证券代码：000716 证券简称：黑芝麻 公告编号：2025-057 南方黑芝麻集团股份有限公司 2025 年第四次临时股东大会决议公告 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。 特别提示 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 南方黑芝麻集团股份有限公司（以下简称"公司"）于 2025 年 10 月 10 日采 用现场与网络投票相结合的方式召开了 2025 年第四次临时股东大会（以下简称"本 次股东大会"），审议并通过了相关提案，现将有关情况公告如下： 一、会议召开情况 公司第十一届董事会 2025 年第七次临时会议审议并通过了《关于召开公司 2025 年第四次临时股东大会的议案》，董事会决定于 2025 年 10 月 10 日以现场与 网络投票相结合的方式召开本次股东大会，公司于 2025 年 9 月 16 日公告了《关 于召开 2025 年第四次临时股东大会的通知》（公告编号：2025-053）。 2、会议召集人：公司董事会 3、会议召开方式：现场投票与网络投票相结合的方式 4、现场会议召开情况 ...

Core Insights - Chengdu's "Embodied Intelligence Industry Innovation Development Action Plan (2025-2027)" aims to establish a robust framework for the development of the embodied intelligence sector, targeting an industry scale exceeding 50 billion yuan by the end of 2027 [1][2] - The plan emphasizes the cultivation of 50 national-level specialized "little giant" enterprises and 10 top AI companies in China, alongside the implementation of a "double hundred" project for products and scenarios [1][2] Group 1: Strategic Actions - The plan outlines five major actions and 23 specific measures to enhance the embodied intelligence industry [1] - Four brand tracks will be established focusing on domestic intelligent chip ecosystems, data transmission, intelligent manufacturing, and security in embodied intelligence [1][2] - Three key technology initiatives will target core algorithm models, specialized intelligent software, and essential components [1] Group 2: Infrastructure and Ecosystem Development - Four public platform supply actions will be implemented, focusing on computing power, training grounds, pilot testing, and scenario validation [1] - Six application scenario expansion actions will be directed towards sectors such as healthcare, low-altitude economy, urban governance, cultural tourism, retail, and education [1] - Six industry ecosystem enhancement actions will focus on talent development, financial support systems, specialized park matrices, key enterprise clusters, open cooperation ecosystems, and industrial collaboration mechanisms [1]

证券代码：000716 证券简称：黑芝麻 公告编号：2025-056 南方黑芝麻集团股份有限公司 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、股份转让事项 上述具体内容详见公司于 2025 年 8 月 9 日、2025 年 9 月 9 日在巨潮资讯网 （www.cninfo.com.cn）等指定的信披媒体披露的《关于控股股东协议转让股权暨 控制权拟发生变更的提示性公告》（公告编号：2025-034）、《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》（公告编号：2025-050）。 二、股份转让进展 截至本公告日，广旅大健康聘请的中介机构就本次交易履行尽职调查（以下 简称"尽调"）涉及的各项工作仍在积极有序进行中，预计在 2025 年 10 月底前 可完成全部现场尽调工作，之后尚需履行本次交易涉及的国有资产监督管理部门 审批、国家市场监督管理总局经营者集中反垄断审批、深圳证券交易所合规性审 批等程序。公司将密切关注本事项的具体进展情况，并及时履行信息披露义务。 三、风险提示 1、本次交易目前 ...

Core Viewpoint - Black Sesame Intelligence (000716) and its partners are exploring an innovative "technology + insurance" model to enhance the safety and operational efficiency of new energy commercial vehicles through advanced driver assistance technology [1] Group 1: Company Developments - Black Sesame Intelligence's stock rose nearly 9% in early trading, currently up 6.64% at HKD 20.88, with a trading volume of HKD 251 million [1] - The company has entered a strategic partnership with Chery Commercial Vehicles and China Pacific Insurance (601601) to integrate technology into the insurance underwriting process [1] - Black Sesame will provide a PA2.0 active safety system for Chery's entire range of new energy vehicles, covering both pre-installation and post-installation scenarios [1] Group 2: Industry Insights - The Chief Marketing Officer of Black Sesame, Yang Yuxin, anticipates a market explosion in cross-domain integration, predicting that L3 autonomous driving technology will reach maturity within the next three to five years [1] - The industry chain is expected to become more organized, with manufacturers that have mature mass production experience, sustainable technology iteration, and customer recognition standing out [1] - Black Sesame is set to launch a robotics product line, aiming to transfer its automotive industry technology and successful experiences to new markets [1]

