Group 1 - Goldman Sachs has a positive outlook on Hezhima Intelligent (02533) in relation to the development of intelligent driving, expecting double-digit revenue growth by 2025 due to the trends in AD/ADAS in China [1] - The company anticipates that automotive original equipment manufacturers (OEMs) will increasingly rely on efficient and cost-effective supply chains rather than developing in-house chipsets [1] - Horizon Robotics (09660) is projected to see revenue growth of 50% in 2025 and 121% in 2026, driven by the trends in AD/ADAS and the upgrade of its product portfolio to higher computing power chips [1] Group 2 - Hezhima announced that its A1000 SoC will be featured in Dongfeng's new model, the Fengshen 007, which includes over 20 intelligent driving assistance features and has a computing capability of 58 TOPS [2] - The management remains optimistic about its strength in automotive chipsets, noting that developing in-house chipsets is challenging for automotive OEMs due to the time required for design and development [2] - The company is collaborating with partners to develop algorithms and is leveraging third-party software suppliers to better understand the software market, allowing customers more flexibility in choosing software/algorithms [2]

Core Viewpoint - Goldman Sachs hosted a conference in Shanghai, where the management of Hezhima expressed optimism for 2025, anticipating double-digit revenue growth driven by the development of AD/ADAS trends in China [1] Group 1: Company Overview - Hezhima (2533.HK) is a supplier of AD/ADAS system-on-chip (SoC) products for automotive OEMs, offering various products including A1000/A1000L/A1000 Pro, A2000 series, and Wudang series, which provide features like NOA (Navigation on Autopilot) and smart cockpit [2] - The A1000 SoC has been adopted by major OEMs such as Geely and Dongfeng, with plans to expand its customer base [2] Group 2: 2025 Outlook - Hezhima announced that its A1000 SoC will be featured in Dongfeng's new model, the Fengshen 007, which boasts a computing power of 58 TOPS and includes over 20 smart driving assistance features, highway navigation, and LAPA (Remote Automatic Parking Assistance) [2] - The company aims to enter more major OEM supply chains and achieve double-digit revenue growth in 2025, supported by the growing AD/ADAS trends in China [2] Group 3: Competitive Dynamics - Management remains optimistic about its strength in automotive chipsets, noting that it is challenging for automotive OEMs to develop their own chipsets due to the time required for design, neural network processing unit (NPU) development, and the relatively small sales volumes of individual OEMs, which may not cover development costs [3] - The company continues to collaborate with partners to develop algorithms, including firms like Megvii, Deeproute.ai, and DJI, allowing for better insights into the software market and providing customers with flexible software/algorithm choices [3]

Core Viewpoint - The agricultural planting sector has seen a significant increase, with a net inflow of 257 million yuan in main funds, leading to a 2.11% rise in the sector's index [1][2]. Group 1: Sector Performance - As of May 27, the agricultural planting concept rose by 2.11%, ranking 9th among concept sectors, with 68 stocks increasing in value [2]. - Notable gainers included Huailong Co., Ltd. (10%), Nuofeng (9.99%), and ST Lingnan (5.05%) [2][4]. - The sector's performance was contrasted by declines in stocks such as Wancheng Group (-1.81%) and Kanghui Pharmaceutical (-0.36%) [2][6]. Group 2: Fund Inflows - The agricultural planting sector attracted a net inflow of 257 million yuan, with 31 stocks receiving positive fund flows [3][4]. - Leading the inflow was Huailong Co., Ltd. with 134 million yuan, followed by Nuofeng with 113 million yuan [3][4]. - The net inflow ratios for ST Lingnan, Huailong Co., Ltd., and *ST Zhongji were 81.09%, 31.08%, and 16.82%, respectively [4][5]. Group 3: Stock Performance - Stocks with significant net inflows included Huailong Co., Ltd. (133.65 million yuan), Nuofeng (112.77 million yuan), and Chuaning Biological (46.64 million yuan) [3][4]. - The highest daily turnover rates were observed in Nuofeng (20.06%) and Huailong Co., Ltd. (7.90%) [4][5]. - Conversely, stocks like Wancheng Group and Kanghui Pharmaceutical experienced substantial outflows, with net outflows of -176.34 million yuan and -90.49 million yuan, respectively [6][7].

