证券代码：688608 证券简称：恒玄科技 公告编号：2025-049 恒玄科技（上海）股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 2、本次会议由公司董事会召集，董事长 Liang Zhang 先生主持； 3、本次会议的召集和召开程序以及表决方和表决程序符合《公司法》及《公司 章程》的规定，会议合法有效。 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事9人，出席9人； （一） 股东大会召开的时间：2025 年 9 月 16 日 （二） 股东大会召开的地点：上海市浦东新区金科路 2889 弄长泰广场 B 座公 司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 319 | | --- | --- | | 普通股股东人数 | 319 | | 2、出席会议的股东所持有的表决权数量 | 72,0 ...

上海市锦天城律师事务所关于 恒玄科技（上海）股份有限公司 2025 年第一次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于恒玄科技（上海）股份有限公司 2025 年第一次临时股东大会的法律意见书 致：恒玄科技（上海）股份有限公司 本法律意见书仅供本次股东大会之目的使用。本所律师同意将本法律意见书 随恒玄科技本次股东大会其他信息披露资料一并公告。 本所律师根据《证券法》《公司法》及《股东大会规则》等法律法规和其他 规范性文件的要求，按照律师行业公认的业务标准、道德规范和勤勉尽责的精神， 对恒玄科技本次股东大会所涉及的有关事项和相关文件进行必要的核查和验证， 本所律师现场出席了恒玄科技本次股东大会，现出具法律意见如下： 一、本次股东大会召集、召开的程序 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会（以下简 称"中国证监会"）《上市公 ...

Core Insights - The main control SOC is identified as a critical component for AI smart glasses, accounting for over 30% of the BOM, which is essential for product differentiation [1] - High-performance ISP is crucial for the imaging quality of AI smart glasses, with AI-enabled ISP enhancing image quality through real-time optimization [3] - Qualcomm's Snapdragon AR1 GEN1 has become a mainstream choice for AI smart glasses, with various domestic chip products emerging and actively iterating to enrich the market [4] Group 1: SOC Solutions - There are three main SOC solutions catering to different market needs: 1. System-level SOC solutions, which are highly integrated and preferred for mid-to-high-end AI smart glasses due to their performance and functionality [2] 2. MCU-level SOC + ISP solutions, which are lower in integration and suitable for entry-level products, though they require further improvement [2] 3. SOC + MCU dual-chip solutions, balancing low power consumption and high performance, primarily used in flagship models [2] Group 2: ISP and Imaging Quality - High-performance ISP is essential for achieving high-quality imaging in AI smart glasses, processing raw image data through various correction techniques to enhance image quality [3] - AI-enabled ISP redefines visual clarity by integrating trained AI algorithms and dedicated processing units, allowing for adaptive optimization based on real-time conditions [3] Group 3: Market Trends and Product Development - Qualcomm launched the Snapdragon AR1 GEN1 platform in September 2023, designed for lightweight smart glasses, featuring advanced processing capabilities [4] - The upcoming Snapdragon AR1+GEN1 chip, set to release in June 2025, will support on-device AI processing, marking a shift from smart glasses as "mobile accessories" to "independent smart terminals" [4] - Numerous domestic chip products, such as Unisoc W517 and Hengxuan Technology BES 2700, are emerging with competitive advantages in size, performance, and power consumption [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The AI model continues to iterate, with edge-side AI becoming a core direction, emphasizing lightweight and efficient models [5][6] - Major global AI models are rapidly iterating through algorithm optimization and data accumulation, enhancing capabilities and optimizing inference effects [5][6] - The collaboration between cloud and edge computing is expected to optimize costs, energy consumption, and performance, shifting the focus of AI processing from the cloud to devices like smartphones and PCs [5][6] Summary by Sections Industry Trends - The importance of terminal hardware entry is highlighted, with major AI model manufacturers accelerating the integration of hardware to facilitate the rapid deployment of various AI functions and applications [6] - Companies like Google, Alibaba, and Apple are actively developing AI hardware and applications, indicating a strong push towards integrating AI technology into consumer devices [6] Technological Developments - AI terminals are evolving with advancements in hardware, energy efficiency, and interaction forms, focusing on enhancing local computing power and user experience [7] - The integration of NPU in SoC is improving local computing capabilities, while storage technology is advancing towards high bandwidth and low latency [7] Investment Opportunities - Beneficial targets for investment include brands like Transsion Holdings, Xiaomi Group, and various component manufacturers such as Lens Technology and Sunyu Optical Technology [8] - The edge-side AI model market is expected to grow rapidly, with projections indicating that by 2025, the AI smartphone market share in China will reach approximately 30% [6][8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In the first half of 2025, the company achieved 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, a year-on-year increase of 106.45% [2][6] - In the second quarter of 2025, the company reported revenue of 944 million yuan, a year-on-year increase of 7.48% but a quarter-on-quarter decrease of 5.09%, with a net profit of 114 million yuan, a year-on-year decrease of 4.79% and a quarter-on-quarter decrease of 40.02% [2][6] - The company has successfully expanded its market share through its leading technology and quality customer service, with rapid growth in the 2800 series chips widely used in TWS headphones, smartwatches, and glasses [12] Summary by Sections Financial Performance - For the first half of 2025, the company reported a gross margin of 39.3%, an increase of 6.1 percentage points year-on-year [12] - The second quarter's gross margin was 40.12%, up 6.73 percentage points year-on-year and 1.65 percentage points quarter-on-quarter, driven by the continued ramp-up of the 2800 series products [12] Product Development and Market Expansion - The company has introduced new clients such as Xiaotianzai and Songtu, achieving mass production in the smartwatch chip segment, with significant growth in shipments [12] - The company is focusing on expanding into markets for smart glasses and wireless microphones, with successful mass production of the 2700 and 2800 series chips [12] Research and Development - In the first half of 2025, the company's R&D expenses were 395 million yuan, a year-on-year increase of 22.77%, with an R&D expense ratio of 20.37% [12] - The BES2800 series offers multiple advantages such as low latency and low power consumption, applicable across various devices including headphones, smartwatches, and glasses [12] Future Outlook - The company is expected to see continued growth in net profit, with projections of 796 million yuan, 1.187 billion yuan, and 1.711 billion yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 4.73, 7.05, and 10.16 yuan [12]

