Core Viewpoint - The automotive industry is on the brink of a revolution driven by smart technology, with 2025 expected to be a pivotal year for the adoption of Level 3 (L3) automation, particularly in urban environments [1][2]. Group 1: Automotive Smart Technology - L3 automation is anticipated to significantly influence consumer purchasing decisions, becoming one of the top three considerations when buying a car [1]. - The penetration rate of L3 automation is projected to increase from 10% in 2025 to over 80% by 2027, indicating a rapid adoption phase [1]. - The future automotive landscape is expected to be categorized into three types of companies: B-end Robotaxi operators, C-end personalized brands, and high-end vehicle manufacturers [2]. Group 2: Market Trends and Developments - In August, the penetration rate of urban NOA (Navigation on Autopilot) reached 23.2%, reflecting a month-on-month increase of 0.9 percentage points [3]. - Companies like Li Auto and XPeng are leading in smart technology adoption, with XPeng's smart technology penetration exceeding 70% and Li Auto's at 59.4%, despite a slight decline [3]. - The introduction of next-generation driving architectures, such as VLA, is being implemented in new models, enhancing the capabilities of smart driving systems [3]. Group 3: Investment Recommendations - The report suggests a focus on smart vehicles and related components, highlighting companies in both Hong Kong and A-share markets, such as XPeng Motors, Li Auto, BYD, and SAIC Motor [4]. - Investment opportunities are identified in AI chips, domain controllers, and electronic components, with specific companies recommended for each category [4].

Core Viewpoint - Black Sesame Intelligence reported a significant revenue growth of 40.4% year-on-year, reaching 253 million yuan in the first half of 2025, supported by its global strategy and record high overseas model deployments [2] Group 1: Financial Performance - The company achieved a revenue of 253 million yuan in the first half of 2025, marking a 40.4% increase compared to the previous year [2] Group 2: Autonomous Driving Sector - Black Sesame Intelligence has deepened collaborations with major clients such as Geely, BYD, Dongfeng, and FAW, leading to mass production of the A1000 series chips in several new models [2] - The C1200 series chip solutions have completed testing in multiple cities and are set for mass deployment in various new energy projects [2] - The company aims to establish partnerships for the high-performance A2000 series chips by the end of the year, focusing on advanced algorithm solutions [2] Group 3: Robotics Sector - The company is developing a "brain" perception computing solution based on the A2000 chip and a motion control solution based on the C1200 chip for robotics applications [3] - Strategic collaborations with leading bipedal robot companies are underway to develop multimodal perception computing modules for various robotic applications [3] - Black Sesame Intelligence is actively pursuing acquisitions of cost-effective, low-power AI chip companies to enhance its edge AI capabilities [3]

Core Insights - Black Sesame Intelligence reported a 40.4% year-on-year increase in revenue, reaching 253 million yuan in the first half of 2025, driven by successful overseas expansion in assisted driving and robotics [1] - The company has established deepened collaborations with major clients such as Geely, BYD, Dongfeng, and FAW, achieving mass production of its A1000 series chips in several vehicle models [1] - Black Sesame is actively developing its robotics business, leveraging its C1200 and A2000 series chips for various applications, including humanoid and wheeled robots [1][2] Revenue Growth - The company achieved a revenue of 253 million yuan in the first half of 2025, marking a 40.4% increase compared to the previous year [1] Assisted Driving Business - Black Sesame has strengthened partnerships with leading automotive manufacturers, with its A1000 series chips being mass-produced in models like Geely Galaxy E8 and Dongfeng Yipai 007 [1] - The C1200 series chip solutions have completed testing in multiple cities and are set for mass deployment in several new energy vehicle projects [1] Robotics Development - The company is developing a motion control solution for robots based on the C1200 series chip and a perception computing solution for embodied intelligence using the A2000 chip [1] - Strategic collaborations with leading bipedal robot companies are underway to develop multimodal perception computing modules for various applications, including humanoid robots and lawnmowers [1][2] Technological Innovation - Black Sesame has built a core competitive advantage through continuous technological innovation, utilizing BEV+E2E algorithms to enhance perception accuracy and reduce reliance on high-definition maps [2] - The self-developed "Jiushao" NPU architecture and toolchain optimizations support mixed training, improving AI computing efficiency and compatibility [2] Commercial Applications - The company's L4 unmanned logistics system has achieved low-speed autonomous driving in closed environments like ports and parks, with ongoing shipments [2] - Smart imaging solutions have expanded into new product forms such as AI smart glasses, achieving commercial deployment with multiple clients [2] Future Strategy - Black Sesame is actively pursuing acquisitions of cost-effective, low-power AI chip companies to strengthen its edge in edge AI deployment and create comprehensive AI inference solutions [2] - The company aims to accelerate the mass production of high-performance chips and implement its edge AI strategy, leading the global trend in assisted driving and opening new chapters in the robotics industry [2]