Core Viewpoint - Black Sesame Intelligence (02533) has seen a significant stock price increase following a strategic partnership with Chery Commercial Vehicles and China Pacific Insurance, focusing on integrating advanced driving assistance technology with insurance mechanisms to enhance safety and operational efficiency in new energy commercial vehicles [1] Group 1: Strategic Partnership - Black Sesame Intelligence, Chery Commercial Vehicles, and China Pacific Insurance have formed a strategic collaboration to explore an innovative "technology + insurance" model [1] - The partnership aims to create a linkage mechanism between risk reduction and premium discounts, enhancing safety upgrades and operational efficiency for new energy commercial vehicles [1] Group 2: Technological Advancements - Black Sesame Intelligence will leverage its core technological advantages to provide Chery's entire range of new energy vehicles with the PA2.0 commercial vehicle active safety system, covering both pre-installation and post-installation scenarios [1] - The Chief Marketing Officer of Black Sesame Intelligence, Yang Yuxin, anticipates a market explosion in cross-domain integration, predicting that L3 autonomous driving technology will reach maturity within the next three to five years [1] Group 3: Market Outlook - The industry is expected to see a more organized division of labor along the entire supply chain, with manufacturers that have mature mass production experience, sustainable technology iteration, and customer recognition standing out [1] - Black Sesame Intelligence is set to launch a robotics product line, aiming to transfer its accumulated technology, successful experiences, and ecosystem from the automotive sector to new markets [1]

Core Viewpoint - Black Sesame Intelligence (2533.HK) experienced a significant intraday increase of over 9%, reaching HKD 21.38, driven by insights shared at the 7th World New Energy Vehicle Conference regarding the upcoming market explosion in cross-domain integration and the maturation of L3 autonomous driving technology within the next three to five years [1] Group 1: Company Developments - The Chief Marketing Officer, Yang Yuxin, highlighted that the entire industry chain will become more organized, with manufacturers that possess mature mass production experience, sustainable technology iteration, and customer recognition standing out [1] - Black Sesame Intelligence has developed two major chip series, Huashan and Wudang, to cover different computing power needs, achieving breakthroughs from technology to mass production [1] - The company plans to launch a robotics product line, aiming to transfer the technology, successful experiences, and ecosystem accumulated in the automotive sector to new markets [1] Group 2: Industry Insights - The next three to five years are expected to be critical for the maturation of L3 autonomous driving technology, indicating a pivotal moment for the industry [1] - The integration of smart automotive technology and robotics is anticipated to accelerate, with high-performance, energy-efficient automotive-grade AI chips at the core of this transition [1]

Core Insights - The leisure food sector experienced a rise of 0.66% on September 30, with ST Juewei leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance Summary - ST Juewei (603517) closed at 13.52, with a gain of 4.81% and a trading volume of 288,000 shares, amounting to a transaction value of 383 million [1] - Wanchen Group (300972) closed at 181.50, up 3.82%, with a trading volume of 25,300 shares [1] - Yanjin Puzhou (002847) closed at 70.10, up 1.80%, with a trading volume of 23,000 shares [1] - Other notable performances include Maiqu'er (002719) at 9.24 (+1.20%) and Haoxiangni (002582) at 9.30 (+0.22%) [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 91.41 million from institutional investors, while retail investors contributed a net inflow of 82.63 million [2] - The main capital inflow and outflow for specific stocks include: - Wanchen Group: 11.84 million inflow from main capital, with a net outflow of 15.09 million from speculative capital [3] - Jinzai Food (003000): 3.33 million inflow from main capital, with a net outflow of 3.21 million from speculative capital [3] - Good Products (603719): 2.33 million inflow from main capital, with a net inflow of 1.02 million from speculative capital [3]

Core Viewpoint - The smart driving chip industry is experiencing a shift towards "urban NOA," with a trend of "explosive demand but technological convergence," leading to a concentration of players towards the top tier [2][6]. Group 1: Market Expansion - Black Sesame Intelligence is focusing on three main directions for market expansion in 2025: deepening cooperation with existing clients, accelerating the introduction of new platforms and customer reserves, and promoting an overseas strategy [5]. - The company is enhancing collaboration with existing clients, transitioning from early product shipments to new projects with the Wudang series chips, which have gained customer recognition [5]. - The A2000 chip is set to provide samples to clients soon, with many clients having completed preliminary designs, indicating a rapid transition to project phases after chip delivery [5]. - Black Sesame's collaboration with Chery has officially started, with more vehicle projects expected to follow [5]. Group 2: Technological Path - The industry is showing a significant trend of convergence, with a decreasing number of participants and a unification of technology paths [6][8]. - The rapid iteration of smart driving technology has raised industry entry barriers, requiring chip companies and solution providers to possess strong technical capabilities and deep collaboration with clients [8]. - The focus of next-generation technology is shifting towards urban NOA, with mainstream technical routes becoming more aligned [8]. Group 3: Brand Strategy - Black Sesame Intelligence is not pursuing a direct consumer brand strategy but is instead focusing on empowering B-end clients, recognizing the challenges of building a consumer brand in the automotive sector [9][10]. - The company aims to concentrate resources on product development and customer service rather than on consumer brand building until its core strategic direction is fully realized [10]. - The differentiation from competitors lies in its commitment to an open platform strategy while maintaining a core focus on being a chip company [10][12].

