Summary of Black Sesame Management Meeting Company and Industry - **Company**: Black Sesame (2533.HK) - **Industry**: Semiconductor and Smart Driving Technology Key Points Smart Driving Growth - Management is optimistic about the smart driving trend in China, particularly for 2026, driven by the adoption of highway NOA (Navigation on Autopilot) and city NOA, which will enhance product mix and average selling price (ASP) [1][2][3] Chipset Development - The latest chipset, A2000, is set for mass production by the end of 2026, featuring 567 TOPS computing power, which is competitive against NVIDIA's Thor U at 700 TOPS and Horizon Robotics' G6P at 560 TOPS [2] - A2000 utilizes ASIC architecture for better computing power utilization compared to GPGPU, providing flexibility for car OEMs to develop their own algorithms or use third-party software [2] Revenue Outlook for 2026 - Management anticipates revenue growth in 2026 despite competitive market conditions, supported by: - An increase in highway NOA penetration from 15-20% in 2024 to 35% by the end of 2025, with further growth expected in 2026 - City NOA penetration expected to rise from 5% in 2024 to 15% currently, with additional upside in 2026 - Supportive government policies encouraging the adoption of local chipsets by car OEMs [3] Robotics as a Long-Term Growth Driver - Black Sesame is expanding into robotics, targeting various market segments: - Below 50 TOPS for mobility in robots - 50-100 TOPS for precision control in industrial robots - Up to 500 TOPS for humanoid robots' central computing [4][7] - The company has received orders for industrial robots, indicating strong demand in this sector [7] Competitive Positioning - The in-house NPU IP and toolchain are highlighted as key factors securing Black Sesame's market position in smart driving technology [2] Government Support - The management emphasizes the role of government policies in fostering the growth of local chipset adoption among car OEMs, which is expected to further drive demand for Black Sesame's products [3] Additional Insights - The management's positive outlook aligns with broader trends in the smart driving and robotics sectors, suggesting potential investment opportunities in these areas [1][3][4]

Core Insights - Black Sesame Intelligence has launched the SesameX multi-dimensional intelligent computing platform, the first dedicated deployment platform for the robotics industry [1] - The SesameX platform has already partnered with companies like Xingcheng Intelligent, Shentingji, Yundongchu, and Lingyu Intelligent for commercial deployment in various robotic products [1] - The founder and CEO of Black Sesame Intelligence, Dan Jizhang, emphasized that the company's experience in smart automotive chips will support new applications in robotics, driving the evolution of embodied intelligence [1] Group 1 - The SesameX platform features a multi-layer architecture, including a computing platform with three self-developed modules: Kalos, Aura, and Liora [5] - Kalos is designed for wheeled robots like delivery and inspection robots, focusing on basic vision and motion control [5] - Aura is suitable for robotic arms and multi-legged robots, offering enhanced computing power and multi-modal perception capabilities [5] Group 2 - Liora is intended for humanoid robot designs, supporting end-to-end decision-making and multi-task processing, with the highest computing power among the three modules [5] - The architecture provides a full-stack solution for various robotic scenarios, from basic control to advanced cognition [5] - Black Sesame Intelligence has formed a strategic partnership with Joyson Electronics to focus on the robotics field, planning to launch embodied robot head assemblies and domain controllers based on the SesameX platform [6] Group 3 - Additionally, Black Sesame Intelligence has partnered with Hubei Huazhong Electric Power Technology Development Co., Ltd. to explore the application of embodied robots in the electric power industry [7]

