Group 1 - The company, Hezhima Intelligent, plans to acquire a 32.8435% stake in Zhuhai Yizhi Electronics Technology Co., Ltd. for a total consideration of RMB 457.8 million, with additional unpaid registered capital of RMB 133,088 [1] - Following the acquisition, the company will indirectly own 60% of the target company, which will become a non-wholly owned subsidiary, and its financial performance will be consolidated into the group's financial statements [1] Group 2 - The target company specializes in the development and sales of cost-effective, low-power AI system-on-chip (SoC) solutions, with most of its intellectual property being self-developed [2] - The acquisition is expected to enable the company to offer a full range of automotive-grade computing chips and comprehensive solutions for smart vehicles, while also expanding into robotics and AI applications [2] - Post-acquisition, significant synergies are anticipated in areas such as product matrix for automotive applications, customer expansion, innovation in robotics and AI, as well as supply chain and mass production, enhancing the company's competitive advantage in the AI SoC chip sector [2]

Group 1 - The company, Hezhima Intelligent, has entered into a share transfer agreement to acquire a 32.8435% stake in Zhuhai Yizhi Electronic Technology, with a total consideration of RMB 458 million [1] - The company will also subscribe to an increase in registered capital amounting to RMB 20.218838 million, which will result in a total ownership of 60% in the target company after the completion of both transactions [1] - The target company specializes in AI machine vision algorithms and SoC design, focusing on providing diverse computing solutions for various applications, including smart vehicles and smart security [2] Group 2 - The group is a leading supplier of automotive-grade intelligent computing SoCs and solutions, primarily engaged in the sales of automotive-grade products and technologies [2] - The acquisition is expected to enable the group to offer a comprehensive range of automotive computing chips and solutions, expanding its product offerings into broader robotics and AI applications [2] - The target company's products are developed with a focus on high cost-performance and low power consumption, utilizing self-developed IPs for various AI applications [2]

香港交易及結算所有限公司及香港聯合交易所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。 Black Sesame International Holding Limited 透過股權轉讓事項及增資事項收購目標公司60%股 權 該等協議 黑芝麻智能國際控股有限公司* （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2533） 主要交易 股權轉讓協議 董 事 會 欣 然 宣 佈，於2025年12月31日（交 易 時 段 後），黑 芝 麻 智 能 武 漢（本 公 司 的 間 接 全 資 附 屬 公 司）、賣 方、管 理 層 股 東 及 目 標 公 司 訂 立 股 權 轉 讓 協 議， 據 此，買 方 同 意 購 買 及 賣 方 同 意 出 售 合 計 目 標 公 司32.8435%股 權（相 當 於 增 資事項後目標公司經擴大股權總額的19.5623%），總 代 價 為 人 民 幣457,800,000 元，且 ...

Group 1 - Suzhou is promoting artificial intelligence application scenarios with a maximum reward of 10 million yuan [1] - The company Weiqi Qiyuan has launched its first small-sized humanoid robot with full-body force control [1] - Zhiyuan Robotics has released the Act2Goal solution [1] Group 2 - Alibaba's Tongyi Qwen-Image-2512 has been open-sourced [1] - Hezhima Intelligent has reached a strategic cooperation with Lenovo Research Institute's robotics laboratory [1]

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The automotive intelligence sector is witnessing significant advancements, particularly in L3 autonomous driving technology, with multiple companies receiving regulatory approvals for their products [15][19]. - The penetration rates for advanced driver-assistance systems (ADAS) and various sensor technologies are on the rise, indicating a growing market for intelligent vehicles [3][2]. - Key companies in the sector, such as Xpeng Motors, Horizon Robotics, and WeRide, are highlighted for their potential growth and investment opportunities [5][3]. Summary by Sections Industry News - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercialization [15]. - Xpeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, while BYD has completed extensive road validation for L3 technology [18][17]. - WeRide's Robotaxi service has expanded to over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. High-Frequency Core Data Updates - By October 2025, the penetration rate of 800 million pixel cameras in passenger vehicles is expected to reach 49.7%, a year-on-year increase of 31% [2]. - The market share of lidar technology in passenger vehicles is projected to rise to 14.3%, with significant contributions from companies like Huawei and Hesai Technology [2]. - The penetration rate of L2 and above intelligent driving functions in passenger vehicles has increased to 33%, reflecting a 19% year-on-year growth [3]. Investment Recommendations - Recommended companies for investment include Xpeng Motors, Leap Motor, and Geely for complete vehicles, while WeRide and Horizon Robotics are suggested for L4 technology [3]. - For components, companies like SUTENG and Hesai Technology are recommended for data acquisition, while Horizon Robotics and Black Sesame Intelligence are highlighted for data processing [3].

