GXSH(SZ:000716) Zhong Guo Zheng Quan Bao·2026-01-08 20:50Core Insights - Black Sesame Intelligence has launched its high-performance all-scenario intelligent driving chip, the Huashan A2000, which has been approved for global sales and application, marking a significant step towards commercializing advanced intelligent driving solutions [1][2] - The company has invested a total of 5.03 billion yuan in R&D expenses from 2020 to the first half of 2025, and as its chip sales increase, these costs will continue to dilute over time [2][3] Group 1: Product Development and Commercialization - The Huashan A2000 chip is now entering the stage of large-scale application, providing essential computing power for the commercialization of high-level intelligent driving [1] - Black Sesame's A1000 series chips have been mass-produced and delivered in several new vehicle models, while the commercialization of the C1200 series is progressing steadily [1][2] Group 2: Financial Performance and Projections - In 2024, the company reported a net profit of 313 million yuan, primarily due to the conversion of redeemable convertible preferred shares into common stock, resulting in a book gain of 2.047 billion yuan, which did not significantly impact cash flow [2] - As of June 30, 2025, Black Sesame had cash and cash equivalents of 1.966 billion yuan, nearly equal to the 1.925 billion yuan in expenses incurred in 2024, indicating a need for the company to achieve self-sustainability [2] Group 3: Strategic Expansion and Acquisitions - Black Sesame has acquired a 60% stake in Yizhi Electronics for 478 million yuan, which will allow the company to offer a full range of automotive-grade computing chips and expand into broader robotics and AI applications [3] - Yizhi Electronics has committed to achieving revenues of no less than 300 million yuan, 400 million yuan, and 500 million yuan in 2026, 2027, and 2028, respectively, along with net profits of at least 5 million yuan, 35 million yuan, and 50 million yuan [3]