Financial Performance - The company's operating revenue for 2024 was CNY 2,464,511,024.69, a decrease of 7.92% compared to CNY 2,676,505,918.69 in 2023[20] - Net profit attributable to shareholders increased by 80.46% to CNY 77,737,620.08 from CNY 43,078,204.46 in the previous year[20] - The net profit after deducting non-recurring gains and losses was CNY 67,421,516.52, up 97.11% from CNY 34,204,729.42 in 2023[20] - The net cash flow from operating activities was CNY 330,009,514.45, representing a 17.75% increase from CNY 280,270,595.74 in the previous year[20] - Basic earnings per share rose by 79.31% to CNY 0.104 from CNY 0.058 in 2023[20] - Total assets at the end of 2024 were CNY 4,608,467,567.08, an increase of 3.66% from CNY 4,445,660,520.05 at the end of 2023[20] - The net assets attributable to shareholders increased by 1.88% to CNY 2,565,800,005.56 from CNY 2,518,355,764.30 in 2023[20] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.5 per 10 shares, totaling CNY 37,674,477.50 based on 753,489,550 shares[6] - The cash dividend distribution represents 48.46% of the total distributable profit of 77,737,620.08 CNY[163] - The company has approved a shareholder return plan for 2024-2026, which includes a cash dividend policy that aligns with the company's articles of association[160] Market Position and Brand Recognition - The company has been recognized as the "No. 1 brand in black sesame paste" and "the first health food product in China" by a third-party authority, enhancing its market position[35] - The brand value of the company is estimated at ¥163.68 billion, ranking 420th in the "2024 China 500 Most Valuable Brands" list[35] - The company has established deep strategic partnerships with leading enterprises in the industry, including COFCO Rice and Yihai Kerry[36] Product Development and Innovation - The company is focusing on the elderly demographic by developing products like high-calcium black sesame milk, targeting a growing market segment[32] - The company plans to launch three new functional breakfast products targeting the elderly market in 2024[75] - The company is investing in new product development through collaborations with research institutions to create specialized health products[101] E-commerce and Sales Channels - The company has established a strong presence in the e-commerce sector, utilizing various service models including B2B, B2C, and O2O to enhance its market reach[31] - The company's e-commerce business has become a significant internet channel operator in China, focusing on high-margin brand operations despite a slight decline in revenue due to product structure optimization[41] - The company is focusing on expanding its e-commerce presence, particularly targeting young consumers with the "黑养黑" brand, which has shown promising online marketing results[52] Operational Efficiency and Cost Management - The company has implemented a strategic shift towards prioritizing economic efficiency over sales scale, leading to a restructuring of its main business[57] - The company aims to reduce operational costs by 5% through efficiency improvements in the supply chain[133] - Direct materials accounted for 54.07% of total operating costs, increasing from 46.49% in the previous year, while total operating costs decreased by 8.24% year-over-year to approximately ¥1.88 billion[49] Risk Management and Compliance - The company faces potential risks including food safety, significant changes in the external operating environment, and fluctuations in raw material prices[5] - The company is committed to food safety, implementing strict quality control measures and enhancing employee training to mitigate risks associated with food safety[104] - The company has established a comprehensive internal control system in accordance with relevant laws and regulations, ensuring effective risk management and asset security[171] Corporate Governance and Shareholder Engagement - The company has a board of directors with a term from 2024 to 2027[124] - The company held a total of 5 shareholder meetings during the reporting period, ensuring compliance with relevant laws and regulations[111] - The company has been recognized as an "Excellent Practice Case" by the China Listed Companies Association for its governance practices in 2024[118] Social Responsibility and Community Engagement - The company has committed to fulfilling its social responsibility by participating in various community service activities and promoting financial literacy among the public[191] - The company has actively engaged in the "Ten Thousand Enterprises Revitalizing Ten Thousand Villages" initiative, emphasizing its role in rural revitalization[192] - The company has been involved in the construction and operation of a children's hospital in Nanning, demonstrating its commitment to community health[194] Environmental Sustainability - The company adheres to environmental protection laws and regulations, ensuring compliance and minimizing pollution[180] - The company reduced water consumption by approximately 7.25 million tons annually through optimized production processes and resource recycling measures[189] - The company has adopted energy-saving and low-noise equipment in its production processes to minimize environmental impact[189]

