智通财经APP获悉，浦银国际发布研报称，首次覆盖智驾芯片行业，给予超配评级;首次覆盖地平线机 器人-W(09660)和黑芝麻智能(02533)，均给予"买入"评级，目标价分别为12港元和21.4港元。随着新能 源汽车行业发展进入下半场，智能辅助驾驶成为汽车智能化的一项核心功能。智驾芯片作为智能辅助驾 驶功能实现的核心部件，逐渐成为产业链价值高地。 报告指，进入2025年，一方面中国自主车企大力推进"智驾平权"，推动高速NOA搭载车型价格段的下 探;另一方面龙头新能源车企在端到端架构基础上推进算法的继续演进，两端发力促进智驾芯片实现量 价齐升。在此背景下，本土智驾芯片供应商进一步崭露头角，凭借性价比芯片产品和自身量产经验积极 拓展客户，同时受益于国产替代趋势，有望实现份额加速扩张。该行根据Frost & Sullivan测算，2023年 全球车规级SoC市场规模已达579亿元人民币(下同)，到2028年将成长至2，053亿元，复合增长率29%。 而中国作为汽车智能化的重要参与者，2023年车规级SoC市场规模为267亿元，到2028年将增长至1， 020亿元，占全球市场份额的50%。 ...

Core Viewpoint - In the first half of 2025, the company achieved operating revenue of 253 million yuan, a year-on-year increase of 40.4%, while net profit was -762 million yuan, compared to 1.105 billion yuan in the first half of 2024, primarily due to fluctuations in the fair value changes of financial instruments issued to investors [1] Revenue Breakdown - In the first half of 2025, revenue from autonomous driving products and solutions was 237 million yuan, a year-on-year increase of 41.5%, driven by increased sales of assisted driving chips and solutions alongside the growth of mass-produced vehicles, with improved market penetration in the commercial vehicle sector [1] - Revenue from intelligent imaging solutions was 16 million yuan, a year-on-year increase of 24.8% [1] Profitability Metrics - In the first half of 2025, the company's gross margin was 24.79%, a decrease of 25.21 percentage points year-on-year, and the net profit margin was -301.47%, a decrease of 914.76 percentage points year-on-year [2] - The gross margin for autonomous driving products and solutions was 20.9%, down 26 percentage points year-on-year, while the gross margin for intelligent imaging solutions was 82.4%, down 4 percentage points year-on-year [2] Cost Structure - The company's expense ratio was 332.07%, an increase of 179.2 percentage points year-on-year [2] Product Development and Market Expansion - The company is accelerating the mass production of its A1000 chip in various new vehicle models and is also targeting overseas markets with multiple new clients [2] - The C1200 chip is set to be deployed in several new energy customer projects, while the A2000 series chips support urban NoA and can be expanded to L3 and L4 scenarios [2] - The company aims to complete mass production and project alignment with leading automotive clients within the year [2] Commercialization Efforts - The company is actively expanding in robotics, unmanned logistics vehicles, and intelligent imaging solutions [3] - In the robotics sector, the company is developing a "brain" for robots based on the C1200 chip and has partnered with leading bipedal robot companies [3] - In the unmanned logistics vehicle sector, the company is collaborating with ecosystem partners to create an L4 autonomous driving system for low-speed functions in closed environments [3] - The company is also advancing AI smart glasses and other intelligent imaging solutions with several clients [3] - Plans are in place to pursue acquisitions of cost-effective, low-power AI chip companies to strengthen its position in the edge AI chip market [3]

Black Sesame International Holding Limited 黑芝麻智能國際控股有限公司* （於開曼群島註冊成立的有限公司） 股份代號：2533 2025 中期報告 * 僅供識別 Z:\09. IR\166448 Black Sesame IR25\Cover\Black Sesame IR25 Full Cover.indd 目錄 2 公司資料 4 主要摘要 5 管理層討論及分析 17 中期財務資料審閱報告 18 簡明綜合全面（虧損）╱收益表 20 簡明綜合財務狀況表 22 簡明綜合權益變動表 24 簡明綜合現金流量表 25 財務資料附註 65 其他資料 78 釋義 公司資料 董事會 執行董事 單記章先生 （董事長） 劉衛紅先生 曾代兵先生 非執行董事 楊磊博士 獨立非執行董事 李青原教授 龍文懋教授 徐明教授 審核委員會 單記章先生 （主席） 龍文懋教授 李青原教授 聯席公司秘書 孫曉祥先生 郭兆瑩女士 (ACG, HKACG) 授權代表 單記章先生 孫曉祥先生 核數師 李青原教授 （主席） 龍文懋教授 徐明教授 薪酬委員會 龍文懋教授 （主席） 徐明教授 單記章先生 提名委員會 ...

