[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].

Core Insights - The penetration rate of passenger cars equipped with combined driving assistance systems in China reached 62.6% from January to July 2025, an increase of 5.7 million units and 40 percentage points compared to the same period in 2021 [1] - The current market primarily features L2 level systems, which assist with basic driving tasks but do not provide full autonomous driving capabilities, leaving the driver responsible [1] - The development of intelligent driving in China is accelerating due to policy support, with significant regulations and standards being established to enhance safety and performance in the industry [1][2] Industry Developments - The introduction of national standards for L2 level driving assistance is expected to provide regulatory support and drive innovation within the intelligent driving industry, benefiting the entire supply chain [2] - Major automotive manufacturers are shifting from fully self-developed solutions to strategic collaborations with technology providers, enhancing the integration of AI capabilities and increasing the penetration of intelligent driving technologies [2] - Domestic suppliers of components such as lidar, cameras, and radar are strengthening their influence in the industry and moving towards integrated hardware and software solutions [2] Relevant Companies - Black Sesame Intelligence (02533) is positioned to benefit from the commercialization of L2+ technology and advancements in L3 and L4 scenarios, having launched high-performance intelligent driving chips [3] - Horizon Robotics (09660) has achieved significant production milestones with its HSD chip series and is establishing international partnerships, aiming to expand its intelligent driving solutions globally [3] - Suoteng Juchuang (02498) has successfully mass-produced high-line count lidar products, which are now featured in new intelligent SUV models [3] - Youjia Innovation (02431) has entered the unmanned logistics sector with its "Xiaozhu" brand, showcasing its commitment to advancing high-level autonomous driving commercialization [4]

Group 1 - The stock of Hezhima Intelligent (02533) rose over 6% recently, with a current price of 20.26 HKD and a trading volume of 664 million HKD [1] - The Ministry of Industry and Information Technology of China has released a draft for mandatory national standards on intelligent connected vehicles, establishing a safety baseline for these products [1] - The draft requires that systems can only be activated under their designed operating conditions, indicating a regulatory push towards safer intelligent driving technologies [1] Group 2 - According to Puyin International, the high-speed NOA solution based on Huashan A1000 will begin mass production in passenger vehicles starting in 2023, having undergone thorough validation [2] - Hezhima Intelligent has deepened cooperation with core existing customers this year, expanding from driver assistance to cabin and driving integration [2] - The company is expected to benefit from the trend of domestic automakers accelerating the deployment of vehicles equipped with NOA features, with projected shipments of A1000 exceeding 300,000 units by 2025 [2]

Group 1 - The Hong Kong stock market saw a rise in autonomous driving concept stocks on September 18, with notable increases in share prices for several companies [1] - Black Sesame Technologies (02533.HK) experienced a significant increase of 9.04%, reaching HKD 20.86 [1] - Horizon Robotics-W (09660.HK) rose by 7.18%, trading at HKD 11.19 [1] - Suda Technology (02498.HK) saw a gain of 6.33%, with shares priced at HKD 45.26 [1] - Youjia Innovation (02431.HK) increased by 5.9%, with a share price of HKD 27.64 [1]

