一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有五年以上法律、经济会计、财务、管理等履行独立董 事职责所必需的工作经验。 独立董事候选人声明与承诺 本人董莉，已充分了解并同意由提名人恒玄科技（上海）股份有限公司董事 会提名为恒玄科技（上海）股份有限公司第三届董事会独立董事候选人。本人公 开声明，本人具备独立董事任职资格，保证不存在任何影响本人担任恒玄科技（上 海）股份有限公司独立董事独立性的关系，具体声明并承诺如下： 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》等关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》和上海证券交易所自律监 管规则有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用）； （五）中共中央组织部《关于进一步规范党政领导干部在企业兼职（任职） 问题的意见》的相关规定（如 ...

独立董事提名人声明与承诺 提名人恒玄科技（上海）股份有限公司董事会，现提名董莉为恒玄科技（上 海）股份有限公司第三届董事会独立董事候选人，并已充分了解被提名人职业、 学历、职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况。被 提名人已书面同意出任恒玄科技（上海）股份有限公司第三届董事会独立董事候 选人（参见该独立董事候选人声明）。提名人认为，被提名人具备独立董事任职 资格，与恒玄科技（上海）股份有限公司之间不存在任何影响其独立性的关系， 具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、 规章及其他规范性文件，具有五年以上法律、经济、会计、财务、管理等履行独 立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》等关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （ ...

证券代码：688608 证券简称：恒玄科技 公告编号：2025-056 恒玄科技（上海）股份有限公司 公司第二届董事会任期即将届满，根据《公司法》《公司章程》等有关规定， 公司董事会需进行换届选举。同意提名 Liang Zhang 先生、赵国光先生、汤晓冬 女士为公司第三届董事会非独立董事候选人，自公司 2025 年第二次临时股东会 审议通过之日起就任，任期三年。具体内容详见公司同日披露于上海证券交易所 网站（www.sse.com.cn）的《关于董事会换届选举的公告》（公告编号：2025-057）。 第二届董事会第二十一次会议决议公告 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、董事会会议召开情况 恒玄科技（上海）股份有限公司（以下简称"公司"）第二届董事会第二十 一次会议于 2025 年 10 月 29 日在公司会议室以现场结合通讯方式召开，本次会 议通知及相关材料已于 2025 年 10 月 24 日以电子邮件方式送达公司全体董事。 本次会议应出席董事 9 人，实际出席董事 9 人。本次会议由董事长 Lian ...

Financial Performance - The company's revenue for Q3 2025 reached CNY 995.06 million, representing a year-on-year increase of 5.66%[4] - The total profit for Q3 2025 was CNY 191.94 million, showing a significant growth of 36.23% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 was CNY 196.78 million, up 39.11% year-on-year[4] - The net profit excluding non-recurring gains and losses for Q3 2025 was CNY 179.28 million, an increase of 44.85% year-on-year[4] - Total operating revenue for the first three quarters of 2025 reached ¥2,933,471,842.03, an increase of 18.6% compared to ¥2,473,122,980.16 in the same period of 2024[20] - Operating profit for the first three quarters of 2025 was ¥517,489,663.27, up 79.0% from ¥288,968,030.81 in the first three quarters of 2024[21] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was ¥501,586,391.36, a significant increase from ¥289,100,444.05 in the same period last year, representing a growth of 73.5%[22] - The total profit for the first three quarters of 2025 was ¥517,307,890.46, compared to ¥289,107,542.21 in the same period of 2024, reflecting a growth of 79.0%[21] Earnings and Shareholder Information - The basic earnings per share for Q3 2025 was CNY 1.1641, representing a year-on-year increase of 38.20%[5] - Basic earnings per share for the first three quarters of 2025 were ¥2.9791, compared to ¥1.7215 in the same period of 2024, reflecting a year-over-year increase of 73.1%[22] - Total number of common shareholders at the end of the reporting period is 20,618[12] - The largest shareholder, Tang Xiaodong, holds 18,693,637 shares, representing 11.10% of total shares[13] - The largest institutional shareholder, Run Yuan Capital I Limited, holds 12,196,229 shares, or 7.24%[13] Assets and Liabilities - The company's total assets as of the end of the reporting period were CNY 7.49 billion, a 6.19% increase from the end of the previous year[5] - Total current assets as of September 30, 2025, amount to ¥6,737,283,660.99, an increase from ¥6,317,309,675.33 at the end of 2024[15] - Total assets amount to ¥7,491,549,806.90, compared to ¥7,054,799,432.43 in the previous year[15] - Total liabilities as of the end of the reporting period were ¥568,948,639.41, compared to ¥550,277,652.05 at the end of the previous year, indicating a rise of 3.1%[17] - Total equity attributable to shareholders of the parent company increased to ¥6,922,601,167.49 from ¥6,504,521,780.38, marking a growth of 6.4%[17] Cash Flow and Investments - The cash flow from operating activities for the first three quarters of 2025 was CNY 379.02 million, reflecting a growth of 53.74% year-on-year[4] - Cash inflows from operating activities for the first three quarters of 2025 were ¥3,073,415,388.78, up from ¥2,645,369,688.01 in the same period of 2024, representing an increase of 16.2%[24] - The net cash flow from operating activities was $379,024,983.72, an increase of 53.6% compared to $246,531,704.64 in the previous period[25] - Cash outflow from investing activities totaled $5,871,159,700.51, a decrease of 12.3% from $6,700,449,460.06 year-over-year[25] - The cash inflow from investment recovery was $5,361,041,993.58, down from $7,077,287,456.54 year-over-year[25] Research and Development - Research and development expenses for the first three quarters of 2025 totaled CNY 539.25 million, reflecting a year-on-year growth of 13.73%[6] - Research and development expenses for the first three quarters of 2025 amounted to ¥539,247,107.49, an increase of 13.8% from ¥474,131,084.16 in the first three quarters of 2024[20] - The next-generation low-power high-performance wearable chip, BES6000 series, is expected to enter the sampling phase in the first half of next year[6] Cash and Equivalents - Cash and cash equivalents are reported at ¥3,594,119,154.82, down from ¥3,816,187,389.76[14] - The total cash and cash equivalents at the end of the period were $3,594,119,154.82, an increase from $3,182,612,434.05 year-over-year[25]

