Core Viewpoint - In the first half of 2025, the company achieved operating revenue of 253 million yuan, a year-on-year increase of 40.4%, while net profit was -762 million yuan, compared to 1.105 billion yuan in the first half of 2024, primarily due to fluctuations in the fair value changes of financial instruments issued to investors [1] Revenue Breakdown - In the first half of 2025, revenue from autonomous driving products and solutions was 237 million yuan, a year-on-year increase of 41.5%, driven by increased sales of assisted driving chips and solutions alongside the growth of mass-produced vehicles, with improved market penetration in the commercial vehicle sector [1] - Revenue from intelligent imaging solutions was 16 million yuan, a year-on-year increase of 24.8% [1] Profitability Metrics - In the first half of 2025, the company's gross margin was 24.79%, a decrease of 25.21 percentage points year-on-year, and the net profit margin was -301.47%, a decrease of 914.76 percentage points year-on-year [2] - The gross margin for autonomous driving products and solutions was 20.9%, down 26 percentage points year-on-year, while the gross margin for intelligent imaging solutions was 82.4%, down 4 percentage points year-on-year [2] Cost Structure - The company's expense ratio was 332.07%, an increase of 179.2 percentage points year-on-year [2] Product Development and Market Expansion - The company is accelerating the mass production of its A1000 chip in various new vehicle models and is also targeting overseas markets with multiple new clients [2] - The C1200 chip is set to be deployed in several new energy customer projects, while the A2000 series chips support urban NoA and can be expanded to L3 and L4 scenarios [2] - The company aims to complete mass production and project alignment with leading automotive clients within the year [2] Commercialization Efforts - The company is actively expanding in robotics, unmanned logistics vehicles, and intelligent imaging solutions [3] - In the robotics sector, the company is developing a "brain" for robots based on the C1200 chip and has partnered with leading bipedal robot companies [3] - In the unmanned logistics vehicle sector, the company is collaborating with ecosystem partners to create an L4 autonomous driving system for low-speed functions in closed environments [3] - The company is also advancing AI smart glasses and other intelligent imaging solutions with several clients [3] - Plans are in place to pursue acquisitions of cost-effective, low-power AI chip companies to strengthen its position in the edge AI chip market [3]

Core Viewpoint - The report from浦银国际 indicates that as the electric vehicle (EV) industry enters its second phase, intelligent assisted driving has become a core function of automotive intelligence, with smart driving chips emerging as a key component in the value chain [1] Industry Summary - The development of intelligent driving chips is expected to see a rise in both volume and price by 2025, driven by domestic automakers pushing for equal access to intelligent driving features and leading EV companies advancing algorithm evolution [1] - Local smart driving chip suppliers are gaining prominence, leveraging cost-effective chip products and production experience to expand their customer base, benefiting from the trend of domestic substitution [1] Company Summary - The report initiates coverage of the smart driving chip industry with an "overweight" rating and also covers companies Horizon Robotics and Black Sesame Technologies, assigning "buy" ratings with target prices of HKD 12 and HKD 21.4 respectively [1]

Investment Rating - The report gives an "Overweight" rating for the intelligent driving chip industry and a "Buy" rating for Horizon Robotics-W (9660.HK) and Black Sesame Intelligence (2533.HK) [3][7][9]. Core Insights - The intelligent driving chip market is expected to expand significantly, with the global ADAS SoC market projected to reach RMB 92.5 billion by 2028 [7]. - The penetration rate of ADAS functions in China's new energy passenger vehicles reached 82.6% in the first half of 2025, indicating a strong demand for intelligent driving capabilities [8][55]. - Domestic intelligent driving chip suppliers are gaining market share due to their cost-effective products and production experience, benefiting from the trend of domestic substitution [9]. Summary by Sections Industry Background - The automotive electronic architecture is evolving, with SoC becoming the mainstream choice for control chips in intelligent electric vehicles [13][14]. - The intelligent driving chip is a core component for achieving advanced driver-assistance systems (ADAS) and autonomous driving functions [19]. Current Industry Status - The intelligent driving process is still in its early stages, with high-level ADAS function penetration remaining low [39]. - The global electric vehicle market is expected to exceed 20 million units in 2025, with a penetration rate of over 25% [39]. Development Trends - The intelligent driving chip market is rapidly expanding, driven by the increasing complexity of software and hardware requirements for ADAS functions [7][19]. - The market for automotive-grade SoC is projected to grow from RMB 57.9 billion in 2023 to RMB 205.3 billion by 2028, with a compound annual growth rate of 29% [19]. Competitive Landscape - Domestic manufacturers are expected to capture a larger market share as they improve their production capabilities and experience [9]. - The competition in the intelligent driving chip market is intensifying, with various players entering the field [9]. Investment Value - The report is optimistic about the upgrade of ADAS capabilities and the domestic substitution trend, indicating potential long-term growth in the robotics sector [9][10]. - The intelligent driving chip market is expected to see a simultaneous increase in both volume and price due to advancements in algorithms and hardware requirements [9]. Company Coverage - Horizon Robotics-W (9660.HK) is positioned as a leading player in the domestic intelligent driving chip market, with a target price of HKD 12.0, representing a potential upside of 22% [11]. - Black Sesame Intelligence (2533.HK) is also highlighted as a key player, with a target price of HKD 21.4, indicating a potential upside of 16% [11].