Core Viewpoint - The smart driving concept stocks have risen significantly following the announcement of a new national standard for intelligent connected vehicle auxiliary systems, indicating a positive outlook for the automotive smart technology sector [1] Group 1: Stock Performance - Stocks of several companies in the smart driving sector have seen notable increases: - Hezhima (000716) up 9.04% to HKD 20.86 - Horizon Robotics-W (09660) up 7.18% to HKD 11.19 - Suton Juchuang (02498) up 6.33% to HKD 45.26 - Youjia Innovation (02431) up 5.9% to HKD 27.64 [1] Group 2: Regulatory Developments - On September 17, the Ministry of Industry and Information Technology publicly solicited opinions on the mandatory national standard for "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems" - Data shows that the installation rate of Level 2 combination driving assistance technology in new energy vehicles has exceeded 50%, with expectations for continued growth in installation rates [1] Group 3: Industry Insights - A representative from the Ministry of Industry and Information Technology stated that this standard fills a safety baseline gap for combination driving assistance systems in China, providing critical technical support for industry access, quality supervision, and post-event traceability - This development is expected to enhance overall product safety levels in the industry [1] Group 4: Investment Recommendations - CITIC Securities suggests that the automotive smart technology supply chain is likely to benefit from the gradual improvement of industry regulations, recommending investment in: 1) Leading manufacturers in smart driving research and development 2) Leading suppliers of laser radar 3) Leading companies in intelligent connected vehicle testing and simulation services 4) Other leading suppliers of smart driving components [1] - Aijian Securities anticipates that the current period until next year will be a breakthrough window for advanced smart driving technology, policy regulations, user acceptance, and business models, advising a focus on automotive intelligence [1]

消息面上，9月17日，工业和信息化部公开对《智能网联汽车组合驾驶辅助系统安全要求》强制性国家 标准公开征求意见。数据显示，新能源汽车组合驾驶辅助技术(L2级)搭载率超过50%，且预计组合驾驶 辅助系统的装配率仍将持续提升。工信部装备工业一司相关负责人介绍，这一标准填补了我国组合驾驶 辅助系统产品安全基线空白，将为行业准入、质量监督和事后追溯提供关键技术依据，有助于全面提升 产品安全水平。 智通财经APP获悉，智驾概念股走高，截至发稿，黑芝麻智能(02533)涨9.04%，报20.86港元；地平线机 器人-W(09660)涨7.18%，报11.19港元；速腾聚创(02498)涨6.33%，报45.26港元；佑驾创新(02431)涨 5.9%，报27.64港元。 中信证券此前指，在行业监管逐步完善的趋势下，汽车智能化产业链有望受益。推荐以下几条投资主 线：1）智能驾驶研发进展领先的主机厂；2）激光雷达头部供应商；3）智能网联汽车检测与仿真测试 服务头部公司；4）其他智能驾驶头部零部件供应商。爱建证券认为，预计当前至明年是汽车高阶智驾 技术成熟度、政策法规、用户接受度与商业模式共同突破的窗口，建议重视汽车智能化。 ...

Industry Overview - The Ministry of Industry and Information Technology has released a draft for mandatory national standards on "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems," aiming to establish a safety baseline for intelligent connected vehicles [1] - The draft emphasizes that systems can only be activated under their designed operating conditions and sets comprehensive safety technical requirements, including human-machine interaction, functional safety, information security, and data recording, creating a "triple safety guarantee" [1] - The standard is expected to drive technological upgrades and accelerate the implementation of advanced intelligent driving, facilitating smoother international expansion for the industry [1][2] Market Trends - The penetration rate of combination driving assistance systems in new passenger cars in China reached 62.58% in the first seven months of this year, with sales of such vehicles amounting to 7.76 million units, a year-on-year increase of 21.31% [2] - By mid-2025, the installation rate of L2-level and above driving assistance functions in new energy passenger vehicles is projected to reach 82.6% [2] - The current period until next year is seen as a critical window for breakthroughs in the maturity of advanced intelligent driving technology, policy regulations, user acceptance, and business models [2] Company Developments - Horizon Robotics is a leading player in the advanced driving assistance solutions market, providing both chips and algorithms, with products like J6P and HorizonCell offering 1120 TOPS computing power [4] - Black Sesame Intelligence has developed the A1000Pro chip with 106 TOPS performance and is collaborating with major automotive OEMs, enhancing its product matrix with the A2000 chip [4] - SUTENG Juchuang has achieved mass production of its high-line count LiDAR products, which are now featured in new models from various automakers [5] - Youjia Innovation has secured multiple contracts in the intelligent driving sector and is investing in high-level driving assistance and L4 autonomous driving solutions [5][6]