Core Viewpoint - The Shenzhen Stock Exchange has imposed disciplinary actions against Southern Black Sesame Group Co., Ltd. for failing to disclose a loan guarantee and not following proper procedures [2][3]. Group 1: Disciplinary Actions - Southern Black Sesame Group received a public reprimand from the Shenzhen Stock Exchange [3]. - The former chairman Wei Qingwen, former general manager Liu Hui, and former financial director Li Weichang were also publicly reprimanded [3]. - The board secretary Zhou Miaohai received a notice of criticism for not ensuring timely disclosure of the guarantee [3]. Group 2: Company Background - Southern Black Sesame Group was established in May 1993 and focuses on the research, production, and sales of black sesame health products [5]. - The company has a registered capital of 753 million yuan and is primarily owned by Guangxi Black Five Food Group Co., Ltd., which holds 30.25% of the shares [5]. Group 3: Financial Performance - For the first three quarters of 2024, the company's revenue was 1.588 billion yuan, a year-on-year decrease of 17.37% [6]. - The net profit attributable to shareholders was 42 million yuan, down 5.26% year-on-year [6]. - The company expects a net profit of 55 million to 80 million yuan for 2024, representing a year-on-year growth of 27.67% to 85.71% [6].

Core Insights - Black Sesame Intelligence Technology Co., Ltd. showcased its innovations in assisted driving, cockpit integration, and safety computing at the 2025 Shanghai International Auto Show, highlighting advancements from foundational chip technology to industry ecosystem collaboration [1] Company Overview - Founded eight years ago, Black Sesame has developed core IPs in ISP and NPU, creating the Huashan series (assisted driving chips) and Wudang series (cross-domain integration chips), and has become the "first stock of AI chips for smart cars" listed on the Hong Kong Stock Exchange [2] - The company has achieved breakthroughs with products like A1000 (the first domestically produced automotive-grade high-performance chip) and C1236 (the world's first cross-domain integration chip), with the upcoming A2000 series designed for high-performance AI computing [2] Technological Innovations - The Huashan A2000 family of chips, built on a 7nm automotive-grade process, integrates 12 functional units, enabling multi-task parallel processing. The self-developed "Jiushou" NPU architecture supports Transformer hardware acceleration and mixed precision computing, achieving top industry energy efficiency [5] - The A2000 family includes A2000 Lite, A2000, and A2000 Pro, catering to various levels of assisted driving needs, with advanced perception capabilities that allow vehicles to understand complex scenarios like tunnels and extreme weather [7] Strategic Collaborations - Black Sesame announced a strategic partnership with Intel to develop the "Intel & Black Sesame Cockpit Integration Platform," combining both companies' core technologies to provide high-performance, cost-effective, and reliable cross-domain integration solutions for global automakers [10] - The collaboration aims to create a prototype solution that integrates the Wudang 1200 family chips as a safety base, Intel's flagship processors for cockpit experience, and Huashan A2000 chips for assisted driving computations, ensuring agile iteration of intelligent systems [10] Product Launches and Market Impact - The company, in collaboration with Dongfeng Motor and Junlian Zhixing, has initiated mass production of the first domestic single-chip central computing platform based on the Wudang C1296 chip, marking a significant step in cockpit integration and assisted driving technology [8] - The C1296 chip, also built on a 7nm process, integrates hardware resources for smart cockpit, assisted driving, and vehicle control, supporting real-time data communication across multiple domains, with plans for mass production by 2025 [8][9]

