Core Viewpoint - Black Sesame Technologies (02533.HK) has entered into a subscription agreement with investors to issue a total of 30.1319 million shares at a subscription price of HKD 18.88 per share, representing approximately 4.70% of the company's issued shares as of the announcement date [1] Group 1 - The total expected gross proceeds from the subscription are approximately HKD 568.9 million, with net proceeds estimated at HKD 568.1 million [1] - Approximately 90% of the net proceeds will be allocated for strategic mergers and acquisitions and investments, focusing on high-quality companies or assets in the fields of artificial intelligence chips, semiconductor upstream and downstream supply chains, robotics, and related advanced technologies [1] - The remaining 10% of the net proceeds will be used for the company's general working capital [1]

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Core Insights - Black Sesame Intelligence showcased its latest achievements in assisted driving, embodied intelligence, and consumer electronics at CES 2026, marking its strategic shift from "driving assisted driving" to "promoting intelligent evolution" [2] Group 1: Product Launches - The company introduced the Huashan A2000 chip, a high-performance all-scenario intelligent driving chip, which has received industry-wide recognition and is set to enhance intelligent assisted driving applications [3] - The Wudang C1296 chip was also presented, which integrates digital dashboard, smart cockpit, and intelligent assisted driving functionalities, driving the evolution of automotive electronic architecture [4] Group 2: Strategic Partnerships - Black Sesame Intelligence announced a strategic partnership with Shentianji, which launched the world's first dual-wheel outdoor companion robot, Rovar, utilizing the SesameX multi-dimensional embodied intelligence computing platform [5] - The collaboration aims to integrate the core computing module Aura into Rovar, enhancing the robot's capabilities and facilitating its deployment in outdoor scenarios [6] Group 3: Technological Advancements - The Huashan A2000 chip features a large-core architecture and algorithmic design, significantly improving the performance and safety of assisted driving systems in complex scenarios [3] - The SesameX platform is designed to provide an open, scalable, and mass-producible intelligent computing base for robots, supporting various robot forms and complexities [5]

Core Viewpoint - Black Sesame Intelligence (02533) has seen a stock price increase of over 4% amidst market fluctuations, currently trading at HKD 22.12 with a transaction volume of HKD 90.28 million [1] Group 1: Company Developments - On January 6, CES 2026 commenced in Las Vegas, where the company showcased its latest achievements in three key areas: assisted driving, embodied intelligence, and consumer electronics [1] - The Huashan A2000, a comprehensive assisted driving demonstration platform, made its debut at the exhibition [1] - Since its market introduction, the Huashan series has received widespread recognition for its performance, with successful collaborations established with well-known automotive companies such as Dongfeng, Geely, Hongqi, and JAC [1] Group 2: Technology and Performance - The Huashan A2000 features a large-core architecture and algorithmic collaborative design, optimized at the system level, leveraging the company's latest Jiushao NPU [1] - The actual performance of the Huashan A2000 is comparable to the highest-performing intelligent driving chips globally [1] - The chip is expected to empower applications in intelligent assisted driving (VLM/VLA) and cockpit AI Box applications in the future [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12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: 2026年1月7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 ...

Core Insights - Black Sesame Intelligence showcased its latest achievements in assisted driving, embodied intelligence, and consumer electronics at CES 2026, marking its strategic shift from "driving assisted driving" to "promoting intelligent evolution" [1] Group 1: Assisted Driving - The A2000 all-scenario general-purpose assisted driving demonstration platform made its debut, providing high-performance, high-reliability full-stack solutions for the smart automotive industry [2] - The Huashan A2000 chip has gained wide recognition in the industry, successfully collaborating with major automakers like Dongfeng, Geely, Hongqi, and JAC to implement assisted driving technology in mass-produced vehicles [5] - The A2000 chip has passed relevant U.S. reviews and is officially launched in the global market, featuring a large-core architecture and system-level optimization [5] Group 2: Embodied Intelligence - The SesameX multi-dimensional embodied intelligence computing platform made its overseas debut, aimed at providing an open, scalable, and mass-producible intelligent computing base for robotics [7] - The platform includes three series: Kalos, Aura, and Liora, catering to various complexities and forms of robotic needs, promoting the large-scale industrial implementation of embodied intelligence [7] Group 3: Consumer Electronics - Black Sesame's AI imaging solutions have been widely adopted in consumer electronics, with over 500 million devices equipped globally [8] - The recent strategic acquisition of Yizhi Electronics enhances Black Sesame's capabilities in low-power, cost-effective AI SoC chips, showcased at CES [8] - The AI imaging solutions cover a range of products, including smartphones, tablets, cameras, and AI glasses, providing enhanced user experiences through deep integration of chips and algorithms [8]

