Core Viewpoint - The automotive industry is experiencing a significant transformation driven by advancements in intelligent driving technology, with a notable increase in demand for mid-to-high-end SoC chips expected by 2025 [1][2]. Industry Summary - The intelligent driving technology is evolving through a dual approach of upward breakthroughs and downward popularization, with a clear iterative path emerging [1]. - The market for ADAS SoC chips is projected to reach 496 billion CNY in China and 925 billion CNY globally by 2028, with a compound annual growth rate (CAGR) of 28.6% and 27.5% from 2023 to 2028, indicating a high market demand [1]. - The push for "intelligent driving equality" among domestic OEMs is leading to a price war, with mainstream brands focusing on models priced below 200,000 CNY, which may open up the mid-to-high-end chip market [1]. Company Summary - Long-term prospects suggest that only leading automakers will develop their own chips, while third-party chip manufacturers may see greater market opportunities than expected [2]. - The pursuit of full-stack self-research in intelligent driving reflects a desire for efficient data processing, supply chain security, and cost reduction in intelligent driving solutions [2]. - The competitive landscape for different levels of intelligent driving solutions will be determined by factors such as cost efficiency, supplier support, and the strategic choices of companies in their self-research journeys [2]. - Black Sesame Intelligence's competitive position in the SoC ecosystem is relatively weak, but the company has strong hardware capabilities and is forming alliances to enhance its algorithmic capabilities [2]. - The management team has a forward-looking approach, with strategic plans in cross-domain computing chips and robotics, which may become a second growth driver for the company [2]. - As of the end of H1 2025, the company had a net cash position of 1.97 billion CNY, providing a solid foundation for ongoing product development and exploration of new business scenarios [2]. Financial Forecast - Revenue projections for the company from 2025 to 2027 are 850 million CNY, 1.616 billion CNY, and 2.344 billion CNY, with year-on-year growth rates of 79.23%, 90.12%, and 45.05% respectively [3]. - The company is currently in a phase of high R&D investment and customer expansion, making it difficult to achieve profitability in the short term [3]. - A price-to-sales (PS) valuation method is used for the company, with comparable companies showing an average PS of approximately 17.8x for 2025 [3]. - The company is rated as a "buy" due to its complete product ecosystem and the potential for key customer breakthroughs to drive long-term growth [3].

Core Viewpoint - Huayuan Securities initiates coverage on Hezhima Intelligent (02533) with a "Buy" rating, projecting revenue growth from 850 million to 2.344 billion yuan from 2025 to 2027, with year-on-year growth rates of 79.23%, 90.12%, and 45.05% respectively [1] Group 1: Market Dynamics and Technology Trends - The year 2025 is anticipated to be a pivotal year for the mid-to-high-end intelligent driving SoC market, driven by the resonance of technology cycles and market demand [1] - The intelligent driving SoC chips are expected to significantly benefit from the growth in autonomous vehicle sales, with the ADAS SoC market projected to reach 49.6 billion yuan in China and 92.5 billion yuan globally by 2028, with compound annual growth rates of 28.6% and 27.5% from 2023 to 2028 respectively [1] Group 2: Competitive Landscape and Strategic Insights - Long-term, only leading automakers are expected to develop their own chips, while third-party chip manufacturers may see market opportunities exceed expectations [2] - The competition in different levels of intelligent driving solutions will be determined by factors such as cost efficiency, supplier support, and the strategic choices made by companies in their self-research paths [2] Group 3: Company Strengths and Growth Potential - Hezhima Intelligent has a robust hardware capability and is forming alliances with algorithm companies to enhance its competitive edge, despite being positioned lower in the SoC competitive ecosystem [3] - The management team is strategically focusing on cross-domain computing chips and robotics, which may become a second growth driver for the company [3] - As of the end of H1 2025, the company had a net cash position of 1.97 billion yuan, providing a solid foundation for ongoing product development and exploration of new business scenarios [3]

