GXSH(SZ:000716) Guan Cha Zhe Wang·2026-01-04 09:26Core Viewpoint - Black Sesame Intelligence has successfully passed U.S. government reviews for its high-performance intelligent driving chip, the Huashan A2000, allowing for global sales and marking its entry into large-scale application [1][3]. Group 1: Product Development and Approval - The Huashan A2000 chip, based on 7nm technology, integrates high-performance CPU, GPU, NPU, and various dedicated computing units, supporting multiple precision calculations [3]. - The chip's approval followed nearly a year of technical clarifications and communications, making Black Sesame the only domestic company to achieve such approval [3]. - The A2000 family, including A2000 Lite, A2000, and A2000 Pro, is set to launch in September 2024, with the maximum computing power being four times that of mainstream flagship chips at the time [3]. Group 2: Financial Performance - In the first half of the year, Black Sesame reported revenue of 253 million RMB, a year-on-year increase of 40.4%, but recorded a net loss of 762 million RMB, indicating a shift from profit to loss [3][4]. - The gross profit margin decreased to 24.8% in 2025 from 50.0% in 2024, reflecting challenges in profitability [4]. Group 3: Strategic Initiatives - Black Sesame has made significant moves, including the launch of the SesameX multidimensional intelligent computing platform in November, entering the humanoid robot sector [4]. - The company announced a strategic acquisition of a controlling stake in Yizhi Electronics, aiming to expand its edge intelligent solutions and explore new growth paths [4]. - Market expectations suggest that Black Sesame is likely to achieve over 60% revenue growth this year [5].