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercial application in China [15]. - Tesla's Full Self-Driving (FSD) technology is expected to receive full approval in China by early 2026 [16]. - XPeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, indicating progress in the industry [18]. - WeRide's Robotaxi service has successfully launched in over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. - Xidi Intelligent Driving has officially listed on the Hong Kong Stock Exchange, becoming the first public company focused on commercial vehicle intelligent driving [22]. Summary by Sections Industry News - The approval of L3 autonomous driving models by the Ministry of Industry and Information Technology [15]. - Tesla's FSD technology is on track for full approval in China [16]. - XPeng Motors and Xiaomi have both received L3 road testing licenses [18][19]. - WeRide's Robotaxi service has expanded to multiple cities worldwide [20]. - Xidi Intelligent Driving has successfully listed on the Hong Kong Stock Exchange [22]. High-Frequency Core Data Updates - The penetration rate of 8 million pixel cameras in passenger vehicles is projected to reach 66.1% by October 2025, with a year-on-year increase of 7 percentage points [2]. - The market share of LiDAR in passenger vehicles is expected to rise to 14.3% by October 2025, reflecting a year-on-year increase of 7.9 percentage points [2]. Intelligent Driving - The penetration rate of passenger vehicles with L2 and above functions has increased by 19 percentage points year-on-year, reaching 33% by October 2025 [3]. - The penetration rates for various sensors, including front-view cameras and LiDAR, have shown significant growth [3]. Investment Recommendations - Recommended companies for investment include XPeng Motors, Leap Motor, and Geely for complete vehicles, while L4 recommendations include Pony.ai and WeRide [3]. - For components, recommended companies include SUTENG for data acquisition and Horizon Robotics for data processing [3].

Group 1 - The era of extensive capital investment has ended, transitioning to a focus on "value drip irrigation" and "ecological co-construction" in the capital market, shifting from "incremental expansion" to "stock optimization" [1] - Listed companies are becoming not only platforms for the transformation of technological innovation but also leaders in hard technology investment and value co-creation [1][2] - The core of value co-creation involves three dimensions: the long-term perspective of industrial capital, the integration of capabilities from listed companies, and the shared risk through flexible capital cooperation structures [1] Group 2 - The deepening of the registration system reform and the reshaping of the valuation system in the primary and secondary markets are accelerating the trend of capital moving from virtual to real [2] - By December 31, 2025, there will be 5,470 listed companies in the domestic stock market, with a total market value exceeding 119 trillion yuan [2] - Listed companies are evolving from passive financial investors to strategic, proactive investors and collaborative partners in the innovation ecosystem [2] Group 3 - The prosperity of the innovation ecosystem requires collaboration among government, enterprises, capital, and research institutions, with listed companies playing a crucial role as resource integrators and innovation leaders [3] - The Zhangjiang Science City is building a complete innovation ecosystem that includes basic research, technology breakthroughs, commercialization of results, technology finance, and talent support [3] Group 4 - Commercial banks are transitioning from mere fund providers to comprehensive service integrators for technology finance, focusing on empowering the entire industrial chain [4] - The investment and acquisition strategies of listed companies are increasingly seen as optimal paths for quickly addressing technological shortcomings and achieving scale expansion [6] Group 5 - The investment landscape for innovative drugs is recovering, but with caution due to previous high valuations and investment cooling periods, presenting opportunities in lower-valued projects [7] - Institutional investors are encouraged to act as "strategic coaches," providing resources and market access to help innovative companies navigate challenges [7][8]

