证券日报网讯 9月5日晚间，黑芝麻发布公告称，公司2023年限制性股票激励计划第一个解除限售期解 除限售条件已经成就，本次解除限售的激励对象共计61人，解除限售的限制性股票数量为3，216，500 股，占公司目前总股本的0.4269%。本次解除限售性质股份上市流通的日期：2025年9月9日。 （文章来源：证券日报） ...

Group 1 - The controlling shareholder, Guangxi Heiwulai Food Group Co., Ltd., released a pledge of 15,000,000 shares on September 3, 2025, which accounts for 6.58% of its holdings and 1.99% of the company's total share capital [2]

Core Insights - The company, Hezhima (000716), reported that as of August 29, 2025, the number of its shareholders is approximately 102,000 [1] Company Information - Hezhima's shareholder count is projected to reach around 102,000 by the specified date [1]

Core Viewpoint - Black Sesame Intelligence is a pioneer in domestic intelligent driving solutions, focusing on mid/high computing power chips for passenger vehicles, while gradually expanding into low computing power product lines and multi-end applications [1] Financial Performance - In 1H25, the company achieved revenue of 253 million yuan, a year-on-year increase of 40.4%, with revenue from assisted driving solutions reaching 234 million yuan, up 41.6% year-on-year [1] - Gross margin decreased by 25.2 percentage points to 24.8%, primarily due to increased hardware component and labor costs from the expansion of assisted driving products [1] - R&D and management expenses were 620 million yuan and 170 million yuan, respectively, down 10.1% and 6.8% year-on-year [1] - The company reported a net loss attributable to shareholders of 762 million yuan [1] Product Development and Market Position - The company is expanding its AI low-power chip product line through acquisitions based on its Huashan/Wudang chip series [1] - The intelligent driving chip business includes three core series: A1000, C1200, and A2000, with A1000 already implemented in several models from Geely and Dongfeng [1] - The C1200 chip has completed functions for highway and urban memory navigation, set to be mass-produced with multiple leading new energy vehicle manufacturers [1] - The A2000 chip supports Transformer/VLA large model algorithms, focusing on urban NOA scenarios, with expected mass production by the end of the year [1] Strategic Partnerships and Market Expansion - The company continues to deepen collaborations with leading automakers such as Geely, BYD, Dongfeng, and FAW, and has secured new overseas model contracts in 1H25, with plans to start overseas sales in the second half of the year [2] - In the commercial vehicle sector, the company has partnered with most major clients, covering light trucks, heavy trucks, and specific route unmanned vehicles, which is expected to further enhance market share [2] - The company is also expanding its chip applications in the L4 field and has delivered L4-level autonomous driving solutions in ports and parks [2] Future Outlook and Valuation - The company is expected to accelerate shipment volumes in 2025 due to strengthened partnerships with major manufacturers [2] - Revenue projections for 2025, 2026, and 2027 are 840 million yuan, 1.42 billion yuan, and 2.04 billion yuan, representing year-on-year growth of 76.8%, 69.3%, and 44.0% respectively [2] - The company maintains a target price of 24.46 HKD based on a 2025E 17.0X PS valuation, with a "buy" rating [3]

证券代码：000716 证券简称：黑芝麻 公告编号：2025-049 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 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。 上述解除质押手续已办理完毕，公司将持续关注控股股东及其一致行动人的 股票质押及解除情况，并按规定履行信息披露义务，敬请投资者注意投资风险。 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 ...

证券代码：000716 证券简称：黑芝麻 公告编号：2025-048 南方黑芝麻集团股份有限公司 关于 2023 年限制性股票激励计划第一个解除限售期 解除限售股份上市流通的提示性公告 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。 特别提示： 1、南方黑芝麻集团股份有限公司（以下简称"公司"或"黑芝麻"）2023 年限制性 股票激励计划第一个解除限售期解除限售条件已经成就，本次解除限售的激励对象共 计 61 人，解除限售的限制性股票数量为 3,216,500 股，占公司目前总股本的 0.4269%。 2、本次解除限售性质股份上市流通的日期：2025 年 9 月 9 日。 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，审议通过了《关于 2023 年限制性股票激励计划第一个解除限售期解除限售 条件成就的议案》。公司 2023 年限制性股票激励计划（以下简称"本次激励计划"或"本 激励计划"）第一个解除限售期解除限售条件已经成就，同意公司按照相关规定办理解 锁事宜。根据公司 2023 年第四次临时股东大会授权，公司 ...

Core Viewpoint - The announcement details the judicial enforcement of 3.2 million shares held by the controlling shareholder, Guangxi Black Five Categories Food Group Co., Ltd., due to non-compliance with a court ruling, which will be executed through centralized bidding or block trading [1][2][4][5]. Group 1: Shareholder and Share Details - The shares to be executed represent 0.42% of the company's total share capital [4]. - The shares originated from a non-public issuance during a major asset restructuring in 2017 [3]. - The execution period is set from September 26, 2025, to December 25, 2025, with the actual execution time to be confirmed [5]. Group 2: Impact on Company Control - The judicial enforcement does not affect the control of the company, as the controlling shareholder is in the process of transferring 150,697,910 shares (20% of total shares) to Guangxi Grand Health, which is currently undergoing due diligence [9][10]. - After the transfer, the controlling shareholder will still hold 77,248,367 shares, and the enforcement of the 3.2 million shares will not change the company's control structure [10]. - The percentage of shares subject to voting rights waiver will change from 17.66% to 17.24% if the shares are executed [10]. Group 3: Legal and Compliance Aspects - The enforcement is a legal action and does not relate to any prior commitments or intentions disclosed by the controlling shareholder [7]. - The execution price will be determined based on market conditions at the time of execution [6]. - The company will continue to monitor the situation and fulfill its disclosure obligations as required [11].

