香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司 及 香 港 中 央 結 算 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致 的 任 何 損 失 承 擔 任 何 責 任。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 任 何 證 券 的 邀 請 或 要 約。 本 公 告 不 會 直 接 或 間 接 於 或 向 美 國 派 發。本 公 告 並 不 構 成 或 組 成 在 美 國 境 內 購 買 或 認 購 證 券 的 任 何 要 約 或 招 攬 的 一 部 分。本 公 告 所 述 本 公 司 股 份 並 無 亦 將不會根據1933年《美 國 證 券 法》（經 修 訂）（「證券法」）登 記，亦 無 於 美 國 任 何 州 或 其 他 司 法 權 區 的 任 何 證 券 監 管 機 構 登 記，且 不 得 直 接 或 間 接 向 或 於 美 國 境 內 提 呈 發 售、出 售、轉 售 ...

Core 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 solutions [1][2]. 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, with the expectation that sales of its chips will help dilute these costs over time [3]. - The company reported a net profit 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 common stock, which did not significantly impact cash flow [2]. - 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, indicating a need for self-sustainability [3]. Group 2: Product Development and Market Expansion - The Huashan A2000 chip has entered the mass application phase, providing essential computing power for the commercialization of high-level intelligent driving [2]. - Hezhima Intelligent's A1000 series chips have been mass-produced and delivered in various models, including those from Geely and Dongfeng, while the commercialization of the C1200 series is progressing steadily [2]. - The company is expanding its application scenarios beyond vehicles to include robotics and other AI-driven sectors, indicating a broadening of its market reach [3]. Group 3: Strategic Acquisitions - Hezhima Intelligent announced the acquisition of 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 [4]. - Yizhi Electronics has made performance commitments to achieve revenues of no less than 300 million yuan, 400 million yuan, and 500 million yuan for 2026, 2027, and 2028, respectively, along with net profits of at least 5 million yuan, 35 million yuan, and 50 million yuan [4]. - 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 [4].

Core 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].

Core 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]

Core Insights - Black Sesame Intelligence showcased its latest achievements in assisted driving, embodied intelligence, and consumer electronics at CES 2026, marking its strategic shift from "driving assisted driving" to "promoting intelligent evolution" [2] Group 1: Product Launches - The company introduced the Huashan A2000 chip, a high-performance all-scenario intelligent driving chip, which has received industry-wide recognition and is set to enhance intelligent assisted driving applications [3] - The Wudang C1296 chip was also presented, which integrates digital dashboard, smart cockpit, and intelligent assisted driving functionalities, driving the evolution of automotive electronic architecture [4] Group 2: Strategic Partnerships - Black Sesame Intelligence announced a strategic partnership with Shentianji, which launched the world's first dual-wheel outdoor companion robot, Rovar, utilizing the SesameX multi-dimensional embodied intelligence computing platform [5] - The collaboration aims to integrate the core computing module Aura into Rovar, enhancing the robot's capabilities and facilitating its deployment in outdoor scenarios [6] Group 3: Technological Advancements - The Huashan A2000 chip features a large-core architecture and algorithmic design, significantly improving the performance and safety of assisted driving systems in complex scenarios [3] - The SesameX platform is designed to provide an open, scalable, and mass-producible intelligent computing base for robots, supporting various robot forms and complexities [5]