Investment Dynamics - Nestlé is investing approximately £28 million (around 260 million RMB) to upgrade its Dalston factory in Cumbria, UK, aimed at expanding its ready-to-drink coffee production line, which will include a new mixing workshop and two packaging lines, reducing manual handling by 80% and achieving a capacity of 60,000 packs per hour [3] - Danone Canada announced a historic investment in its Boucherville factory in Quebec, which includes energy recovery equipment to enhance sustainable operations, marking Danone's largest investment in Canada to rapidly increase yogurt production capacity to meet growing health demands [6] - Subway's management company in Shanghai increased its registered capital from approximately 320 million RMB to about 380 million RMB, a 21% increase, to support rapid store expansion and narrow the gap with competitors like McDonald's and KFC [9] - "Meet Little Noodles" is targeting to raise $100 million (approximately 780 million HKD) through a pre-IPO roadshow, which will support its expansion to a thousand stores and strengthen its brand in the Chinese dining sector [10] Acquisition Dynamics - Uni-President Enterprises has signed a share purchase agreement to acquire Carrefour Taiwan for a total of approximately $970 million (around 6.9 billion RMB), which is about $32 million (approximately 230 million RMB) less than the 2023 transaction price [15] - Guangxi Travel Health Industry Group is acquiring a 20% stake in Southern Black Sesame Group, which will help the latter repay short-term debts and aim for profitability by 2025 [18] - Anheuser-Busch InBev is in talks to acquire BeatBox, valuing the company at approximately $700 million (around 5 billion RMB), which will enhance its presence in the ready-to-drink segment and leverage existing distribution channels [20] - JBS's subsidiary Mantiqueira USA is set to acquire Hickman's Egg Ranch, one of the top 20 egg producers in the U.S., as part of its strategy to diversify its protein business [22] Personnel Dynamics - Roland Mouret has stepped down as creative director of his eponymous brand, with Han Chong taking over as the sole creative director, which may impact the brand's short-term performance due to the loss of a key creative force [24] - Francesca Bellettini, CEO of Gucci, has joined the board of Brioni, which may enhance the brand's supply chain resources and potentially replicate Gucci's high-margin model to boost profitability [27]

Summary of Black Sesame Intelligence and Zhongji Xuchuang Collaboration Conference Call Industry and Company Involved - **Company**: Black Sesame Intelligence - **Partner**: Zhongji Xuchuang - **Industry**: Automotive, Robotics, Optical Communication Core Points and Arguments - **Collaboration Goals**: Black Sesame Intelligence and Zhongji Xuchuang aim to advance the application of optical modules in automotive and smart terminal sectors, focusing on low latency and high data transmission needs in next-generation computing platforms [2][5][16] - **Autonomous Driving Solutions**: The partnership is developing comprehensive solutions for both passenger and commercial vehicles to meet L2 to L4 autonomous driving requirements, accelerating technology implementation in OEMs [2][6][16] - **AI Industrial Robots**: Joint development of AI industrial robot solutions tailored for industrial scenarios, addressing core needs for precise control, real-time interaction, and multi-device collaboration [2][6][16] - **Optical Communication Trends**: Optical communication is identified as a future trend, providing higher bandwidth, lower latency, and stronger anti-interference capabilities. Companies like Tesla and Huawei are already exploring these technologies [2][7][8][9] - **Cost Comparison**: Automotive-grade optical modules are expected to be significantly cheaper than server-grade modules, potentially costing only 1% of the server-side equivalent under similar performance specifications [4][14][15][16] Additional Important Content - **Technical Requirements**: Optical packaging technology requires chips to be compatible with optical communication, necessitating large switch interfaces and bandwidth exceeding P3E, along with reserved interfaces for MIPI or FII [10][11] - **Silicon Photonics Advantages**: In data centers, silicon photonics can enhance switch performance and reduce complexity, while in robotics, flexible optical fibers can mitigate electromagnetic interference and adapt to flexible motion needs [12][16] - **Standardization Needs**: The automotive sector has existing standards for optical fiber access, while the robotics sector is moving towards standardization to promote new technologies without relying solely on customized applications [13][14] - **Market Impact**: The collaboration is expected to enhance Black Sesame Intelligence's competitiveness in the automotive sector and facilitate the adoption of advanced AI and communication technologies in industrial robots [16]

