Core Viewpoint - Black Sesame Intelligence (02533) has successfully passed the relevant reviews by the U.S. Department of Commerce and the Department of Defense for its high-performance all-scenario intelligent driving chip, the Huashan A2000, allowing for global sales and application, marking its entry into the large-scale application phase [1] Group 1: Company Developments - The Huashan A2000 chip is built on a 7nm advanced process and integrates high-performance CPU, GPU, NPU, and various dedicated computing units, with performance comparable to the world's leading intelligent driving chips [1] - Black Sesame Intelligence's subsidiary SPV has acquired a total of 60% equity in Zhuhai Yizhi Electronic Technology Co., Ltd. for a total cash consideration of 457.8 million RMB, focusing on the development and sales of cost-effective, low-power AI system chips (SoC) and solutions [1] Group 2: Market Reaction - Following the announcement, Black Sesame Intelligence's stock opened over 5% higher and was up 5.58% at HKD 20.62, with a trading volume of HKD 4.724 million [1]

宏观与策略 宏观快评:12 月 PMI 数据解读-年末脉冲，助力收官 固定收益专题研究:2026 年 1 月转债市场研判及"十强转债"组合 策略深度:资配跨年展望(三)-龙头科技，强者恒强 总量专题（首席经济学家团队）:总量专题-26 年牛市的变与不变 行业与公司 证券研究报告 | 2026年01月05日 | 晨会纪要 | | --- | | 数据日期:2025-12-31 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3968.84 | 13525.02 | 4629.93 | 14545.57 | 3911.49 | 1344.20 | | 涨跌幅度（%） | 0.09 | -0.58 | -0.45 | -0.30 | -0.51 | -1.15 | | 成交金额（亿元） | 8295.11 | 12156.30 | 4444.91 | 4402.74 | 5436.91 | 492.84 | $\frac{10}{100}$$\frac ...

资料显示，华山A2000芯片基于7nm先进工艺打造，集成高性能CPU、GPU、NPU及多种专用计算单 元，实测性能媲美当前全球顶尖的智驾芯片。该芯片支持全FP16/FP8浮点及INT4/INT8/INT16等多种精 度计算，并搭配成熟的AI工具链BaRT，可实现从模型训练到部署的全流程高效开发。A2000芯片于 2025年1月流片成功，因其超高性能而受到美方审查。经过近一年的技术澄清与沟通，最终成功通过审 批，黑芝麻智能也成为国内唯一通过此类审查的企业。 北京商报讯（记者 陶凤 王天逸）1月4日，黑芝麻智能宣布，其高性能全场景智能驾驶芯片——华山 A2000，已顺利通过美国商务部和国防部的相关审查，获准在全球范围内销售与应用。此举标志着 A2000芯片正式进入规模化应用阶段，将为高阶智能驾驶的商业化落地提供核心算力支持。 ...

Core Insights - Black Sesame Intelligence has received approval from the U.S. Department of Commerce and the Department of Defense for its high-performance intelligent driving chip, the Huashan A2000, marking its entry into large-scale application [1][3] - The A2000 chip, based on 7nm technology, integrates high-performance CPU, GPU, NPU, and various dedicated computing units, supporting multiple precision calculations and a full AI toolchain for development [3] - The company reported a revenue of 252.88 million RMB in the first half of 2025, a 40.4% increase year-on-year, but incurred a net loss of 762.36 million RMB [4] Company Developments - Black Sesame Intelligence launched the Huashan A2000 family in September 2024, including A2000 Lite, A2000, and A2000 Pro, targeting different levels of autonomous driving needs, with maximum computing power four times that of mainstream flagship chips [3] - The company completed a strategic acquisition of Yizhi Electronics, gaining a 60% stake, which is seen as a key move to expand its edge intelligence solutions and explore new growth paths [4] - Market expectations suggest that Black Sesame Intelligence may achieve over 60% revenue growth this year [5]

Core 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].

A2000芯片于2025年1月流片成功，因其超高性能而受到美方审查。经过近一年的技术澄清与沟通，最 终成功通过审批，黑芝麻智能也成为国内唯一通过此类审查的企业。 作为面向开放生态的高算力驾驶平台，A2000可支持车企及第三方进行自研方案的开发与部署。 黑芝麻 智能表示，将持续与产业伙伴深化合作，加速A2000在整车项目中的量产应用，共同推动智能驾驶技术 向更高阶、更普惠的方向发展。 转自：黑芝麻智能 声明：本文仅为信息交流之用，不构成任何投资建议，股市有风险，投资需谨慎。 1月4日，黑芝麻智能宣布，其高性能全场景智能驾驶芯片—— 华山A2000，已顺利通过美国商务部和国 防部的相关审查，获准在全球范围内销售与应用。 此举标志着A2000芯片正式进入规模化应用阶段，将 为高阶智能驾驶的商业化落地提供核心算力支持。 华山A2000芯片基于7nm先进工艺打造，集成高性能CPU、GPU、NPU及多种专用计算单元，实测性能 媲美当前全球顶尖的智驾芯片。 该芯片支持全FP16/FP8浮点及INT4/INT8/INT16等多种精度计算，并 搭配成熟的AI工具链BaRT，可实现从模型训练到部署的全流程高效开发。 加入"中国I ...