Group 1 - ZTE Corporation (00763) saw a rise of over 5.06%, indicating a trend towards the integration of communication technology in commercial aerospace and ground networks, with a focus on building a space-ground integrated communication network for 6G [1] - Angelalign Technology (06699) increased by over 3.5% following the announcement of a certification ceremony for MDR-CE in Shanghai [1] - Black Sesame Technologies (02533) rose over 3%, showcasing its latest achievements in assisted driving, embodied intelligence, and consumer electronics at CES 2026 [1] - Eagle Vision Technology (02251) experienced a decline of nearly 1%, with a reported revenue of 83.71 million RMB for the first half of 2025, down 10.7% year-on-year [1] Group 2 - Corning Jereh Pharmaceutical (09966) surged over 6.9% after the acceptance of its IND application for a new drug clinical trial for advanced cervical cancer treatment [2] - HSBC Holdings (00005) fell over 2.5% as it proposed to privatize Hang Seng Bank at HKD 155 per share, with a court meeting scheduled for January 8, 2026 [2] - Junda Co., Ltd. (02865) saw an intraday increase of over 8.07%, with a report indicating that the global in-orbit data center market is expected to reach USD 39.09 billion by 2035, with a compound annual growth rate of 67.4% [2] Group 3 - Jitu Express (01519) continued to rise nearly 3.4%, reporting a total package volume of 8.46 billion items in Q4 2025, a year-on-year increase of 14.5% [3] - Conant Optical (02276) saw an early morning increase of over 5%, reaching a new historical high, following the inclusion of smart glasses in the national subsidy policy for 2026 [3] Group 4 - Hua Hong Semiconductor (01347) rose over 3.14%, with a cumulative increase of over 40% since December 17, following the announcement of a planned acquisition of approximately 97.5% of Huali Micro for RMB 8.268 billion [4] Group 5 - Intel (INTC.US) increased by 6.47% after the official release of its AI PC chip series based on the 18A process technology at CES [5] - The oil and gas refining and sales sector saw gains, with PBF Energy (PBF.US) up 3.71% and Valero Energy (VLO.US) up 3.14%, following news of Venezuela's oil transfer to the U.S. [5] - Weight loss drug stocks rose, with Eli Lilly (LLY.US) increasing by 4.14% as it nears a deal to acquire Ventyx Biosciences for over USD 1 billion [5] Group 6 - Ventyx Biosciences (VTYX.US) surged 36.62% amid news of Eli Lilly's potential acquisition, which would enhance its pipeline for inflammatory bowel disease and Parkinson's disease treatments [6] - Monte Rosa Therapeutics (GLUE.US) saw a significant increase of 45.41% following positive mid-term trial results for its MRT-8102 drug [6] - Critical Metals (CRML.US) rose 16.43% after the approval of a multi-purpose facility in Greenland to advance its rare earth project [7] - GameStop (GME.US) increased by 3.05% after announcing a long-term performance award for its CEO, aimed at boosting the company's market value [7]

Core Insights - Black Sesame Intelligence showcased its latest achievements in assisted driving, embodied intelligence, and consumer electronics at CES 2026, marking its strategic shift from "driving assisted driving" to "promoting intelligent evolution" [1] Group 1: Assisted Driving Technology - The A2000 all-scenario general-purpose assisted driving demonstration platform made its debut, focusing on providing high-performance, reliable full-stack solutions for the smart automotive industry [3] - The Huashan A2000 chip has gained widespread recognition in the industry, with collaborations established with major automotive companies like Dongfeng, Geely, Hongqi, and JAC, successfully integrating assisted driving technology into mass-produced vehicles [4] - The Huashan A2000 chip, featuring a large-core architecture and algorithmic collaboration design, has been optimized for performance, comparable to the highest-performing smart driving chips globally [4] Group 2: Cross-Domain Integration - The Wudang C1296 integrated cockpit solution made its overseas debut, developed in collaboration with Dongfeng Motor and Junlian Smart, utilizing a single C1296 chip for digital dashboards, smart cockpits, and assisted driving functions [6] - The Wudang series chips are pivotal in advancing automotive electronic and electrical architecture towards cross-domain integration, with high-integration mass production solutions launched by partners like Dongfeng, Continental Group, and Zebra Smart Mobility [6] Group 3: Embodied Intelligence - The SesameX multidimensional embodied intelligence computing platform made its first overseas appearance, aimed at providing an open, scalable, and mass-producible intelligent computing foundation for robots [7] - The SesameX platform includes three series—Kalos, Aura, and Liora—catering to various complexities and forms of robotic needs, promoting the large-scale industrial deployment of embodied intelligence [7] Group 4: Consumer Electronics - Black Sesame's AI imaging solutions have been widely adopted in consumer electronics, with over 500 million devices globally equipped with these technologies [10] - The recent strategic acquisition of Yizhi Electronics enhances Black Sesame's capabilities in low-power, cost-effective AI SoC chips, showcased at CES [10] - The AI imaging solutions cover a range of products, including smartphones, tablets, cameras, and AI glasses, providing enhanced user experiences through deep integration of chips and algorithms [10]