Core Viewpoint - In the first half of 2025, the company achieved a revenue of 253 million yuan, representing a year-on-year growth of 40.4% [2][9][22] Revenue Breakdown - The revenue from autonomous driving products and solutions was 237 million yuan, up 41.5% year-on-year, driven by increased sales of auxiliary driving chips and solutions alongside the growth of mass-produced models [13][22] - The revenue from intelligent imaging solutions was 16 million yuan, a year-on-year increase of 24.8%, attributed to the market acceptance of the company's solutions [13][22] Profitability Metrics - The company's gross margin was 24.79%, down 25.21 percentage points year-on-year, with a net margin of -301.47%, a decline of 914.76 percentage points [4][16] - The gross margin for autonomous driving products and solutions was 20.9%, down 26.3 percentage points, while the gross margin for intelligent imaging solutions was 82.4%, down 4.2 percentage points [4][16] Cost Structure - The company's total expense ratio was 332.07%, a decrease of 179.2 percentage points year-on-year, with sales, management, and R&D expense ratios at 20.37%, 67.27%, and 244.43%, respectively [17] Product Development and Market Expansion - The A1000 chip is being mass-produced in several new models from Geely and Dongfeng, with plans for deployment in overseas markets [6][24] - The C1200 chip is set to be mass-produced in multiple projects for new energy customers, enhancing the company's capabilities in autonomous driving [30] - The A2000 series chip, designed for high-performance applications, is expected to support urban NOA and can be expanded to L3 and L4 scenarios [34][36] Strategic Partnerships and Collaborations - The company is deepening collaborations with major clients such as Geely, Dongfeng, and BYD, focusing on continuous delivery and engineering development of auxiliary driving platforms [22][26] - The company is actively pursuing acquisitions of high-performance, low-power AI chip firms to enhance its position in the edge AI chip market [7][47] Future Outlook - In the second half of 2025, the company plans to continue delivering auxiliary driving solutions to major clients while expanding its strategic customer base [46] - The company aims to optimize algorithms for extreme urban scenarios and enhance the performance of end-to-end models to support the mass production of the A2000 series chip [46]

证券研究报告 | 2025年09月10日 黑芝麻智能（02533.HK） 优于大市 2025H1 收入同比增长 40%，智能驾驶芯片加速放量 2025H1 公司实现营业收入 2.53 亿元，同比增长 40%。2025H1，黑芝麻 智能实现总收入为 2.53 亿元，同比增长 40.4%；净利润为-7.62 亿元， 2024H1 为 11.05 亿元，主要系向投资者发行的金融工具的公允价值变动 收益波动影响；经调整亏损净额为-5.49 亿（2024H1 为-6.02 亿元）。 分业务来看，1）2025H1，自动驾驶产品及解决方案收入为 2.37 亿元， 同比增长 41.5%，主要是由于辅助驾驶芯片及解决方案销量伴随量产车 型的增多而提升，公司在商用车领域的辅助驾驶解决方案市场渗透率提 高；公司强化市场推广能力，成功吸引更多管运规模庞大的客户；2） 2025H1，智能影像解决方案收入为 0.16 亿元，同比增长 24.8%。 公司费用率下降，毛利率有所下降。2025H1，公司毛利率 24.79%，同比 -25.21pct，净利率-301.47%，同比-914.76pct，其中自动驾驶产品及 解决方案毛利率 20.9 ...

