| ○ 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 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]

Core Insights - The article discusses the evolving landscape of the automotive auxiliary driving chip industry, emphasizing the importance of long-term partnerships and platform capabilities over short-term gains [1][2][5]. Industry Overview - The auxiliary driving chip market has gained significant attention, with a shift from merely counting "hit models" to understanding the deeper needs of automotive manufacturers [1][2]. - Automotive manufacturers are increasingly prioritizing "controllable, reliable, and evolvable" chip platforms that offer better computing power, energy efficiency, system adaptability, and long-term service capabilities [2][5]. Company Developments - Black Sesame Intelligence (02533.HK) launched a new generation chip platform and announced mass production of the first domestic single-chip central computing platform based on the Wudang C1296 chip, set to be used in multiple new models from Dongfeng Motor by 2025 [3][4]. - The collaboration with Intel to create the "Intel & Black Sesame Intelligent Cabin-Driving Integration Platform" aims to integrate standard vehicle functions into a long-lifecycle platform, addressing cost control for economic models while supporting high-end models [4]. Financial Performance - Black Sesame Intelligence reported a revenue of 474 million yuan for 2024, a 51.8% increase from 312 million yuan in 2023, with a net profit of 313 million yuan, marking a turnaround from previous losses [7]. - The growth in revenue is attributed to the successful sales of auxiliary driving products and solutions, with significant contributions from partnerships with major automotive OEMs like BYD, Dongfeng, and Geely [7]. Market Trends - The auxiliary driving industry is transitioning from early adoption to widespread use, with L2-level auxiliary driving systems expected to see a 25.33% increase in deliveries in 2024, reaching 8.67 million units [8][9]. - The high-level automated navigation driving (NOA) segment is projected to grow significantly, with a 162.31% increase in deliveries, indicating a strong market demand for advanced driving assistance technologies [8][9]. Strategic Focus - The article highlights the importance of deep collaboration between chip manufacturers and automotive companies, emphasizing that the ability to co-evolve and adapt is crucial for long-term success in the industry [9][10]. - Black Sesame's commitment to high R&D investment, amounting to 340 million yuan in 2024, reflects its strategy to enhance product competitiveness and secure a favorable position in the smart automotive chip market [9].

Core Insights - The chip industry is witnessing two major trends: increased computing power and integration, as demonstrated by new products from Aisin YuanZhi and HezhiMa Intelligent [1] Group 1: Aisin YuanZhi's M57 Series - Aisin YuanZhi launched the M57 series of automotive chips, which boasts a computing power of 10 TOPS and supports mixed precision and BEV algorithms [1] - The M57 chip has a power consumption of no more than 3.5W even at a junction temperature of 125 degrees Celsius, making it suitable for both traditional and energy-efficient electric vehicles [1] - The self-developed image processing technology, Aisin ZhiMou AI-ISP, generates high-definition images under extreme lighting conditions, enhancing decision-making for in-vehicle systems [1] - The integrated MCU with a safety island achieves ASIL-B and ASIL-D level functional safety, ensuring that the advanced driver-assistance systems (ADAS) do not cause accidents due to individual function failures [1] Group 2: HezhiMa's Huashan A2000 Family - HezhiMa's Huashan A2000 family of chips, built on a 7nm automotive-grade process, claims to have computing power up to four times that of current mainstream flagship chips [2] - The Huashan A2000 family includes three products: A2000 Lite for urban assisted driving, A2000 for general assisted driving, and A2000 Pro for high-level general assisted driving [2] - The Huashan A2000 chips feature a self-developed "JiuSha" NPU architecture that supports Transformer hardware acceleration and mixed precision operations (FP8/FP16), enhancing multi-task parallel processing efficiency [3] - The architecture includes a priority preemption mechanism to ensure sufficient computing resources for high-priority tasks, improving safety in complex driving scenarios [3] Group 3: Wudang Series and Safety Technologies - HezhiMa also introduced the Wudang series of chips, which is the industry's first cross-domain integrated computing chip, enhancing vehicle safety by ensuring independent operation of key systems [3] - The Wudang C1296 chip, also showcased, integrates smart cockpit, ADAS, and vehicle body control domains, allowing real-time data communication among them [4] - This solution is already being implemented in multiple new models from Dongfeng and is expected to achieve mass production by 2025 [4]

Core Insights - The "2025 Automotive Semiconductor Ecosystem Conference and China Automotive Chip Technology Roadshow" was held on April 25-26, 2025, in Shanghai, aiming to create a top platform for global automotive semiconductor industry elites to exchange and showcase achievements [1] - Yang Yuxin, CMO of Hezhima Intelligent, emphasized the critical role of AI in industry development, stating that AI has become a key engine for progress, breaking traditional performance improvement models [4] - Hezhima Intelligent focuses on technological innovation, with a product matrix covering all scenarios in the assisted driving field, including the Huashan series for assisted driving and the Wudang series for cross-domain computing chips [5] Industry Trends - The assisted driving market is experiencing explosive growth, entering an era of "equal rights," with Hezhima Intelligent positioning itself early in this market [4] - The Huashan A1000 chip is the first domestically produced automotive-grade single chip supporting leading assisted driving, significantly pushing L2+ assisted driving into vehicles priced at 100,000 yuan [5] - The upcoming Huashan A2000 family, set to launch in 2025, features a new NPU architecture that enhances computing power and energy efficiency, supporting advanced algorithms for L3-level assisted driving [5][6] Product Development - The next-generation Huashan A2000 family chip is designed to meet market demands for high computing power, compatibility, and comprehensive solutions, integrating 12 functional units on a single chip [6] - The A2000 chip's "general perception" capability allows vehicles to understand complex scenarios like tunnels and extreme weather, enabling predictive decision-making [7] - Hezhima Intelligent also introduced a safety intelligent base built on the Wudang series chips, integrating standard vehicle functions into a long-lifecycle platform, addressing cost control and rapid platform iteration challenges for automakers [7]