Group 1 - The core focus of the article is on Hezhima Intelligent's innovative "Safety Intelligent Base" solution showcased at the 2025 Shanghai Auto Show, highlighting its leadership in automotive computing chips and addressing key issues in safety, computing power, and functionality expansion for smart vehicles [2] - Hezhima Intelligent's Wudang C1200 series chips are designed to meet the highest safety level of ASIL-D, eliminating data security risks through hardware isolation, and supporting flexible modular computing power expansion to help automakers reduce costs and accelerate market entry [2] - The collaboration with Intel on the "Intel & Hezhima Intelligent Cabin Driving Integration Platform" enhances openness and ecosystem synergy, attracting participation from multiple OEMs and Tier 1 suppliers [2] Group 2 - The Huashan A1000 series chips have successfully empowered several popular market models, particularly the Geely Yinhe E8, Lynk & Co 07, and Lynk & Co 08, which have received high consumer praise for their advanced smart driving features [3] - Geely Galaxy, as Geely's core brand in new energy, achieved a sales volume of 494,000 units in 2024, representing an 80% year-on-year increase, with a sales target of 1 million units for 2025, indicating Hezhima Intelligent's continued critical role in this growth [3] - The Wudang C1200 series excels in cross-domain integration for smart vehicles, particularly in high-speed assisted driving and multi-domain fusion, with chips C1236 and C1296 already applied in mass production projects by various OEMs and Tier 1 suppliers [3] Group 3 - At the auto show, Hezhima Intelligent collaborated with leading Tier 1 companies such as Yikaton, Desay SV, and Baolong Technology to showcase over 30 intelligent automotive domain controllers based on the Huashan A1000 and Wudang C1200 series, reflecting extensive ecosystem collaboration achievements [5] - The 2025 Shanghai Auto Show serves as a significant platform for the global automotive industry's smart transformation, with Hezhima Intelligent demonstrating China's "chip" strength through technological innovation and successful applications in mass-produced vehicles [5]

Core Insights - Black Sesame Intelligence (2533.HK) launched the "Safety Intelligent Base" solution at the 2025 Shanghai International Auto Show, focusing on safety in intelligent driving, utilizing the Wudang C1200 family of cross-domain integration chips to achieve ASIL-D safety standards [2] - The company announced a strategic partnership with Intel to jointly develop the "Cabin-Driving Integration Platform," which will integrate Intel's smart cockpit technology with Black Sesame's advanced driving algorithms, with a reference design expected in Q2 2025 [2] - Black Sesame's Wudang C1296 chip-based cabin-driving integration solution has entered mass production in collaboration with Dongfeng Motor and Junlian Zhixing, aiming for mass production by the end of 2025 [5] Industry Position - Black Sesame ranks third in the market share for traditional independent brand passenger car NOA integrated control computing solutions in China, with a 12.15% market share attributed to the A10000 chip's shipment volume [5] - The Wudang series chips and the Huashan series (including A1000/A2000 families) form a "dual-core drive" technology matrix that covers L2+ to L3+ intelligent driving needs [5] - The company aims to enhance its "technology innovation + open ecosystem" strategy, focusing on optimizing bandwidth performance and extending its technological capabilities from the automotive sector to robotics and edge computing [5]

Group 1 - Intel announced a collaboration with Black Sesame (000716) to launch a cockpit integration platform reference design by Q2 2025 and prepare for mass production [1] - Intel will also work with Weimob Intelligent to develop edge-native intelligent cockpits [1] - Collaboration with South Korean semiconductor company BOS Semiconductors is also part of Intel's strategy [1]

