此外，双方还将协同主机厂及产业链上下游资源，重点推进L2+/L3级辅助驾驶方案在车企的量产应 用，并探索该方案在Robotaxi等领域的落地场景。 12月12日，黑芝麻智能（02533.HK）宣布与元戎启行达成深度合作，双方将通过资本与业务双重纽带 建立紧密合作关系。 根据合作规划，黑芝麻智能提供芯片产品及全套应用开发工具链，元戎启行依托其在算法领域的积累， 与黑芝麻智能联合打造"芯片+算法"的软硬一体解决方案。 ...

Core Insights - Black Sesame Intelligence Technology Co., Ltd. and Yuanrong Qixing Technology Co., Ltd. have signed a cooperation agreement to leverage their strengths in chip technology and advanced driving algorithms to create high-performance, cost-effective advanced driving solutions [1][3] - The collaboration aims to integrate hardware and software solutions, focusing on L2+/L3 level advanced driving applications for leading automotive manufacturers and exploring new scenarios such as Robotaxi [3][5] Company Contributions - Black Sesame will provide chip products and a complete application development toolchain, establishing a hardware foundation for efficient solution development [3] - Yuanrong Qixing will utilize its expertise in algorithms to adapt and optimize advanced driving algorithms on Black Sesame's next-generation high-performance chip platform [3] Market Position and Strategy - Black Sesame has developed the Huashan series of driving assistance chips and the Wudang series of cross-domain computing chips, creating a comprehensive technical support system [3] - The Huashan A2000 chip, set to launch in 2025, is designed for next-generation AI models, meeting the computational needs of advanced driving in complex scenarios [3] - Yuanrong Qixing aims to lead the AI industry transformation with its innovative technology, having already delivered 200,000 vehicles equipped with urban NOA (Navigation Assisted Driving) [5] Future Outlook - The partnership is expected to enhance the competitiveness of local high-performance advanced driving platforms and contribute to a more resilient smart automotive industry ecosystem [3][5] - Both companies are committed to continuous technological innovation and industrialization, focusing on resource sharing, technical collaboration, and capital empowerment to drive the large-scale application of advanced driving technologies [5]

Core Viewpoint - Black Sesame Intelligence is attempting to enter the humanoid robot sector by acquiring Zhuhai Yizhi Electronics for a price between 400 million to 550 million yuan, which is close to the company's projected revenue for 2024 [1][2] Group 1: Acquisition Details - The acquisition of Yizhi Electronics, which specializes in AI machine vision algorithms and SoC chip design, will make it a non-wholly-owned subsidiary of Black Sesame Intelligence, with its financial performance integrated into the group's financial statements [1][2] - This acquisition is expected to enhance Black Sesame's product offerings in the robotics sector and improve its competitive advantage in the AI SoC chip market [2][3] Group 2: Business Performance - In the first half of the year, Black Sesame reported a revenue of 2.53 billion yuan, a year-on-year increase of 40.4%, but also experienced a net loss of 762 million yuan, a significant decline from a profit of 1.105 billion yuan in the same period last year [5][6] - The company's main business segments, including autonomous driving and smart imaging solutions, saw revenue growth but also a decline in gross margin, indicating financial pressure [4][6] Group 3: Market Context and Challenges - The humanoid robot industry is still in its early stages, with significant technological advancements expected to take 5 to 10 years, which poses a high-risk challenge for companies entering this market [5] - Black Sesame's current market share in the autonomous driving chip sector is low, and the competition is intense, which raises concerns about the company's ability to allocate resources effectively between its core business and new ventures [6][8] Group 4: Strategic Considerations - Experts suggest that companies entering new sectors like humanoid robotics must align their strategic goals and ensure that these new ventures complement their existing strengths [2][9] - The CEO's high compensation amidst the company's financial struggles has raised concerns about shareholder value and the alignment of executive incentives with company performance [9]

Core Viewpoint - Black Sesame Intelligence is attempting to enter the humanoid robot sector by acquiring Zhuhai Yizhi Electronics for a price between 400 million to 550 million yuan, which is close to its projected revenue for 2024 [1][2] Group 1: Acquisition Details - The acquisition of Yizhi Electronics, a supplier focused on AI machine vision algorithms and SoC chip design, will allow Black Sesame to expand its product offerings into broader robotic applications [2][3] - Following the acquisition, Yizhi Electronics will become a non-wholly owned subsidiary, and its financial performance will be consolidated into Black Sesame's financial statements [1] Group 2: Business Performance - In the first half of the year, Black Sesame reported a loss exceeding 700 million yuan, with multiple performance indicators such as gross profit and gross margin declining year-on-year [1][5] - The company's revenue for the first half of the year was 253 million yuan, reflecting a year-on-year growth of 40.4%, but gross profit fell by 30.4% to 62.7 million yuan, with a gross margin of 24.79%, down over 25% [5][6] Group 3: Market Position and Strategy - Black Sesame's main business remains concentrated in autonomous driving products and intelligent imaging solutions, which generated revenues of 237 million yuan and 16 million yuan respectively in the first half of the year, with both segments experiencing year-on-year growth [4] - The company is facing intense competition in the autonomous driving chip market, with a low market share and no significant customer loyalty, which raises concerns about its strategic shift towards the humanoid robot sector [6] Group 4: Future Outlook and Challenges - The humanoid robot industry is still in its early stages, with significant technological advancements expected to take 5 to 10 years, indicating a high-risk environment for large-scale investments [5] - Black Sesame's CEO received a controversial compensation package of 166 million yuan in 2024, raising concerns about shareholder dilution amid ongoing losses and declining stock prices [9]

每经AI快讯，黑芝麻智能(02533.HK)涨超3%，截至发稿，涨3.3%，报21.9港元，成交额8389.47万港 元。 ...

