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]

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]

一、会议召开情况 1、会议通知情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000716 证券简称：黑芝麻 公告编号：2025-074 南方黑芝麻集团股份有限公司2025年第六次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示 1、本次股东会未出现否决提案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 南方黑芝麻集团股份有限公司（以下简称"公司"）于2025年12月30日采用现场与网络投票相结合的方式 召开了2025年第六次临时股东会（以下简称"本次股东会"），审议并通过了相关提案，现将有关情况公 告如下： 公司第十一届董事会2025年第十次临时会议审议并通过了《关于召开公司2025年第六次临时股东会的议 案》，董事会决定于2025年12月30日以现场与网络投票相结合的方式召开本次股东会，公司于2025年12 月13日公告了《关于召开2025年第六次临时股东会的通知》（公告编号：2025-071）。 5、网络投票：通过深圳证券交易所交易系统进行网络投票的时间为：2025年12月30日9:15-9:25 ...

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]

证券代码：000716 证券简称：黑芝麻 公告编号：2025-074 南方黑芝麻集团股份有限公司 2025 年第六次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 1、本次股东会未出现否决提案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 南方黑芝麻集团股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日采 用现场与网络投票相结合的方式召开了 2025 年第六次临时股东会（以下简称"本 次股东会"），审议并通过了相关提案，现将有关情况公告如下： 一、会议召开情况 1、会议通知情况 公司第十一届董事会 2025 年第十次临时会议审议并通过了《关于召开公司 2025 年第六次临时股东会的议案》，董事会决定于 2025 年 12 月 30 日以现场与网 络投票相结合的方式召开本次股东会，公司于 2025 年 12 月 13 日公告了《关于召 开 2025 年第六次临时股东会的通知》（公告编号：2025-071）。 （1）召开时间：2025年12月30日（星期二）下午2:30开始 （2）召开地点：广西南宁市凤翔 ...

北京大成（南宁）律师事务所 关于南方黑芝麻集团股份有限公司 2025 年第六次临时股东会的 法律意见书 大成证字[2025]第 145 号 www.dacheng.com 1 南宁市五象新区盘歌路 4 号碧园中心 A 座 19、20 层（530201） 19-20/F Block A, Biyuan Plaza, No.4 Pange Road, Wuxiang New District, Nanning, Guangxi, 530201, China Tel： +86 771 5511820 Fax： +86 771 5511887 法律意见书 北京大成（南宁）律师事务所 关于南方黑芝麻集团股份有限公司 2025 年第六次临时股东会的 法律意见书 大成证字[2025]第 145 号 致：南方黑芝麻集团股份有限公司 根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和 国公司法》（以下简称《公司法》）和中国证券监督管理委员会《上市公司股东 会规则》（以下简称《股东会规则》）、《深圳证券交易所上市公司股东会网络 投票实施细则》（以下简称《网络投票细则》）等法律、法规及其他有关规范性 文件的要求，北 ...

Core Viewpoint - The value of Junsheng Electronics (600699), a global leader in automotive electronics and safety, is significantly underestimated despite its ability to provide system-level solutions and hold bulk orders from top clients both domestically and internationally. The company is quietly completing key positioning with a dual-track strategy of "Automotive + Robotics Tier 1" [1] Group 1: Business Breakthroughs - In 2025, Junsheng Electronics' robotics business achieved a critical leap from strategic layout to commercial realization, forming a complete product matrix covering "brain" (AI domain controller), "cerebellum" (joint control), and "limbs" (structural assembly) with considerable value per unit [2] - The company has begun bulk deliveries of various key structural components for a leading international robotics company, upgrading from component supplier to high-value assembly segments, capturing over half of the market share with another major North American client [2] - Junsheng Electronics has established strategic partnerships with leading domestic companies like Zhiyuan Robotics, preparing for mass production orders from projects such as Xiaopeng Robotics, entering a phase of continuous monthly shipments [2] Group 2: Unique Value in the Industry - Unlike most companies in the robotics supply chain that focus on single components like screws and motors, Junsheng Electronics possesses unique advantages in system integration and the ability to leverage automotive industry experience [3] - The high technical migration barriers stem from the interactive capabilities of its AI head assembly, derived from smart cockpit technology, and the engineering experience from large-scale automotive manufacturing, which new startups find difficult to replicate in the short term [3] - The company has solidified its position with both overseas and domestic leading clients (Zhiyuan, Xiaopeng) and formed ecological partnerships with firms like NVIDIA and Heishima (000716), ensuring technological leadership [3] Group 3: Value Recognition and Valuation Discrepancy - The market continues to perceive Junsheng Electronics as a traditional automotive parts company, leading to significant undervaluation compared to comparable companies like Top Group (601689) and Sanhua Intelligent Control (002050) that are also involved in robotics [4] - This "cognitive gap" is being challenged by the reality that Junsheng's robotics business is no longer just a concept but has clear orders and is entering the shipment phase, representing a second growth curve [4] - The stable cash flow from its automotive main business and real industrial scenario data provide a unique safety net and evolutionary advantage, highlighting a stark divergence between current stock prices and the systematic progress and certainty of orders achieved in the robotics field [4]