Investment Rating - The report assigns an investment rating of "Buy" for the company, marking its first coverage [1][6]. Core Insights - The report highlights that 2025 may be a pivotal year for the high-end SoC market, driven by the convergence of technological cycles and market demand, particularly in the context of autonomous driving [5][15]. - The company is expected to benefit significantly from the growth in the autonomous driving chip market, with projections indicating a substantial increase in market size and demand for ADAS SoC chips [5][21]. - The report emphasizes the importance of a complete product ecosystem and broad industry alliances as foundational elements for the company's growth [6][10]. Summary by Sections Market Performance - The closing price of the company's stock is reported at HKD 24.68, with a market capitalization of approximately HKD 15,782.57 million [3]. Financial Forecast and Valuation - Revenue projections for the company are set at RMB 850 million, RMB 1,616 million, and RMB 2,344 million for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 79.23%, 90.12%, and 45.05% [6][8]. - The report utilizes a PS valuation method, comparing the company to peers such as Horizon Robotics, Allwinner Technology, and Mobileye, with an average PS ratio of approximately 17.8x for 2025 [6][8]. Industry Dynamics - The report discusses the increasing penetration of intelligent driving technologies in lower-end vehicle segments, indicating a shift towards more affordable autonomous driving solutions [10][25]. - It notes that the competitive landscape for high-end autonomous driving chips is currently dominated by companies like NVIDIA, but domestic manufacturers are gaining market share due to increased R&D investments and a focus on local supply chains [26][28]. Product Ecosystem and Strategic Alliances - The company is actively building a robust hardware product matrix and forming strategic alliances with algorithm companies to enhance its competitive edge [10][20]. - The management team is recognized for its forward-looking strategy, which includes expanding into cross-domain computing chips and robotics, potentially creating a second growth driver for the company [10][20].

Core Points - Black Sesame Technologies (02533) announced the grant of a total of 659,000 share awards to 18 grantees under its post-IPO share scheme on October 21, 2025 [1] Summary by Category Company Actions - The company has issued a total of 659,000 share awards to 18 individuals as part of its incentive plan following its initial public offering [1]

Core Viewpoint - Black Sesame Intelligence (02533.HK) announced the grant of a total of 660,000 share options to 18 grantees under its post-IPO share option scheme on October 21, 2025 [1] Company Summary - The company is engaging in a share option scheme as part of its employee incentive program [1] - The total number of share options granted is 660,000, indicating a significant commitment to incentivizing its workforce [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 – 1 – 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） 根據首次公開發售後股份計劃授出獎勵 本公告由本公司根據上市規則第17.06A條、第17.06B條及第17.06C條 作 出。董 事 會 謹 此 宣 佈，於2025年10月21日，本 公 司 根 據 首 次 公 開 發 售 後 股 份 計 劃 向18名 承授人授出合共659,000份 獎 勵。 上 述 授 出 的 詳 情 載 列 如 下： 收市價 獎勵的歸屬期 ： 授出獎勵的25%將於歸屬開始日期起計一年內歸 屬，而 餘 下75%將於其後三年內每年等額歸屬 績效指標 ： 按 時 限 歸 屬 時 間 表 適 用 於 授 出 獎 勵，無 附 ...

