Core Insights - The company is facing a strategic dilemma characterized by a decline in its core business and ineffective diversification efforts [1][2][3] Group 1: Business Performance - The company's core product, black sesame paste, has seen a market share decline, with revenue dropping by 11.25% in 2023 and projected to decrease by another 7.92% in 2024 [1] - The brand is suffering from severe aging, primarily appealing to older consumers while failing to attract younger demographics [1] Group 2: Diversification Efforts - The company has attempted to diversify by launching new products like low-fat drinks and oat paste, but these efforts have not successfully shifted the brand's traditional image [1] - Aggressive diversification strategies have led to significant financial strain, including a 2.2 billion yuan debt for a stalled energy storage lithium battery project and a 260 million yuan investment in the medical sector that resulted in a debt lawsuit requiring a compensation of 65.53 million yuan [1] Group 3: Governance Issues - The company's governance structure is in disarray, with systemic issues such as non-operational fund occupation by the controlling shareholder and lack of proper documentation in board meetings [2] - The actual controller, Wei Qingwen, has been implicated in leading these governance failures, resulting in penalties for 11 senior executives [2] Group 4: Conclusion - The crisis faced by the company is fundamentally a result of governance failure and short-sighted strategy, highlighting the risks of treating a listed company merely as a financing tool [3]

证券代码：000716 证券简称：黑芝麻 公告编号：2025-031 南方黑芝麻集团股份有限公司 2024 年年度股东大会决议公告 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 6 月 25 日采用 现场与网络投票相结合的方式召开了 2024 年年度股东大会（以下简称"本次股东 大会"），审议并通过了相关的提案，现将有关情况公告如下： 一、会议召开情况 1、会议通知情况 公司于 2025 年 5 月 29 日召开第十一届董事会 2025 年第六次临时会议，审议 并通过了《关于召开公司 2024 年年度股东大会的议案》，董事会决定于 2025 年 6 月 25 日以现场与网络投票相结合的方式召开本次股东大会。根据前述董事会决议， 公司于 2025 年 5 月 30 日公告了《关于召开 2024 年年度股东大会的通知》（公告 编号：2025-027）。 2、会议召集人：公司董事会 3、会议召开方式 ...

北京大成（南宁）律师事务所 关于南方黑芝麻集团股份有限公司 2024 年年度股东大会的 法律意见书 大成证字[2025]第 141 号 www.dacheng.com 南宁市五象新区盘歌路 4 号碧园中心 A 座 19、20 层（530201） 19-20/F Block A, Biyuan Plaza, No.4 Pange Road, Wuxiang New District, Nanning, Guangxi, 530201, China Tel： +86 771 5511820 Fax： +86 771 5511887 法律意见书 北京大成（南宁）律师事务所 关于南方黑芝麻集团股份有限公司 2024 年年度股东大会的 法律意见书 大成证字[2025]第 141 号 致：南方黑芝麻集团股份有限公司 根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和 国公司法》（以下简称《公司法》）和中国证券监督管理委员会《上市公司股东 会规则》（以下简称《股东会规则》）、《深圳证券交易所上市公司股东会网络 投票实施细则》（以下简称《网络投票细则》）等法律、法规及其他有关规范性 文件的要求，北京大成（南宁 ...

Core Insights - Black Sesame (000716.SZ) has come under regulatory scrutiny due to issues related to non-operational fund occupation by controlling shareholders and related parties, improper external guarantees, and governance irregularities [2] - The company’s financial performance has been inconsistent, with revenue declining from 4.476 billion to 2.465 billion from 2019 to 2024, and net profit showing significant volatility [2][3] Regulatory Concerns - The Guangxi Securities Regulatory Bureau issued a warning letter to Black Sesame, highlighting the occupation of company funds by controlling shareholders and related parties, as well as delayed disclosures regarding a 65.53 million yuan external guarantee [2] - Previous disciplinary actions were taken by the Shenzhen Stock Exchange in April for the same guarantee issue, raising concerns about the company's governance capabilities [2] Financial Performance - Black Sesame's revenue has seen a decline, with only a slight increase in 2021, while net profit has fluctuated significantly, including a major loss in 2021 and a return to losses in Q1 2025 [2][3] - The company reported a non-recurring net profit loss of 1.38 million yuan in Q1 2025, indicating ongoing financial struggles [2] Business Strategy and Market Position - The core traditional product sales have been declining, with combined sales of its drink products dropping to 5.2986 million units, nearly halving from peak levels [3] - Attempts to diversify into younger product lines and various sectors, including logistics and energy storage, have largely failed, with the energy storage project becoming a significant source of fund occupation issues [3] Market Reaction - Despite the company's announcement to "seriously rectify" its issues, the market has reacted negatively, with the stock price continuing to decline throughout the year [3] - Investor concerns persist regarding the company's ability to fundamentally improve its governance structure and refocus on its core business [3]