Core Viewpoint - The report from Dongwu Securities indicates that the overall Beta of the sector is expected to weaken by 2026, with structural opportunities being more favorable than overall opportunities. The focus should be on three technological main lines: "Intelligent Driving (L2++/L3/L4) + Liquid Cooling (AIDC) + Humanoid Robots," along with the long-term certainty of "going global" [1]. EPS Dimension - The stock market is seeking alpha through cyclical resilience, prioritizing product companies with high competitiveness that can enhance market share and companies that can increase average selling prices (ASP) by entering high-value sectors through internal and external growth [2]. - Globalization is expected to open growth opportunities in the automotive parts sector, with a focus on enhancing growth potential and risk resistance by prioritizing production capacity in Europe, North America, and Southeast Asia. With profit recovery and deeper customer engagement, companies may transition to global Tier 1/platform leaders between 2026 and 2030. Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Magnesium, with New Spring Co. as a focus [2]. PE Dimension - Intelligent Driving: The penetration of L2++ is accelerating, with L3 regulations and urban NOA speeding up, and L4-level smart vehicles rapidly coming to market. The focus should be on chips, domain controllers, core sensors, and drive-by-wire chassis, emphasizing systematic capabilities in cost, algorithms, and safety redundancy. Recommended companies include Horizon Robotics, Black Sesame, and Desay SV, with Bertel and Nexperia as points of interest [3]. - Robotics: Transitioning from "0 to 1" to "1 to 10," benefiting from supply chains involving large models, actuators, reducers, lead screws, and force sensors. The focus should be on automotive parts leaders with "technology synergy + manufacturing collaboration." Recommended companies include Top Group, Joyson Electronics, and Shuanghuan Transmission, with interest in Yapp Automotive Parts and Daimay Co. [3]. - Liquid Cooling: Growth in AI capital expenditure and increased power consumption in AIDC; the liquid cooling temperature control market is projected to reach hundreds of billions by 2030. The automotive parts sector should focus on thermal management, pipelines, and quick connectors, emphasizing system integration and cost reduction capabilities. Recommended companies include Minth Group, Yinlun Co., and Feilong Co. [3].

Core Viewpoint - The automotive parts sector is expected to see a weakening overall Beta by 2026, with structural opportunities being more favorable than total market opportunities. The focus should be on "intelligent driving (L2++/L3/L4) + liquid cooling (AIDC) + humanoid robots" as key technological lines, along with long-term certainty in overseas expansion [1]. Summary by Categories EPS Dimension - Companies should seek alpha through high-competitiveness products that enhance market share and those that can increase average selling price (ASP) by entering high-value sectors through internal and external growth [2]. - Globalization is expected to enhance growth potential and risk resilience in the automotive parts sector, particularly in Europe, North America, and Southeast Asia. With profit recovery and deeper customer engagement, companies may transition to global Tier 1/platform leaders between 2026 and 2030. Recommended companies include Fuyao Glass (600660), Xingyu Co., Ltd. (601799), Minth Group, Joyson Electronics (600699), and Xingyuan Magnesium (301398), with New Spring Co., Ltd. (603179) as a focus [2]. PE Dimension - Intelligent Driving: The penetration of L2++ is accelerating, with L3 regulations and urban NOA speeding up, and L4-level smart vehicles being rapidly deployed. Companies should prioritize chips, domain controllers, core sensors, and drive-by-wire systems that demonstrate systematic capabilities in cost, algorithms, and safety redundancy. Recommended companies include Horizon Robotics, Black Sesame (000716), and Desay SV Automotive, with Bertel (603596) and Nexperia as points of interest [3]. - Robotics: Transitioning from "0 to 1" to "1 to 10," benefiting from large models and supply chains including actuators, reducers, lead screws, and force sensors. Focus should be on automotive parts leaders with "technology synergy + manufacturing collaboration." Recommended companies include Top Group (601689), Joyson Electronics, and Shuanghuan Transmission (002472), with YaPu Co., Ltd. (603013) and Daimay Co., Ltd. (603730) as points of interest [3]. - Liquid Cooling: Growth in AI capital expenditure and increased power consumption in AIDC are expected to create a market space of hundreds of billions for liquid cooling temperature control by 2030. The automotive parts sector should focus on thermal management, pipelines, and quick connectors, emphasizing system integration and cost reduction capabilities. Recommended companies include Minth Group, Yinlun Machinery (002126), and Feilong Co., Ltd. (002536) [3].