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]

Core Viewpoint - The company reported that as of September 20, 2025, it has over 98,000 shareholders [1] Group 1 - The company is actively engaging with investors through interactive platforms [1] - The number of shareholders indicates a growing interest in the company's stock [1]

Group 1 - The core viewpoint of the news highlights the positive market response to Hezhima's stock, which saw a rise of over 6% due to recent developments in the intelligent driving sector in China [1] - The Ministry of Industry and Information Technology has released a draft for mandatory national standards on intelligent connected vehicles, establishing safety baselines for these products [1] - The government is promoting the industrial application of intelligent connected technology and has proposed conditional approval for L3 level vehicle production [1] Group 2 - According to Puyin International, the A1000 high-speed NOA solution is set to enter mass production in passenger vehicles starting in 2023, with extensive validation already completed [2] - Hezhima has deepened cooperation with core existing customers, expanding from driver assistance to cabin and driving integration, which is expected to significantly boost shipment volume and revenue by 2025 [2] - The company anticipates shipping over 300,000 A1000 units and is exploring potential growth opportunities through overseas projects and collaborations based on the C1200 series [2]

Group 1 - The stock of Hezhima Intelligent (02533) rose over 6% recently, with a current price of 20.26 HKD and a trading volume of 664 million HKD [1] - The Ministry of Industry and Information Technology of China has released a draft for mandatory national standards on intelligent connected vehicles, establishing a safety baseline for these products [1] - The draft requires that systems can only be activated under their designed operating conditions, indicating a regulatory push towards safer intelligent driving technologies [1] Group 2 - According to Puyin International, the high-speed NOA solution based on Huashan A1000 will begin mass production in passenger vehicles starting in 2023, having undergone thorough validation [2] - Hezhima Intelligent has deepened cooperation with core existing customers this year, expanding from driver assistance to cabin and driving integration [2] - The company is expected to benefit from the trend of domestic automakers accelerating the deployment of vehicles equipped with NOA features, with projected shipments of A1000 exceeding 300,000 units by 2025 [2]

Group 1 - The Hong Kong stock market saw a rise in autonomous driving concept stocks on September 18, with notable increases in share prices for several companies [1] - Black Sesame Technologies (02533.HK) experienced a significant increase of 9.04%, reaching HKD 20.86 [1] - Horizon Robotics-W (09660.HK) rose by 7.18%, trading at HKD 11.19 [1] - Suda Technology (02498.HK) saw a gain of 6.33%, with shares priced at HKD 45.26 [1] - Youjia Innovation (02431.HK) increased by 5.9%, with a share price of HKD 27.64 [1]

Core Viewpoint - Company Zunming Co., Ltd. (stock code: 003030) is set to launch innovative beverage products such as mung bean drink, black sesame soy milk, and black bean soy milk in 2025, with positive market feedback anticipated [1] Product Innovation - The company plans to introduce a range of new beverage products in 2025, including mung bean drink, black sesame soy milk, and black bean soy milk [1] - Market response to these innovative products is expected to be favorable [1]

Group 1 - The company Southern Black Sesame Group Co., Ltd. held its 11th Board of Directors' fourth meeting and the 11th Supervisory Board's fourth meeting on August 28, 2025, and a third extraordinary shareholders' meeting on September 16, 2025, to review and approve the proposal regarding the repurchase and cancellation of part of the restricted stock from the 2023 incentive plan [1] - The company will repurchase and cancel a total of 605,500 shares of restricted stock from 6 out of 64 incentive targets due to reasons such as job transfer, resignation, retirement, and personal performance assessment failure [1] - Following the repurchase and cancellation, the total number of shares will decrease from 753,489,550 to 752,884,050, and the registered capital will change from 753,489,550 yuan to 752,884,050 yuan [1] Group 2 - Creditors of the company can declare their claims starting from September 17, 2025, for a period of 45 days, as the repurchase and cancellation involve a reduction in registered capital [1] - Creditors must provide original and photocopies of documents proving the creditor-debtor relationship, along with other necessary identification and authorization documents depending on whether they are legal entities or individuals [2] - The declaration registration location is specified as the financial and tax center on the 20th floor of the Black Sesame Building, with contact details provided for further inquiries [2]

证券代码：000716 证券简称：黑芝麻 公告编号：2025-055 南方黑芝麻集团股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召 开第十一届董事会第四次会议和第十一届监事会第四次会议，于 2025 年 9 月 16 日召开 2025 年第三次临时股东大会，审议通过了《关于回购注销 2023 年限制性 股票激励计划部分限制性股票及调整回购价格的议案》，同意公司对 2023 年限 制性股票激励计划 64 名激励对象中，因公司安排工作调动职务发生变更、辞职、 退休、个人层面绩效考核不合格等原因共 6 名激励对象合计 605,500 股限制性股 票进行回购注销。详情见公司于 2025 年 8 月 29 日、2025 年 9 月 17 日在巨潮资 讯网（www.cninfo.com.cn）上披露的《关于回购注销 2023 年限制性股票激励计 划部分限制性股票及调整回购价格的公告》（公告编号：2025-044）、《2025 年第三次临时股东大会决议公告》（公告编号：2025-054）等公告内容。 本次回购注销完成后，公司股份总数由 753,489,550 股减少至 752,884,050 股，公司 ...