经审阅，公司第三届董事会独立董事候选人董莉女士、李现军先生的个人履 历等相关资料，上述独立董事候选人未持有公司股份，与公司控股股东、实际控 制人、持有公司 5%以上股份的股东及其他董事、高级管理人员之间不存在关联 关系，不存在《公司法》《公司章程》等规定的不得担任公司董事的情形，不存 在被中国证监会确定为市场禁入者且尚在禁入期的情形，也不存在被证券交易所 公开认定不适合担任上市公司董事，未受过中国证监会、上海证券交易所及其他 有关部门处罚和惩戒，符合《公司法》等相关法律、法规及规范性文件要求的任 职条件。 独立董事候选人董莉女士、李现军先生具有丰富的专业知识，熟悉相关法律、 行政法规、规章与规则，已取得上海证券交易所独立董事资格证书或已完成独立 董事履职平台的学习，其任职资格、教育背景、工作经历、业务能力符合公司独 立董事任职要求。 综上，我们同意提名董莉女士、李现军先生为公司第三届董事会独立董事候 选人，并同意将该事项提交公司第二届董事会第二十一次会议审议。 恒玄科技（上海）股份有限公司 董事会提名委员会 2025 年 10 月 29 日 恒玄科技（上海）股份有限公司董事会提名委员会 关于公司第三届董事会独 ...

Core Viewpoint - Hengxuan Technology's stock has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 10.83% [1] Financial Performance - For the first half of 2025, Hengxuan Technology reported revenue of 1.938 billion yuan, a year-on-year increase of 26.58%, and a net profit attributable to shareholders of 305 million yuan, reflecting a growth of 106.45% [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 June 30, 2025, the number of shareholders increased by 22.89% to 12,400, while the average number of tradable shares per shareholder decreased by 18.63% to 9,659 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 4.8491 million shares, a decrease of 953,400 shares from the previous period [3] Market Activity - On October 29, Hengxuan Technology's stock price was 256.82 yuan per share, with a trading volume of 427 million yuan and a turnover rate of 0.97% [1] - The stock has seen a net outflow of 28.54 million yuan in principal funds, with significant buying and selling activity from large orders [1]

Core Insights - The CSI 500 Quality Growth Index has shown a positive performance, with a 0.99% increase as of October 29, 2025, and notable gains in constituent stocks such as Shengyi Electronics (up 15.50%) and State Grid Yingda (up 9.95%) [1][2] Group 1: Index Performance - The CSI 500 Quality Growth ETF has increased by 1.00%, reflecting the overall positive trend in the index [1] - The CSI 500 Quality Growth Index is composed of 100 stocks selected for high profitability, sustainable earnings, and strong cash flow, providing diverse investment options [3] Group 2: Market Developments - The CSI 500 Quality Growth ETF has seen a significant scale increase of 43.71 million yuan over the past three months [2] - At the GTC conference, NVIDIA's CEO announced the Vera Rubin Superchip, marking advancements in high-performance computing and AI acceleration [2] - Tesla has launched its neural network system "World Modeler," which can generate realistic virtual driving scenarios, significantly reducing reliance on real road testing [2] Group 3: Industry Outlook - Domestic production capacity is on the rise, which is expected to support breakthroughs in domestic AI chip development [2] - The concept of "Artificial Intelligence +" is anticipated to usher in a new era for China's smart economy, with clear development directions for AI applications [2] - The combination of traditional industries and AI is expected to create new growth opportunities [2]