Black Sesame International Holding Limited 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 2025 中期報告 * 僅供識別 Z:\09. IR\166448 Black Sesame IR25\Cover\Black Sesame IR25 Full Cover.indd 目錄 2 公司資料 4 主要摘要 5 管理層討論及分析 17 中期財務資料審閱報告 18 簡明綜合全面（虧損）╱收益表 20 簡明綜合財務狀況表 22 簡明綜合權益變動表 24 簡明綜合現金流量表 25 財務資料附註 65 其他資料 78 釋義 公司資料 董事會 執行董事 單記章先生 （董事長） 劉衛紅先生 曾代兵先生 非執行董事 楊磊博士 獨立非執行董事 李青原教授 龍文懋教授 徐明教授 審核委員會 單記章先生 （主席） 龍文懋教授 李青原教授 聯席公司秘書 孫曉祥先生 郭兆瑩女士 (ACG, HKACG) 授權代表 單記章先生 孫曉祥先生 核數師 李青原教授 （主席） 龍文懋教授 徐明教授 薪酬委員會 龍文懋教授 （主席） 徐明教授 單記章先生 提名委員會 ...

当地时间2025年9月10日，2025世界新能源汽车大会（IAA Mobility专场）在慕尼黑会展中心成功召开。本次大会由中国汽车工程学会（China-SAE）、 德国汽车工业协会（VDA）与世界新能源汽车发展组织（WNEVDO）组织召开。 德国汽车工业协会主席穆希雅（Hildegard MÜLLER），中国驻德国大使馆公使翟谦, 中国汽车工程学会副理事长兼秘书长侯福深，中国汽车工业协会秘 书长付炳锋及来自中德汽车产业界14位领袖出席了本次会议。德国汽车工业协会传播、活动与市场负责人Simon SCHÜTZ、世界新能源汽车发展组织秘书长 张旭明共同主持了全体大会。 侯福深表示，回顾历史，中德汽车产业合作成为全球汽车产业携手共进、合作共赢的典范。当前，人工智能、清洁能源为代表的前沿技术正加速重塑全 球汽车产业，低碳化、电动化、智能化深度交叉融合成为产业主要发展方向。在未来，把握技术发展趋势、合理选择技术路线、高效整合跨领域创新资源， 构建有竞争力的创新生态将成为我们共同面临的挑战。中国汽车工程学会将继续为中德两国汽车产业界、科技界搭建交流合作的桥梁，就汽车科技发展战 略、链接创新资源构建生态提供支撑；进一步深 ...

Macro and Strategy - The fixed income investment strategy for Q4 indicates a turning point year, with expectations for a cooling economy and potential interest rate cuts [8][11] - The report highlights the ongoing industrialization of solid-state batteries, supported by government policies and advancements in materials and applications [17][18] Textile and Apparel - The textile and apparel sector shows resilience in mid-term performance, with the sports segment leading apparel consumption [3][11] - In September, the retail sales of clothing increased by 1.8% year-on-year, with e-commerce growth rebounding significantly [12][13] - The textile manufacturing segment reported a revenue increase of 7.8% in H1 2025, while the apparel and home textile segment faced a decline of 6.4% [15] Electric Power Equipment and New Energy - The solid-state battery industry is progressing, with significant policy support and material advancements leading to increased production and application [17][18] - Domestic energy storage system tenders surged to 47.2 GWh in August 2025, reflecting a 2158% year-on-year increase, indicating strong demand for new energy systems [18] - The electric power equipment sector is expected to benefit from increased capital expenditures, particularly in AI and cloud infrastructure [18][19] Pharmaceutical and Biotechnology - The pharmaceutical sector is experiencing strong performance, with a notable increase in interest in ANGPTL3-targeted therapies, particularly from multinational corporations [21][22] - The overall biopharmaceutical sector outperformed the market, with a TTM P/E ratio of 40.75x, indicating robust investor interest [20] Non-Banking Financial Sector - The securities industry reported a revenue increase of 11.37% year-on-year in H1 2025, driven by strong performance in brokerage and investment segments [22][23] - Financial investment assets have become the primary growth area for securities firms, accounting for nearly 50% of total assets [24] Social Services Industry - The education and human resources sector showed overall growth, with a revenue increase of 11% and a profit increase of 28% in H1 2025 [26][27] - The K12 education segment continues to recover, with significant demand for skills training and a shift towards quality education [28][30] Internet Industry - The AI agent market is rapidly evolving, with significant growth expected in AI infrastructure and applications, particularly in B2B and B2C sectors [31][34] - Major cloud providers are enhancing their AI capabilities, with Microsoft, Google, and Amazon leading the market [34][35] Agriculture, Forestry, Animal Husbandry, and Fishery - The report recommends focusing on the meat and dairy sectors, highlighting the positive outlook for low-cost pig farming and the overall livestock cycle [36]

