格隆汇2月25日丨恒玄科技(688608.SH)公布2025年度业绩快报，2025年，公司在低功耗无线计算SoC芯 片领域持续投入研发，坚持品牌客户战略，在智能可穿戴市场保持份额领先，公司可穿戴旗舰芯片 BES2800系列在耳机、手表、智能眼镜及众多智能硬件市场广泛落地。2025年全年，公司预计实现营业 收入35.25亿元，同比增长8.02%；实现归属于母公司所有者的净利润为5.88亿元，同比增长27.75%。 2025年随着降本增效和销售结构的进一步多元化，公司全年综合毛利率38.70%左右，同比增加4个百分 点。2025年第一~四季度，销售毛利率分别为38.5%、40.1%、37%、39.6%左右，稳定在较好水平。报 告期内，公司持续提升研发水平，2025年全年研发费用约6.91亿元，较上年同期增加约0.74亿元，同比 增加约12%。报告期内，公司多款可穿戴芯片顺利流片并量产上市，丰富了公司产品矩阵，助力公司在 智能可穿戴及智能硬件领域拓展更多应用场景，市场领先地位进一步巩固。 ...

恒玄科技发布业绩快报，2025年实现营业总收入35.25亿元，同比增长8.02%；净利润5.88亿元，同比增 长27.75%。2025年，公司在低功耗无线计算SoC芯片领域持续投入研发，坚持品牌客户战略，在智能可 穿戴市场保持份额领先，公司可穿戴旗舰芯片BES2800系列在耳机、手表、智能眼镜及众多智能硬件市 场广泛落地。 ...

恒玄科技公告称，2025年预计实现营业收入35.25亿元，同比增长8.02%；归属于母公司所有者的净利润 为5.88亿元，同比增长27.75%。公司在低功耗无线计算SoC芯片领域持续投入研发，可穿戴旗舰芯片 BES2800系列广泛落地。2025年综合毛利率38.70%左右，同比增加4个百分点。全年研发费用约6.91亿 元，同比增加约12%。多款可穿戴芯片顺利流片并量产上市，巩固市场领先地位。上述数据为初步核 算，未经审计。 ...

2）当下全球存储仍以典型周期资产估值定价，下一个阶段有望转向成长，估值将不再是5X、6X，而是10X、 15X、甚至20X。 持续强call存储设备，重视机器人催化【华西机械】 3）大陆存储扩产是景气度+国产替代共振，十五五两存+晋华预计扩产规划超过百万，显著强于海外，短期看两存 招标po临近。 持续强call存储设备，重视机器人催化【华西机械】 #1、1）春节假期海外指数普涨，欧洲、东亚等多国指数创新高；2）科技方向中存储板块表现强势，海力士、三 星等原厂股价再创新高，ASML、AMAT、LAM、泰瑞达等半导体设备龙头同样表现强势，股价逼近历史新高。 #1、1）春节假期海外指数普涨，欧洲、东亚等多国指数创新高；2）科技方向中存储板块表现强势，海力士、三 星等原厂股价再创新高，ASML、AMAT、LAM、泰瑞达等半导体设备龙头同样表现强势，股价逼近历史新高。 #2、1）2月20日海力士电话会议再次乐观指引全球存储景气度：一方面，AI带来的真实需求爆发，另一方面原厂 纪律性扩产以及洁净室限制导致供给失衡。 #2、1）2月20日海力士电话会议再次乐观指引全球存储景气度：一方面，AI带来的真实需求爆发，另一方面原厂 ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) | | 成交金額(万元) 成交量(*) 买入营业部 | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-12 | 恒玄科技 | 688608 | 166.31 | 342.25 | 2.06 | 不合同意的意思 | | 图 | | 2026-02-12 | 恒玄科技 | 688608 | 166.31 | 282.73 | 1.7 | 从时间的赞加头波 | 有限公司上海浦乐 | 문 | | 2026-02-12 | 恒玄科技 | 688608 | 166.31 | 266.1 | 1.6 | 公用 P含量量是 | | 番 | | 2026-02-12 | 恒玄科技 | 688608 | 166.31 | 201.24 | 1.21 | 有限公司参附海 | 有限公司 2017-02-24 | Ka | 2月12日，恒玄科技大宗交易成交6.57万股，成交额1092.32万元，占当日总成交额的2%，成交价166.31 元，较市场收盘价21 ...

Core Insights - The company Hengxuan Technology (688608) is making significant progress in the development of its next-generation low-power, high-performance smart wearable chip, the BES6000 series, which is expected to enter the sample delivery phase in the first half of 2026 [2] - The company has successfully applied its chip solutions in multiple smart glasses products from brands such as Xiaomi, Alibaba Quark, and Li Auto, achieving mass production [4] - Recent stock price fluctuations have been notable, with a 5.71% drop on February 2, 2026, indicating potential market sentiment or industry factors affecting short-term performance rather than fundamental company events [5] Recent Events - The BES6000 series chip is planned for applications in smart glasses and smartwatches, highlighting the company's focus on innovative wearable technology [2] - The next important financial report for the company is the 2025 annual report, expected to be released between January and April 2026 [3] Business Developments - Ongoing collaborations and order progress with clients are anticipated to be key points of market interest, as the company continues to expand its presence in the smart wearable technology sector [4]

Group 1 - The core point of the news is that Hengxuan Technology conducted a block trade on February 9, with a total of 40,500 shares traded, amounting to 6.8029 million yuan, which represents 1.38% of the total trading volume for that day [1][2] - The transaction price was 167.87 yuan, which is a discount of 20.66% compared to the market closing price of 211.57 yuan [1][2] Group 2 - The block trade was executed by CITIC Securities, indicating institutional interest in Hengxuan Technology [2] - The trading volume and amount suggest a significant transaction, reflecting potential strategic moves by investors [2]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Group 1 - The core point of the article highlights a block trade of 14,100 shares of Hengxuan Technology, with a transaction value of 2.3631 million yuan, accounting for 0.48% of the total trading volume on that day [1][2] - The transaction price was 167.19 yuan, which represents a discount of 20.33% compared to the market closing price of 209.84 yuan [1][2] - The buying brokerage involved in the transaction was Guotai Junan Securities, while the selling brokerage was CITIC Securities [2]

Group 1 - The core point of the news is that Hengxuan Technology conducted a block trade on February 5, with a total of 69,000 shares traded, amounting to 11.4897 million yuan, which represents 2.38% of the total trading volume for that day [1] - The transaction price was 166.38 yuan, which is a discount of 20.39% compared to the market closing price of 208.99 yuan [1] - The trading was executed by a brokerage firm, specifically CITIC Jianxin Investment Co., indicating institutional interest in the stock [2]