Investment Rating - The report provides a "Buy" rating for companies such as NAURA, AMEC, JCET, TCL Tech, USI, Inovance, Ningbo Tuopu, and a "Sell" rating for Silan Micro [4][36]. Core Insights - The Chinese tech supply chain is optimistic about AI-driven demand and is actively expanding into AI-related businesses [1][2]. - Adoption of Level 2+ Advanced Driver Assistance Systems (ADAS) is increasing, with significant growth in the electric vehicle (EV) Silicon Carbide (SiC) platform [1][2]. - Localisation of semiconductor manufacturing is accelerating, particularly in automotive and data center applications [2][4]. Summary by Sections AI Infrastructure - Companies like Joulwatt and Han's Laser expect to benefit from AI demand, with Joulwatt projecting a high double-digit growth in AI-related analog chips [2][15]. - Han's Laser anticipates continued growth in PCB equipment due to AI demand [18]. Edge AI - ADAS System on Chip (SoC) makers foresee rapid growth in autonomous driving adoption, with some companies achieving design wins of over 500 TOPS [2][12]. - Wearable technology companies like USI and Bestechnic expect increased demand for high-performance chips [2]. Semiconductor Localisation - The report highlights expectations for increased market share in 2026 for products like ADAS SoC and high-end CMOS Image Sensors (CIS) [2][4]. Humanoid Robotics - Companies such as PUDU, PaXini, and KEPLER are developing humanoid robots, with varying progress in commercialization and technology [3][20][21][22]. - PUDU leads in service robots, while PaXini focuses on tactile sensors and dataset collection [20][21]. Stock Preferences - The report identifies top picks in the semiconductor sector, including NAURA and AMEC, and highlights companies in the industrial space such as Inovance and Sanhua [4][36].