Core Viewpoint - The company reported a significant revenue growth of 40.4% year-on-year, achieving 253 million yuan in the first half of 2025, driven by its global strategy and record high overseas model specifications and quantities [1][2] Group 1: Financial Performance - The company achieved a revenue of 253 million yuan in the first half of 2025, marking a 40.4% increase compared to the previous year [1] - The growth is attributed to the successful implementation of its global strategy, with record high overseas specifications and quantities for its models [1] Group 2: Product Development and Partnerships - The A1000 series chips are accelerating in mass production, with collaborations deepening with major clients such as Geely, BYD, Dongfeng, and FAW [1] - The A1000 series chips have been successfully mass-produced in several new models, including Geely's Galaxy E8 and Dongfeng's Yipai 007 and 008 [1] - The C1200 series chip solutions have completed testing in multiple cities and are set for mass deployment in various new energy projects [1] Group 3: Robotics Solutions - The company has achieved a global breakthrough in its robotics solutions, developing a motion control solution called "Little Brain" based on the C1200 series chip [1] - The "Big Brain" perception computing solution is being developed using the A2000 chip, with strategic partnerships established with leading bipedal robot companies [1] - The company is expanding its robotics applications across multiple fields, including humanoid robots, bipedal robots, and lawnmowers, while simultaneously advancing its business in domestic and international markets [1]

Core Viewpoint - The company, Hezhima Intelligent, reported significant growth in its mid-term performance for the first half of 2025, driven by deepening collaborations with major clients and expansion into new markets [1] Group 1: Business Development - The company has strengthened partnerships with leading clients such as Geely, BYD, Dongfeng, and FAW, leading to continuous delivery and engineering development of related assisted driving platforms [1] - The number of overseas designated models and their quantity reached a historical high for the company, providing a solid foundation for overseas expansion and sales [1] - The company is making progress in cross-scenario technology and business migration based on existing assisted driving chips and solutions, with advancements in areas like robotics and unmanned logistics vehicles [1] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of 253 million, representing a 40.4% increase compared to the same period in 2024 [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。 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） 截 至2025年6月30日止六個月 中期業績公告 董事會欣然公佈本集團截至2025年6月30日 止 六 個 月 的 未 經 審 核 綜 合 業 績，連 同截至2024年6月30日 止 六 個 月 的 比 較 數 字。該 等 中 期 業 績 乃 根 據 國 際 會 計 準 則理事會頒布的國際會計準則第34號「中 期 財 務 報 告」編 製，並 已 由 本 公 司 核 數 師 羅 兵 咸 永 道 會 計 師 事 務 所 審 閱。該 等 中 期 業 績 亦 已 由 董 事 會 及 審 核 委 員 會 審 閱 及 確 認。 主要摘要 財務概要 | 截 | ...

