 4,758,781,150.22 after deducting fees [2][3] - The funds were verified by an accounting firm and deposited into a designated account [2] Fund Management - The company established a fund management system to ensure efficient use and protection of investor rights, adhering to relevant laws and regulations [4] - Multiple agreements were signed with banks to regulate the storage and use of the raised funds [4][5] Fund Usage - As of December 31, 2024, the company reported various uses of the raised funds, including investments in financial products and project funding [3][10] - The company has utilized idle funds for cash management, with an amount of RMB 475,000,000.00 invested in financial products as of December 31, 2024 [9] Project Adjustments - The company terminated the "Type-C Audio Chip Upgrade Project" and redirected the remaining funds to the "Smart Bluetooth Audio Chip Upgrade Project" to enhance fund efficiency [24] - Several projects have been completed and funds have been transferred to the company's general account for liquidity [8][19] Share Buyback - The company approved a share buyback plan using excess funds, with a total amount of RMB 25,999,307.43 allocated for this purpose [21] - The buyback was completed by August 23, 2024, with a total of 447,562 shares repurchased [21] Stock Incentive Plan - The company approved a stock incentive plan, granting 66,181 shares to 33 eligible participants, with a grant price of RMB 64.84 per share [35][51] - The plan includes performance-based conditions and a vesting period of 12 months [36][46]

恒玄科技（上海）股份有限公司 2024 年度独立董事述职报告 2024 年度，作为恒玄科技（上海）股份有限公司（以下简称"公司"）的独立董事，我 们严格按照《中华人民共和国公司法》《中华人民共和国证券法》、《上市公司独立董事规则》 《上海证券交易所科创板股票上市规则》等法律法规，以及《恒玄科技（上海）股份有限公 司章程》（以下简称"《公司章程》"）和《恒玄科技（上海）股份有限公司独立董事工作制 度》（以下简称"《独立董事工作制度》"）等有关规定和要求，本着客观、公正、独立的原 则，勤勉尽责、独立履职，及时了解公司的生产经营及发展情况，准时出席各次股东大会和 董事会会议，积极发挥独立董事作用，有效维护了公司整体利益和全体股东尤其是中小股东 的合法权益。现将独立董事 2024 年度履职情况报告如下： （一）个人工作履历、专业背景以及兼职情况 王艳辉：1967 年出生，中国国籍，无境外永久居留权，博士研究生学历。王艳辉先生 1991 年至 1994 年任大庆石油管理局生产检测井研究所工程师，1997 年至 2001 年任联想集 团副主任工程师，2001 年至 2003 年任普天慧讯网络有限公司产品总监，2003 年 ...

特此公告。 恒玄科技（上海）股份有限公司董事会 2025 年 4 月 25 日 关于制定《市值管理制度》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。 恒玄科技（上海）股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召 开第二届董事会十六次会议，审议通过了《关于制定公司<市值管理制度>的议 案》，具体情况如下： 为加强公司市值管理工作，积极响应《国务院关于进一步促进资本市场健康 发展的若干意见》中关于鼓励上市公司建立市值管理制度的号召，推动公司投资 价值提升，增强投资者回报，维护投资者利益，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司监管指引第 10 号——市值管理》《上海证 券交易所科创板股票上市规则》等法律法规、规范性文件的规定，制定《市值管 理制度》。 证券代码：688608 证券简称：恒玄科技 公告编号：2025-019 恒玄科技（上海）股份有限公司 ...

恒玄科技（上海）股份有限公司 （二）独立性说明 作为公司的独立董事，我未在公司担任除独立董事外的其他职务，直系亲属、主要社会 关系均不在公司或其附属企业任职，没有为公司或其附属企业提供财务、法律、咨询等服务。 我具有《上市公司独立董事管理办法》《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》《公司章程》及《独立董事工作制度》所要求的独立性和担任公司独立董 事的任职资格，能够确保客观、独立的专业判断，不存在影响独立性的情况。 二、 独立董事年度履职概况 2024 年度独立董事述职报告 2024 年度，作为恒玄科技（上海）股份有限公司（以下简称"公司"）的独立董事，我 们严格按照《中华人民共和国公司法》《中华人民共和国证券法》、《上市公司独立董事规则》 《上海证券交易所科创板股票上市规则》等法律法规，以及《恒玄科技（上海）股份有限公 司章程》（以下简称"《公司章程》"）和《恒玄科技（上海）股份有限公司独立董事工作制度》 （以下简称"《独立董事工作制度》"）等有关规定和要求，本着客观、公正、独立的原则， 勤勉尽责、独立履职，及时了解公司的生产经营及发展情况，准时出席各次股东大会和董事 会会议，积极 ...