Overall Performance - A-share listed companies reported a 2.4% year-on-year profit growth in Q2 2025, with market sentiment remaining optimistic[4] - The cumulative net profit growth rates for all A-shares and non-financial A-shares were 2.4% and 1.0%, respectively, showing a decline of 1.2 percentage points and 3.5 percentage points compared to Q1 2025[9] - Non-financial A-shares' overseas business revenue grew by 3.9%, contributing 15.3% to total revenue[9] Sector Analysis - The Sci-Tech Innovation Board showed a significant profit recovery with a net profit growth rate of 38.0% in Q2 2025, contrasting with a decline of 14.3% in the same period for the ChiNext Board[12] - Large-cap stocks demonstrated relative resilience, with the cumulative net profit growth rates for the CSI 500, CSI 800, and CSI 300 at 6.9%, 2.8%, and 2.4%, respectively[12] - AI technology continues to lead high prosperity, with the TMT sector maintaining strong growth, particularly in AI computing hardware[15] Consumer Trends - High-end new energy vehicles and innovative pharmaceuticals showed improved market conditions, with the automotive sector experiencing unexpected domestic sales growth[4] - The food and beverage sector saw a mixed performance, with liquor industry profits stabilizing while beverage and snack segments remained high in demand[4] Market Outlook - The equity market is expected to continue high-level fluctuations, with recommendations to focus on sectors with upward trends in industrial prosperity and superior performance[4] - Key sectors to watch include technology growth (AI, semiconductors, innovative pharmaceuticals), advanced manufacturing (new energy, automotive), and traditional cyclical sectors benefiting from price increases[4] Risk Factors - Potential risks include macroeconomic fluctuations, lower-than-expected profit growth for listed companies, and unexpected disturbances from overseas policies and geopolitical tensions[4]

Core Viewpoint - The article discusses various ETFs that cater to different investment needs, emphasizing the importance of asset allocation in a volatile market [2][4]. Group 1: ETF Introductions - The "National Enterprise Dividend ETF" (159515) is highlighted as a strong dividend selection [5][8]. - The "Digital Economy ETF" (560800) focuses on core industries within the digital economy, aiming for both growth opportunities and long-term value [8]. - The "30-Year Treasury ETF" (511090) is presented as a long-term asset protector, offering flexible trading and high liquidity [8]. - The "Double Innovation 50 ETF" (588350) tracks technology trends and emerging leaders in the market [8]. - The "500 Quality Growth ETF" (560500) is designed to track the CSI 500 Quality Growth Index, which selects companies with high profitability and sustainable cash flow [12]. Group 2: Market Performance and Trends - As of September 15, 2025, the CSI 500 Quality Growth Index (930939) increased by 0.60%, with notable stock performances including Wanxiang Qianchao (000559) up by 10.05% and Junsheng Electronics (600699) up by 7.74% [11]. - The automotive industry aims for a sales target of approximately 32.3 million units in 2025, reflecting a year-on-year growth of about 3% [11]. - The Ministry of Industry and Information Technology has initiated measures to boost automotive consumption, including support for trade-in programs and the promotion of smart connected vehicle technologies [11]. Group 3: Industry Insights - The demand for energy storage systems in the lithium battery sector remains high, indicating a stable development foundation for the domestic energy storage market from 2026 to 2027 [12]. - Solid-state battery technology is gaining traction, with equipment companies beginning to deliver related devices, suggesting a significant acceleration in the industrialization process of solid-state batteries [12]. - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 21.48% of the index, with East Wu Securities (601555) holding the highest weight at 2.70% [13][15].

