Investment Rating - The report maintains a "Buy" rating on Horizon Robotics, reflecting a positive outlook on the smart driving sector driven by the AD/ADAS trend in China [2]. Core Insights - The report highlights that Black Sesame (2533.HK) is positioned to benefit from the growing demand for AD/ADAS technologies in China, with management targeting double-digit revenue growth in 2025 [1][7]. - The competitive landscape indicates that car OEMs are likely to continue diversifying their chipset suppliers, which will favor companies like Black Sesame and Horizon Robotics that provide advanced automotive chipsets [2][8]. Summary by Sections 2025 Outlook - Black Sesame's A1000 SoC will be featured in Dongfeng's new model, the eπ 007, which boasts 58 TOPS computing power and over 20 smart driving assistance functions, including highway NOA navigation and long-range autonomous parking assistance [4]. Competition Dynamics - Management believes that developing chipsets in-house is challenging for car OEMs due to the time and cost involved, which positions Black Sesame favorably in the market [8]. - The company collaborates with third-party software suppliers to enhance its algorithm development, providing flexibility for customers in choosing software solutions [8]. Company Profile - Black Sesame specializes in AD/ADAS SoCs, offering a range of products such as the A1000 series and Wudang series, which are already adopted by major OEMs like Geely and Dongfeng [3].

Meeting Information - The annual general meeting of shareholders for Southern Black Sesame Group Co., Ltd. is scheduled for June 25, 2025, at 2:30 PM [1] - Shareholders can participate through on-site voting or online voting via the Shenzhen Stock Exchange systems [2][4] - Online voting will be available from 9:15 AM to 3:00 PM on the same day [1][7] Voting Procedures - Shareholders must choose either on-site or online voting, with duplicate votes being counted as the first submission [2][4] - All ordinary shareholders registered by the record date are entitled to attend and vote at the meeting [2][4] - Proxy voting is allowed, and the proxy does not need to be a shareholder of the company [2][4] Agenda Items - The meeting will include reports from independent directors regarding their performance for the year 2024, but these reports will not be subject to voting [4] - Other proposals for the meeting have been approved by the board and supervisory committee in previous meetings [4] Registration and Attendance - Shareholders must present identification and proof of shareholding to register for the meeting [5][6] - Registration can also be done via mail or email for remote shareholders [6] - The meeting will last half a day, and attendees are responsible for their own travel and accommodation expenses [6] Additional Information - Detailed voting procedures for online participation are provided in an attachment [7] - A proxy authorization form is available for shareholders wishing to delegate their voting rights [8]

证券代码：000716 证券简称：黑芝麻 公告编号：2025-026 南方黑芝麻集团股份有限公司 表决结果：同意 9 票，反对 0 票，弃权 0 票，本议案获得通过。 详情请查阅公司同日在《中国证券报》《证券日报》《上海证券报》和巨潮 资讯网（www.cninfo.com.cn）上登载的相关公告内容。 备查文件：公司第十一届董事会 2025 年第六次临时会议决议。 特此公告 南方黑芝麻集团股份有限公司 董 事 会 南方黑芝麻集团股份有限公司（以下简称"公司"）于 2025 年 5 月 29 日以 现场与通讯相结合的方式召开第十一届董事会 2025 年第六次临时会议（以下简 称"本次会议"），会议通知于 2025 年 5 月 26 日以书面直接送达、电子邮件或 电话方式通知全体董事。会议由董事长李玉珺先生主持，应出席会议的董事 9 人，实际出席会议的董事 9 人。公司监事及高级管理人员列席了本次会议。 本次会议的召集、召开、参会人数、表决程序符合《中华人民共和国公司法》 和《公司章程》有关规定，经与会董事对会议议案审议和表决形成了会议决议， 现公告如下： 审议并通过《关于召开公司 2024 年年度股东大会的议案 ...

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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]