Core Viewpoint - Fawer Automotive Parts Co., Ltd. plans to sell its entire stake in Hezhima Intelligent International Holdings Limited to optimize asset allocation efficiency and realize market-based value conversion of investment returns [1] Group 1: Company Actions - Fawer Automotive's subsidiary, Fusay Automotive Electronics Co., Ltd., intends to sell 1.6485 million shares of Hezhima, representing 0.26% of its total share capital [1] - The board of directors has authorized the management committee to approve the sale plan based on stock market conditions, with authorization valid for 24 months from the date of board approval [1] - The sale will be conducted through various trading methods, including centralized bidding on the stock exchange and block trading, with the transaction price determined based on secondary market price trends [1] Group 2: Transaction Characteristics - The transaction does not constitute a related party transaction or a major asset restructuring [1]

Group 1 - The company signed a non-binding letter of intent to acquire a target company focused on developing and selling cost-effective, low-power AI system-on-chip (SoC) solutions [1] - The target company's products include self-developed intellectual property for image signal processors (ISP), neural network processors (NPU), and analog IP, primarily serving the automotive intelligence and edge AI application sectors [1] - The acquisition aims to enhance the company's product offerings in automotive-grade computing chips and expand into broader robotics applications, providing a full range of AI inference chips and solutions [1] Group 2 - The company is a leading supplier of automotive-grade intelligent vehicle computing SoCs and solutions, ranking as the third-largest global supplier by shipment volume of high-performance automotive SoCs in 2022 [2] - The company showcased its Huashan and Wudang series chips at the 2025 Hong Kong Auto Show, including the Huashan A2000 chip designed for next-generation AI models, featuring the largest NPU core in the industry [2] - The Wudang C1200 family is designed for multi-domain integration and cockpit integration scenarios, with the C1236 being the first single-chip platform supporting high-speed assisted driving [3]

Group 1 - The company announced a non-binding letter of intent to acquire a target company focused on developing and selling high-performance, low-power AI system-on-chip (SoC) solutions [2] - The target company has achieved self-research for most of its intellectual property, including ISP, NPU, and analog IP, and provides full-stack solutions primarily in automotive intelligence and edge AI applications [2] - The potential acquisition is expected to enhance the company's ability to offer a full range of automotive-grade computing chips and comprehensive solutions for smart vehicles, as well as expand into broader robotics applications [2] Group 2 - The company is one of the few in China to launch high-performance autonomous driving chip solutions, with its A1000 series chips already in mass production with major automakers like Geely, Dongfeng, and BYD [3] - The A1000 series chips support a high-speed NOA solution that has achieved nationwide highway coverage and coverage in major urban expressways [3] - The Wudang C1200 series chips have completed functional verification for urban no-map NOA and established deep collaborations with companies such as FAW, Dongfeng, Aptiv, Joyson Electronics, and Zebra Smart Mobility [3]

Core Viewpoint - Hezhima Intelligent International Holdings Limited plans to acquire an AI chip company through equity acquisition and capital injection, focusing on high cost-performance, low-power AI system-on-chip (SoC) development and sales [1] Group 1 - The target company specializes in the research and development of AI system chips, with a focus on high cost-performance and low power consumption [1] - The core intellectual property (IP) of the target company, including ISP/NPU, has been self-developed [1] - The primary applications of the target company's products are in automotive intelligence and edge AI applications [1]

Core Viewpoint - The South Black Sesame Group Co., Ltd. received a warning letter from the China Securities Regulatory Commission's Guangxi Regulatory Bureau due to failure to timely disclose significant events and fulfill other responsibilities [1][2] Summary by Relevant Sections Violations - The controlling shareholder and related parties occupied non-operating funds of Black Sesame, failing to disclose these transactions in a timely manner as required by regulatory guidelines [1] - Black Sesame provided external guarantees without timely disclosure or fulfilling necessary review procedures, specifically guaranteeing a loan of 505 million yuan for a children's hospital project [1] Regulatory Actions - The regulatory measure taken was the issuance of a warning letter, which will be recorded in the securities and futures market integrity archives [2]

南方黑芝麻集团股份有限公司 关于控股股东部分股份解除质押的公告 证券代码：000716 证券简称：黑芝麻 公告编号：2025-029 截至本公告披露日，公司控股股东黑五类集团及其一致行动人的还款资金主 要来源于自有及自筹资金等，具备足够的资金偿付能力。质押风险在可控范围之 内，质押不存在可能引发平仓或被强制平仓的情况，不存在可能导致公司实际控 制权发生变更的实质性因素，对上市公司生产经营、公司治理等没有影响。如后 续出现风险，控股股东及其一致行动人将采取包括但不限于补充质押、提前还款 等措施加以应对。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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"）近日接到控股股东广西 黑五类食品集团有限责任公司（以下简称"黑五类集团"、"控股股东"）的通 知，其将所持有公司的部分股份办理解除质押手续，现将具体情况公告如下： 二、股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | 占其 | 占公 | 已质押股份 | | 未质押股份 | | | --- | --- | --- | ...