证券代码：688608 证券简称：恒玄科技 公告编号：2025-045 恒玄科技（上海）股份有限公司 2025 年限制性股票激励计划（草案）摘要公告 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。 重要内容提示： 一、股权激励计划目的 为了进一步健全公司长效激励机制，吸引和留住优秀人才，充分调动公司核 心团队的积极性，有效地将股东利益、公司利益和核心团队个人利益结合在一起， 使各方共同关注公司的长远发展，在充分保障股东利益的前提下，按照收益与贡 献匹配的原则，根据《公司法》《证券法》《管理办法》《上市规则》《监管指南》 等有关法律、法规和规范性文件以及《公司章程》的规定，制定本激励计划。 截至本激励计划公告日，本公司同时正在实施 2022 年限制性股票激励计划、 2023 年限制性股票激励计划。 （一）2022 年限制性股票激励计划 股权激励方式：限制性股票（第二类） 股份来源：公司从二级市场回购的公司 A 股普通股股票或/和公司向激 励对象定向发行的公司 A 股普通股股票 股权激励的权益总数及涉及的标的股票总数：《恒玄科 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2025-042 恒玄科技（上海）股份有限公司 关于作废 2023 年限制性股票激励计划部分限制性股票 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"恒玄科技"或"公司"）于 2025 年 8 月 26 日召开第二届董事会第十九次会议和第二届监事会第十九次会议，审 议通过了《关于作废处理部分限制性股票的议案》，现将有关事项说明如下： 一、公司 2023 年限制性股票激励计划已履行的决策程序和信息披露情况 1、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》《关于提请股东大会授权董 事会办理 2023 年限制性股票激励计划相关事宜的议案》等相关议案。公司独立 董事就激励计划相关议案发表了独立意见。 同日，公司召开第二届监事会第六次会议，审议通过了《关于公司<202 ...

2、公司本次限制性股票股权激励计划所确定的激励对象不存在下列情形： （1）最近 12 个月内被证券交易所认定为不适当人选；（2）最近 12 个月内被 中国证监会及其派出机构认定为不适当人选；（3）最近 12 个月内因重大违法 违规行为被中国证监会及其派出机构行政处罚或者采取市场禁入措施；（4）具 有《公司法》规定的不得担任公司董事、高级管理人员情形的；（5）法律法规 规定不得参与上市公司股权激励的；（6）中国证监会认定的其他情形。本次激 励对象未包括公司的独立董事、监事。本次激励对象均符合《管理办法》《上 市规则》规定的激励对象条件，符合公司《激励计划（草案）》规定的激励对 象范围，其作为公司限制性股票激励计划激励对象的主体资格合法、有效。公 司将在召开股东大会前，通过公司网站或其他途径，在公司内部公示激励对象 的姓名和职务，公示期不少于 10 天。监事会将于股东大会审议股权激励计划前 1 5 日披露对激励对象名单的核查意见及其公示情况的说明。 恒玄科技（上海）股份有限公司监事会 关于公司 2025 年限制性股票激励计划（草案）的核查意见 3、公司《激励计划（草案）》的制定、审议流程和内容符合《公司法》 《证 ...

上海市锦天城律师事务所 恒玄科技（上海）股份有限公司 2025 年限制性股票激励计划（草案）之 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 年限制性股票激励计划（草案）之 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 为出具本法律意见书，本所声明如下： 1. 本所及本法律意见书的签字律师已依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意 见书出具日以前已经发生或者存在的事实，严格履行法定职责，遵循勤勉尽责和 诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准 确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者 重大遗漏，并承担相应法律责任； 2. 为出具本法律意见书，本所律师审查了公司提供的与出具本法律意见书 相关的文件资料，听取相关方对有关事实的陈述和说明，并对有关问题进行了必 要的核查和验证。公司对本所律师作出如下保证：其 ...