Core Insights - The company, Hezhima Intelligent, has successfully obtained ISO 26262: 2018 TCL3 automotive functional safety certification for its self-developed Shanhai® AI toolchain, indicating compliance with the highest international automotive functional safety standards [2] - The Shanhai® AI toolchain is designed for the development of advanced driver assistance systems (ADAS), supporting end-to-end capabilities from data processing to model deployment, and is compatible with major training frameworks [3] - Hezhima Intelligent has established a comprehensive functional safety system, becoming one of the few companies in the industry with full-stack safety compliance capabilities, setting a benchmark for the safe application of ADAS technology [3] Company Developments - The Shanhai® AI toolchain supports Tensorflow, Pytorch, and other mainstream training frameworks, enabling efficient model development and deployment for L2 and above ADAS [3] - The company has previously received multiple authoritative certifications, including ISO 26262 functional safety process certification and ASPICE CL2 certification, reinforcing its commitment to safety in automotive technology [3] - Hezhima Intelligent aims to continue innovating in core technologies and optimizing the Shanhai® AI toolchain to meet industry standards and market demands, ensuring the safety of intelligent mobility solutions [4]

Group 1 - The core viewpoint is that the humanoid robot market is rapidly evolving, with significant production targets set by companies like Zhiyuan Robotics and Tesla, indicating a competitive landscape in the industry [1][3] - Zhiyuan Robotics announced the production of its 5,000th robot in December 2025, with expectations to exceed 10,000 units in cumulative shipments by 2026, while Tesla aims for a production target between 50,000 to 100,000 units in the same year [1] - The automotive industry is increasingly becoming a key player in the robotics sector, with companies like Chery Automobile and Dongfeng Motor developing their own robotic solutions, leveraging their existing technological capabilities [3] Group 2 - The commercialization of humanoid robots is still in its early stages, with entertainment applications being the most developed, while industrial applications are beginning to emerge, such as the deployment of robots for material sorting and handling in automotive logistics [4] - Market expectations are driving competition, with Morgan Stanley predicting a global humanoid robot market size of $5 trillion by 2050 and Bain & Company forecasting annual sales of 6 to 10 million units by 2035, with a market size of $120 billion to $260 billion [4] - Cost remains a significant barrier to entry, particularly for core components like AI chips and high-precision sensors, which require further performance breakthroughs and optimization for mass production [4]

Major Events - Black Sesame Intelligence (02533) plans to acquire and increase its stake to 60% in Zhuhai Yizhi Electronic Technology, aiming to establish a full-scenario ecosystem for AI chips [1] - China Biopharmaceutical (01177) has completed the enrollment of the first patient in the Phase III clinical trial of its self-developed TDI01 "ROCK2 inhibitor" for the treatment of idiopathic pulmonary fibrosis [1] - Cao Cao Travel (02643) sees a positive outlook and its controlling shareholder voluntarily extends the lock-up commitment [1] - Laike Pharmaceutical-B (02105) has completed the first dosing of the Phase I single-dose escalation study for LAE103 [1] - VALA (02051) has launched its new model, Vala Home, and is collaborating with Ruichi Automobile to enhance production capacity and delivery systems [1] Operating Performance - BYD Company (01211) expects to achieve approximately 4.6024 million units in new energy vehicle sales for 2025, representing a year-on-year increase of 7.73% [1] - Geely Automobile (00175) reported total vehicle sales of 236,800 units in December, a year-on-year increase of approximately 13% [1] - NIO Inc. (09866) delivered 48,100 vehicles in December, setting a new monthly record with a year-on-year increase of 54.6% [1] - Great Wall Motors (02333) anticipates sales of approximately 1.3237 million units for 2025, reflecting a year-on-year growth of 7.33% [1] - Xpeng Motors (09868) achieved a total delivery of 429,400 vehicles for the entire year of 2025, marking a year-on-year increase of 126% [1] - China Power (02380) reported a total consolidated electricity sales volume of 10.0997 million megawatt-hours in November, an increase of 15.38% year-on-year [1] - Li Auto (02015) delivered 44,200 new vehicles in December, a year-on-year decrease of 24.44% [1]

Core Viewpoint - Black Sesame Intelligence (02533.HK) announced plans to acquire a 32.8435% stake in Zhuhai Yizhi Electronic Technology Co., Ltd. for a total consideration of RMB 457.8 million, which represents 19.5623% of the expanded total equity of the target company after the capital increase [1] Group 1 - The acquisition is set to be completed by December 31, 2025 [1] - The buyer is required to pay an additional unpaid registered capital of RMB 133,088 to the target company [1]