Summary of Conference Call Records Industry Overview - The conference call discusses the intelligent driving industry, focusing on the transition from L2 to L4 automation levels, with key players like Xiaopeng, Geely, Horizon Robotics, and Hezhima actively involved in Robotaxi and Robotman businesses [1][2][4]. Key Points and Arguments Regulatory and Technological Developments - The L2 combination driving scheme national standard has been released, with plans for implementation by 2027, indicating a significant regulatory milestone for the industry [2][4]. - Major automotive companies and suppliers are enhancing their capabilities, with new technology iterations expected in Q4, including Huawei ADS 4.0 and Xiaopeng XOS 5.7.7 [3][8]. Company-Specific Insights - **Horizon Robotics**: - Recently completed a second round of financing amounting to approximately 5 billion RMB (over 800 million USD), with limited impact on stock price but presenting investment opportunities [1][4]. - Aims to increase chip shipments from 2 million in the first half of the year to 4 million for the full year, with a target of 5.5 million for next year [3][9]. - Current market valuation is around 150 billion RMB, corresponding to a 30x price-to-sales (PS) ratio, indicating significant growth potential [3][9]. - **Hezhima**: - Recognized as the second-largest intelligent driving chip supplier in China, with a projected revenue growth of 50-60% next year, despite a lower market valuation of 10x PS [1][5]. - Actively expanding its customer base, including international markets and collaborations with Desay SV [1][5]. Market Dynamics - The self-developed algorithms account for half of the intelligent driving algorithm market, with Momenta leading among third-party suppliers, holding a 60-70% market share [1][6]. - Other notable suppliers include Yuanrong Qixing and Qingzhou Technology, primarily founded by AI talents from Baidu [1][6][7]. Financing and Market Position - **Momenta**: - Plans to go public in the US by the second half of 2025, having raised over 1.2 billion USD in cumulative financing, making it the most funded algorithm supplier in the secondary market [3][10]. - **Yuanrong Qixing and Qingzhou Technology**: - Yuanrong has raised over 500 million USD, with significant investments from Great Wall Motors, while Qingzhou has secured over 200 million USD in financing, primarily from Chery [10]. Competitive Landscape - Major automotive companies are diversifying their partnerships for intelligent driving solutions, with companies like BYD, Geely, and Great Wall Motors collaborating with various algorithm suppliers [14][15]. - The next two years are critical for these companies as they transition from primary to secondary markets, with Horizon and Hezhima already listed and Momenta planning to list soon [14][15]. Additional Important Insights - The intelligent driving chip market is expected to see significant growth, with Horizon's high-end chip G6P anticipated to contribute substantially to revenue in the coming year [9]. - The competitive landscape is characterized by a mix of established players and emerging startups, with ongoing technological advancements driving the market forward [8][11][12].

Core Insights - Southern Black Sesame Group's subsidiary, Southern Black Sesame (Guangxi) Health Grain Warehouse Factory, received two authoritative certifications from Shanghai Consulting Group, establishing its leading position in the black sesame paste industry and its qualification as the first factory in China for health food production [1][2][14] Group 1: Authority Certifications and Industry Standards - The dual certifications from Shanghai Consulting Group recognize Southern Black Sesame's production scale, technical strength, and market position, affirming its commitment to innovation and health food transformation [2][14] - The "Health Food Qualification" certification highlights the company's excellence in functional food research and standardized production, while the "Scale First" certification solidifies its leadership in black sesame paste manufacturing [2][14] Group 2: Technological Empowerment in Traditional Manufacturing - The Southern Black Sesame Health Grain Warehouse Factory, located in Guangxi, covers an area of 200 acres and features advanced production lines for black sesame health foods, with a significant annual production capacity [5][7] - The factory implements a full-process traceability system from planting to production, utilizing smart production lines and IoT management systems to automate key processes, ensuring top-tier quality and safety [7][8] Group 3: Brand Evolution and Strategic Upgrades - Established in 1984, Southern Black Sesame has evolved from a single black sesame paste product to a comprehensive health food group, expanding its offerings to include various grain-based and health-oriented products [8][9] - The company is actively pursuing a dual strategy of "traditional paste + health food," launching new products that cater to modern health trends and expanding its market reach among younger consumers [9][11] Group 4: Full Industry Chain Development - The establishment of the Southern Black Sesame Planting Demonstration Base in Jiangxi marks a significant step in the company's full industry chain strategy, ensuring stable raw material supply and enhancing product quality through geographical advantages [11][14] Group 5: Credibility of Shanghai Consulting Group - Shanghai Consulting Group, founded in 2008, is recognized for its independent and professional market research services, having completed over 20,000 consulting projects and provided authoritative market position certifications to more than 800 enterprises [13][14] Group 6: Conclusion - The dual certifications represent not only an honor but also a reflection of Southern Black Sesame's dedication to innovation and quality over its 40-year history, positioning the company to lead the black nutrition food industry into a new development phase [15]