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 2023 年限制性股票激励计划 首次授予部分第二个归属期符合归属条件 及部分已授予尚未归属的限制性股票作废事项之 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 2023 年限制性股票激励计划 首次授予部分第二个归属期符合归属条件 及部分已授予尚未归属的限制性股票作废事项之 法律意见书 致：恒玄科技（上海）股份有限公司 第一部分 引言 上海市锦天城律师事务所（以下简称"本所"或"我们"）接受恒玄科技（上 海）股份有限公司（以下简称"恒玄科技"或"公司"）的委托，指派朱怡静律 师和王倩倩律师作为公司特聘专项法律顾问，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《上 市公司股权激励管理办法》（以下简称"《管理办法》" ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines common terms, company names, industry jargon, technical concepts, and abbreviations to enhance report comprehension - Defines the company name "Bestechnic/Company/the Company" as Bestechnic (Shanghai) Co., Ltd[10](index=10&type=chunk) - Explains the **Fabless model**, where the company focuses on IC R&D and sales, outsourcing manufacturing, packaging, and testing to specialized vendors[10](index=10&type=chunk) - Lists various technical terms such as **AI, AIoT, Wi-Fi, Bluetooth, SoC, NPU, TWS, and ANC**, which are closely related to the company's main business[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines Bestechnic's basic information, contact details, disclosure channels, and stock overview, presenting key accounting data and financial indicators for H1 2025, demonstrating significant revenue and net profit growth [Company Overview](index=7&type=section&id=2.1%20Company%20Overview) Bestechnic (Shanghai) Co., Ltd., established in 2015, specializes in R&D, design, and sales of low-power wireless computing SoC chips, registered in Shanghai's Lingang Special Area - Company's Chinese name: Bestechnic (Shanghai) Co., Ltd., abbreviated as Bestechnic[14](index=14&type=chunk) - Legal Representative: **Zhao Guoguang**[14](index=14&type=chunk) - Registered Address: Room 904, No. 800, Huanhu West 2nd Road, Lingang Special Area, China (Shanghai) Pilot Free Trade Zone[14](index=14&type=chunk) [Contact Persons and Information](index=7&type=section&id=2.2%20Contact%20Persons%20and%20Information) This section discloses contact details for the company's Board Secretary Li Guangping and Securities Affairs Representative Ling Lin, facilitating investor communication - Board Secretary: Li Guangping, Contact Address: Room 201, Building B, Changtai Plaza, No. 2889 Jinke Road, Pudong New Area, Shanghai[15](index=15&type=chunk) - Email: ir@bestechnic.com[15](index=15&type=chunk) [Information Disclosure and Document Availability Changes](index=7&type=section&id=2.3%20Information%20Disclosure%20and%20Document%20Availability%20Changes) The company designates four newspapers for information disclosure and publishes its semi-annual report on www.sse.com.cn, with documents available at the Board of Directors' Office - Names of selected information disclosure newspapers: "China Securities Journal", "Shanghai Securities News", "Securities Times", "Securities Daily"[16](index=16&type=chunk) - Website address for semi-annual report publication: www.sse.com.cn[16](index=16&type=chunk) [Company Stock/Depositary Receipts Overview](index=7&type=section&id=2.4%20Company%20Stock%2FDepositary%20Receipts%20Overview) The company's A-shares are listed on the Shanghai Stock Exchange STAR Market, with stock ticker "Bestechnic" and code "688608" - Stock Type: A-shares[17](index=17&type=chunk) - Stock Exchange and Board of Listing: Shanghai Stock Exchange STAR Market[17](index=17&type=chunk) - Stock Abbreviation: Bestechnic, Stock Code: 688608[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=2.5%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, operating revenue grew **26.58% to CNY 1.938 billion**, net profit attributable to shareholders increased **106.45% to CNY 305 million**, and non-recurring net profit rose **153.37% to CNY 284 million**, driven by market share gains and improved gross margin Key Accounting Data for H1 2025 | Metric | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,938,410,350.71 | 1,531,397,900.65 | 26.58 | | Total Profit | 325,369,639.38 | 148,212,509.15 | 119.53 | | Net Profit Attributable to Shareholders | 304,803,399.18 | 147,640,191.41 | 106.45 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 284,037,265.10 | 112,102,143.03 | 153.37 | | Net Cash Flow from Operating Activities | 111,115,256.22 | 114,926,134.80 | -3.32 | | Net Assets Attributable to Shareholders (End of Period) | 6,689,077,433.02 | 6,504,521,780.38 | 2.84 | | Total Assets (End of Period) | 7,193,078,661.26 | 7,054,799,432.43 | 1.96 | Key Financial Indicators for H1 2025 | Metric | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic EPS (CNY/share) | 1.8150 | 0.8792 | 106.44% | | Diluted EPS (CNY/share) | 1.7890 | 0.8706 | 105.49% | | Basic EPS (Excl. Non-recurring Items) (CNY/share) | 1.6913 | 0.6675 | 153.38% | | Weighted Average ROE (%) | 4.62 | 2.40 | Increased by 2.22 percentage points | | Weighted Average ROE (Excl. Non-recurring Items) (%) | 4.31 | 1.82 | Increased by 2.49 percentage points | | R&D Investment as % of Operating Revenue (%) | 20.37 | 21.01 | Decreased by 0.64 percentage points | - The company focuses on low-power wireless computing SoC chip design and R&D, with continuous market share growth driving **operating revenue up 26.58%**[20](index=20&type=chunk) - Rapid net profit growth resulted from strong operating revenue increase and a **6.1 percentage point rise in overall gross margin to 39.3%**[20](index=20&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=2.6%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, total non-recurring gains and losses amounted to **CNY 20,766,134.08**, primarily from gains or losses on entrusted investments or asset management Non-recurring Gains and Losses for H1 2025 | Non-recurring Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 200,165.02 | | Government Grants Recognized in Current P/L | 1,262,530.18 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 199,517.32 | | Gains/Losses from Entrusted Investments or Asset Management | 22,007,498.35 | | Other Non-operating Income and Expenses | 28,090.18 | | Less: Income Tax Impact | 2,931,666.97 | | **Total** | **20,766,134.08** | [Companies with Equity Incentive or Employee Stock Ownership Plans May Disclose Net Profit After Deducting Share-based Payment Impact](index=9&type=section&id=2.7%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Disclose%20Net%20Profit%20After%20Deducting%20Share-based%20Payment%20Impact) After deducting the impact of share-based payments, the company's net profit for H1 2025 was **CNY 324,224,950.76**, a **year-over-year increase of 81.43%** Net Profit After Deducting Share-based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-based Payment Impact | 324,224,950.76 | 178,707,135.47 | 81.43 | [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section discusses the company's business model, industry position, and technological advantages in low-power wireless computing SoC chips, noting significant revenue and net profit growth from new chip adoption, market share gains, and R&D, while also identifying risks including technology, operations, finance, and macro environment [Description of Industry and Main Business During the Reporting Period](index=10&type=section&id=3.1%20Description%20of%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company specializes in R&D, design, and sales of low-power wireless computing SoC chips using a Fabless model, serving smart wearables and smart home markets with strong brand partnerships, maintaining a leading technological position and growing market share in the high-barrier IC design industry - The company's main business is R&D, design, and sales of low-power wireless computing SoC chips, including **wireless audio, smart wearable, smart home, and wireless connectivity chips**[25](index=25&type=chunk) - Chip products are widely used in smart terminals such as **TWS earphones, smartwatches/bands, smart speakers, and smart home appliances**[25](index=25&type=chunk) - Downstream customers include mainstream Android phone brands like **Samsung, OPPO, Xiaomi, Honor, vivo**, professional audio manufacturers like **Harman, Anker Innovations**, internet companies like **Alibaba, Baidu, Google**, and home appliance manufacturers like **Haier, Hisense**[25](index=25&type=chunk) - The company adopts the industry-standard **Fabless model**, focusing on IC design, R&D, and sales, with wafer manufacturing, testing, and packaging outsourced to specialized vendors[26](index=26&type=chunk) - Sales models include **direct sales** (to terminal manufacturers, solution providers, module factories) and **distribution** (through electronic component distributors)[26](index=26&type=chunk) - The company operates in the "Computer, Communication and Other Electronic Equipment Manufacturing" sector of "Manufacturing" and "Integrated Circuit Design" within "Software and Information Technology Services"[27](index=27&type=chunk) - In Q1 2025, global TWS earphone shipments grew **18%**, and wrist-worn device shipments increased **10.5%**, with the Chinese market growing **37.6%**[28](index=28&type=chunk) - The IC design industry is technology-intensive, characterized by rapid product iteration, with key entry barriers being accumulated technology, experience, and continuous