Group 1 - The stock of Hezhizhen Intelligent (02533.HK) opened over 5% higher and is currently up 5.58%, trading at HKD 20.62 [2] - The trading volume reached HKD 4.724 million [2]

消息面上，1月4日，黑芝麻智能宣布，其高性能全场景智能驾驶芯片——华山A2000，已顺利通过美国 商务部和国防部的相关审查，获准在全球范围内销售与应用。此举标志着A2000芯片正式进入规模化应 用阶段，将为高阶智能驾驶的商业化落地提供核心算力支持。据悉，华山A2000芯片基于7nm先进工艺 打造，集成高性能CPU、GPU、NPU及多种专用计算单元，实测性能媲美当前全球顶尖的智驾芯片。 智通财经APP获悉，黑芝麻智能(02533)高开逾5%，截至发稿，涨5.58%，报20.62港元，成交额472.4万 港元。 此前，黑芝麻智能发布公告称，其附属公司SPV(黑芝麻智能武汉就股权转让事宜及增资事项设立的特 殊目的公司)通过股权转让及增资，收购目标公司珠海亿智电子科技有限公司(亿智电子)合共60%股权， 总现金代价4.578亿人民币，拟以内部资源及/或银行融资拨付。据悉，目标公司专注于高性价比、低功 耗人工智能(AI)系统芯片(SoC)及解决方案的开发与销售。 ...

Major Events - Black Sesame Intelligence (02533) plans to acquire and increase its stake to 60% in Zhuhai Yizhi Electronic Technology, aiming to establish a full-scenario ecosystem for AI chips [1] - China Biopharmaceutical (01177) has completed the enrollment of the first patient in the Phase III clinical trial of its self-developed TDI01 "ROCK2 inhibitor" for the treatment of idiopathic pulmonary fibrosis [1] - Cao Cao Travel (02643) sees a positive outlook and its controlling shareholder voluntarily extends the lock-up commitment [1] - Laike Pharmaceutical-B (02105) has completed the first dosing of the Phase I single-dose escalation study for LAE103 [1] - VALA (02051) has launched its new model, Vala Home, and is collaborating with Ruichi Automobile to enhance production capacity and delivery systems [1] Operating Performance - BYD Company (01211) expects to achieve approximately 4.6024 million units in new energy vehicle sales for 2025, representing a year-on-year increase of 7.73% [1] - Geely Automobile (00175) reported total vehicle sales of 236,800 units in December, a year-on-year increase of approximately 13% [1] - NIO Inc. (09866) delivered 48,100 vehicles in December, setting a new monthly record with a year-on-year increase of 54.6% [1] - Great Wall Motors (02333) anticipates sales of approximately 1.3237 million units for 2025, reflecting a year-on-year growth of 7.33% [1] - Xpeng Motors (09868) achieved a total delivery of 429,400 vehicles for the entire year of 2025, marking a year-on-year increase of 126% [1] - China Power (02380) reported a total consolidated electricity sales volume of 10.0997 million megawatt-hours in November, an increase of 15.38% year-on-year [1] - Li Auto (02015) delivered 44,200 new vehicles in December, a year-on-year decrease of 24.44% [1]

Core Viewpoint - Black Sesame Intelligence (02533.HK) announced plans to acquire a 32.8435% stake in Zhuhai Yizhi Electronic Technology Co., Ltd. for a total consideration of RMB 457.8 million, which represents 19.5623% of the expanded total equity of the target company after the capital increase [1] Group 1 - The acquisition is set to be completed by December 31, 2025 [1] - The buyer is required to pay an additional unpaid registered capital of RMB 133,088 to the target company [1]

完成股权转让事项与增资事项乃互为条件。于股权转让事项及增资事项完成后，公司将透过SPV间接拥 有目标公司60%股权，而目标公司将成为公司的非全资附属公司，其财务业绩将综合入账至集团的综合 财务报表。 智通财经APP讯，黑芝麻智能(02533)公布，于2025年12月31日(交易时段后)，黑芝麻智能武汉及SPV(均 为(公司的间接全资附属公司))拟收购珠海亿智电子科技有限公司32.8435%股权(相当于增资事项后目标 公司经扩大股权总额的19.5623%)，总代价为人民币4.578亿元，且买方须向目标公司支付相应未实缴注 册资本人民币13.3088万元。 同日，SPV、管理层股东、现有股东、僱员合伙企业及目标公司订立增资协议，据此，SPV以人民币 2021.8838万元认购目标公司新增注册资本人民币2021.8838万元(相当于增资事项后目标公司经扩大股权 总额的40.4377%)。 公告称，该集团为领先的车规级智能汽车计算SoC及基于SoC的智能汽车解决方案供应商，主要从事车 规级产品及技术的销售。目标公司专注于高性价比、低功耗人工智能(AI)系统芯片(SoC)及解决方案的 开发与销售，其芯片产品所使用的绝大 ...

目标公司为于2016年7月22日在中国注册成立的有限责任公司，其为聚焦人工智能(AI)机器视觉算法及 片上系统(SoC)设计的领先系统解决方案供应商，专注于具有通用算力的设备内AISoC研发，为不同场 景提供具有多元化算力的系统解决方案。目标公司的产品线主要涵盖智能汽车、智能硬件及智能安防领 域。 集团为领先的车规级智能汽车计算SoC及基于SoC的智能汽车解决方案供应商，主要从事车规级产品及 技术的销售。目标公司专注于高性价比、低功耗人工智能(AI)系统芯片(SoC)及解决方案的开发与销 售，其芯片产品所使用的绝大部分知识产权(IP)，包括图像信号处理器(ISP)、神经网络处理器(NPU)及 模拟IP等均已实现自研，主要于汽车智能化、端侧AI应用等领域提供全栈式解决方案。 董事相信，收购事项将使集团能够提供高中低阶全系覆盖的车规级计算芯片，并为智能汽车提供全场景 解决方案，同时亦将促进集团产品拓展至更广泛的机器人及AI+应用，提供AI推理芯片全系产品及解决 方案。 完成股权转让事项与增资事项乃互为条件。于股权转让事项及增资事项完成后，公司将透过SPV间接拥 有目标公司60%股权，而目标公司将成为公司非全资附属 ...