Regulatory Developments - The National Financial Regulatory Administration issued a notice supporting domestic insurance companies to issue insurance-linked securities in the Hong Kong market, aiming to enhance catastrophe risk management and support the construction of Hong Kong as an international financial center [2] Industry Insights - The AI comic drama sector is experiencing rapid growth, with over 3,000 new works launched in the past six months and revenue scaling up by 12 times. The market for AI comic dramas is expected to exceed 20 billion yuan by 2025, driven by a compound growth rate of 83% in supply [6] - ByteDance's Seed team launched a 3D generative model, Seed 3D1.0, which can create high-quality 3D models from a single image, potentially enhancing the development of embodied intelligence [3] - Alibaba's first self-developed AI glasses, Quark AI glasses, are set to be pre-sold at prices of 3,699 yuan for VIP members and 3,999 yuan for regular consumers, featuring advanced functionalities [4] Market Trends - Multiple insurance investment institutions recommend focusing on technology sectors, particularly Hong Kong tech stocks, following a market correction. They note that the trading congestion in the tech sector has eased significantly, with the PEG ratio for Hong Kong internet stocks dropping to 1.2 [10] - QFII has increased its positions in 29 companies, primarily in advanced manufacturing sectors, indicating a positive outlook on performance and industry trends [11] Company Performance - Advanced Data Technology, a key player in IT services, collaborates with ByteDance, focusing on IT infrastructure [3] - The revenue of Juhua Co. for the first three quarters reached 20.394 billion yuan, a year-on-year increase of 13.89%, with a net profit of 3.248 billion yuan, up 160.22% [7] - He Mei Group reported a revenue of 456 million yuan for the first three quarters, reflecting a year-on-year growth of 190.21% [8]

Core Insights - The article highlights the significant adjustments made by various fund managers in their portfolios during the third quarter, particularly focusing on sectors like PCB and AI computing [1][2][3]. Group 1: Fund Manager Adjustments - Notable fund managers such as Fu Pengbo and Xie Zhiyu increased their stakes in PCB leader Dongshan Precision, while Mo Haibo reduced his holdings in optical modules and shifted focus to the robotics industry [1][2]. - The top ten shareholders of Dongshan Precision now include prominent fund managers, indicating a strong interest in this stock [2]. - The "champion fund" Yongying Technology Smart Selection has seen a year-to-date return exceeding 200%, with significant increases in holdings of key stocks in the PCB and optical module sectors [3][6]. Group 2: Sector Focus and Performance - The article emphasizes the growing preference for AI computing and related sectors among fund managers, with Yongying Technology Smart Selection heavily investing in this area since the second quarter [3][4]. - Mo Haibo's fund continues to favor AI and coal sectors, highlighting the potential for substantial growth in domestic computing capabilities [9]. - The performance of funds focused on AI computing has attracted considerable net subscription funds, reflecting investor confidence in this sector [9][10]. Group 3: Market Outlook - Fund managers express confidence in the A-share market, citing favorable domestic fiscal and monetary policies, which may lead to increased asset allocation towards equities [8]. - The article notes that despite external uncertainties, the market may continue to trend upwards, supported by a release of trading sentiment and pressure in certain sectors [8]. - The long-term growth potential of the cloud computing industry is acknowledged, with caution advised against assuming past performance will predict future results [10].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 205.5 CNY based on a 50x PE for 2026 [5][8][14]. Core Insights - The company reported a revenue of 667 million CNY for Q3 2025, representing a year-on-year growth of 23.51%, and a net profit of 116 million CNY, up 16.11% year-on-year [1]. - The company has maintained a high R&D expense ratio of 22.1%, with R&D expenses increasing by 24.41% year-on-year, reflecting its commitment to building long-term competitive advantages through innovation [2]. - The AIoT industry is experiencing rapid growth, with the company's core product lines benefiting from increased penetration of smart technologies in various sectors, including smart home and industrial IoT [3]. Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.912 billion CNY, a year-on-year increase of 30.97%, with the AIoT main control chip business being the primary revenue driver [3]. - The company expects revenues of 2.643 billion CNY, 3.488 billion CNY, and 4.303 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 500 million CNY, 687 million CNY, and 903 million CNY for the same years [8][11][14]. - The gross margin for the first three quarters of 2025 was 46.17%, an increase of 3.36 percentage points year-on-year [2]. Market Position and Competitive Advantage - The company is positioned as a leading player in the AIoT main control chip market, benefiting from the integration of AI capabilities in its products, such as the ESP32-S3 series chips [3][10]. - The company has established a robust developer ecosystem around its IoT operating system, ESP-IDF, which enhances its competitive edge through a unique hardware-software integration [2]. - The report highlights the company's strong partnerships with major appliance manufacturers and smart hardware brands, which are expected to drive continued growth [3].