Core Viewpoint - The flagship product of Hezhishama, the Huashan A1000 automotive-grade high-performance auxiliary driving chip, has been successfully integrated into Desay SV's new low-speed unmanned vehicle brand "Chuanxing Zhiyuan" S6 series, providing a dual-brain redundancy architecture for safe logistics operations [1] Group 1 - Hezhishama's Huashan A1000 chip serves as a core component in the dual-brain architecture [1] - The integration aims to enhance safety for end logistics unmanned operations [1] - Desay SV's new unmanned vehicle brand focuses on low-speed applications [1]

Core Points - Black Sesame announced the signing of a share transfer agreement between its controlling shareholder, Guangxi Black Five Food Group Co., Ltd., and Guangxi Travel Health Industry Group Co., Ltd. [2] - The agreement involves the transfer of 150,697,910 shares, representing 20% of the company's total equity, at a price of 6.25 yuan per share, totaling approximately 941.86 million yuan (including tax) [2] - As of the announcement date, the due diligence by Guangxi Travel Health has been completed, and the company is in the process of obtaining necessary approvals from relevant regulatory bodies [2] Summary by Sections Share Transfer Agreement - The controlling shareholder, Guangxi Black Five Food Group, will transfer 150,697,910 shares to Guangxi Travel Health [2] - The transfer price is set at 6.25 yuan per share, amounting to a total of 941.86 million yuan [2] Regulatory Approvals - Guangxi Travel Health has completed its due diligence as of the end of October 2025 [2] - The transaction is subject to approvals from the State-owned Assets Supervision and Administration Commission and the State Administration for Market Regulation, as well as compliance approval from the Shenzhen Stock Exchange [2] - The completion of the transaction remains uncertain, and the company will monitor the situation closely [2]

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。 本次交易实施完成后，广旅大健康持有公司股份 150,697,910 股(占公司总股 本 20%)；黑五类集团因本次交易及最近被法院强制执行的股份 3,199,914 股后， 其持有公司股份将由 227,946,277 股减至 74,048,453 股(持股比例将由 30.25%减至 9.83%)，持有 0%表决权；韦清文、李汉荣、李汉朝、李玉琦合计持有公司股份 55,823,400 股(占公司总股本 7.41%)，持有 0%表决权。本次交易实施完成后，公 司控股股东将由黑五类集团变更为广旅大健康，实际控制人将由李汉朝先生、李 汉荣先生、李玉琦先生、李玉坚先生、李玉宇先生、甘政先生、李淑娴女士变为 广西壮族自治区人民政府国有资产监督管理委员会。 证券代码：000716 证券简称：黑芝麻 公告编号：2025-061 ...

Core Viewpoint - The controlling shareholder of Southern Black Sesame, Heiwu Group, plans to transfer 151 million shares (20% of total equity) to Guanglv Health at a price of 6.25 yuan per share, totaling 942 million yuan (including tax) [1] Group 1 - Heiwu Group has signed a commitment to waive voting rights on the transferred shares [1] - Guanglv Health has paid a deposit of 150 million yuan, with the remaining 792 million yuan to be paid within 10 working days after the transfer is completed [1] - As of the announcement date, Guanglv Health is undergoing approval processes related to state-owned assets, antitrust regulations, and the Shenzhen Stock Exchange, making the completion of the transfer uncertain [1] Group 2 - If the share transfer is completed, Heiwu Group's stake will decrease from 30.25% to 9.83% [1] - Some shares of Heiwu Group are subject to judicial execution, which may impact the transfer process [1]

Group 1 - The article discusses the advancements and innovations of Black Sesame Technologies in the field of artificial intelligence and autonomous driving [1] - Black Sesame Technologies is focusing on developing high-performance computing platforms to support AI applications [1] - The company aims to enhance its market position by leveraging its proprietary technologies and partnerships within the industry [1]

Core Viewpoint - The evaluation results for information disclosure of listed companies in 2024 show a decline for several companies, including Heizhima, which dropped from a B rating to a D rating compared to 2023 [1][2]. Company Overview - Heizhima Group Co., Ltd. is located in Nanning, Guangxi, established on May 31, 1993, and listed on April 18, 1997. The company specializes in the research, production, and sales of black sesame paste, black sesame milk, and edible plant oil [1]. - The main business revenue composition includes: third-party brand e-commerce (31.97%), instant drink series (31.01%), selenium-enriched food (23.70%), Run Gu food (4.89%), direct drinking series (3.79%), and others (2.43%) [1]. Industry Classification - Heizhima belongs to the Shenwan industry classification of Food and Beverage - Snack Foods - Snacks. The company is associated with concepts such as snack foods, community group buying, cross-border e-commerce, new retail, and rural revitalization [1].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]

Core Viewpoint - The announcement details the completion of judicial enforcement on shares held by the controlling shareholder, Guangxi Black Five Food Group Co., Ltd., which will not affect the company's control or operations [2][7]. Group 1: Judicial Enforcement of Shares - The controlling shareholder, Guangxi Black Five Food Group, had 3,199,914 shares enforced through judicial means, with the execution period from September 26, 2025, to December 25, 2025 [2][6]. - The shares enforced originated from a non-public issuance during a major asset restructuring in 2017, with execution prices ranging from 6.07 to 6.22 yuan per share [2][6]. Group 2: Shareholder Structure and Control - After the enforcement, Guangxi Black Five Food Group's shareholding decreased from 227,946,277 shares to 224,746,363 shares, while still remaining the controlling shareholder [6][7]. - The planned transfer of 150,697,910 shares to Guangxi Travel Health Industry Group will not change the control of the company until the transfer is completed [6][7]. Group 3: Compliance and Disclosure - The enforcement process complied with relevant laws and regulations, ensuring no violations occurred during the execution [5][7]. - The company has selected specific media for information disclosure, including China Securities Journal and Shanghai Securities Journal, to keep investors informed [7].

南方黑芝麻公告称，控股股东黑五类集团被司法强制执行的319.99万股公司股份已执行完毕，执行期间 为2025年9月26日至10月14日，执行均价6.10元/股，占公司总股本0.42%。执行后，黑五类集团持股比 例由30.25%降至29.83%，控股股东及其一致行动人合计持股比例由37.66%降至37.24%。本次执行不影 响其与广旅大健康的协议转让事项，也不会导致公司控制权变更。 ...

证券代码：000716 证券简称：黑芝麻 公告编号：2025-060 南方黑芝麻集团股份有限公司 关于控股股东部分股份被司法强制执行完毕的公告 特别提示： 1、南方黑芝麻集团股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日发布了《关于控股股东部分股份将被司法处置的提示性公告》（公告编号： 2025-039）、于 2025 年 9 月 5 日发布了《关于控股股东部分股份被司法强制执行 的进展公告》（公告编号：2025-047），南昌市新建区人民法院（以下简称"新 建区法院"）拟通过集中竞价或大宗交易方式处置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"）所持有公司 320 万股的股份，执 行期间为 2025 年 9 月 26 日至 2025 年 12 月 25 日。 2、黑五类集团是公司控股股东，本次股份变动不会导致公司实际控制权发生 变化，不会影响公司的生产经营，也不会导致公司股权分布不具备上市条件。 近日，公司收到控股股东黑五类集团出具的《关于股份被司法强制执行完毕 的告知函》，获悉黑五类集团本次被司法强制执行的股份已执行完毕，累计被执 行 3,199,914 股公司 ...