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 透過股權轉讓事項及增資事項收購目標公司60%股 權 該等協議 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） 主要交易 股權轉讓協議 董 事 會 欣 然 宣 佈，於2025年12月31日（交 易 時 段 後），黑 芝 麻 智 能 武 漢（本 公 司 的 間 接 全 資 附 屬 公 司）、賣 方、管 理 層 股 東 及 目 標 公 司 訂 立 股 權 轉 讓 協 議， 據 此，買 方 同 意 購 買 及 賣 方 同 意 出 售 合 計 目 標 公 司32.8435%股 權（相 當 於 增 資事項後目標公司經擴大股權總額的19.5623%），總 代 價 為 人 民 幣457,800,000 元，且 ...

Group 1 - The core point of the news is that Hezhima Intelligent has successfully obtained ISO26262:2018 TCL3 automotive functional safety certification for its self-developed Shanhai AI toolchain, indicating it meets the highest international automotive functional safety standards and supports the development of ASIL-D level advanced driving assistance products [1][2] - The ISO26262 standard encompasses the entire product lifecycle, from concept design to decommissioning, and ASIL-D is the highest safety integrity level widely used in critical scenarios such as driving assistance decision-making and brake control [1] - The TCL3 certification signifies that the toolchain has passed the highest level of independence and reliability verification, allowing it to be directly used in the development process of ASIL-D level products without extensive additional tool adaptation and verification work [1] Group 2 - Hezhima Intelligent emphasizes functional safety as a core benchmark in automotive chip product development, establishing a comprehensive functional safety system covering chips, toolchains, and algorithms [2] - The Shanhai AI toolchain is designed as an end-to-end development platform for advanced driving assistance scenarios, supporting mainstream training frameworks like Tensorflow and Pytorch, and offering capabilities such as dynamic heterogeneous multi-core task allocation and AI compiler optimization services [2] - The toolchain currently includes over 50 reference model libraries and conversion cases, significantly lowering the algorithm development threshold for developers [2] Group 3 - In addition to strengthening safety in the automotive sector, Hezhima Intelligent is accelerating its layout in the embodied intelligence field, having launched the SesameX multi-dimensional embodied intelligence computing platform [3] - The company is actively building an ecosystem in the robotics field, with strategic collaborations aimed at developing control platforms and industry solutions [3] - Partnerships have been established with companies like Junsheng Electronics and Hubei Huazhong Electric Power Technology to deepen collaboration in robotic control systems and applications in the power industry [3]

（原标题：中邮证券：维持黑芝麻智能(02533)"买入"评级 聚焦辅助驾驶、具身智能两大核心场景） 智通财经APP获悉，中邮证券发布研报称，黑芝麻智能(02533)与智驰致远达成了深度战略合作，共同推动光通信模块在汽车辅助驾驶、具身智能 终端（机器人）等领域的创新应用，重点解决其高数据量传输（如多传感器数据）和低延迟传输需求。维持公司"买入"评级。 中邮证券主要观点如下： 推出SesameX多维具身智能计算平台，助力机器人从"可运行"走向"可成长" 全球机器人产业向复杂任务演进，传统"模块割裂、静态部署"架构难以应对真实环境挑战，需一套稳定、可演进、可规模化的智能计算基础。公 司推出SesameX多维智能计算平台，平台包含Kalos、Aura、Liora三款自研计算模组（适配不同复杂度机器人），高度集成硬件组件，兼容主流接 口，提供量产级硬件基础；支持单机、集群与边云协同。从行业生态来看，公司通过模块化设计、统一接口兼容主流生态，降低机器人厂商与算 法伙伴的系统集成复杂度；从商业价值角度看，覆盖从移动到操作、从服务到人形的全场景机器人需求，提供从研发到量产的全链路支持，成为 机器人商业化落地的核心合作伙伴。目 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has launched the SesameX multidimensional embodied intelligence computing platform, which aims to transition robots from being "operational" to "evolving" [4] - The platform includes three self-developed computing modules (Kalos, Aura, Liora) that are highly integrated and compatible with mainstream interfaces, providing a production-level hardware foundation [4] - The company is focusing on two core scenarios: advanced driving assistance and embodied intelligence, collaborating with strategic partners to innovate applications in these fields [5] - Revenue projections for the company are estimated at 8.1 billion, 14.0 billion, and 20.1 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be -1.21 billion, -640 million, and -140 million yuan for the same years [6][8] Financial Performance and Forecast - The company is expected to achieve revenues of 805 million yuan in 2025, 1.404 billion yuan in 2026, and 2.007 billion yuan in 2027, reflecting growth rates of 70%, 75%, and 43% respectively [8] - The net profit attributable to the parent company is projected to be -1.214 billion yuan in 2025, -636 million yuan in 2026, and -142 million yuan in 2027, indicating a significant recovery trend [8] - The earnings per share (EPS) is forecasted to be -1.89 yuan in 2025, -0.99 yuan in 2026, and -0.22 yuan in 2027 [11] Relative Valuation - The company is positioned to capture significant growth opportunities in the intelligent driving and embodied intelligence sectors, with a focus on advanced functionalities for smart vehicles [9] - The report compares the company with peers in the industry, indicating a favorable outlook for substantial scale growth [9]