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 ...

[Supplementary Announcement Overview](index=1&type=section&id=Supplementary%20Announcement%20Overview) This section provides an overview of the supplementary announcement, detailing its purpose and background [Purpose and Background of the Announcement](index=1&type=section&id=Purpose%20and%20Background%20of%20the%20Announcement) This announcement provides supplementary information for Black Sesame International Holding Limited's annual report for the year ended December 31, 2024, ensuring comprehensive disclosure - This announcement supplements the company's annual report for the year ended December 31, 2024, providing additional information[3](index=3&type=chunk)[12](index=12&type=chunk) [Corporate Governance Measures](index=1&type=section&id=Corporate%20Governance%20Measures) This section outlines corporate governance measures implemented to manage potential conflicts of interest with the single largest shareholder [Measures Related to the Single Largest Shareholder](index=1&type=section&id=Measures%20Related%20to%20the%20Single%20Largest%20Shareholder) The company has implemented corporate governance measures to protect all shareholders' rights, especially minority shareholders, and prevent potential conflicts of interest with Mr. Shan, the single largest shareholder (holding approximately 21.68% of voting rights); independent non-executive directors confirmed no conflicts during the reporting period - Mr. Shan controls approximately **21.68%** of the total issued shares as of December 31, 2024, making him the company's single largest shareholder[4](index=4&type=chunk) - The company has implemented corporate governance measures, including internal control mechanisms for related party transactions, annual reviews by independent non-executive directors for conflict assessment, and disclosure of decisions per listing rules[4](index=4&type=chunk) - Independent non-executive directors confirmed, after reviewing information provided by Mr. Shan, that there were no conflicts of interest between the Group and Mr. Shan during the reporting period[4](index=4&type=chunk) [Post-IPO Share Scheme](index=2&type=section&id=Post-IPO%20Share%20Scheme) This section details the Post-IPO Share Scheme, including total issuable shares, participant entitlement limits, and conditions for granting, exercising, and vesting options and awards [Total Number of Shares Issuable](index=2&type=section&id=Total%20Number%20of%20Shares%20Issuable) The company disclosed the total number of shares issuable under the Post-IPO Share Scheme and confirmed no options or awards were granted from the listing date to the annual report date - No options and/or awards were granted by the Board to any participants under the Post-IPO Share Scheme from the listing date to the annual report date[6](index=6&type=chunk) Total Number of Shares Issuable Under Post-IPO Share Scheme | Indicator | Quantity/Ratio | | :--- | :--- | | **Maximum Total** | 56,916,925 shares | | Percentage of Total Issued Shares as of December 31, 2024 | Approximately 10.00% | | Percentage of Total Issued Shares as of Latest Practicable Date | Approximately 9.02% | [Cap on Entitlement for Each Participant](index=2&type=section&id=Cap%20on%20Entitlement%20for%20Each%20Participant) The share scheme stipulates that if the total shares granted to a single participant exceed 1% of the issued share capital within 12 months, separate shareholder approval is required, with connected persons abstaining from voting - If the total number of shares granted to a single participant exceeds **1%** of the total issued shares within 12 months, separate approval by shareholders in a general meeting is required[7](index=7&type=chunk) - If the participant is a connected person, they and their close associates must abstain from voting[7](index=7&type=chunk) [Grant of Options and Awards](index=2&type=section&id=Grant%20of%20Options%20and%20Awards) Upon accepting Post-IPO options or awards, grantees generally are not required to pay, unless the Board determines a purchase price for awards, considering factors like closing price, scheme objectives, and participant characteristics - Grantees are not required to pay any amount upon acceptance of a Post-IPO option offer[8](index=8&type=chunk) - Grantees are generally not required to pay any amount upon acceptance of a Post-IPO award offer, unless otherwise determined by the Board[8](index=8&type=chunk) - Any purchase price for a specific Post-IPO award, if any, is determined at the Board's discretion, considering factors such as the closing price of shares, scheme objectives, and participant