Tsinghua University is known as China's "chip incubator". Well-known A-share semiconductor companies such as Will Semiconductor and GigaDevice, their founders Yu Renrong and Zhu Yiming both graduated from Tsinghua.
There are many "Tsinghua-affiliated" entrepreneurs. There are two Tsinghua science and engineering men born in the 1970s. The company they founded was successfully listed in less than 6 years. The listed company is Hengxuan Technology. The chairman is Liang Zhang (Chinese name: Zhang Liang), and the vice chairman and general manager is Zhao Guoguang.
In the tenth year of entrepreneurship, Zhang Liang and Zhao Guoguang, two Tsinghua academic masters, led Hengxuan Technology to break through the market value of 50 billion. However, Hengxuan Technology's transformation into a technology bull stock was not achieved overnight, and the process was full of twists and turns.
What has Hengxuan Technology experienced?
Two top students from Tsinghua University started a business
Hengxuan Technology is a semiconductor company whose main business is the research and development, design and sales of low-power wireless computing SoC chips, mainly including wireless audio chips, smart wearable chips, smart home chips and wireless connection chips.
In June 2015, Zhao Guoguang, Tang Xiaodong (Zhang Liang's spouse) and Shanghai Qianbifu jointly invested in the establishment of Hengxuan Technology. The company has been determined to become one of the most innovative chip design companies in the world since its inception.
On December 16, 2020, Hengxuan Technology landed on the Science and Technology Innovation Board. It took nearly five and a half years from its establishment to its listing.
At present, Hengxuan Technology has grown into a listed company with a market value of 50.12 billion yuan. Hengxuan Technology's achievements today are inseparable from two key figures-Zhang Liang and Zhao Guoguang.
According to public information, Zhang Liang once studied in the Department of Electronic Engineering of Tsinghua University. After that, Zhang Liang went to the United States for further studies and obtained a master's degree.
After leaving the campus, Zhang Liang served as an engineer at Rockwell Semiconductor Systems Co., Ltd., an engineer at Marvell Technology Group, a design manager at Analogix Semiconductor, and vice president of engineering at RDA Microelectronics, accumulating rich experience in the semiconductor industry.
Some investors have commented that Zhang Liang is not like an ordinary engineering man. He is responsible for a comprehensive range of work and has a special entrepreneurial sharing spirit.
Zhao Guoguang is 3 years younger than Zhang Liang and is a 1999 alumnus of Tsinghua University. According to information, Zhao Guoguang has served as an engineer at RFIC Inc., a design manager at RDA Microelectronics, an operations director, and a vice president of operations.
After the two started a business together, Hengxuan Technology entered a stage of rapid development.
In 2016, Hengxuan Technology released the world's first dual-mode Bluetooth headset chip with integrated active noise reduction function.
In 2018, Hengxuan Technology launched the world's first low-power smart Bluetooth audio chip BES2300 series using 28nm advanced process. In the same year, Hengxuan Technology's performance turned from loss to profit, and achieved attributable net profit of 1.77 million yuan in 2018.
In 2021, Hengxuan Technology launched the first-generation sports watch chip BES2500 series and the industry's first TWS headset single chip with integrated in-ear detection/noise reduction/Bluetooth functions.
In 2022, Hengxuan Technology launched the new generation BES2700 series flagship wearable main control chip developed by 12nm process for mass production and listing.
Since 2020, Hengxuan Technology's revenue has exceeded the 1 billion mark and its net profit has exceeded the 100 million mark.
Some media have concluded that Hengxuan Technology's rise has benefited from continuous innovation at the technical level on the one hand, and seized market opportunities such as a new round of technological innovation in the field of headphones on the other hand.
The two Tsinghua academic masters led Hengxuan Technology to move forward quickly and also received rich returns.
Securities software shows that Zhang Liang and Zhao Guoguang hold 4.12% and 10.22% of Hengxuan Technology's shares respectively. According to the latest closing price of 417.5 yuan, their direct shareholdings are worth approximately 2.065 billion yuan and 5.122 billion yuan respectively.
The "twists and turns" of technology bull stocks, two major layouts attract attention
In the secondary market, Hengxin Technology showed a "V" shape. At the beginning of its listing, Hengxin Technology's stock price exceeded 416 yuan. Later, Hengxin Technology entered a deep adjustment phase, with its stock price falling to 88.09 yuan at its lowest, and the correction range once exceeded 70%.
At that time, one of the reasons for the decline in Hengxuan Technology's stock price was related to performance factors.
In 2022, Hengxuan Technology's revenue fell by 15.89% year-on-year, and its attributable net profit fell by 69.97% year-on-year. In 2023, Hengxuan Technology's performance rebounded, with revenue increasing by 46.57% year-on-year and attributable net profit increasing by 0.99% year-on-year. It is worth mentioning that the company's net profit in 2023 was 123.6 million yuan, lower than the level in 2020 (198.4 million yuan).
The turning point of Hengxuan Technology appeared in 2024.
In 2024, Hengxuan Technology achieved revenue of 3.263 billion yuan, a year-on-year increase of 49.94%; and achieved attributable net profit of 460.5 million yuan, a year-on-year increase of 272.47%. In 2024, Hengxuan Technology's stock price rose by a total of 112.17%.
Entering 2025, Hengxuan Technology's stock price continued to rise. On April 30 this year, the company's stock price once rose to 449.6 yuan, setting a new high in the listing stage. Since the beginning of this year, the company's total increase has reached 28.32%.
One of the driving forces for the upward stock price is the growth in performance in the first quarter. In the first quarter of 2025, Hengxuan Technology achieved revenue of 994.5 million yuan, a year-on-year increase of 52.25%; and achieved attributable net profit of 190.5 million yuan, a year-on-year increase of 590.22%.
Under the good development trend, Hengxuan Technology is more confident.
In the 2024 annual report, Hengxuan Technology said that the company's vision is to become the most innovative SoC chip design company and provide low-power wireless edge intelligent control platform chips for the AIoT market.
Looking ahead, one of Hengxuan Technology's business plans is to enrich its product structure, seize opportunities in the smart wearable and smart home markets, continuously supplement its main business, and expand new business growth points.
Hengxuan Technology frankly said that it faces the risk of relatively single product terminal application forms. Hengxuan Technology pointed out that the company's chip sales revenue used in smart wearable products accounts for a high proportion, while the revenue scale formed in other markets accounts for a relatively small proportion of operating income.
From the disclosed data, as of the end of 2024, the revenue from smart Bluetooth, other, and ordinary Bluetooth accounted for 45.87%, 38.11%, and 16.02% of the current revenue respectively.
Hengxuan Technology also mentioned that it faces more intense competition in the smart audio and video SoC chip market, and there is a risk of intensified market competition and some large manufacturers using their scale, product lines and customers to squeeze the company's market share.
On May 8 this year, analysts from BOC Securities issued a research report stating that in 2024, Hengxin Technology's smartwatch/bracelet chip revenue will be 1.045 billion yuan, a year-on-year increase of 116%, with a total shipment of more than 40 million chips, becoming the company's biggest driving force for revenue growth. The brokerage analyst believes that smartwatch chips contribute to the second growth pole, and the smart home and AIoT markets are ready to go.
Hengxin Technology's strategic layout of the smart wearable market and the smart home market will drive its performance to a higher level, and we will have to wait and see.
Source: Scale Business
