恒玄创始人，集体减持！

Core Viewpoint - Hengxuan Technology plans to reduce shareholding by major shareholders, with a total reduction not exceeding 2.00% of the company's total share capital, primarily due to personal funding needs [1][2]. Shareholding Reduction Plan - Major shareholders Liang Zhang, Zhao Guoguang, and Tang Xiaodong, along with their concerted actions, plan to reduce a total of 2,014,888 shares, accounting for 1.20% of the total share capital, through centralized bidding or block trading [1][2]. - Run Yuan Capital I Limited and Run Yuan Capital II Limited also plan to reduce up to 1,343,500 shares, representing 0.80% of the total share capital, due to funding arrangements [1][2]. - The reduction period is set from July 28, 2025, to October 27, 2025, with the reduction price based on market conditions at the time [2]. Shareholding Structure - As of the announcement date, the controlling shareholders and their concerted actions hold a total of 53,591,591 shares, which is 31.91% of the total share capital [3]. Company Performance - Hengxuan Technology achieved a record high revenue of 999.5 million yuan in Q1 2025, representing a year-on-year increase of 52.25% [4]. - The net profit attributable to the parent company reached 191 million yuan, a significant year-on-year growth of 590.22%, marking the highest quarterly net profit since the company's establishment [4]. - The growth in revenue is attributed to an increase in market share in the smartwatch segment, which accounted for 32% of revenue in 2024, with a year-on-year growth of approximately 116% [4][5]. Profitability and R&D - The gross profit margin for Q1 2025 was 38.47%, an increase of 5.54 percentage points year-on-year and 0.77 percentage points quarter-on-quarter, driven by changes in sales structure and cost optimization [6]. - R&D expenses for Q1 2025 were 167 million yuan, remaining stable compared to the previous year, with expectations for higher expenses in the second half of the year [6].