Overview of Control Change - The controlling shareholder of Southern Black Sesame Group Co., Ltd. is set to change as Guangxi Black Five Food Group Co., Ltd. plans to transfer 150,697,910 shares (20% of total shares) to Guangxi Travel Health Industry Group Co., Ltd. at a price of 6.25 yuan per share, totaling approximately 941.86 million yuan [1][2] Shareholding Changes - After the transaction, Guangxi Travel Health will hold 150,697,910 shares (20% of total shares), while Guangxi Black Five's holdings will decrease from 227,946,277 shares to 74,048,453 shares (from 30.25% to 9.83%), resulting in 0% voting rights [2][6] - The actual controller will shift from individuals associated with Guangxi Black Five to the State-owned Assets Supervision and Administration Commission of the People's Government of Guangxi Zhuang Autonomous Region [2] Payment and Due Diligence - Guangxi Travel Health has paid a deposit of 150 million yuan, with the remaining amount of approximately 791.86 million yuan due within 10 working days after the share transfer is completed [2] - The due diligence by the intermediary appointed by Guangxi Travel Health was completed by the end of October 2025 [2] Regulatory Approvals - The transaction is subject to approval from the relevant state-owned asset supervision authority and the National Market Supervision Administration for antitrust review, as well as compliance approval from the Shenzhen Stock Exchange [4][5] - The approval process is ongoing, and the completion of the transaction remains uncertain [4] Impact on Company Operations - The transaction is not expected to affect the normal operations of the company or harm the interests of the company and minority shareholders [6]

关于控股股东协议转让股权 暨控制权拟发生变更的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、公司控制权拟发生变更事项概述 2025 年 8 月 8 日，南方黑芝麻集团股份有限公司（以下简称"公司 "）控 股股东广西黑五类食品集团有限责任公司（以下简称"黑五类集团"）与广西旅 发大健康产业集团有限公司（以下简称"广旅大健康"）签署了《股份转让协议》， 约定：黑五类集团拟通过协议转让方式将其持有公司 150,697,910 股（占公司总 股本 20%）的无限售流通股股份转让给广旅大健康；本次股份转让项下标的股份 转让价格为 6.25 元/股，对应转让价款总额为 941,861,937.50 元(含税)。同日，黑 五类集团、韦清文、李汉荣、李汉朝、李玉琦签署《表决权放弃承诺》，前述承 诺人承诺自《股份转让协议》项下标的股份过户完成之日起，无条件且不可撤销 地放弃股权转让交易后合计持有公司 133,071,767 股股份（占公司总股本 17.66%） 对应的表决权，亦不委托任何其他方行使该等股份的表决权。 证券代码：000716 证券简称：黑芝麻 公告 ...

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]

Group 1 - Black Sesame Intelligence (02533.HK) has seen a stock price increase of over 3%, currently up by 3.3% at HKD 21.9 [1] - The trading volume for Black Sesame Intelligence reached HKD 83.8947 million [1]

Core Viewpoint - Black Sesame Intelligence (000716) has seen a stock increase of over 3%, currently trading at 21.9 HKD, with a transaction 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: Partnership and Product Development - Black Sesame Intelligence is collaborating closely 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 AI glasses, Livis, utilize a distributed processing scheme that allows the glasses and smartphone to work together, optimizing algorithm performance and memory usage to balance effect and power consumption [1] Group 2: Customization and Compatibility - Black Sesame Intelligence has customized configurations based on diverse usage scenarios, optimizing core dimensions such as detail enhancement, noise processing, and portrait enhancement [1] - The collaboration enables Livis to be widely compatible with mainstream smartphone platforms like Qualcomm, MTK, and Kirin, as well as operating systems including Android, iOS, and HarmonyOS, thereby reaching a broader user base [1]

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]

Core Viewpoint - Black Sesame Intelligence announced plans to acquire AI chip company Yizhi Electronics for approximately RMB 400 million to 550 million, with the transaction expected to be completed by Q1 2026 [1][5]. Group 1: Acquisition Details - The acquisition will be executed through equity purchase and capital injection, making Yizhi Electronics a non-wholly owned subsidiary of Black Sesame Intelligence [1]. - The announcement indicates that negotiations have progressed significantly since the initial intention disclosed on June 18, which did not reveal the target company's name [1]. Group 2: Yizhi Electronics Overview - Yizhi Electronics specializes in AI machine vision algorithms and SoC chip design, focusing on edge/endpoint AI SoC chip development for applications in smart vehicles, smart hardware, and smart security [4]. - The company is set to complete the new generation of automotive-grade chips in 2024 and has secured projects with automotive manufacturers, complementing Black Sesame's automotive-grade computing platform [4]. Group 3: Strategic Synergies - The acquisition is expected to create significant strategic synergies by enhancing product offerings, expanding into new markets, and achieving operational complementarity [5]. - Black Sesame aims to provide a comprehensive range of automotive-grade computing chips and full-scene solutions for smart vehicles, while also extending its product line to broader robotics applications [5]. Group 4: Company Performance - Black Sesame Intelligence, founded in 2016, went public on the Hong Kong Stock Exchange in 2024 and focuses on developing automotive-grade SoC solutions [7]. - The company reported a revenue of RMB 253 million for the first half of 2025, reflecting a year-on-year growth of 40.4%, although it incurred a net loss of RMB 762 million due to high R&D expenses [7].

Core Insights - The launch of Livis, the first AI glasses by Li Auto, marks a significant crossover from the smart automotive sector to the smart wearable device market [1][2] - The AI imaging solution for Livis is developed through a deep collaboration with Hezhima Intelligent, showcasing the potential of AI imaging technology in the wearable sector [1] Company Developments - Li Auto's Livis features a comprehensive AI imaging solution that includes various imaging algorithms, covering high-frequency user scenarios such as night scenes and portraits [1] - Hezhima Intelligent has extensive experience in AI imaging, having collaborated with major companies like Samsung and Lenovo, and has equipped over 500 million devices with its technology [1] Industry Impact - The successful release of Livis signifies a breakthrough for Li Auto in diversifying its product offerings beyond smart vehicles [2] - Hezhima Intelligent's provision of core AI imaging solutions for Livis represents a significant industry milestone, demonstrating the successful integration of technology across different sectors [2]

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].

经济观察网 12月3日，理想汽车发布首款 AI 眼镜 Livis，并由黑芝麻（000716）智能提供核心影像算 法，包括 HDR 融合、多帧降噪、视频防抖、夜景和人像优化等能力，重点提升用户日常拍摄体验。双 方团队历经七个月协同研发，理想董事长兼 CEO 李想称 Livis 是"理想最好的人工智能附件"。黑芝麻智 能表示已为 Livis 定制算法并优化性能与功耗，其影像技术已在全球超 5 亿台设备落地。此次合作标志 着理想进入智能穿戴赛道，也展示 AI 影像在新型交互设备中的应用潜力。 ...