innovation capabilities[29](index=29&type=chunk) - SoC master control chips are complex, requiring high R&D design, manufacturing process, and software-hardware co-development, necessitating process advancements to balance high performance and low power consumption[29](index=29&type=chunk) - The company is a leading supplier of master control chips for smart wearables and smart home products, establishing a strong brand influence in the industry[30](index=30&type=chunk) - The company possesses leading comprehensive R&D capabilities in **RF/analog/power management, wireless communication, acoustic/audio, image/vision, NPU technology, low-power high-performance SoC, and complete software architecture**[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, operating revenue grew **26.58% to CNY 1.938 billion**, and net profit attributable to shareholders increased **106.45% to CNY 305 million**, driven by rapid adoption of the new BES2800 chip, expansion into new markets like smartwatches, and sustained high R&D investment - In H1 2025, the company's operating revenue was **CNY 1.938 billion**, a **26.58% YoY increase**; net profit attributable to shareholders was **CNY 305 million**, a **106.45% YoY increase**; and non-recurring net profit was **CNY 284 million**, a **153.38% YoY increase**[31](index=31&type=chunk) - The new generation **BES2800 smart wearable chip** (using **6nm FinFET process**) achieved rapid volume adoption in TWS earphones, smartwatches, and smart glasses, solidifying the company's technological leadership[32](index=32&type=chunk) - Successfully onboarded new smartwatch clients like **Xiaotiancai and Suunto**, leading to rapid growth in smartwatch chip shipments and expanding application scenarios to smart glasses and wireless microphones[33](index=33&type=chunk)[34](index=34&type=chunk) - In H1 2025, R&D expenses were **CNY 395 million**, a **22.77% YoY increase**; total R&D personnel reached **621**, accounting for **86.25%** of employees[35](index=35&type=chunk) - During the reporting period, **59 new invention patent applications** were filed, with **25 granted**; cumulative invention patent applications reached **655**, with **255 granted**[35](index=35&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=3.3%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Bestechnic's core competitiveness stems from its forward-looking technology planning, leading technical advantages in multi-core heterogeneous SoC, dual-band low-power Wi-Fi, Bluetooth, advanced acoustic systems, smartwatch platforms, health monitoring, fully integrated RF, and high-speed audio/video storage interfaces, coupled with high R&D investment creating IP barriers and deep brand customer relationships - In the TWS earphone and smartwatch sectors, the company, through proactive product definition and rapid response, pioneered leading products supporting **dual-ear calls, active noise cancellation, and single-chip master control for sports watches**, utilizing **12nm and 6nm advanced processes**[36](index=36&type=chunk) - The new generation smart wearable master control chip integrates **multi-core CPU, audio DSP, 2.5D GPU, NPU, and low-power display system controller**, significantly enhancing digital signal processing and machine learning capabilities[38](index=38&type=chunk) - **Wi-Fi 6 connectivity chips** are in mass production, integrating **RF high-power amplifiers, low-noise amplifiers, and transceiver switches**, offering advantages in low power consumption and low latency[38](index=38&type=chunk) - The new generation smart wearable chip fully supports **BT/BLE dual-mode 6.1 protocol** and developed a new generation **IBRT solution** supporting one-to-two and multi-point connections[38](index=38&type=chunk) - Industry-leading **adaptive ANC, call noise reduction, and keyword recognition technologies** are complemented by R&D into **PSAP assisted acoustic enhancement, dynamic bass, virtual bass, and spatial audio solutions**[38](index=38&type=chunk) - A complete smartwatch software solution has been developed, including **Bluetooth music/voice calls, smooth dial display, and sensor data interaction**[39](index=39&type=chunk) - TWS earphone master control chips integrate **high-precision capacitive sensors and wear detection**, with independently developed optical heart rate, blood oxygen, and other health monitoring front-ends[39](index=39&type=chunk) - SoC chips integrate **RF, audio, power management, and other analog circuits**, along with **multi-core processors, Bluetooth baseband, and rich interfaces** into a single chip, further reducing power