Consumer heart-rate sensing splits into two physics. ECG reads the heart's electrical signal through a damp chest strap, the gold standard for accuracy, and steadiest during the hard, bouncing effort where it matters, which is why serious athletes still wear belts. Optical PPG shines light into the skin from an armband or wrist and infers pulse from changes in blood volume, far more convenient, around ±1 bpm at rest, but noisier under heavy motion. Most houses here build both, and increasingly sell the algorithm that cleans the optical signal up.
The plastic puck is trivial; the value sits in the sensor front-end, the motion-rejection algorithm, and the radio. Two protocols ship together: BLE for phones, and ANT+ for the Garmin, Wahoo, bike-computer and gym-equipment ecosystem. ANT+ support is the line between a gadget and a device a coach will trust, and it is the first thing to check on any reference design.
Where it is designed is unusually tight. These houses sit within a few kilometres of each other in Bao'an district, Shenzhen. They are full-stack ODMs, industrial design, electronics, firmware, iOS/Android apps and SDKs, even the conductive strap textile, offering OEM, ODM and JDM from a catalogue of ready platforms. A great many "brand" straps sold worldwide are these reference designs rebadged.
A tell of the shared lineage: model numbers like HW807, H808S and BK467 recur across nominally competing brands. When two labels sell the "same" armband, you are usually looking at one Bao'an house behind both. Price the platform, not the logo.