Investment Rating - The report maintains an "A" rating for the automotive parts sector, indicating a positive outlook for investment in this industry [1]. Core Insights - The automotive industry is experiencing rapid growth in intelligent driving technologies, with China leading the way. The penetration rate of intelligent vehicles in China reached 57.1% in 2023 and is expected to rise to 99.7% by 2030, with a market size exceeding one trillion yuan [1][14]. - The L2 level intelligent driving solutions have become mainstream, with a year-on-year growth of 37% in 2023. The market is expected to see significant increases in the penetration of L3 and above intelligent driving solutions, outpacing global growth rates [1][14]. - Domestic chip manufacturers are gaining traction, with companies like Horizon Robotics and Black Sesame Technology leading the charge in providing high-performance chips for intelligent driving applications [2][51][70]. Summary by Sections Automotive Intelligent Driving Market - The global intelligent driving market is rapidly expanding, with China achieving a penetration rate exceeding 50%. In 2023, the sales of intelligent vehicles in China reached 12.4 million units, accounting for 57.1% of total new car sales [14]. - The market for Advanced Driver Assistance Systems (ADAS) is continuously growing, with L2 and above solutions becoming the market standard. The expected market size for L0 to L2+ solutions is projected to grow from 90.9 billion yuan in 2024 to 223.9 billion yuan by 2029, with a CAGR of 19.7% [32][33]. Domestic Chip Development - The automotive chip market is substantial, with an estimated size of 71.2 billion yuan in 2024, expected to exceed 170 billion yuan by 2030. The demand for higher chip performance is increasing due to the ongoing electrification and intelligentization of vehicles [41]. - The ADAS SoC market reached 27.5 billion yuan globally and 14.1 billion yuan in China in 2023, with a projected CAGR of 27.5% and 28.6% respectively from 2023 to 2028 [46]. Key Players and Investment Opportunities - Horizon Robotics is positioned as a leading domestic supplier of intelligent driving chips, with its products expected to cover a wide range of intelligent driving applications. The company has seen significant revenue growth, with a projected revenue of 2.384 billion yuan in 2024 [66]. - Black Sesame Technology is also a key player, focusing on high-performance chips for various intelligent driving scenarios. The company aims to expand its market share in both mid-range and high-end markets, leveraging its cost advantages [70]. Investment Recommendations - Focus on companies benefiting from the dual increase in value and penetration in the intelligent driving chip segment, such as Horizon Robotics and Black Sesame Technology [6]. - The Tier 1 segment still has room for domestic replacement, with potential for deepening customer relationships through core products like domain controllers and sensors. Key companies to watch include Desay SV, Jingwei Hirain, and Qianli Technology [6].

Core Viewpoint - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating which companies have seen the largest increases and decreases in ownership percentages over recent trading days [1][2][3]. Summary by Category Recent Changes in Holdings - GX Hengsheng High Dividend (03110) saw an increase of 0.22% in its Hong Kong Stock Connect holding percentage, bringing it to 2.09% [2] - The largest decrease was observed in Southern Hengsheng Technology (03033), which dropped by 0.31% to 59.93% [2] Five-Day Changes - The most significant increase in holdings over the last five trading days was for Dazhong Public Utilities (01635), which rose by 8.30% to 67.37% [3] - Conversely, Kingsoft Cloud (03896) experienced the largest decrease, falling by 2.65% to 25.92% [3] Twenty-Day Changes - Over the past twenty days, Dazhong Public Utilities (01635) also led with a substantial increase of 34.28%, reaching a holding percentage of 67.37% [4] - The largest decrease was recorded for Yisou Technology (02550), which fell by 13.04% to 33.85% [4]

Core Viewpoint - Black Sesame Intelligence (02533) has seen a significant stock price increase following a strategic partnership with Chery Commercial Vehicles and China Pacific Insurance, focusing on integrating advanced driving assistance technology with insurance mechanisms to enhance safety and operational efficiency in new energy commercial vehicles [1] Group 1: Strategic Partnership - Black Sesame Intelligence, Chery Commercial Vehicles, and China Pacific Insurance have formed a strategic collaboration to explore an innovative "technology + insurance" model [1] - The partnership aims to create a linkage mechanism between risk reduction and premium discounts, enhancing safety upgrades and operational efficiency for new energy commercial vehicles [1] Group 2: Technological Advancements - Black Sesame Intelligence will leverage its core technological advantages to provide Chery's entire range of new energy vehicles with the PA2.0 commercial vehicle active safety system, covering both pre-installation and post-installation scenarios [1] - The Chief Marketing Officer of Black Sesame Intelligence, Yang Yuxin, anticipates a market explosion in cross-domain integration, predicting that L3 autonomous driving technology will reach maturity within the next three to five years [1] Group 3: Market Outlook - The industry is expected to see a more organized division of labor along the entire supply chain, with manufacturers that have mature mass production experience, sustainable technology iteration, and customer recognition standing out [1] - Black Sesame Intelligence is set to launch a robotics product line, aiming to transfer its accumulated technology, successful experiences, and ecosystem from the automotive sector to new markets [1]

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 638,014,974 | | 0 | | 638,014,974 | | 增加 / 減少 (-) | | | 1,473,113 | | 0 | | | | 本月底結存 | | | 639,488,087 | | 0 | | 639,488,087 | 公司名稱: 黑芝麻智能國際控股有限公司 呈交日期: 2025年10月8日 I. 法 ...