Company - Black Sesame Intelligence is a leading Chinese company in autonomous driving computing and AI chip production, with advantages in self-developed core IP, high-performance architecture, and automotive-grade chip mass production capabilities [2] - The company has developed two self-researched automotive-grade IPs: NeuralIQ ISP image processor and DynamAI NN neural network accelerator, creating a high-efficiency, low-power chip platform supported by a complete algorithm and toolchain [2] - Black Sesame has a product range covering computing power from tens of TOPS to thousands of TOPS, supporting applications in intelligent driving, integrated cockpit, and robotics [2] - The company is expected to accelerate chip shipment growth in 2025, with mass production solutions for multiple models from major manufacturers like Geely, FAW, and Dongfeng [2] - The company anticipates revenue growth of 76.8%, 69.3%, and 44.0% for 2025, 2026, and 2027, respectively, with projected revenues of 840 million, 1.42 billion, and 2.04 billion yuan [2] - The gross margin is expected to improve to 45.8%, 47.0%, and 47.7% for 2025, 2026, and 2027, respectively [2] - The target price is set at 24.04 HKD, based on a 16.8 times 2025 P/S ratio, with a "buy" rating [1][2] Industry - The global autonomous driving and robotics industry is entering a rapid development phase, with advanced driving functions being integrated into vehicles priced at 100,000 yuan by 2025, significantly increasing industry penetration [1] - Companies like Tesla, Xiaomi, and XPeng, along with robotics startups such as Yushu and Zhiyuan, are accelerating the commercialization of humanoid robots [1] - The demand for high-performance AI chips is expected to grow due to the competitive landscape of smart vehicles, where advanced driving features may become standard, driving the need for mid-to-high-performance chips [1] - Future robots are anticipated to penetrate various sectors, including home, healthcare, industry, commerce, and education, leading to long-term demand for robotics AI chips [1]

Group 1: Company Performance - In 2024, the company achieved a revenue of 2.465 billion yuan, a year-on-year decrease of 7.92% due to strategic adjustments focusing on quality and efficiency [5] - The net profit attributable to shareholders was 77.7376 million yuan, representing a year-on-year increase of 80.46%, indicating effective quality improvement actions [5] - In Q1 2025, the company reported a revenue of 442 million yuan and a net profit of 2.2511 million yuan [8] Group 2: Strategic Focus - The company is concentrating on the health food industry, particularly black sesame products, to enhance its core competitiveness [6] - Plans to develop new product lines, including medicinal and food-complementary powders, are underway to diversify offerings [5] - The company aims to optimize its product structure and focus on high-margin products to improve profitability [8] Group 3: Market and Risk Management - The company is actively adjusting its e-commerce strategy due to a significant decline in third-party brand e-commerce revenue, focusing on high-margin brand operations [7] - Potential risks and management strategies are detailed in the annual report, specifically in the section discussing future development outlook [3] - The company acknowledges external market factors affecting stock prices but emphasizes ongoing efforts to enhance economic benefits and investment value [9] Group 4: Future Outlook - The food production industry is expected to remain robust due to high demand in China, with the company optimistic about future growth opportunities [8] - The company is committed to continuous improvement in operational efficiency and cost management to sustain profitability [8]

| ○ 基金经理：沙川 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 累计任职时间：7年又65天 | | | 基金经理简介：沙川先生:南京大学数学硕士学位。历任中国中投证券有限责任公司金融工程 | | | | | | | 任职起始日期：2018-01-18 | | | 助理分析师。2013年9月加盟天弘基金管理有限公司,历任研究员。历任天弘中证500指数增强 | | | | | | | 现任基金公司：天弘基金管理有限公司 | | | 型证券投资基金基金经理(2019年08月至2019年08月)、天弘中证医药100指数型发起式证券 | | | | | | | | | | 投资基金基金经理(2019年10月至2021年11月)、天弘中证食品饮料指数型发起式证券投资基 | | | | | | | 现任基金资产 在管基金最佳 | | | 金基金经理(2019年10月至2021年11月)、天弘中证全指证券公司指数型发起式证券投资基金 | | | | | | | 息规模 | 任期回报 | | 基金经理(2019年 ...