| | | SESAMEX | | 音一下 | | | --- | --- | --- | --- | --- | --- | | 人员 | | 风险 全球企业 簡标 专利 | 招投标 | 新闻 创投库 | 企业 | | 为您找到 4 条商标信息 | | | | R 童商标·专项童询 卡片 | | | 国际分类:42类 设计研究 | | BLACKSESAME SESAMEX 初审公告中 | | 申请/注册号:86961148 商标申请日期：2025-08-07 申请人:黑芝麻智能科技有限公司 | | | 初审公告日期:2025-11-20 | | | | 代理机构:北京梦知网知识产权服务有限公司 | | | | BLACKSESAME SESAMEX 初审公告中 | | | | | | 国际分类:12类 运输工具 | | | | 申请/注册号:86961143 商标申请日期：2025-08-07 申请人:黑芝麻智能科技有限公司 | | | 初审公告日期:2025-11-20 | | | | 代理机构:北京梦知网知识产权服务有限公司 | | | | | BLACKSESAME SESAMEX 初审公告中 | ...

Group 1 - The conference titled "2024-2025 Annual Marketing Conference and the 23rd Outstanding Brand Marketing Annual Meeting" will be held on December 10 in Beijing, focusing on the theme of "the collision of brand economy and traffic economy" [2][3] - The event will address the core issues of marketing in the current landscape, emphasizing the transition from traffic-driven strategies to value-driven brand competition as traffic dividends diminish [3] - The conference will explore three main themes: "Sincere Breakthrough," "Multi-dimensional Resonance," and "Responsible Coexistence," aiming to unlock new paths for sustainable brand growth [3][4] Group 2 - The "Sincere Breakthrough" segment will focus on brand infrastructure reconstruction in the AI era, highlighting how brands can leverage AI for efficient operations and core value delivery [3] - The "Multi-dimensional Resonance" discussion will tackle the industry pain points of fragmented traffic, sharing case studies on how brands can convert short-term traffic into long-term engagement [3] - The "Responsible Coexistence" segment will examine the balance between brand building and market conversion, exploring effective models for dual empowerment of short-term results and long-term brand assets [4] Group 3 - The 23rd Outstanding Brand Marketing Annual Meeting will present a list of exemplary marketing cases, showcasing various brands' responses to market changes over the past year [5][12] - The diversity of the showcased cases reflects the complexity and authenticity of the current marketing environment, providing insights into industry trends and inspiring new ideas [12]

Core Viewpoint - Black Sesame Intelligent officially launched the SesameX multi-dimensional intelligent computing platform, marking the first commercial deployment platform for the robotics industry [1][2] Group 1: Company Overview - Black Sesame Intelligent is a supplier of automotive-grade SoC (System on Chip) and intelligent automotive solutions, providing a full range of services from IP, chips, to autonomous driving and vehicle networking solutions [1] - The company aims to expand its development path from intelligent driving to the embodied intelligence industry, leveraging its technology and experience in autonomous driving [1] Group 2: SesameX Platform Features - The SesameX platform addresses key technical pain points in the robotics industry, such as safety mechanisms and multi-task computing coordination, by offering a full-stack self-evolving platform that supports comprehensive intelligent deployment [2] - The platform is described as a systematic computing platform that integrates hardware, software, toolchains, and model ecosystems, aimed at facilitating the commercialization of robotics [2] Group 3: Strategic Collaborations - Black Sesame Intelligent has formed strategic partnerships with Ningbo Joyson Electronic and Hubei Huazhong Electric Power Technology to explore applications of embodied robots in various industries [3] - The company has established a robot cooperation ecosystem and announced its first batch of robot partners, with successful commercial deployments in logistics vehicles and various robotic products [2][3] Group 4: Market Outlook - The founder and CEO of Black Sesame Intelligent expressed confidence that the company's experience in the intelligent automotive sector will support its new applications in robotics, predicting that the growth rate of the robotics industry will surpass that of intelligent automotive [3] - Industry experts believe that the SesameX platform is well-positioned to seize opportunities in the early stages of robotics commercialization, benefiting from the company's technology transfer capabilities and established ecosystem [3]