Core Viewpoint - The company is facing a judicial execution of 3.2 million shares held by its controlling shareholder, Guangxi Black Five Categories Food Group Co., Ltd, as per the court's notice, which may impact the shareholding structure but will not change the company's control [1][2][4]. Group 1: Shareholder Information - The controlling shareholder, Black Five Categories Group, holds 227,946,277 shares, accounting for 30.25% of the company's total share capital [3]. - The group has pledged 187,083,334 shares and has 17,391,584 shares frozen, including the 3.2 million shares subject to judicial execution [3][5]. Group 2: Judicial Execution Details - The execution will be carried out through centralized bidding or block trading, as mandated by the court [4]. - The execution of the shares does not relate to any prior commitments or intentions disclosed by the Black Five Categories Group [4]. Group 3: Impact on Control and Transactions - The execution of the 3.2 million shares will not affect the ongoing agreement for the transfer of 150,697,910 shares to Guangxi Travel Health, which will result in the latter becoming the controlling shareholder after the transfer is completed [5]. - If the shares are executed, the percentage of shares with voting rights waived by certain individuals will change from 17.66% to 17.24% [5].

Summary of the Conference Call on China Smart Driving Chip Sector Industry Overview - The smart driving chip market in China is projected to reach USD 15.4 billion by 2030, growing at a CAGR of 40% from 2025 to 2030, driven by the increasing adoption of Advanced Driver Assistance Systems (ADAS) features [2][34] - The penetration of Navigate on Autopilot (NOA) features is expected to reach 88% by 2030, creating a significant market opportunity for smart driving chips [2][12] Key Companies Discussed Horizon Robotics - Horizon Robotics is positioned as the domestic leader in smart driving System on Chip (SoC), with a projected 23% vehicle share for L1-L2 SoC and 30% for L2+ SoC in 2024 [3] - The company is expected to capture 29% of the outsourced L2+ & above SoC TAM by value by 2030, supported by its unique hardware-software integrated model [3][14] - Horizon's SoC design is co-optimized with smart driving algorithms, allowing for lower costs and faster iterations, potentially increasing OEM net income by 10-20% on a RMB 150K vehicle [3] - Horizon Robotics is rated Outperform with a price target of HKD 15, indicating a 56% upside potential [3][8] Black Sesame - Black Sesame is the second-largest domestic vendor but faces challenges due to a lack of scale and heavy R&D burdens, which could pressure its financials [4][9] - The company focuses on L2+ SoC, capturing a 9% vehicle share in 2024, but lacks software expertise, slowing customer acquisition compared to Horizon [5] - Black Sesame's current balance sheet can only support R&D investments for 1-2 years, suggesting a need for frequent capital raises, which could dilute shareholder value [5] - Black Sesame is rated Underperform with a price target of HKD 16, indicating a 15% downside potential [5][9] Market Dynamics - Concerns exist regarding OEMs' in-house development of smart driving chips potentially disrupting the outsourcing market; however, it is expected that around 60% of the market will remain open to third-party vendors by 2030 [2][13] - The competitive landscape is evolving, with Horizon Robotics and Black Sesame primarily competing against Nvidia in the L2+ & above market [14] - The increasing consumer preference for smart driving features is a critical differentiator among OEMs, with over 70% of consumers considering ADAS functionalities important in vehicle purchasing decisions [18][21] Financial Metrics - Horizon Robotics has a market cap of HKD 133.3 billion and an enterprise value of HKD 116.3 billion, with a reported EPS of RMB 0.51 for 2024 [6] - Black Sesame has a market cap of HKD 12 billion and an enterprise value of HKD 10.4 billion, with a reported EPS of RMB 1.20 for 2024 [6] Investment Implications - Horizon Robotics is expected to maintain its technological leadership through significant R&D investments, which will also allow for future expansion into robotics and global markets through joint ventures [8] - Black Sesame's lack of software capabilities and scale may hinder its long-term success, necessitating a strategic shift or additional funding to remain competitive [9] Conclusion - The smart driving chip sector in China is poised for rapid growth, with Horizon Robotics positioned as a leader due to its integrated hardware-software solutions, while Black Sesame faces significant challenges that could impact its market position and financial health [8][9]

（文章来源：北京商报） 黑五类集团未在规定期限内履行法院判决义务，导致中铁建设集团有限公司申请强制执行。黑五类集团 持有公司2.28亿股，占总股本30.25%。此次强制执行不会影响公司实际控制权的变更，也不会对公司的 生产经营产生影响。根据协议，黑五类集团拟转让1.51亿股股份给广旅大健康，转让完成后其仍持有 7725万股。 北京商报讯 9月4日，黑芝麻发布公告，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"）部分股份将被司法强制执行。根据南昌市新建区人民法院的协助执行通知书，该股东持有的320 万股股份将于2025年9月26日至2025年12月25日进行强制执行，执行方式为集中竞价交易或大宗交易。 此次被强制执行的股份占公司总股本的0.42%。 ...