报告中称，公司A1000芯片在吉利银河E8、星耀8、东风奕派007新款车型、东风奕派008等多款车型量 产，除国内新增定点外，新增面向海外市场的多家客户多款定点车型。C1200芯片即将在多家新能源客 户项目中量产部署。A2000系列芯片支持城市NOA，可扩展至L3和L4场景，公司目标是在今年内与头 部车企客户完成定点及量产，推动大算力智驾芯片及开放式领先算法解决方案落地。 智通财经APP获悉，国信证券发布研报称，维持黑芝麻智能(02533)"优于大市"评级，预计公司2025- 2027年营收为8.1/12.7/20.0亿元。2025H1，公司实现总收入为2.53亿元，同比增长40.4%。分业务来看， 1)2025H1，自动驾驶产品及解决方案收入为2.37亿元，同比增长41.5%，主要是由于辅助驾驶芯片及解 决方案销量伴随量产车型的增多而提升，公司在商用车领域的辅助驾驶解决方案市场渗透率提高;公司 强化市场推广能力，成功吸引更多管运规模庞大的客户;2)2025H1，智能影像解决方案收入为0.16亿 元，同比增长24.8%。 机器人领域，公司正在开发基于C1200芯片的机器人"小脑"，基于A2000芯片的具身智能 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 黑芝麻智能國際控股有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02533 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | 本月底法定/註冊股本總額： USD 1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 24.46 [5][4]. Core Insights - The company, Hezhima Intelligent, is a pioneer in smart driving solutions in China, focusing on mid/high computing power chips for passenger vehicles and gradually expanding into low-power product lines and multi-domain applications [1]. - In the first half of 2025, the company achieved revenue of HKD 253 million, representing a year-on-year growth of 40.4%, with the driver assistance solutions segment contributing HKD 234 million, up 41.6% year-on-year [1]. - The gross margin decreased by 25.2 percentage points to 24.8% due to increased hardware component and labor costs associated with the expansion of driver assistance products [1]. - The company is expected to enhance its AI low-power chip product line through acquisitions and improve software algorithms, which may lead to more breakthroughs in passenger vehicles, L4, and robotics clients [1]. Revenue and Profitability Forecast - The company is projected to achieve revenues of HKD 840 million, HKD 1.42 billion, and HKD 2.04 billion for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 76.8%, 69.3%, and 44.0% [4][8]. - The report anticipates a recovery in gross margin in the second half of the year as software revenue is recognized and scaled deliveries increase [4]. Product Development and Market Position - The company has established partnerships with leading automakers such as Geely, BYD, Dongfeng, and FAW, and is set to expand its overseas sales in the second half of 2025 [2]. - The A2000 chip is expected to enter mass production by the end of the year, supporting advanced algorithms for urban navigation [2]. - The company is also collaborating with various robotics firms, leveraging its C1200 and A2000 chips for motion control and intelligent perception [3]. Valuation Metrics - The target price of HKD 24.46 is based on a 17.0X price-to-sales ratio for 2025, aligned with comparable companies' averages [4][11]. - The company's market capitalization is approximately HKD 11.335 billion, with a closing price of HKD 17.87 as of September 3, 2025 [6].

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue growth and advancements in autonomous driving technology, indicating a positive outlook for future growth opportunities [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 250 million yuan, representing a year-on-year increase of 40.4% [1] - The gross margin decreased by 25.2 percentage points to 24.8% [1] - Adjusted net profit was a loss of 550 million yuan, which reflects an improvement in loss by 89% year-on-year [1] Group 2: Autonomous Driving Business - The revenue from driver assistance products and solutions increased by 41.6% year-on-year to 237 million yuan, driven by an increase in mass production models and enhanced customer acquisition capabilities [1] - The company is advancing multiple chip series, including the A1000 series, which is being used in various models such as Geely Galaxy E8 and Dongfeng Yipai 007/008 [1] - The C1200 series has completed testing in multiple cities and is set for mass deployment with leading new energy customers [1] Group 3: Strategic Partnerships and Market Expansion - The company is deepening collaborations with major automotive clients like Geely, BYD, Dongfeng, and FAW, with a record number of domestic and overseas model designations in H1 2025 [2] - The company anticipates that several models based on its own chips will begin overseas sales in the second half of 2025, with shipments already starting [2] - The expansion into non-passenger vehicle scenarios, such as robotics and low-speed L4 applications, is underway, with strategic partnerships established in the robotics sector [2] Group 4: Future Projections - The company maintains revenue forecasts of 880 million yuan, 1.43 billion yuan, and 1.92 billion yuan for 2025, 2026, and 2027 respectively [3] - The price-to-sales ratios for 2025, 2026, and 2027 are projected to be 12.4, 7.7, and 5.7 times, respectively [3]

Core Viewpoint - The company reported a revenue of 253 million yuan for the first half of 2025, reflecting a year-on-year increase of 40.4%, but incurred a loss of 762 million yuan, with an adjusted loss of 549 million yuan, compared to an adjusted loss of 602 million yuan in the same period last year [1] Financial Performance - Revenue for H1 2025 reached 253 million yuan, up 40.4% year-on-year [1] - The company reported a loss of 762 million yuan, with an adjusted loss of 549 million yuan, compared to an adjusted loss of 602 million yuan in the previous year [1] - Gross margin decreased to 24.8%, down 25.2 percentage points year-on-year [1] - Selling expense ratio decreased to 20.4%, down 8.0 percentage points year-on-year [1] - Management expense ratio decreased to 67.3%, down 34.1 percentage points year-on-year [1] - R&D expense ratio increased to 244.4%, down 137.1 percentage points year-on-year [1] Business Development - The company has made significant progress in assisted driving and robotics solutions, deepening cooperation with major clients such as Geely, Dongfeng, and FAW [1] - The A1000 series chips have been mass-produced in several new models, including Geely Galaxy E8 and Dongfeng Yipai 007 [1] - The company is developing a motion control solution for robots based on the C1200 series chips and a perception computing solution based on the A2000 chips [1] - Strategic partnerships with leading bipedal robot companies are being established to develop multimodal perception computing modules, targeting applications in humanoid robots, bipedal robots, and lawnmowers [1]