Investment Rating - The investment rating for the company is "Recommended" (maintained) with a stock price of 243.3 yuan [1]. Core Views - The company reported a revenue of 1.938 billion yuan for the first half of 2025, representing a year-on-year growth of 26.58%, and a net profit attributable to shareholders of 305 million yuan, which is a 106.45% increase year-on-year [3][6]. - The company focuses on low-power wireless computing SoC chips, continuously increasing its market share in the smart wearable and smart home markets, which has led to a significant rise in both gross and net profit margins [6][7]. - The BES2800 chip has been successfully introduced and is rapidly gaining traction in the market, further solidifying the company's technological leadership [7]. Financial Performance Summary - Revenue projections for the company from 2023 to 2027 are as follows: 2.176 billion yuan in 2023, 3.263 billion yuan in 2024, 4.511 billion yuan in 2025, 6.036 billion yuan in 2026, and 7.583 billion yuan in 2027, with year-on-year growth rates of 46.6%, 49.9%, 38.2%, 33.8%, and 25.6% respectively [5]. - Net profit projections for the same period are: 124 million yuan in 2023, 460 million yuan in 2024, 807 million yuan in 2025, 1.208 billion yuan in 2026, and 1.597 billion yuan in 2027, with year-on-year growth rates of 1.0%, 272.5%, 75.2%, 49.7%, and 32.2% respectively [5]. - The company's gross margin is expected to improve from 34.2% in 2023 to 41.2% in 2027, while the net margin is projected to increase from 5.7% to 21.1% over the same period [5][9]. Market Position and Strategy - The company has successfully onboarded new clients in the smart watch market, including Xiaotianzi and Songtuo, and has maintained rapid growth in chip shipments for smart watches [7]. - The company is evolving towards becoming a platform chip company in the low-power wireless computing SoC field, with applications extending to smart glasses and wireless microphones [7]. - The company has established a strong brand influence and technical capability in the industry, recognized by clients for its product offerings [7].

恒玄科技公告称，公司专注于低功耗无线计算SoC(系统级芯片)的设计研发，持续在智能可穿戴与智能 家居市场深耕，市场份额持续提升，公司营业收入同比实现较快增长，同时上半年综合毛利率为 39.3%，同比增加6.1个百分点，为净利同比快速增长奠定基础。 报告期内，公司新一代智能可穿戴芯片BES2800在客户智能手表、智能眼镜等终端产品中得到广泛应 用。新芯片的量产落地，进一步巩固了公司在业内的技术领先地位。 公司持续在智能可穿戴领域深耕，在智能手表市场，公司成功导入小天才、颂拓等国内外新客户并量 产，2025年上半年，公司智能手表芯片出货量保持快速增长。除蓝牙耳机和智能手表外，公司芯片逐步 向智能眼镜、无线麦克风等低功耗无线应用场景延伸。 本报讯(记者张文湘)8月27日，恒玄科技(上海)股份有限公司(以下简称"恒玄科技")发布2025年半年度报 告。今年上半年，恒玄科技实现营业收入19.38亿元，同比增长26.58%；归属于上市公司股东的净利润 为3.05亿元，同比增长106.45%；扣非净利润为2.84亿元，同比增长153.37%。 今年上半年，恒玄科技持续高水平研发投入，研发费用为3.95亿元，同比增长22.7 ...

Core Viewpoint - Hengxuan Technology focuses on the design and development of low-power wireless computing SoC chips, with significant growth in revenue and customer base for its wearable chips, particularly the BES2800 series, which is expanding into smart glasses and low-power Wi-Fi markets [1][3] Group 1: Company Performance - In 2024, the company's revenue is expected to grow by 116% year-on-year, reaching 1.045 billion yuan, with a shipment volume exceeding 40 million units [1] - The BES2800 series chip serves as the flagship wearable platform, enhancing applications in smart glasses and low-power Wi-Fi, moving towards becoming a platform chip company [1][3] Group 2: Technological Advancements - The BES2800 chip, built on a 6nm FinFET process, integrates multi-core CPU/GPU, NPU, large storage, low-power Wi-Fi, and dual-mode Bluetooth, significantly improving performance and power efficiency [1] - The chip supports health algorithms for heart rate and blood oxygen monitoring, achieving over 20 days of battery life through dynamic power management technology [1] Group 3: Product Applications - The BES2800-based smart glasses solution features integrated audio input/output for lightweight model operation and low-power dual-mode Wi-Fi/BT for responsive online voice AI needs, enhancing user experience with longer wear times [2] - The BES2800 platform supports high-bandwidth, low-latency audio transmission, meeting the demands of professional audio equipment, and surpassing traditional Bluetooth audio transmission capabilities [2] Group 4: Future Projections - The company is expected to achieve revenues of 4.705 billion, 6.067 billion, and 7.621 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 884 million, 1.245 billion, and 1.685 billion yuan [3]