consumption[39](index=39&type=chunk) - Wi-Fi SoC chips integrate **DSI display interface, CSI camera interface, high-speed parallel interface DDR controller, and PHY technology**, being among the first to support the **HarmonyOS series operating systems**[39](index=39&type=chunk) - As of the end of the reporting period, the company held **297 patents** (**255 invention patents**), with **621 R&D personnel** accounting for **86.25%** of the total workforce[40](index=40&type=chunk) - Covering global mainstream Android phone brands, professional audio manufacturers, internet companies, and home appliance manufacturers, deep cooperation with brand customers creates strong stickiness[41](index=41&type=chunk)[42](index=42&type=chunk) [Core Technologies and R&D Progress](index=15&type=section&id=3.4%20Core%20Technologies%20and%20R%26D%20Progress) The company made continuous progress in core technologies including ultra-low power computing SoC, dual-band low-power Wi-Fi, Bluetooth and SparkLink, smartwatch platforms, advanced acoustic and audio systems, wearable platform smart detection and health monitoring, fully integrated RF in advanced processes, and fully integrated audio/video high-speed storage interfaces, with **R&D investment of CNY 395 million**, a **22.77% YoY increase**, and **59 new invention patent applications** during the period - The developed wearable master control chip integrates **multi-core CPU, DSP, NPU, 2.5D GPU, and low-power display system controller**, with independently developed **BECO embedded AI co-processor** to enhance AI algorithm processing capabilities and reduce power consumption[43](index=43&type=chunk) - Developed low-power **Wi-Fi 6 chips** integrating **RF high-power amplifiers, low-noise amplifiers, and transceiver switches** to reduce costs[43](index=43&type=chunk) - Wearable SoC chips support **BT/BLE dual-mode 6.1 protocol**, with an upgraded **IBRT solution** supporting multi-point connections, and new generation chips supporting the **SparkLink Alliance protocol** for microsecond-level ultra-low latency and higher transmission rates[44](index=44&type=chunk) - Developed a complete smartwatch software solution supporting **multi-format local music codec, various call modes, independent Modem cellular communication, and multi-sensor transmission protocols**[45](index=45&type=chunk) - New generation **adaptive ANC algorithms, adaptive equalization technology, 3-Mic neural network call noise reduction algorithms**, and **PSAP assisted acoustic enhancement, dynamic bass, virtual bass, and spatial audio solutions**[45](index=45&type=chunk) - TWS earphone master control chips integrate **high-precision capacitive sensors and wear detection**, with independently developed optical heart rate, blood oxygen, and other health monitoring front-ends, and gradual development of **PPG heart rate detection technology based on BECO**[46](index=46&type=chunk) - SoC chips integrate **RF, audio, power management, and other analog circuits**, along with **multi-core processors, Bluetooth baseband, and rich interfaces** into a single chip, further reducing power consumption[46](index=46&type=chunk) - Wi-Fi SoC chips integrate **DSI display interface, CSI camera interface, high-speed parallel interface DDR controller, and PHY technology**, being among the first to support the **HarmonyOS series operating systems**[46](index=46&type=chunk) - As of the end of the reporting period, the company had cumulatively obtained **297 patents**, including **255 invention patents, 33 utility model patents, 1 design patent, and 2 software copyrights**[47](index=47&type=chunk) Intellectual Property Acquired During the Reporting Period | IP Type | New Applications (Current Period) | New Grants (Current Period) | Cumulative Applications | Cumulative Grants | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 59 | 25 | 655 | 255 | | Utility Model Patents | 2 | 4 | 37 | 33 | | Design Patents | 0 | 0 | 1 | 1 | | Software Copyrights | 0 | 0 | 2 | 2 | | Other | 0 | 0 | 6 | 6 | | **Total** | **61** | **29** | **701** | **297** | R&D Investment Overview | Metric | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 394,945,368.22 | 321,689,206.93 | 22.77 | | Total R&D Investment | 394,945,368.22 | 321,689,206.93 | 22.77 | | Total R&D Investment as % of Operating Revenue (%) | 20.37 | 21.01 | Decreased by 0.64 percentage points | - Total R&D expenses increased by **22.77% YoY**, primarily due to increased R&D personnel compensation, share-based payment expenses, and R&D engineering fees[51](index=51&type=chunk) R&D Project Status (CNY 10,000) | No. | Project