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]

Group 1 - The leisure food sector has experienced a significant surge, with companies like Gui Faxiang (002820) hitting the daily limit up [1] - Other companies such as Maiqu'er (002719), Heizhima (000716), Nanjiao Food (605339), Three Squirrels (300783), Lihigh Food (300973), and Haoxiangni (002582) have also seen increases in their stock prices [1] - There is a notable influx of dark pool capital into these stocks, indicating potential investor interest [1]

看好汽车 AI 芯片国产替代主线！优选地平线+黑芝麻 20250413 摘要 Q&A 如何评估国产智能驾驶芯片公司的市场价值？ 市场普遍采用 20 到 30 倍 PS 估值方法，对终局假设进行评估，包括高阶智能驾 驶渗透率接近百分之百、30%到 50%的车企自研份额，以及国内头部公司如地平 线凭借良好的客户开拓能力及 ASIC 架构性能优势，将看到 200 亿以上收入体量， 对应 30%以上净利率，可展望六七十亿利润水平。因此，今年（2025 年）像地 平线这种头部标的市值可超过千亿，而黑芝麻也可展望几百亿市值。 • 地平线和黑芝麻等国产智能驾驶芯片公司迎来历史性投资机会，尤其是在 自动驾驶领域，受益于国产替代加速趋势，建议投资者加大关注。 • 地平线正经历产品、能力和模式迭代的关键时期，预计 2025 年收入约 37 亿，2027 年达六七十亿至七八十亿，实现利润转正，其软硬结合的定制化 供给模式是核心优势。 • 黑芝麻专注于自研 NPUISP 核心技术，进入快速收入兑现阶段，预计 2025 年收入将近翻倍至 8-9 亿，到 2027 年实现归母净利润转正，与福莱特机器 人合作拓展应用场景。 • 市场对智能 ...

Core Insights - 2024 is a breakthrough year for Hezhima Intelligent, achieving revenue of 474 million yuan, a 51.8% increase from 312 million yuan in 2023, and successfully turning a profit with a gross margin of 41.1%, up 16.4 percentage points year-on-year [1][2]. Group 1: Performance Review - Hezhima Intelligent has focused on continuous innovation in smart driving technology, solidifying its competitive edge and accelerating the commercialization and mass production of smart driving chips [3]. - The company has upgraded its core IP and overcome performance bottlenecks in computing chips, enhancing the efficiency of smart driving systems through new ISP technology and high-performance NPU [5]. - The company has expanded its market share by deepening partnerships with leading automotive manufacturers and accelerating the commercialization of smart driving technology [5][7]. Group 2: Product and Market Expansion - The Huashan A1000 family of chips has entered full-scale production and is being used in popular models such as Lynk & Co 07EM-P and 08EM-P, while the Wudang C1200 series has secured mass production contracts with major OEMs [7]. - In 2024, Hezhima Intelligent has successfully expanded its business into commercial vehicles and specialized vehicles, focusing on high-speed logistics and enhancing safety systems [7]. - The company has responded to the growing demand for smart driving in commercial vehicles, completing layouts for specialized models and increasing its customer base in this sector [7][8]. Group 3: Future Outlook - 2025 is expected to be a pivotal year for Hezhima Intelligent, with anticipated product upgrades and more project contracts to solidify its market position [9][10]. - The company plans to launch the A2000 series chip, designed for large models, which will significantly enhance the computational efficiency of autonomous driving systems [10]. - The trend of "smart driving equality" is expected to accelerate, with advanced features becoming standard in lower-priced vehicles, providing substantial market opportunities for Hezhima Intelligent [13][14]. Group 4: Technological Integration - Hezhima Intelligent is poised to enter the robotics sector, leveraging the technological similarities between smart vehicles and robotics to expand its market reach [15][17]. - The company is collaborating with various robotics firms to support their products with its chip technology, aiming for mass shipments in the robotics field [17]. - The flexible design of chip architecture and standardized algorithm modules will enable Hezhima Intelligent to penetrate various sectors, including smart transportation and smart industry, creating a "technology leverage effect" [17].