证券代码：000716 证券简称：黑芝麻 公告编号：2025-025 南方黑芝麻集团股份有限公司 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。 南方黑芝麻集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日 在巨潮资讯网上披露了 2024 年年度报告。为便于广大投资者更加全面深入地了 解公司 2024 年 度 业绩及 经 营 情况，公司定于 2025 年 5 月 21 日在"价值在线" （www.ir-online.cn）举办 2024 年度业绩说明会，与投资者进行沟通和交流，广 泛听取投资者的意见和建议。现将有关情况公告如下： 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 5 月 21 日（星期三）15:00-17:00 二、公司出席人员 公司副董事长、总裁李文全先生，副董事长、副总裁、董事会秘书周淼怀先 生，财务总监王炳波先生，独立董事叶志锋先生（如遇特殊情况，参会人员可能 进行调整）。 三、投资者参加方式 投资者可于 2025 年 5 月 21 日（星期三）15:00-17:00 通过登录网址 https://ese ...

证券代码：000716 证券简称：黑芝麻 公告编号：2025-025 南方黑芝麻集团股份有限公司 关于举办2024年度网上业绩说明会的公告 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。 南方黑芝麻集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日 在巨潮资讯网上披露了 2024 年年度报告。为便于广大投资者更加全面深入地了 解公司 2024 年度业绩及经营情况，公司定于 2025 年 5 月 21 日在"价值在线" （www.ir-online.cn）举办 2024 年度业绩说明会，与投资者进行沟通和交流，广 泛听取投资者的意见和建议。现将有关情况公告如下： 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 5 月 21 日（星期三）15:00-17:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、公司出席人员 公司副董事长、总裁李文全先生，副董事长、副总裁、董事会秘书周淼怀先 生，财务总监王炳波先生，独立董事叶志锋先生（如遇特殊情况，参会人员可能 进行调整）。 三、投资者参 ...

Financial Performance - The company's basic earnings per share decreased by 25% from the previous year, reporting CNY 0.0030 in Q1 2025 compared to CNY 0.0040 in Q1 2024 [1] - The total revenue for Q1 2025 was CNY 4.42 billion, a decline of 3.7% from CNY 4.59 billion in Q1 2024 [1] - Net profit for Q1 2025 was CNY 0.02 billion, down 33.33% from CNY 0.03 billion in Q1 2024 [1] - The return on equity (ROE) fell to 0.09% in Q1 2025, a decrease of 30.77% compared to 0.13% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 29,546.19 million shares, accounting for 41.57% of the circulating shares, with an increase of 2,305.38 million shares from the previous period [1] - Guangxi Black Five Food Group Co., Ltd. remains the largest shareholder with 22,794.63 million shares, representing 32.07% of the total share capital [2] - New entrants among the top shareholders include Wei Qingwen with 2,482.34 million shares and Jiang Xiaohong with 264.42 million shares [2] Dividend Policy - The company has announced that there will be no distribution or transfer of dividends this time [3]