Core Insights - The era of capital-intensive growth is transitioning to a focus on value creation and ecological collaboration, emphasizing long-term investment strategies in hard technology [1][2] - Listed companies are evolving from mere capital participants to value investors and co-builders within the innovation ecosystem, driven by policy reforms and market dynamics [2][3] Group 1: Value Creation and Investment Strategies - The core of value co-creation involves three dimensions: long-term investment matching the growth cycles of hard technology, leveraging the extensive networks and insights of listed companies to support innovation, and sharing risks through flexible capital cooperation structures [1] - Listed companies are now required to adopt strategic, proactive, and collaborative investment approaches, moving away from passive financial investments to become active partners in the growth of innovative firms [2][3] Group 2: Role of Listed Companies in Innovation Ecosystem - Listed companies are recognized as key integrators of innovation resources and drivers of industrial progress, necessitating collaboration with various stakeholders including government, enterprises, and research institutions [3] - The establishment of a comprehensive innovation ecosystem is highlighted, with a focus on integrating basic research, technological breakthroughs, commercialization, and financial support [3][4] Group 3: Capital Market Dynamics - The deepening of the registration system reform and the reshaping of valuation systems in the primary and secondary markets are leading to a significant reduction in arbitrage opportunities in traditional Pre-IPO models [2] - The total number of listed companies in the domestic stock market is projected to reach 5,470 by December 31, 2025, with a total market capitalization exceeding 119 trillion yuan [2] Group 4: Empowering Innovation through Capital - Companies are increasingly using mergers and acquisitions as a strategy to quickly address technological gaps and achieve scale, with a focus on strategic alignment and technological synergy [6] - The role of institutional investors is evolving to become strategic coaches, providing not just capital but also essential resources and market access to help innovative companies navigate challenges [7][8]

Core Insights - Black Sesame Intelligence announced a strategic partnership with Lenovo Research Institute's Robotics Laboratory to enhance innovation and application capabilities in the robotics sector [1] Group 1: Partnership Details - The collaboration will focus on the development of a new generation of intelligent robotic products, including robotic dogs, leveraging Black Sesame's SesameX™ multidimensional embodied intelligence computing platform [1] - The partnership aims to improve autonomous innovation capabilities and practical application in the field of robotics [1] Group 2: Areas of Focus - Key areas of exploration will include embodied intelligent robotics and software application algorithms [1] - The cooperation emphasizes deep collaboration in robotics computing platforms and algorithm technologies [1]

Core Insights - The Chinese automotive industry is entering a new development phase as the "14th Five-Year Plan" concludes, with a focus on technological advancements and market dynamics [2] - Black Sesame Intelligence is positioned uniquely in the domestic automotive-grade AI chip sector, with few competitors capable of high-performance R&D and mass production [2] - The company is expanding its growth boundaries by entering the robotics market, leveraging its existing technology without needing to rebuild foundational capabilities [3] Group 1: Company Positioning - Black Sesame Intelligence has established a product lineup that meets core demands from mid to high-level autonomous driving, with ongoing projects in major automotive companies like Geely, BYD, and Dongfeng [2] - The company’s commercial status of "mass production, replicable, and scalable" is a critical factor for investors assessing the value of AI chip enterprises [2] Group 2: Growth Opportunities - In 2025, Black Sesame Intelligence will launch a multi-dimensional intelligent computing platform, marking its entry into the robotics sector, which is expected to have a shipment volume several times that of the automotive market [3] - The acquisition of Yizhi Electronics enhances Black Sesame's low-power chip capabilities, completing its product matrix from mid-high to full coverage of computing power [3] Group 3: Investment Logic - The value of Black Sesame Intelligence is derived not only from individual products or short-term orders but from its evolving platform capabilities, with automotive-grade chips providing stable cash flow and new markets like robotics offering high growth potential [3] - The company is recognized in the "2025 Automotive Industry Impact Yearbook" as a representative investment value enterprise due to its commercial progress in automotive-grade AI chips and forward-looking strategies in emerging sectors [4]