Core Insights - 2024 is a significant year for autonomous driving companies, with 15 firms planning to go public, indicating strong market interest and potential growth in the sector [1] - The financial performance of these companies varies, with some achieving substantial revenue growth while others remain in the investment phase [2] Group 1: Financial Performance - Horizon Robotics achieved a revenue of 2.384 billion yuan in 2024, a 53.6% increase year-on-year, with a net profit of 2.347 billion yuan [3] - Black Sesame Intelligence reported a revenue of 474 million yuan, up 51.8% year-on-year, with a net profit of 313 million yuan [3] - Both companies, despite their profitability, reported adjusted net losses of 1.681 billion yuan and 1.304 billion yuan respectively, indicating ongoing financial challenges [4] Group 2: R&D Investment - R&D investment is a significant concern in the industry, with Black Sesame's R&D spending reaching 1.435 billion yuan, a 5.3% increase from 2023, and Horizon's R&D investment at 3.156 billion yuan, a 33.4% increase [4] - Horizon's R&D expenditure accounted for 132.4% of its total revenue, highlighting the heavy financial burden of innovation in the sector [4] Group 3: Market Trends and Challenges - The L2 level assisted driving function installation rate in new energy passenger vehicles reached 67.8% in 2024, a 12.5 percentage point increase from 2023, indicating growing market adoption [3] - The L4 level autonomous driving market, represented by Robotaxi services, is experiencing slower development compared to L2, despite significant policy support and market potential [5][7] - Small Horse Intelligent and WeRide reported revenue growth of 4.35% and a 10% decline respectively, with both companies still in a loss-making position [6] Group 4: Future Outlook - The Robotaxi market is projected to reach 488.8 billion yuan in China by 2030, indicating substantial future growth potential [7] - Small Horse Intelligent aims to achieve breakeven on a per-vehicle basis by 2025, emphasizing the need for expanded operational scale to support high R&D costs [7]

据决定书，黑芝麻及相关当事人存在以下违规行为： 4月18日，深交所发布关于对黑芝麻（SZ000716）及相关当事人给予纪律处分的决定。 黑芝麻称，公司控股股东广西黑五类食品集团有限责任公司就此向公司作出兜底承诺，全额承担此事项 对上市公司造成的全部损失。2024年11月，控股股东已向上市公司银行账户转入6553万元的承诺保证 金，该案件当时已经进入执行阶段。 2020年，南宁市儿童医院建设运营管理有限公司（以下简称儿童医院管理公司）向广发银行南宁分行 （以下简称广发银行）借款5.05亿元用于建设PPP项目。2020年9月11日，黑芝麻与广发银行签订《最高 额权利质押合同》，以持有的广西广投国医投资有限公司（以下简称广投国医）36.41%的股权为限， 为儿童医院管理公司上述银行贷款提供质押担保。担保金额为6553万元，占黑芝麻2019年末经审计净资 产的2.38%。黑芝麻未按规定就前述担保事项履行审议程序及信息披露义务。 （文章来源：每日经济新闻） 深交所决定，对黑芝麻给予公开谴责的处分，对公司时任董事长韦清文、时任总经理刘辉、时任财务总 监李维昌给予公开谴责的处分，对公司董事会秘书周淼怀给予通报批评的处分。 ...

来源丨 投中网 什么是青年？可以用数据说话。联合国将青年定义为 15-24 岁，世界卫生组织则将年龄范围扩展到 15-44 岁。可以用古语说话。"后生可畏"的箴言 揭示着东方文明对青春力量的敬畏。也可以用概念说话。文艺复兴后，"青年"作为独立概念出现，经过五四运动后在中国普及，成为社会变革的象征。 对于投资，青年又意味着始终处于"成为"（ becoming ）的状态。在湍急的时代浪潮中，青年投资人要不断寻找自身的定位，校准自己的价值观，整 合各种不同的看待世界的方法和模型，形成一套自己的认知体系，当然，最重要的，投资人要与时代共振。 生命力是主体的一种经验和感受，是意识和行动之间的间隔。而投资正是社会生命力的象征。我们希望青年投资人能活出饱满的生命力。既能躬身入 局，中流击水，也能及时抽身，理清时代的脉络。既能理解宏观经济趋势，深入分析行业来龙去脉，更需在信息过载时筛选出有效信号，在快速变化的 市场中保持新鲜的眼光和敏锐的洞察力。 投资人要与时代共振。 | 5 | 邓到 | 陆石投资 | 北京、天津、成都 | 爱思达航天 天兵科技 | | --- | --- | --- | --- | --- | | | | ...

Group 1 - Consumer stocks experienced a significant rebound in the afternoon, particularly in the food, duty-free, and dairy sectors [1] - Notable stocks that hit the daily limit include Anji Food, Guifaxiang, Eurasia Group, and Wewei Co., with others like Pinwa Food and Gaisi Food rising over 10% [1] - Additional stocks that saw gains include Maiqu'er, Zhu Laoliu, Black Sesame, Wangfujing, and Xiwang Food [1]