黑芝麻智能 20250331 摘要 Q&A 黑芝麻智能在 2024 年实现了哪些核心突破，具体表现如何？ 黑芝麻智能在 2024 年实现了芯片量产和高阶智驾方向的核心突破，收入同比增 长超过 50%。公司交付了 1,000 系列产品给比亚迪、吉利、东风等重要客户， 应用于高速 NOA 功能，出货量大幅提升。根据第三方报告，黑芝麻智能在传统 自主品牌车厂交付的高速 NOA 一体域控方案中市场排名第三，占比超过 12%。 此外，公司还推出了 C1,200 系列芯片，包括 C1,236 和 C1,296，并完成基于武 当系列 C1,236 芯片的城市无图 NOA 功能验证。预计 2025 年随着吉利、比亚迪、 东风、一汽等量产的提升，将迎来出货量的进一步增长。 • 黑芝麻智能 2024 年营收约 4.74 亿元，同比增长 51.8%，主要受益于自动 驾驶产品和解决方案对国内头部车企的销售增长。毛利率约为 41%，同比 上升 24.7%。 • 公司预计 2025 年至 2026 年将继续提高芯片交付量，重点发力高级计算平 台解决方案、大客户突破以及机器人领域，并通过技术创新应对价格战挑 战。 • 黑芝麻智能在国内智能 ...

3月31日，黑芝麻（000716）智能国际控股有限公司（以下简称"黑芝麻智能"）发布2024年财报。数据 显示，公司2024年收入从2023年的3.12亿元增长至4.74亿元，同比增长51.8%；毛利率从2023年的24.7% 提升至2024年的41.1%。 这一成绩的取得，得益于公司在业务上的多维度突破。2024年，黑芝麻智能的高速NOA（领航辅助驾 驶）量产加速，城市NOA也实现量产落地。其A1000系列芯片已在多家头部车企规模化量产交付，基于 该系列芯片开发的高速NOA方案已实现全国高速及多个主要城市快速路的覆盖。同时，武当C1200系列 跨域融合芯片完成城市无图NOA功能验证，与多家企业达成深度合作。截至2024年末，该系列芯片已 获得多家主流OEM（原始设备制造商）量产定点。 产品工具链算法的持续升级和核心IP的重大突破，也是黑芝麻智能的一大亮点。2024年底，公司发布武 当A2000系列产品，该系列芯片原生支持Transformer架构，能高效部署与运行大模型。 依托芯片及解决方案的迭代，黑芝麻智能不断拓展应用场景，商业化进程进一步加快。财报显示，在商 用车领域，公司完成工程环卫车、重载卡车等专用 ...

头发颜色由它说了算 市场上琳琅满目的黑芝麻类食品，已成为不少人眼中的养生必备。特别是"吃黑芝麻养发"的说法， 更让人们对其产生了"逆转白发"的期盼。然而，吃黑芝麻并不能拯救白发。 芝麻的营养价值丰富，尤其是黑芝麻，富含蛋白质、不饱和脂肪酸、维生素E、B族维生素，以及 钙、铁、锌、铜等矿物质。其中维生素E具有抗氧化作用，可延缓毛囊老化；铜、铁在其他营养素协同 下参与黑色素合成；不饱和脂肪酸和蛋白质为头发提供营养，改善干枯、脆弱等问题。 因此，适量进食黑芝麻可辅助改善头发光泽和韧性。 靠吃逆转白发有难度 虽说吃黑芝麻能养发，但其并不能让已衰退死亡的黑色素细胞再生，也就不能逆转白发。白发成因 复杂，单一食物无法解决遗传、衰老等根本问题。 为避免过早出现白发，要保持膳食均衡，尤其注意蛋白质、维生素及矿物质的均衡摄入。同时要减 少毛发损伤，避免频繁染烫、暴晒、过度拉扯，也要注意减少熬夜、缓解压力。必要时，可咨询专业医 生。 文/付兰芹（北京协和医院） 毛发颜色是由毛囊中的黑色素细胞决定的。正常情况下，毛囊中的黑素细胞分泌黑色素（真黑色 素、褐黑色素）会使头发呈现黑色、棕色等不同颜色。这种分泌功能受遗传、压力、年龄增长、 ...