GXSH(SZ:000716) Zhong Guo Zheng Quan Bao·2026-01-08 22:46Core Viewpoint - The company, Hezhima Intelligent, 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 the commercialization of advanced intelligent driving technology [2][3]. Group 1: Financial Performance - Hezhima Intelligent's total R&D expenditure from 2020 to the first half of 2025 amounts to 5.03 billion yuan, indicating a substantial investment in technology development [4]. - The company reported a net profit attributable to shareholders of 313 million yuan for 2024, primarily due to a 2.047 billion yuan accounting gain from the conversion of redeemable convertible preferred shares into ordinary shares [3]. - As of June 30, 2025, Hezhima Intelligent's cash and cash equivalents stood at 1.966 billion yuan, nearly equal to the 1.925 billion yuan in expenses incurred in 2024, highlighting the need for the company to achieve self-sustainability [4]. Group 2: Product Development and Market Expansion - 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 [3]. - Hezhima Intelligent has successfully mass-produced its A1000 series driving assistance solutions for several new vehicle models, including those from Geely and Dongfeng, while the commercialization of the C1200 series is progressing steadily [3]. - The company is expanding its application scenarios beyond vehicles to include robotics and other AI applications, indicating a broader market strategy [5]. Group 3: Strategic Acquisitions - Hezhima Intelligent announced the acquisition of a 60% stake in Yizhi Electronics for a total transaction price of 478 million yuan, which will allow the company to offer a full range of automotive-grade computing chips [6]. - Yizhi Electronics has made performance commitments to achieve 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 [6]. - The acquisition may lead to a reduction in cash reserves or an increase in short-term liabilities for Hezhima Intelligent, as it continues to invest in sales and marketing efforts, with sales costs reaching 190 million yuan in the first half of 2025, a significant increase from 90.064 million yuan in the same period the previous year [6].