恒玄科技（688608.SH）2025 年半年报点评 前瞻产品定义驱动成长，Q2 毛利率稳步提升 2025 年 08 月 28 日 其中，公司 2Q25 单季度实现收入 9.44 亿元，同比增长 7.48%，环比减少 5.13%； 归母净利润 1.14 亿元，同比减少 4.79%，环比减少 40.31%。 ➢ 深耕智能终端市场，毛利率能力阶梯式提升。2025 年上半年，公司持续在 智能可穿戴与智能家居市场深耕，市场份额不断提升，驱动公司营收成长。同时， 公司的新一代智能可穿戴芯片 BES2800 在客户的智能眼镜、无线麦克风等产品 中广泛应用，推动公司盈利能力持续改善，25H1 的毛利率已达 39.27%， YOY+6.08pct。 分季度看，2Q25 毛利率达 40.12%，YOY+6.73pct，QOQ+1.65pct，已连续六 个季度实现环比增长，验证公司产品结构优化与成本控制能力的持续强化。但从 净利率分析，由于受研发人员薪酬和研发工程费增长的影响，2Q25 归母净利率 下降至 12.08%，YOY-1.59pct，QOQ-7.12pct。 ➢ 把握前瞻定义能力，开拓新客户成长空间。公司团队凭丰富行业 ...

Summary of Hengxuan Technology Conference Call Company Overview - **Company**: Hengxuan Technology - **Industry**: Semiconductor and wearable technology Key Financial Performance - **Revenue Growth**: In the first half of 2025, revenue reached 1.938 billion CNY, a year-on-year increase of 26.58% [3] - **Net Profit**: The net profit attributable to shareholders was 305 million CNY, up 106.45% year-on-year; the net profit after deducting non-recurring items was 284 million CNY, an increase of 153.37% [3] - **Gross Margin**: The overall gross margin for the first half of 2025 was 39.27%, an increase of 6.1 percentage points year-on-year [5] Market Dynamics - **Smartwatch Market**: The growth in revenue is primarily driven by the increasing market share in the smartwatch segment and the acquisition of new clients [3] - **Chip Product Upgrades**: The launch of the BS2,800 flagship chip has contributed to the increase in average selling price (ASP) due to product upgrades and iterations [2][3] - **Emerging Markets**: The company is expanding into new markets such as wireless microphones, smart glasses, and WiFi applications [3][11] Research and Development - **R&D Investment**: In the first half of 2025, R&D expenditure was 395 million CNY, representing a R&D expense ratio of approximately 20.4% [6] - **Future Products**: The new generation ARM A-core SoC has been delayed to Q1 2026 due to customer demand changes, marking a significant shift towards single-chip smartwatches and smart glasses [4][10] Outlook for Second Half of 2025 - **Revenue Expectations**: The company anticipates continued revenue growth in Q3, despite external factors affecting the traditional consumer electronics peak season [7][11] - **Market Trends**: The wearable market is expected to benefit from national subsidies, with a positive outlook for smart glasses and AI hardware applications [11] Product Development and Innovations - **BS2,800 Chip**: The BS2,800 chip is being integrated into various devices, including headphones and smart assistants, enhancing its market presence [8][9] - **AI Integration**: The company is focusing on developing ultra-low power wireless computing SoCs to support AI-driven wearable devices [28][29] Competitive Landscape - **Market Position**: The company is well-positioned in the high-end wireless microphone market, leveraging low-power WiFi technology [18][20] - **ASP Trends**: The transition to pure smartwatches is expected to significantly increase chip ASP from several dollars to at least ten dollars, potentially reaching up to thirty dollars [4][14] Challenges and Risks - **Supply Chain Issues**: Previous supply chain adjustments have caused delays, but recovery is expected in Q3 [21][36] - **Price Pressure**: National subsidy policies may drive demand but could also exert pressure on pricing [34] Conclusion Hengxuan Technology is experiencing robust growth driven by its strong position in the smartwatch market and ongoing innovations in chip technology. The company is optimistic about future revenue growth and market expansion, particularly in the AI and wearable sectors, while navigating challenges related to supply chain and pricing pressures.

Core Insights - The wearable device market experienced rapid growth in Q1 2025, with a year-on-year increase of 13%, reaching a shipment volume of 46.6 million units [1] - The market is transitioning from a "hardware-driven" model to an "ecosystem-driven" model, with manufacturers focusing on platform and service development to enhance user retention and sustainable revenue [2] Market Demand Release - The growth in Q1 2025 was driven by a low base from the previous year and a rebound in market demand, with all major product categories (basic bands, basic watches, and smartwatches) showing growth [2] - The top five brands by shipment volume were Xiaomi, Apple, Huawei, Samsung, and Garmin [2] - The true wireless stereo (TWS) earphone market also saw a strong rebound, with a year-on-year growth of 18%, reaching 78 million units, marking the highest growth rate since 2021 [2] AI Empowerment Acceleration - The integration of AI with wearable devices is expected to drive future industry growth, with several companies accelerating their related initiatives [4] - Hengxuan Technology reported a revenue of 999.5 million yuan in Q1 2025, a 52.25% increase, attributed to the continuous growth of the smart wearable market [4] - Shanghai Longqi Technology expanded its product matrix by successfully developing AI eyewear accessories in collaboration with leading global internet clients [4] - Analysts predict that advancements in AI technology, particularly in healthcare functions like blood glucose measurement, will convert into market momentum, driving global shipment growth [4] TWS Earphone Market Dynamics - The TWS earphone market is experiencing a replacement cycle, with a significant number of users expected to upgrade their devices by 2025 [3] - Factors such as new product launches from leading brands, government subsidies, and the rise of open-ear designs are stimulating market growth [3] - The application of AI features in TWS earphones, such as generative AI and adaptive noise cancellation, is anticipated to accelerate, driving product differentiation strategies among manufacturers [5]

金十数据4月24日讯，恒玄科技公告称，2025年第一季度实现营业收入9.95亿元，同比增加52.25%，创 单季度历史新高。主要原因系智能可穿戴市场持续增长，国补对消费需求有明显促进作用，以及公司智 能手表芯片销售占比提升，芯片产品不断迭代，销售均价较去年同期有所提升。同时，公司实现归属于 上市公司股东的净利润1.91亿元，同比增长590.22%，主要原因系产品结构变化导致综合毛利率提升， 以及营收大幅增长带来的规模效应，期间费用率快速下降。 恒玄科技：一季度净利润同比增长590% ...