Core Viewpoint - Black Sesame Intelligence (02533) has seen a stock increase of over 3%, currently at 21.9 HKD, with a trading volume of 83.89 million HKD, following the launch of Li Auto's first AI glasses, Livis, which has garnered significant industry and market attention [1] Group 1: Company Collaboration - Black Sesame Intelligence is collaborating deeply with Li Auto to develop AI imaging solutions that include HDR fusion, MFNR multi-frame noise reduction, video EIS stabilization, night scene enhancement, and portrait beautification algorithms [1] - The collaboration aims to provide a high-quality imaging experience for users by covering high-frequency usage scenarios such as night scenes and portraits [1] Group 2: Technical Innovations - Livis employs a distributed processing solution, where the glasses and smartphone work in tandem to optimize performance and power consumption [1] - Black Sesame Intelligence has focused on optimizing algorithm performance and memory usage to enhance post-processing speed while minimizing algorithm execution time [1] Group 3: Customization and Compatibility - The company offers customized configurations based on diverse usage scenarios, optimizing core dimensions such as detail enhancement, noise processing, and portrait enhancement [1] - The algorithm SDK from Black Sesame Intelligence is deeply integrated with the Li Auto app, allowing Livis to be compatible with mainstream smartphone platforms like Qualcomm, MTK, and Kirin, as well as operating systems including Android, iOS, and HarmonyOS [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11月30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: 2025年12月5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 Viewpoint - Black Sesame Intelligence (02533.HK) is planning to acquire Zhuhai Yizhi Electronic Technology Co., Ltd. for an estimated price between 400 million to 500 million RMB, with the acquisition expected to be completed in the first quarter of next year [2][5][6]. Group 1: Acquisition Details - The acquisition will be executed through equity purchase and capital injection, allowing the company to obtain a majority stake in Yizhi Electronics [2][5]. - The company signed a letter of intent with an independent third party in June to acquire a target company focused on cost-effective, low-power AI system-on-chip (SoC) solutions, primarily in automotive intelligence and edge AI applications [6]. Group 2: Yizhi Electronics Overview - Yizhi Electronics specializes in AI machine vision algorithms and SoC chip design, providing system-level solutions across multiple scenarios [3][6]. - The product line includes applications in smart vehicles, smart hardware, and smart security, with a commitment to independent research and development of AI acceleration, high-definition display, audio and video coding, and high-speed mixed-signal IP [3][6]. - The company has successfully mass-produced the industry's first soft-hardware collaborative image recognition SoC chip equipped with its self-developed NPU since 2019, aiding numerous partners in achieving large-scale AI product production [3][6].

Core Insights - Li Auto's first AI glasses, Livis, were officially launched on December 3, attracting significant attention from the industry and market [1] - The collaboration between Black Sesame Intelligence and Li Auto focuses on creating AI imaging solutions, including HDR fusion, multi-frame noise reduction, video EIS stabilization, night scene enhancement, and portrait beautification [1][3] - Livis aims to provide a seamless smart experience both inside and outside the vehicle, with Li Auto's CEO praising it as "the best AI accessory" [3] Company Developments - The development of Livis involved a seven-month deep collaboration between Black Sesame Intelligence and Li Auto's technical teams, utilizing a point-to-point seamless connection model to efficiently advance the project [3] - Livis employs a distributed processing solution, where the glasses and smartphone work together to optimize performance while balancing effect and power consumption [3] - The collaboration allows Livis to be compatible with mainstream smartphone platforms such as Qualcomm, MTK, and Kirin, as well as operating systems like Android, iOS, and HarmonyOS, broadening its user base [3] Industry Trends - Black Sesame Intelligence has extensive experience in the AI imaging field, having partnered with major companies like Samsung, Lenovo, and Motorola, with over 500 million devices equipped with its solutions [4] - AI glasses are seen as a key bridge connecting the digital and physical worlds, with the market for AI glasses expected to grow rapidly; Counterpoint data indicates that by the first half of 2025, AI glasses will account for 78% of total smart glasses shipments [4] - The successful launch of Livis marks Li Auto's transition from the smart automotive sector to the smart wearable device market, while Black Sesame Intelligence achieves a significant industry breakthrough [4]

Group 1 - The company, Hezhima Intelligent (02533.HK), plans to acquire Zhuhai Yizhi Electronic Technology Co., Ltd. for an estimated price between 400 million to 500 million RMB [2] - The acquisition is expected to be completed in the first quarter of next year, with the company anticipated to gain a majority stake in the target company [2] - The target company specializes in the development and sales of cost-effective, low-power AI system-on-chip (SoC) solutions, primarily focusing on automotive intelligence and edge AI applications [2] Group 2 - Yizhi Electronic is a system solution provider centered on AI machine vision algorithms and SoC chip design, focusing on edge/terminal general-purpose AI SoC chip research and development [3] - The company offers a product line that covers three main application areas: intelligent automotive, smart hardware, and smart security [3] - Yizhi Electronic has developed a matrix of AI chip products, including three series of edge/terminal AI SoC chips, catering to various application scenarios in edge/terminal AI [3]