Core Insights - The SesameX platform represents a significant advancement in the robotics industry, marking the transition from demo to commercial deployment, akin to the evolution of the smart automotive sector in 2018, but with a faster growth trajectory [2][9][30] - SesameX is the first comprehensive computing platform designed for the commercial deployment of robots, integrating perception, understanding, reasoning, motion control, and safety into a unified architecture [1][10][12] Industry Transition - The robotics industry is at a pivotal point, with the potential for rapid growth surpassing that of smart vehicles, as indicated by the industry's current position on the S-curve [2][8] - The global service robotics market is projected to exceed $40 billion by 2025, with a compound annual growth rate of over 20%, particularly in China, which is becoming the largest application market for robots [8][30] Technological Advancements - SesameX is not merely a chip or an operating system; it is a comprehensive system that enables robots to grow and evolve, characterized by five core capabilities: expertise, excellence, expression, experience, and expedition [12][23] - The platform consists of five layers, including a computing platform, network communication, operating system, middleware, and atomic application layers, each designed to enhance the capabilities and safety of robots [13][16][17][18][19][20] Safety and Reliability - The X-Safety system is a groundbreaking feature of SesameX, embedding safety into every layer of the platform, ensuring that robots operate with a proactive safety mindset [21][30] - The platform adheres to ASIL-D automotive safety standards, indicating a high level of reliability and safety in robotic operations [21][30] Ecosystem and Commercialization - SesameX has already established partnerships with various robotics companies, indicating its readiness for commercial deployment and integration into real-world applications [24][25][29] - Collaborations with industry leaders, such as Junsheng Electronics and Huazhong Electric Power Technology, highlight the platform's engineering maturity and commercial viability [25][29] Future Outlook - The emergence of SesameX is expected to catalyze a shift from fragmented technological innovations to a collaborative platform-based competition in the robotics industry, accelerating overall industry growth [31][32] - The establishment of a foundational platform like SesameX is seen as a critical step in the evolution of the robotics sector, similar to the pivotal platforms in previous technological eras [33][34]

11月20日，智能汽车计算芯片企业黑芝麻（000716）智能，举行"多维进化智赋新生"为主题的机器人平 台产品发布会，正式推出面向全脑智能的SesameX 机器人多维计算平台，完成从"赋能智能汽车"向"赋 能大智能终端"的战略延伸，切入机器人这一"爆发前夜"的黄金赛道。 全球机器人产业已告别"单点场景试点"阶段，进入"多样化需求驱动、全场景渗透"的高速增长期。其 中，服务机器人与特种机器人两大细分领域，已成为拉动行业增长的核心引擎。 有数据显示，在安防巡检、应急救援、工业维护等场景需求驱动下，2024-2028年全球特种机器人市场 年复合增长率预计达18.5%，2028年市场规模将突破220亿美元。 从需求结构分析，商圈送餐、酒店迎宾、商超导览等商业服务场景，对机器人的需求占比已达服务机器 人总需求的45%，电力巡检、矿山救援等特种作业场景需求占比持续提升，形成"双轮驱动"的增长格 局。 中国凭借系统的政策支持、庞大的市场与完善的产业链，已成为全球机器人产业的核心增长极。在政策 层面，国家将机器人纳入战略性新兴产业，北京、上海、重庆、杭州等多地密集出台产业规划与资金支 持政策，形成了"国家战略+地方配套"的多 ...

Core Viewpoint - Junsheng Electronics and Hezhima Intelligent have formed a strategic partnership to enhance innovation in robot control systems and promote the integration of intelligent manufacturing and computing platforms [1] Group 1: Strategic Collaboration - The collaboration focuses on joint research and development of robot domain controllers [1] - Both companies will work on optimizing intelligent computing platforms and developing industry-specific solutions [1] - The partnership aims to improve independent innovation capabilities and industrial competitiveness [1]