Financial Performance - The company's operating revenue for Q1 2025 was ¥441,902,230.84, a decrease of 3.74% compared to ¥459,069,539.65 in the same period last year[5] - Net profit attributable to shareholders decreased by 29.61% to ¥2,251,106.79 from ¥3,197,882.52 year-on-year[5] - The net cash flow from operating activities dropped significantly by 89.41% to ¥6,814,266.48, down from ¥64,351,464.76 in the previous year[5] - The company reported a basic earnings per share of ¥0.003, a decline of 25.00% compared to ¥0.004 in the same period last year[5] - Total operating revenue for the current period is CNY 441,902,230.84, a decrease of 3.5% from CNY 459,069,539.65 in the previous period[20] - Net profit for the current period is CNY 1,634,312.19, a decline of 35.0% compared to CNY 2,518,416.30 in the previous period[21] - The net profit attributable to the parent company is CNY 2,251,106.79, down 29.7% from CNY 3,197,882.52 in the previous period[21] - Basic earnings per share for the current period is CNY 0.003, compared to CNY 0.004 in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,471,106,806.89, reflecting a decrease of 2.98% from ¥4,608,467,567.08 at the end of the previous year[5] - Total assets decreased to CNY 4,471,106,806.89 from CNY 4,608,467,567.08, a reduction of 3.0%[20] - Total liabilities decreased to CNY 1,751,718,893.41 from CNY 1,895,813,832.84, a decline of 7.6%[20] - Total equity attributable to shareholders increased slightly by 0.14% to ¥2,569,383,282.40 from ¥2,565,800,005.56 at the end of the previous year[5] - Total equity increased slightly to CNY 2,719,387,913.48 from CNY 2,712,653,734.24, an increase of 0.2%[20] Cash Flow - The company’s cash flow from financing activities showed a significant outflow of ¥75,852,705.96, primarily due to increased debt repayments[10] - Operating cash flow for the current period is ¥6,814,266.48, a decrease of 89.4% compared to ¥64,351,464.76 in the previous period[22] - Total cash inflow from operating activities is ¥536,869,323.80, down from ¥548,428,876.17, reflecting a decline of 2.5%[22] - Cash outflow from operating activities increased to ¥530,055,057.32 from ¥484,077,411.41, representing an increase of 9.5%[22] - Cash flow from investing activities shows a net inflow of ¥11,717,208.35, a significant recovery from a net outflow of ¥91,395,406.57 in the previous period[22] - Cash inflow from financing activities totaled ¥302,238,016.52, up from ¥232,977,200.00, indicating an increase of 29.7%[23] - Net cash flow from financing activities is -¥75,852,705.96, worsening from -¥38,638,325.33 in the previous period[23] - The ending balance of cash and cash equivalents is ¥165,650,944.09, compared to ¥59,291,911.68 at the end of the previous period, showing a significant increase[23] - The company received ¥300,292,416.52 in borrowings, which is an increase from ¥201,850,000.00 in the previous period[23] - The company paid ¥362,669,165.23 in debt repayments, up from ¥251,588,638.22, reflecting a 44.1% increase[23] Research and Development - Research and development expenses increased by 34.37% to ¥607,091.99 from ¥451,806.05 in the previous year, indicating a focus on innovation[9] - Research and development expenses increased to CNY 607,091.99 from CNY 451,806.05, a rise of 34.4%[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 119,559[12] - The largest shareholder, Guangxi Black Five Food Group Co., Ltd., holds 30.25% of the shares, amounting to 227,946,277 shares[12] Equity Transfers - The company has transferred 35% equity of Bama Shiyang Company for CNY 50 million and 45% equity of Duqiao Mountain Health Company for CNY 48 million[14] - The company has also transferred 100% equity of Shanghai Ruokai E-commerce Co., Ltd. for CNY 75 million, resulting in no longer holding shares in this subsidiary[15] Current Assets - The total current assets at the end of the reporting period amount to CNY 1,485,859,402.45, a decrease from CNY 1,506,868,548.86 at the beginning of the period[18] - Cash and cash equivalents decreased from CNY 230,736,071.85 to CNY 173,413,283.01[18] - Accounts receivable decreased from CNY 386,305,449.84 to CNY 258,388,073.53[18] - Inventory increased slightly from CNY 452,488,880.69 to CNY 455,861,589.05[18] - Long-term equity investments decreased from CNY 298,125,574.03 to CNY 202,977,720.96[18] - Fixed assets decreased from CNY 1,366,279,391.47 to CNY 1,361,850,685.46[18]