characteristics[8](index=8&type=chunk) [Exercise Period and Exercise Price of Options](index=3&type=section&id=Exercise%20Period%20and%20Exercise%20Price%20of%20Options) The exercise period for Post-IPO options is determined by the Board or Remuneration Committee, not exceeding ten years from the grant date, with the exercise price being at least the higher of the closing price on the offer date or the average closing price over the five preceding business days - The exercise period for Post-IPO options is determined solely at the discretion of the Board or Remuneration Committee and shall not exceed **ten years** from the grant date[9](index=9&type=chunk) - The exercise price for Post-IPO options shall be at least the higher of: (i) the closing price on the Stock Exchange on the offer date; and (ii) the average closing price on the Stock Exchange for the **five business days** immediately preceding the offer date[9](index=9&type=chunk) [Vesting of Options and Awards](index=3&type=section&id=Vesting%20of%20Options%20and%20Awards) The vesting period for Post-IPO options and awards is generally not less than 12 months, but the Board may grant shorter periods under specific circumstances such as new hires, termination due to death/disability, administrative compliance, blended/accelerated vesting, or performance-based conditions [Vesting Period for Post-IPO Options](index=3&type=section&id=Vesting%20Period%20for%20Post-IPO%20Options) The vesting period for Post-IPO options shall not be less than 12 months, but the Board may grant shorter periods under specific circumstances like new hires, termination due to death/disability, administrative compliance, blended/accelerated vesting, or performance-based conditions - The vesting period for Post-IPO options shall not be less than **12 months**[10](index=10&type=chunk) - The Board may, at its discretion, grant a shorter vesting period under specific circumstances such as compensation for new hires, termination of employment due to death/disability, administrative and compliance reasons, blended or accelerated vesting schedules, or adoption of performance-based vesting conditions[10](index=10&type=chunk) [Vesting Period for Post-IPO Awards](index=3&type=section&id=Vesting%20Period%20for%20Post-IPO%20Awards) The vesting period for Post-IPO awards shall also not be less than 12 months, with similar exceptions allowing the Board to discretionarily shorten the vesting period - The vesting period for Post-IPO awards shall not be less than **12 months**[11](index=11&type=chunk) - The Board may, at its discretion, grant a shorter vesting period under specific circumstances such as compensation for new hires, termination of employment due to death/disability, administrative and compliance reasons, blended or accelerated vesting schedules, or adoption of performance-based vesting conditions[11](index=11&type=chunk) [Other Information](index=4&type=section&id=Other%20Information) This section provides additional information regarding the composition of the company's Board of Directors [Board Composition](index=4&type=section&id=Board%20Composition) As of the announcement date, the Board comprises three executive directors, one non-executive director, and three independent non-executive directors, including Mr. Shan Jizhang, Chairman, Executive Director, and CEO - As of the announcement date, the Board comprises **three executive directors**, **one non-executive director**, and **three independent non-executive directors**[14](index=14&type=chunk) - Executive directors include Mr. Shan Jizhang (Chairman, Executive Director, and Chief Executive Officer), Mr. Liu Weihong, and Mr. Zeng Daibing[13](index=13&type=chunk)[14](index=14&type=chunk) - Independent non-executive directors include Professor Li Qingyuan, Professor Long Wenmao, and Professor Xu Ming[14](index=14&type=chunk)

Core Insights - The article highlights significant changes in the stock holdings of various companies under the Hong Kong Stock Connect program, indicating shifts in investor sentiment and potential investment opportunities. Group 1: Stock Increases - Canggang Railway (02169) saw the largest increase in stock holdings, rising by 10.72% to a total holding of 33.06% [1][2] - Goldwind Technology (02208) experienced a 1.17% increase, bringing its holding to 48.64% [1][2] - Zhongchu Innovation (03931) had a 1.02% increase, resulting in a holding of 14.69% [1][2] - The top three companies with the highest increases over the last five trading days were Dazhong Public Utilities (01635) with a 26.45% increase, Canggang Railway (02169) with a 21.07% increase, and Shankao Holdings (00412) with a 12.67% increase [1][3] Group 