Name | Estimated Total Investment | Current Period Investment | Cumulative Investment | Progress/Milestones | Target Objectives | Technology Level | Application Prospects | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Bluetooth Audio Chip Process Upgrade Project for Smart Earphones | 60,000.00 | 14,851.10 | 49,820.52 | R&D Testing Phase | Introduce more advanced processes, support stronger edge computing capabilities, further increase single-chip integration, and reduce product power consumption | Internationally Leading | Applied in low-power smart audio terminals like smart Bluetooth earphones and smart speakers | | 2 | WiFi/Bluetooth Dual-Mode Audio Chip Process Upgrade for Smart Home | 40,000.00 | 8,597.62 | 37,742.89 | R&D Testing Phase | Single-chip integration of WiFi/BT, far-field noise reduction processing, voice wake-up and voice recognition, multi-core CPU system, etc., to meet future smart home requirements for low-power SoC chips | Internationally Leading | Applied in IoT fields such as smart home | | 3 | Smart Glasses SoC Chip Project | 15,000.00 | 5,558.86 | 10,918.87 | R&D Phase | Single-chip integration of low-power display technology, image sensing technology, and orientation/acceleration sensor technology, while upgrading multi-protocol and multi-standard wireless transmission technology | Internationally Leading | Applied in smart glasses | | 4 | Smartwatch SoC Chip Project | 23,000.00 | 5,325.34 | 18,534.70 | R&D Testing Phase | Single-chip integration of low-power display technology, image sensing technology, and support for wearable platform smart detection and health monitoring technology | Internationally Leading | Applied in smartwatches, smart bands | | 5 | Low-Power Smart Audio/Video Platform for Smart Home | 25,000.00 | 5,161.61 | 21,842.38 | R&D Phase | Single-chip integration of image sensing, smart video, and other functions to achieve multi-faceted applications such as facial recognition, gesture recognition, and image display | Internationally Leading | Applied in IoT fields such as smart home | | **Total** | **/** | **163,000.00** | **39,494.54** | **138,859.36** | **/** | **/** | **/** | **/** | R&D Personnel Profile (CNY 10,000) | Metric | Current Period | Prior Period | | :--- | :--- | :--- | | Number of R&D Personnel | 621 | 571 | | R&D Personnel as % of Total Employees | 86.25 | 85.74 | | Total R&D Personnel Compensation | 19,437.81 | 17,508.44 | | Average R&D Personnel Compensation | 31.25 | 30.11 | - R&D personnel education composition: **61.84%** hold master's degrees, **34.94%** hold bachelor's degrees[56](index=56&type=chunk) - R&D personnel age structure: **49.91%** are under 30, **33.66%** are between 30 and 40[56](index=56&type=chunk) [Risk Factors](index=19&type=section&id=3.5%20Risk%20Factors) The company faces diverse risks, including core competitiveness (tech iteration, R&D failure, talent loss), operational (product concentration, supplier reliance), financial (receivables, inventory, FX, tax, gross margin), industry competition, and macro/legal (economic, trade, IP, licensing) factors - The integrated circuit design industry is characterized by rapid product iteration; failure to maintain a fast technological update cycle will impact revenue growth[57](index=57&type=chunk) - New product R&D involves significant investment; incorrect R&D direction, failure to achieve key technological breakthroughs, or products not meeting market demand pose R&D failure risks[58](index=58&type=chunk)[59](index=59&type=chunk) - Core technology is crucial for competitive advantage, and its leakage would adversely affect the company's competitiveness[60](index=60&type=chunk) - Intense talent competition in the industry means insufficient incentives or recruitment could lead to talent loss, impacting R&D capabilities[61](index=61&type=chunk) - Chips are primarily used in smart wearables and smart home devices; if non-wearable market expansion falls short or the wearable market fluctuates, performance will be affected[62](index=62&type=chunk) - Under the Fabless model, wafer manufacturing, packaging, and testing are outsourced, leading to high supplier concentration; quality issues, supply shortages, or insufficient capacity from suppliers would impact production and delivery[63](index=63&type=chunk)[64](index=64&type=chunk) - Expanding operations may increase accounts receivable; failure to collect them promptly would affect capital utilization efficiency and performance[65](index=65&type=chunk) - Inventory scale increases with business expansion; changes in market demand, intensified competition, or