Core Insights - Intel is making significant strides in the smart automotive sector, emphasizing the importance of the Chinese market and aiming to become a key player in the industry [1][17] - The company has launched a new strategy by partnering with Black Sesame Intelligence to create a cockpit and driving integration platform, which combines Intel's SoC with Black Sesame's chip families [2][3] - Intel's second-generation cockpit SoC, set for mass production in 2026, features a chiplet architecture that allows for cost-effective and customizable solutions for automotive manufacturers [5][15] Market Position and Strategy - Intel's entry into the automotive market comes amid strong competition from Qualcomm and NVIDIA, which dominate the smart cockpit and driving chip markets [1] - The partnership with Black Sesame aims to address the growing demand for advanced driver-assistance systems (ADAS) and cockpit solutions, with plans to release a reference design in Q2 of this year [3][4] - The company is open to collaborating with any ADAS manufacturer, not just Black Sesame, to enhance its market presence [2][8] Product Development - The latest cockpit SoC showcases a performance increase of up to 10 times for generative and multimodal AI capabilities and up to 3 times for graphics performance compared to the previous generation [4] - The chiplet architecture allows for different manufacturing processes to be used in various parts of the chip, optimizing costs and performance [4][15] - Intel is also focusing on domain controllers, aiming to reduce the number of electronic control units (ECUs) in vehicles through software-defined architecture, which could streamline operations and reduce costs [6][10] Future Outlook - The automotive business is viewed as a growth opportunity for Intel, leveraging its existing investments in AI and PC technologies to enhance automotive applications [16][17] - The company aims to transform the automotive industry by applying its data center experience to create a software-defined vehicle architecture, which could significantly change how automotive systems are integrated and managed [12][13]

南方黑芝麻集团股份有限公司（以下简称"公司"）聘请的年度审计机构永 拓会计师事务所（特殊普通合伙）（以下简称"永拓事务所"）对公司 2024 年 度内部控制情况进行审计，并出具了带强调事项段的无保留意见内部控制审计报 告。根据《深圳证券交易所股票上市规则》等相关规定，监事会对《董事会关于 对带强调事项段的无保留意见内部控制审计报告涉及事项的专项说明》出具如下 意见： 一、永拓事务所出具的带强调事项段无保留意见的内部控制审计报告以及董 事会对相关事项的专项说明真实、准确，符合公司的实际情况。监事会对永拓事 务所出具的带强调事项段无保留意见的内部控制审计报告无异议，同意《董事会 关于对带强调事项段的无保留意见内部控制审计报告涉及事项的专项说明》。 二、作为公司监事，我们将积极督促董事会落实各项整改措施，推动公司强 化内部控制建设，加强内部审计部门对公司内部控制制度执行情况的监督力度， 不断提高规范运作水平，切实维护公司及广大投资者的利益。 南方黑芝麻集团股份有限公司监事会关于对 《董事会关于对带强调事项段的无保留意见内部控制审计 报告涉及事项的专项说明》的意见 南方黑芝麻集团股份有限公司 监 事 会 2025 年 ...

南方黑芝麻集团股份有限公司 监 事 会 2025 年 4 月 24 日 南方黑芝麻集团股份有限公司监事会关于对 《董事会关于对带强调事项段的无保留意见审计报告涉及 事项的专项说明》的意见 永拓会计师事务所（特殊普通合伙）（以下简称"永拓事务所"）对南方黑芝 麻集团股份有限公司（以下简称"公司"）2024 年 12 月 31 日财务报告进行审计， 并出具了带强调事项段的无保留意见审计报告。根据《深圳证券交易所股票上市 规则》等相关规定，监事会对《董事会关于对带强调事项段的无保留意见审计报 告涉及事项的专项说明》出具如下意见： 一、永拓事务所出具的带强调事项段无保留意见审计报告以及董事会对相关 事项的专项说明真实、准确，符合公司的实际情况。监事会对永拓事务所出具的 带强调事项段无保留意见的审计报告无异议，同意《董事会关于对带强调事项段 的无保留意见审计报告涉及事项的专项说明》。 二、作为公司监事，我们将积极督促董事会落实各项整改措施，推动公司强 化内部控制建设，加强内部审计部门对公司内部控制制度执行情况的监督力度， 不断提高规范运作水平，切实维护公司及广大投资者的利益。 ...