2: Stock Decreases - Shandong Molong (00568) recorded the largest decrease in stock holdings, dropping by 1.69% to 55.70% [1][2] - Jinli Permanent Magnet (06680) saw a decrease of 1.65%, resulting in a holding of 22.36% [1][2] - Yihua Tong (02402) experienced a 0.89% decrease, bringing its holding to 19.98% [1][2] - Over the last five trading days, the largest decreases were noted for Dongfang Electric (01072) with a 5.93% decrease, Yihua Tong (02402) with a 4.16% decrease, and Ocean Park (02255) with a 2.54% decrease [1][3] Group 3: Long-term Trends - Over the past 20 days, Dazhong Public Utilities (01635) had the highest increase of 27.37%, reaching a holding of 60.02% [4] - Canggang Railway (02169) also saw a significant increase of 21.39%, maintaining a holding of 33.06% [4] - Longfei Optical Fiber and Cable (06869) increased by 17.15%, achieving a holding of 71.17% [4]

Core Viewpoint - The strategic collaboration among Hezhima Intelligent, Chery Commercial Vehicles, and China Pacific Property Insurance aims to innovate the "technology + insurance" model, enhancing safety and operational efficiency for new energy commercial vehicles through advanced driver assistance technologies [1][7]. Group 1: Companies Involved - Hezhima Intelligent specializes in automotive-grade intelligent computing chips and has comprehensive capabilities in developing advanced driver assistance systems [3]. - Chery Commercial Vehicles has established a strong brand reputation in the commercial vehicle sector, leveraging its manufacturing expertise and market presence [3]. - China Pacific Property Insurance provides robust risk management solutions through its advanced data analysis capabilities and professional insurance services [3]. Group 2: Collaboration Details - The partnership will create an efficient operational system characterized by a closed-loop service chain of "technical support - offline management - online analysis" [4]. - Hezhima Intelligent will supply the PA2.0 active safety system for Chery's new energy vehicle lineup, which integrates multiple safety functions and has shown to reduce accident rates by over 70% [4][6]. - Chery Commercial Vehicles will manage offline operations, ensuring rapid market access for the technology and products [6]. Group 3: Innovation and Impact - The collaboration aims to establish a new ecosystem for the safe development of new energy commercial vehicles, promoting high-quality growth while addressing industry pain points [7][8]. - The innovative integration of Hezhima Intelligent's technology with China Pacific's insurance services creates a new paradigm that enhances driver and vehicle safety while providing a replicable development model for the industry [7][8]. - The pilot program will initially launch in at least three provincial regions, with plans for nationwide expansion to foster smart logistics and green transportation [8].

Core Insights - A strategic partnership has been established among Hezhima Intelligent, Chery Commercial Vehicles, and China Pacific Property Insurance to explore an innovative "technology + insurance" model for enhancing safety and operational efficiency in new energy commercial vehicles [1][6]. Group 1: Partnership Overview - The collaboration aims to integrate advanced driver assistance technologies into the insurance underwriting process, creating a mechanism for risk reduction and premium discounts [1][6]. - Hezhima Intelligent will provide its PA2.0 commercial vehicle active safety system, which combines multiple functionalities such as AEBS, ADAS, BSD, and DMS, marking it as the first modular design in the domestic market [4][6]. - Chery Commercial Vehicles will leverage its established distribution network to facilitate the implementation of the partnership, ensuring rapid market access for the technology and products [5]. Group 2: Technological and Operational Details - The PA2.0 system is based on Hezhima Intelligent's Huashan A1000 chip and is designed to significantly reduce accident rates, with reported reductions of over 70% in overall accidents and 80% in major accidents [4]. - The partnership will create a closed-loop service chain consisting of "technical support - offline management - online analysis" to enhance operational efficiency [3][6]. Group 3: Strategic Goals and Future Plans - The collaboration will initially pilot the new model in at least three provincial regions, with plans for nationwide expansion once the model is refined [7]. - The partnership aims to set a benchmark for cross-industry collaboration and innovation, contributing to the development of a sustainable ecosystem for new energy commercial vehicles [6][7].