Industry Overview - The domestic intelligent driving chip industry is experiencing rapid growth, with the penetration rate of intelligent driving expected to drive significant market expansion in the short to medium term. The demand for robots is anticipated to create additional growth opportunities in the long term [1] - Most OEMs are likely to continue relying on third-party neutral intelligent driving chip platforms due to high costs associated with self-developed chips, including time, financial, and human resource investments, as well as high barriers in software ecosystems [1] Product Development - The company has a strong R&D capability in intelligent hardware, with core employees having over 15-20 years of experience. The A1000 series has been successfully mass-produced, enhancing the company's production experience [1] - The new mid-tier intelligent driving computing platform, C1200 family, aligns with the evolution of automotive EE architecture and cost reduction demands, showing considerable commercial potential. The next-generation high-performance platform, A2000, is set to cover various scenarios from NOA to Robotaxi, with mass production planned to start in 2026 [1] Ecosystem Collaboration - The company positions itself as a Tier 2 player, collaborating with leading Tier 1 manufacturers and algorithm firms to advance commercialization efforts [1] Growth Potential - The company is replicating its automotive-grade chip capabilities in the robotics industry, accelerating scale through external acquisitions and has launched the SesameX commercialization deployment platform [2] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 830 million, 1.38 billion, and 2.11 billion yuan respectively, with year-on-year growth rates of 75.8%, 65.5%, and 52.8% [2] - The company is assigned a reasonable valuation multiple of 12x PS for 2026, corresponding to a fair value of 28.46 HKD per share, maintaining a "buy" rating [2]

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The report highlights the rapid growth potential of the domestic intelligent driving chip industry, with a significant increase in penetration rates expected in the coming years. The company is well-positioned to benefit from this trend [10][17]. - The company has a strong R&D team with extensive experience, which enhances its product development capabilities and market competitiveness [49]. - The report emphasizes the importance of collaboration with Tier 1 manufacturers and algorithm providers to drive commercialization and expand market presence [61]. Summary by Sections 1. Overall Dimension - The intelligent driving chip market is expected to grow rapidly due to increasing penetration rates driven by technological advancements, policy support, and rising consumer demand. The penetration rates for L2, L2.5, and L2.9 configurations are projected to increase significantly by 2030 [17][20]. - The report notes that only a few OEMs are likely to achieve self-developed chips due to high costs and complexities involved in chip development [29][33]. - Geopolitical factors are expected to drive the domestic market share of intelligent driving chips, with a focus on increasing localization [41][42]. 2. Product Dimension - The company is continuously iterating its products, with a focus on developing a mature ecosystem. The A1000 series has already achieved significant market penetration, and the upcoming C1200 family is expected to meet evolving automotive architecture needs [49][55]. - The C1200 family is designed to support central computing architectures and is expected to be commercially viable soon, with significant advancements in safety and performance [55][57]. 3. Ecosystem Dimension - The company positions itself as a Tier 2 supplier, collaborating with leading Tier 1 manufacturers and algorithm firms to enhance its market offerings. This strategy aims to provide OEMs with substantial value and differentiation in their intelligent driving solutions [61]. - The report discusses the limitations of a tightly integrated hardware-software model, as seen in the case of Mobileye, and suggests that a more flexible approach will be beneficial for OEMs [61]. 4. Growth Potential - The company is expanding its capabilities into the robotics sector, leveraging its automotive-grade chip technology to capture new market opportunities. The SesameX platform is a key initiative in this regard [10][27]. - Revenue forecasts indicate substantial growth, with expected revenues of 834 million in 2025, 1.38 billion in 2026, and 2.11 billion in 2027, reflecting year-on-year growth rates of 75.8%, 65.5%, and 52.8% respectively [8].

（文章来源：每日经济新闻） 每经AI快讯，智驾概念股多数走高，截至发稿，黑芝麻智能(02533.HK)涨7.32%，报20.96港元；浙江世 宝(01057.HK)涨6.26%，报5.26港元；小马智行-W(02026.HK)涨6.29%，报123.4港元；文远知行- W(00800.HK)涨4.54%，报24.42港元。 ...

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards the industry [1] Group 1: Stock Performance - Black Sesame Intelligence (02533) increased by 7.32%, reaching HKD 20.96 [1] - Zhejiang Shibao (01057) rose by 6.26%, reaching HKD 5.26 [1] - Pony.ai-W (02026) saw a rise of 6.29%, reaching HKD 123.4 [1] - WeRide-W (00800) increased by 4.54%, reaching HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] - The journey included various driving conditions such as highways, city roads, nighttime driving, and multiple entries and exits at supercharging stations [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline for 2026 [1] - Orient Securities anticipates that with regulatory support and increasing market demand, the progress of L3 autonomous driving industrialization is expected to accelerate by 2026, benefiting related smart driving hardware and software suppliers [1]