Core Viewpoint - Black Sesame Intelligence (02533) has seen a stock price increase of over 4% amidst market fluctuations, currently trading at HKD 22.12 with a transaction volume of HKD 90.28 million [1] Group 1: Company Developments - On January 6, CES 2026 commenced in Las Vegas, where the company showcased its latest achievements in three key areas: assisted driving, embodied intelligence, and consumer electronics [1] - The Huashan A2000, a comprehensive assisted driving demonstration platform, made its debut at the exhibition [1] - Since its market introduction, the Huashan series has received widespread recognition for its performance, with successful collaborations established with well-known automotive companies such as Dongfeng, Geely, Hongqi, and JAC [1] Group 2: Technology and Performance - The Huashan A2000 features a large-core architecture and algorithmic collaborative design, optimized at the system level, leveraging the company's latest Jiushao NPU [1] - The actual performance of the Huashan A2000 is comparable to the highest-performing intelligent driving chips globally [1] - The chip is expected to empower applications in intelligent assisted driving (VLM/VLA) and cockpit AI Box applications in the future [1]

Core Insights - The computer industry is undergoing a "platform reset" that occurs every 10-15 years, with a significant focus on physical AI and the upcoming "ChatGPT moment" [1] - Chinese robotics companies showcased a complete supply chain at CES 2026, with over 30 exhibitors demonstrating various robotic technologies and solutions [1][3] Industry Trends - The presence of Chinese robotics at CES is not new, but this year marks the most comprehensive collective display of the industry [3] - Companies like Yuzhu Technology and others presented innovative robots, highlighting the advancements in the field [3] Company Developments - New entrants like Pasini and Black Sesame Intelligence showcased their technologies, including high-precision tactile sensing and a comprehensive intelligent platform for robotics [4] - Magic Atom reported immediate orders for their products, indicating a shift from mere product display to commercial viability [7] Market Strategy - Companies are focusing on global market expansion, with plans to establish a flexible overseas inquiry and production system to meet international demand [10] - The shift in customer demographics at CES indicates a growing interest from professional buyers, leading to more serious discussions about collaboration [9] Competitive Landscape - The competitive environment is intensifying, with Chinese firms recognizing the need to accelerate R&D and market capture to maintain their lead [9] - The collaboration between foundational technology providers like NVIDIA and Chinese robotics companies illustrates a dual approach to advancing the industry [10]

Core Insights - The computer industry is undergoing a "platform reset" that occurs every 10-15 years, with a significant focus on physical AI and the upcoming "ChatGPT moment" [1] - Chinese robotics companies showcased a complete supply chain at CES, with over 30 exhibitors demonstrating various robotic technologies [1][3] Industry Developments - This year's CES marks the most comprehensive collective appearance of Chinese robotics, featuring companies like Yuzhu, Galaxy General, and others, showcasing innovations from humanoid robots to AI-driven solutions [3][5] - The presence of new companies and technologies, such as the TORA-ONE robot from Pasini, highlights the advancements in tactile interaction and embodied intelligence [4][5] Market Engagement - Orders were received on the first day of CES, indicating strong market interest and the effectiveness of showcasing products on a global stage [6] - Companies like Songyan Power are shifting from product display to commercial implementation, targeting key markets in North America, the Middle East, Europe, and Southeast Asia [8] Competitive Landscape - The shift in audience at CES indicates a growing professionalism among attendees, with major enterprises showing interest in robotic solutions [10] - Chinese firms are aware of the competitive landscape and the need for rapid development and market capture to maintain their leading position in humanoid robotics [10][12] Strategic Initiatives - Companies are establishing flexible overseas inquiry and production systems to meet international market demands while ensuring adequate after-sales service [12] - The advancements in robotics and AI infrastructure by companies like NVIDIA complement the efforts of Chinese firms, which are actively developing market-ready solutions [12]