Group 1 - The core viewpoint of the report is that China Galaxy has given a "recommended" rating to Hengxuan Technology (688608.SH) based on its strong performance and strategic positioning in the market [1] - The company is focusing on edge scenarios, with continuous revenue growth and maintaining a high gross margin [1] - Hengxuan Technology is investing heavily in research and development, along with a forward-looking product layout, which is expected to accumulate momentum for long-term development [1] Group 2 - The report highlights potential risks including insufficient market demand, intensified industry competition, and fluctuations in upstream costs [1]

Core Viewpoint - Hengxuan Technology's stock has experienced a decline, with a current price of 231.70 CNY per share and a market capitalization of 39.086 billion CNY, reflecting a challenging trading environment [1]. Financial Performance - For the period from January to September 2025, Hengxuan Technology reported a revenue of 2.933 billion CNY, representing a year-on-year growth of 18.61%. The net profit attributable to shareholders was 502 million CNY, showing a significant increase of 73.50% compared to the previous year [2]. - The company has distributed a total of 315 million CNY in dividends since its A-share listing, with 254 million CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hengxuan Technology reached 20,600, an increase of 65.90% from the previous period. The average number of circulating shares per shareholder decreased by 15.46% to 8,165 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 4.6851 million shares, a decrease of 164,000 shares from the previous period. E Fund's SSE STAR 50 ETF increased its holdings by 771,000 shares to 4.2489 million shares, while Huaxia's SSE STAR 50 ETF decreased its holdings by 125,500 shares to 4.1570 million shares [3]. Stock Performance - Hengxuan Technology's stock price has seen a slight decline of 0.01% year-to-date, with a notable drop of 10.99% over the last five trading days and 22.12% over the last 20 days. However, there was a marginal increase of 0.07% over the last 60 days [1].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Insights - The company reported a revenue of 9.95 billion yuan in Q3 2025, reflecting a year-over-year growth of 5.66% and a quarter-over-quarter growth of 5.42%. The net profit attributable to shareholders reached 1.97 billion yuan, marking a year-over-year increase of 39.11% and a quarter-over-quarter increase of 72.19% [2][4]. - The company continues to lead in the wearable SoC market, with new opportunities emerging in edge-side applications. The BES2800 chip has been rapidly adopted across various applications, enhancing the company's market position [8][9]. - The company is expected to launch the next-generation BES6000 chip in the first half of 2026, which is anticipated to further strengthen its competitive edge in the rapidly evolving smart eyewear market [8][9]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 43.06 billion yuan, with a year-over-year growth rate of 31.9%. The net profit attributable to shareholders is expected to reach 7.41 billion yuan, reflecting a growth rate of 61.0% [4][9]. - The gross margin for Q3 2025 was reported at 37.03%, an increase of 2.34 percentage points year-over-year, while the net margin was 19.78%, up by 4.76 percentage points year-over-year [8][9]. - The company's earnings per share (EPS) is projected to grow from 2.73 yuan in 2024 to 9.55 yuan by 2027, indicating strong profitability growth [4][9].

Core Viewpoint - The 中证500成长ETF (159606) experienced a decline of 1.30% as of the midday close on November 4, with a trading volume of 3.783 million yuan [1] Group 1: ETF Performance - The 中证500成长ETF (159606) closed at 1.135 yuan, with a year-to-date return of 14.93% since its inception on December 17, 2021 [1] - The ETF's performance benchmark is the 中证500质量成长指数收益率, managed by 易方达基金管理有限公司, with a recent one-month return of -1.01% [1] Group 2: Major Holdings - Major stocks in the 中证500成长ETF include: - 华工科技, down 1.33% - 恺英网络, down 3.59% - 东吴证券, down 1.36% - 科达利, down 2.91% - 恒玄科技, down 1.21% - 水晶光电, down 2.74% - 天山铝业, down 0.95% - 春风动力, down 1.26% - 杰瑞股份, up 4.44% - 金诚信, down 1.87% [1]

Core Viewpoint - The announcement details the completion of the second vesting period for the 2023 restricted stock incentive plan of Hengxuan Technology, with a total of 316,029 shares vested from shares repurchased in the secondary market [2][12]. Group 1: Stock Vesting Details - The number of shares vested in this period is 316,029 shares [2]. - The shares for this vesting come from the company's repurchase of its A-share common stock from the secondary market [8]. - A total of 113 incentive recipients are involved in this vesting [9]. Group 2: Decision-Making Process - The decision-making process for the incentive plan included multiple board and supervisory meetings, with independent opinions provided by independent directors [3][5]. - The plan was publicly disclosed and underwent a period of internal review without objections from employees [4][6]. Group 3: Financial and Capital Changes - The company received a total of 28,901,439.03 RMB from 210 incentive recipients for the exercise of 643,541 shares, resulting in an increase in registered capital of 327,512 RMB [11]. - The total registered capital after the changes is 168,693,735 RMB, with no change in the total number of shares due to the nature of the stock source [11].