Core Viewpoint - The article discusses the potential growth and challenges of smart glasses as a new AI terminal, highlighting the expected global shipment of 15 million units in 2023, with approximately 1.5 million units in the Chinese market [4][13]. Industry Overview - The smart glasses industry is at a critical stage of transitioning from technology validation to commercial implementation, with significant participation from tech giants and innovative companies [5]. - Shanghai has developed a comprehensive ecosystem for the smart glasses industry, featuring key players in core components and assembly [5][6]. Technological Developments - Companies like Goertek are focusing on lightweight materials and miniaturization of key components to enhance user experience [4][12]. - Hengxuan Technology has achieved significant production milestones with its ES2800 series chips and plans to advance to a 4nm process node to reduce power consumption [4][13]. Policy and Support - Shanghai's government aims to support the smart glasses industry through policy guidance, funding for R&D, and fostering innovation in core technologies [7][8]. Market Trends - The industry is shifting from hardware competition to enhancing user experience, with a focus on lightweight designs and immersive functionalities [9][12]. - Ant Group emphasizes the importance of smart glasses as a new interaction terminal, potentially serving as a hub for connecting various devices [10][11]. Future Outlook - The smart glasses market is expected to see explosive growth, with a focus on developing popular products and enhancing the overall ecosystem [5][8].

Core Insights - The article provides a ranking of open-end funds based on their net asset value growth as of September 12, 2025, highlighting the top and bottom performers in the market [2][3]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. 东方阿尔法优势产业混合C with a unit net value of 2.0172, up from 1.9297, showing an increase of 0.08 2. 东方阿尔法优势产业混合A with a unit net value of 2.0702, up from 1.9805, also increasing by 0.08 3. 华泰保兴产业升级混合发起C with a unit net value of 1.3199, up from 1.2669, an increase of 0.05 4. 华泰保兴产业升级混合发起A with a unit net value of 1.3230, up from 1.2699, increasing by 0.05 5. 信澳匠心严选一年持有期混合C with a unit net value of 1.3685, up from 1.3190, an increase of 0.04 6. 信澳匠心严选一年持有期混合A with a unit net value of 1.3935, up from 1.3431, increasing by 0.05 7. 诺安研究优选混合C with a unit net value of 1.0673, up from 1.0289, an increase of 0.03 8. 诺安研究优选混合A with a unit net value of 1.0832, up from 1.0443, increasing by 0.03 9. 华夏优势精选股票 with a unit net value of 1.5073, up from 1.4534, an increase of 0.05 10. 德邦半导体产业混合发起式A with a unit net value of 1.7278, up from 1.6661, increasing by 0.06 [2]. - The bottom 10 funds with the lowest net value growth include: 1. 方正富邦致盛混合A with a unit net value of 1.3457, down from 1.3865, a decrease of 0.04 2. 方正富邦致盛混合C with a unit net value of 1.3266, down from 1.3668, also decreasing by 0.04 3. 华泰柏瑞质量成长混合A with a unit net value of 1.5802, down from 1.6275, a decrease of 0.04 4. 华泰柏瑞质量成长混合C with a unit net value of 1.5540, down from 1.6005, decreasing by 0.04 5. 中航机遇领航混合发起C with a unit net value of 3.0880, down from 3.1766, a decrease of 0.08 6. 中航机遇领航混合发起A with a unit net value of 3.1276, down from 3.2173, also decreasing by 0.08 7. 工银创业板两年定开混合A with a unit net value of 1.1204, down from 1.1518, a decrease of 0.03 8. 工银创业板两年定开混合C with a unit net value of 1.0813, down from 1.1115, decreasing by 0.03 9. 富国中证通信设备主题ETF发起式 with a unit net value of 2.2165, down from 2.2784, a decrease of 0.06 10. 富国中证通信设备主题ETF发起式 with a unit net value of 2.2213, down from 2.2833, also decreasing by 0.06 [5]. Market Analysis - The Shanghai Composite Index experienced a slight decline, while the ChiNext Index opened lower and adjusted slightly, with a trading volume of 2.54 trillion. The number of advancing stocks was 1926, while declining stocks numbered 3373 [7]. - The leading sectors included non-ferrous metals, which rose over 2%, and concepts such as storage chips and rare resources, also increasing by over 2%. Conversely, the comprehensive sector saw a decline of over 2% [7].