Core Viewpoint - Black Sesame Intelligence and Cloud Deep Technology have formed a strategic partnership to enhance the development of embodied intelligence control platforms and industry-specific intelligent solutions, aiming for international market expansion and innovative applications in high-performance robotics across various sectors [1][3][5]. Group 1: Strategic Collaboration - The collaboration focuses on three main areas: development of embodied intelligence control platforms, co-creation of industry intelligent solutions, and international market expansion [1][3]. - Black Sesame will leverage its self-developed high-performance automotive-grade computing chips in conjunction with Cloud Deep's robotics platform to explore solutions in scenarios such as ship inspection, smart construction, and educational research [3][5]. Group 2: Leadership Insights - The CEO of Black Sesame expressed enthusiasm about the partnership, highlighting the integration of chip technology and robotics capabilities to enhance robot perception, decision-making, and control performance [5]. - The CEO of Cloud Deep emphasized the commitment to innovation in intelligent robotics, stating that the collaboration will accelerate the intelligent upgrade of their robotics platform, particularly in complex applications like ship inspection and smart construction [5]. Group 3: Market and Technological Impact - The strategic cooperation is based on technological co-research and market synergy, aiming to iteratively optimize the embodied intelligence control platform based on real-world scenarios [5]. - This partnership is expected to support domestic innovation in robotics and chip solutions while exploring international opportunities [5].

Core Viewpoint - Black Sesame Intelligence (02533) issued a profit warning, expecting a revenue of over RMB 250 million for the six months ending June 30, 2025, which represents a growth of over 38% compared to the same period in 2024, but anticipates a net loss of no more than RMB 800 million due to various factors including employee stock-based compensation and R&D expenses [1][1][1] Financial Performance - The company expects to record a revenue exceeding RMB 250 million for the six months ending June 30, 2025, marking a growth of over 38% year-on-year [1][1][1] - Anticipated net loss for the same period is projected to be no more than RMB 800 million [1][1][1] Cost Factors - The expected loss is primarily attributed to stock-based compensation expenses of no less than RMB 200 million due to employee awards [1][1][1] - Additional costs arise from R&D efforts in high-level assisted driving and solutions [1][1][1] - The conversion of preferred shares to common shares post-listing has led to a decrease in the fair value gains of financial instruments [1][1][1] Acquisition Progress - Black Sesame Intelligence is progressing with the acquisition of an AI systems chip and solutions business, with due diligence and auditing activities ongoing [1][1][1] - The target company continues to operate under its original management team, which is expected to remain post-acquisition and will be responsible for ongoing operations and management [1][1][1] - Discussions are actively taking place regarding corporate governance and performance targets for the target company after the acquisition [1][1][1]

Core Viewpoint - The company anticipates revenue exceeding RMB 250 million for the six months ending June 30, 2025, representing a growth of over 38% compared to the same period in 2024, but expects a net loss not exceeding RMB 800 million during this period due to various factors [1] Financial Performance - Expected revenue for the upcoming period is over RMB 250 million, which is an increase of more than 38% year-on-year [1] - Projected net loss is capped at RMB 800 million for the same period [1] Cost Drivers - The anticipated loss is primarily attributed to: - Share-based compensation expenses of no less than RMB 200 million due to employee awards [1] - Significant expenditures related to the research and development of advanced driver assistance systems and solutions [1] - Decreased fair value gains on financial instruments issued to investors, linked to the conversion of preferred shares to common shares following the company's listing on the Hong Kong Stock Exchange [1]

Core Viewpoint - Black Sesame Technologies (02533) anticipates revenue exceeding RMB 250 million for the six months ending June 30, 2025, representing a growth of over 38% compared to the same period in 2024, but expects a net loss not exceeding RMB 800 million during this period [1] Financial Performance - The company projects a revenue of over RMB 250 million for the upcoming six-month period [1] - This revenue forecast indicates a growth of more than 38% compared to the same period in the previous year [1] - The anticipated net loss is expected to be no more than RMB 800 million [1] Cost Drivers - The projected loss is primarily attributed to: - Share-based compensation expenses of no less than RMB 200 million due to employee incentive awards [1] - Significant expenditures related to research and development in advanced driver assistance systems and solutions [1] - Decreased fair value gains on financial instruments issued to investors, linked to the conversion of preferred shares to ordinary shares following the company's listing on the Hong Kong Stock Exchange [1]