poor inventory management could lead to inventory impairment[66](index=66&type=chunk) - Overseas sales and purchases expose the company to exchange rate fluctuations, which could significantly impact performance[67](index=67&type=chunk) - Changes in high-tech enterprise tax preferential policies or the company losing its qualification would reduce future profitability[68](index=68&type=chunk) - Intense market competition and rapid product technological iteration mean intensified competition or insufficient product updates could lead to a decline in gross margin, significantly impacting performance[69](index=69&type=chunk) - The low-power wireless computing SoC chip market faces intensified competition from international major players, posing a risk of market share erosion[70](index=70&type=chunk)[71](index=71&type=chunk) - Influences from domestic and international macroeconomic conditions, industry regulations, and trade policies, such as global economic downturns or escalating China-US tech trade friction, could affect semiconductor material supply and downstream demand[72](index=72&type=chunk) - The chip design industry involves numerous intellectual properties, with potential risks of malicious lawsuits from competitors or IP disputes with third parties[73](index=73&type=chunk) - High concentration of EDA tool and IP suppliers means inability to obtain technology authorizations would adversely affect operations[74](index=74&type=chunk) [Key Operating Performance During the Reporting Period](index=22&type=section&id=3.6%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Analysis of key financial statement items shows YoY increases in revenue, cost, selling, and R&D expenses, with finance expenses rising from exchange losses, investing cash flow decreasing due to structured deposits, and financing cash flow declining from higher dividends, while cash management boosted current profit Changes in Key Financial Statement Items for H1 2025 | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,938,410,350.71 | 1,531,397,900.65 | 26.58 | | Operating Cost | 1,177,155,816.73 | 1,023,077,672.48 | 15.06 | | Selling Expenses | 19,253,117.51 | 15,060,146.63 | 27.84 | | Administrative Expenses | 58,606,291.09 | 58,550,505.02 | 0.10 | | Finance Expenses | -27,436,761.23 | -31,982,796.36 | N/A | | R&D Expenses | 394,945,368.22 | 321,689,206.93 | 22.77 | | Net Cash Flow from Operating Activities | 111,115,256.22 | 114,926,134.80 | -3.32 | | Net Cash Flow from Investing Activities | -441,402,709.40 | 334,291,019.05 | -232.04 | | Net Cash Flow from Financing Activities | -136,110,473.06 | -35,056,925.23 | N/A | - Operating revenue growth is primarily due to sustained growth in the downstream smart wearable market and the company's increased market share[76](index=76&type=chunk) - The change in finance expenses is mainly due to a year-over-year increase in exchange losses[77](index=77&type=chunk) - The change in net cash flow from investing activities is primarily due to an increase in net purchases of structured deposits[77](index=77&type=chunk) - The change in net cash flow from financing activities is mainly due to an increase in cash dividends distributed[77](index=77&type=chunk) - During the reporting period, the company increased current period profit by **CNY 22,189,933.32** through cash management[78](index=78&type=chunk) [Analysis of Assets and Liabilities](index=23&type=section&id=3.7%20Analysis%20of%20Assets%20and%20Liabilities) At period-end, accounts receivable, construction in progress, and other non-current assets significantly increased due to revenue growth, project investments, and large CD purchases, while short-term borrowings, contract liabilities, and employee compensation decreased, and taxes payable and other payables increased Changes in Assets and Liabilities for H1 2025 | Item | Current Period End Amount (CNY) | % of Total Assets (End of Period) | Prior Year End Amount (CNY) | % of Total Assets (Prior Year End) | YoY Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 612,831,185.60 | 8.52 | 374,730,364.72 | 5.31 | 63.54 | Due

恒玄科技（上海）股份有限公司 董事会秘书工作细则 第一章 总 则 第二章 任职资格 1 第一条 为促进恒玄科技（上海）股份有限公司（以下简称"公司"）的规范运 作，充分发挥董事会秘书的作用，加强对董事会秘书工作的管理与监 督，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）等有关法律、行政 法规、部门规章、规范性文件及《恒玄科技（上海）股份有限公司章 程》（以下简称"《公司章程》"），特制定本工作制度。 第二条 公司设董事会秘书一名，董事会秘书是公司的高级管理人员。董事会 秘书对公司和董事会负责，承担法律、法规和《公司章程》对公司高 级管理人员所要求的义务，享有相应的工作职权，并获取相应报酬。 第三条 董事会秘书对公司负有诚信和勤勉义务，不得利用职权为自己或他人 谋取利益。 第四条 公司董事会秘书的任职资格： （一）具有大学专科以上学历，从事经济、管理、证券等工作三年以 上； （二）具备履行职责所必需的财务、管理、法律专业知识； （三）具有良好的职业道德和个人品德，严格遵守有关法律、法规和 规章，能够忠诚地履行职责； （四）熟悉公司经营管理情况，具有 ...

