I'm by no means an expert (see my piteously low post count that's how new to chicks I am!!) and been meaning to pose this question myself...but thought I'd chime in with my thoughts on our own wee one.
We have one of unknown age, I'm guessing 3 weeks based on size compared to my known chicks and from pictures I've seen. She has always sort of 'panted' but with her beak closed. She does this most notably when we get her out to 'play' or clean out/rearrange the brooder. She just sits where we set her down, like she has been abducted by aliens and can't figure out what to do. The others run around pooping and looking for junk to eat. She just lays there and pants kind of all puffed up. She is a snuggle love, settles right onto me and sleeps and makes the sweetest little content chick chirping trill. She is active in the brooder, but always sleeps with her wings out and huffs and puffs away.
I think it's just who she is. (??) At least that is what I've been hoping, so I'll be watching to see with the experts have to say about your chick.