Core Viewpoint - Hengxuan Technology announced the completion of the stock registration for the second vesting period of its 2023 restricted stock incentive plan, with a total of 316,029 shares being vested [1] Group 1 - The company received the "Transfer Registration Confirmation" from China Securities Depository and Clearing Corporation Limited Shanghai Branch on November 3, 2025 [1] - The vested shares were sourced from the company's repurchase of its A-share common stock from the secondary market [1]

证券代码：688608 证券简称：恒玄科技 公告编号：2025-059 恒玄科技（上海）股份有限公司 关于公司 2023 年限制性股票激励计划首次授予部分 第二个归属期部分归属结果的公告（回购股份） 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。 重要内容提示： 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，恒玄科技（上海）股份有限公司（以下简称"公 司"）于 2025 年 11 月 3 日收到中国证券登记结算有限责任公司上海分公司出具 的《过户登记确认书》，公司完成了 2023 年限制性股票激励计划（以下简称"本 次激励计划"）首次授予部分第二个归属期的剩余部分的股份登记工作。现将有 关情况公告如下： 一、本次限制性股票激励计划的决策程序和信息披露情况 （一）2023 年 8 月 1 日，公司召开第二届董事会第六次会议，审议通过了《关 于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023 年限制性股票激励计划实施考核管理办法>的议案》《关 ...

Core Viewpoint - Hengxuan Technology is a leading company in the global smart audio SoC chip sector, with significant investment value due to its high technical barriers and comprehensive industry chain coverage [1] Group 1: Business Performance - In Q3 2025, Hengxuan Technology reported revenue of 2.933 billion yuan, ranking 16th among 48 companies in the industry, surpassing the industry average of 2.912 billion yuan and the median of 1.156 billion yuan, but significantly lower than the top two competitors, OmniVision and Jiangbo Long, with revenues of 21.783 billion yuan and 16.734 billion yuan respectively [2] - The net profit for the same period was 502 million yuan, ranking 11th in the industry, above the average of 348 million yuan and the median of 107 million yuan, but still trailing behind the leading companies, which reported net profits of 3.199 billion yuan and 2.841 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hengxuan Technology's debt-to-asset ratio was 7.59%, down from 8.19% year-on-year and significantly lower than the industry average of 24.46%, indicating strong solvency [3] - The gross profit margin for the same period was 38.51%, an increase from 33.76% year-on-year, and higher than the industry average of 36.52%, reflecting robust profitability [3] Group 3: Executive Compensation - The chairman, Liang Zhang, received a salary of 2.6706 million yuan in 2024, an increase of 214,200 yuan from 2023 [4] - The general manager, Zhao Guoguang, earned 2.0704 million yuan in 2024, up by 490,700 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 65.90% to 20,600, while the average number of circulating A-shares held per shareholder decreased by 15.46% to 8,165.98 [5] Group 5: Future Projections - Guotou Securities forecasts that Hengxuan Technology's revenue will reach 4.657 billion yuan, 5.965 billion yuan, and 7.635 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 803 million yuan, 1.101 billion yuan, and 1.492 billion yuan [6] - Caitong Securities also projects revenues of 4.559 billion yuan, 5.876 billion yuan, and 7.220 billion yuan for the same years, with corresponding net profits of 840 million yuan, 1.181 billion yuan, and 1.472 billion yuan [6]

Core Viewpoint - Hengxuan Technology's stock price has shown fluctuations, with a recent increase of 2.18% and a total market value of 42.005 billion yuan, indicating investor interest despite recent declines in the stock price over the past few weeks [1]. Financial Performance - For the period from January to September 2025, Hengxuan Technology achieved a revenue of 2.933 billion yuan, representing a year-on-year growth of 18.61%. The net profit attributable to shareholders was 502 million yuan, reflecting a significant increase of 73.50% compared to the previous year [2]. - The company has distributed a total of 315 million yuan in dividends since its A-share listing, with 254 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hengxuan Technology reached 20,600, an increase of 65.90% from the previous period. The average number of circulating shares per shareholder decreased by 15.46% to 8,165 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 4.6851 million shares, a decrease of 164,000 shares from the previous period. Meanwhile, E Fund's SSE STAR 50 ETF increased its holdings by 771,000 shares to 4.2489 million shares [3].

Core Viewpoint - Hengxuan Technology announced that Alibaba's Quark AI glasses utilize the company's BES2800 chip, which significantly enhances performance, power consumption, and technological innovation [1] Group 1 - The BES2800 chip is manufactured using 6nm FinFET technology [1] - The chip integrates a multi-core CPU/GPU, NPU, large-capacity storage, low-power Wi-Fi, and dual-mode Bluetooth [1] - The advancements in the BES2800 chip lead to substantial improvements in performance and power efficiency [1]