第三条 公司关联交易是指公司或者其合并报表范围内的子公司等其他主体与公 司关联人之间发生的交易，包括但不限于下列事项和日常经营范围内发生 的可能引致资源或者义务转移的事项： 1 第一章 总则 第二章 关联交易 恒玄科技（上海）股份有限公司 第一条 为规范恒玄科技（上海）股份有限公司（以下简称"公司"）及其控股子 公司与公司关联人之间的关联交易决策程序，防止关联交易损害公司及中 小股东的利益，根据《中华人民共和国公司法》、《中华人民共和国证券 法》、《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"） 等有关法律、法规、规范性文件及《恒玄科技（上海）股份有限公司章程》 （以下简称"《公司章程》"）等公司规章制度，制定本关联交易管理制 度（以下简称"本制度"）。 第二条 公司关联交易的内部控制应遵循诚实、信用、平等、自愿、公平、公开、 公允的原则，不得损害公司和其他股东的利益，不得隐瞒关联关系，不得 通过将关联交易非关联化规避相关审议程序和信息披露义务。相关交易不得 存在导致或者可能导致公司出现被控股股东、实际控制人及其他关联人非经 营性资金占用、为关联人违规提供担保或者其他被关联人侵占利益的情形。 ...

恒玄科技（上海）股份有限公司 会计师事务所选聘制度 第一章 总则 第二章 会计师事务所执业质量要求 第一条 为规范恒玄科技（上海）股份有限公司（以下简称"公司"）选聘（含续聘、 改聘）会计师事务所相关行为，提高财务信息质量，切实维护股东利益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所科创板股票上 市规则》《国有企业、上市公司选聘会计师事务所管理办法》等相关的法律法规、 规范性文件和和《恒玄（上海）股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，结合公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求，聘任会 计师事务所对财务会计报告发表审计意见、出具审计报告及进行内部控制审计业 务的行为。选聘其他专项审计业务的会计师事务所，公司管理层视重要性程度可 参照本制度执行。 第三条 公司选聘会计师事务所应当由董事会审计委员会（简称"审计委员会"） 审议同意后，提交董事会审议，并由股东会决定。 第四条 公司控股股东、实际控制人不得向公司指定会计师事务所，不得干预审计 委员会、董事会及股东会独立履行审核职责。 第五条 公司选聘的会计师事务所应 ...

恒玄科技（上海）股份有限公司 董事会战略委员会工作细则 第一章 总则 第二章 人员组成 第三章 职责权限 第八条 战略委员会的主要职责权限： 3 第十四条 战略委员会会议表决方式为举手或投票表决；临时会议可以采取通 讯表决的方式召开。 第十五条 战略委员会会议可根据需要，邀请公司其他董事、高级管理人员列 席会议。 第十六条 必要时，战略委员会可以聘请中介机构为其决策提供专业意见，费 用由公司支付。 第十七条 战略委员会会议的召开程序、表决方式和会议通过的议案必须遵循 有关法律、法规、公司章程及本工作细则的规定。 第十八条 战略委员会会议应当有会议记录，出席会议的委员应当在会议记录 上签名；会议记录由公司董事会秘书保存，保存期限不少于十年。 第十九条 战略委员会会议通过的议案及表决结果，应以书面形式报公司董事 会。 第二十条 出席会议的委员及列席人员均对会议所议事项负有保密义务，不得 擅自披露有关信息。 第十二条 战略委员会会议每年至少召开一次，二分之一以上的战略委员会委 员可以提议召开临时会议。会议应于召开前三天通知全体委员，会 议由召集人主持，召集人不能出席时可委托其他一名委员主持。 第十三条 战略委员会会 ...