黑芝麻智能2025中报解读：全球营收增长40.4%，海外定点创新高

Core Viewpoint - The company aims to become a leader in the edge AI chip sector, showcasing strong growth and strategic advancements in autonomous driving and robotics [1][12]. Financial Performance - In the first half of 2025, the company achieved a revenue of 253 million yuan, representing a year-on-year growth of 40.4%, exceeding market expectations and setting a new record for the same period [3][4][12]. Global Strategy - Despite challenges in the global automotive semiconductor market, the company demonstrated exceptional product competitiveness and strategic execution, marking a new phase in its globalization strategy [4][5]. - The company has significantly increased its overseas model count and project scale, establishing a solid foundation for large-scale deliveries in key markets such as Europe, Southeast Asia, and the Middle East [5][12]. Autonomous Driving and Robotics Innovations - The company accelerated the mass production of its A1000 series chips for advanced driver-assistance systems (ADAS), collaborating with major clients like Geely and BYD [6][12]. - The C1200 series chips have enabled seamless navigation from parking space to parking space (P2P) across various road scenarios, with plans for mass deployment in multiple new energy vehicle projects [7][12]. - The introduction of the A2000 high-performance chip, which supports full-scene functionality for urban NOA, is set to lead the next generation of autonomous driving [7][12]. - In robotics, the company has developed motion control solutions and perception computing schemes, collaborating with leading bipedal robot firms to create multi-modal perception modules [8][12]. Technological Advancements - The company maintains a leading position in key algorithms and self-developed NPU architecture, enhancing perception accuracy and reducing reliance on high-precision maps [9][12]. - The proprietary "Jiushao" NPU architecture has shown excellent AI computing efficiency and flexibility, supporting mixed-precision training and deployment [9][12]. Commercialization and Strategic Acquisitions - The company has made significant progress in commercializing its L4-level unmanned logistics vehicle systems, demonstrating practicality and reliability in controlled environments [10][12]. - The expansion into AI smart glasses and other emerging terminal products indicates the company's ability to leverage technology across various industries [10][12]. - Plans for acquiring a high-performance, low-power AI chip company are underway, aimed at strengthening the company's position in edge computing and achieving its strategic goal in the edge AI chip market [11][12].