Core Viewpoint - In the first half of 2025, the company achieved a revenue of 253 million yuan, representing a year-on-year growth of 40.4% [2][9][22] Revenue Breakdown - The revenue from autonomous driving products and solutions was 237 million yuan, up 41.5% year-on-year, driven by increased sales of auxiliary driving chips and solutions alongside the growth of mass-produced models [13][22] - The revenue from intelligent imaging solutions was 16 million yuan, a year-on-year increase of 24.8%, attributed to the market acceptance of the company's solutions [13][22] Profitability Metrics - The company's gross margin was 24.79%, down 25.21 percentage points year-on-year, with a net margin of -301.47%, a decline of 914.76 percentage points [4][16] - The gross margin for autonomous driving products and solutions was 20.9%, down 26.3 percentage points, while the gross margin for intelligent imaging solutions was 82.4%, down 4.2 percentage points [4][16] Cost Structure - The company's total expense ratio was 332.07%, a decrease of 179.2 percentage points year-on-year, with sales, management, and R&D expense ratios at 20.37%, 67.27%, and 244.43%, respectively [17] Product Development and Market Expansion - The A1000 chip is being mass-produced in several new models from Geely and Dongfeng, with plans for deployment in overseas markets [6][24] - The C1200 chip is set to be mass-produced in multiple projects for new energy customers, enhancing the company's capabilities in autonomous driving [30] - The A2000 series chip, designed for high-performance applications, is expected to support urban NOA and can be expanded to L3 and L4 scenarios [34][36] Strategic Partnerships and Collaborations - The company is deepening collaborations with major clients such as Geely, Dongfeng, and BYD, focusing on continuous delivery and engineering development of auxiliary driving platforms [22][26] - The company is actively pursuing acquisitions of high-performance, low-power AI chip firms to enhance its position in the edge AI chip market [7][47] Future Outlook - In the second half of 2025, the company plans to continue delivering auxiliary driving solutions to major clients while expanding its strategic customer base [46] - The company aims to optimize algorithms for extreme urban scenarios and enhance the performance of end-to-end models to support the mass production of the A2000 series chip [46]

Core Insights - The article highlights the emergence of Chinese chip company Hezhima Intelligent at the IAA Mobility event in Munich, showcasing its capabilities in smart driving technology and positioning itself as a foundational computing platform for intelligent driving [2][3] Regulatory Context - The European Union's General Safety Regulation II (GSR2) mandates that all new vehicle models registered after July 2024 must include a suite of Advanced Driver Assistance Systems (ADAS) features, such as Automatic Emergency Braking (AEB) and Lane Keeping Assistance (ELKS) [2] - Compliance with UNECE R155 and R156 regulations on cybersecurity and software updates is transitioning to full coverage by 2024, creating significant pressure on automotive manufacturers to meet these standards [2] Market Opportunity - Hezhima Intelligent's introduction of the "Safety Intelligent Base" and its Wudang C1200 family of chips aims to alleviate compliance pressures and address cost concerns for European automakers facing challenges from electrification and tariffs [3] - The company has already achieved mass production of its Huashan A1000 family chips in various models, providing a proven track record that enhances its credibility in the European market [3][4] Competitive Landscape - The presence of Chinese chip companies like Hezhima in Europe is not necessarily viewed as a threat; rather, it may accelerate the maturity of the industry by pushing automakers to reassess their cost structures and compliance capabilities in light of stringent regulations [5] - Hezhima's cross-domain integration platform and production experience could position it as a potential secondary or primary supplier for European automakers if it successfully reduces costs and improves development efficiency [6] Challenges Ahead - The rigorous certification and auditing processes in the European market will require Hezhima to provide verifiable evidence of its performance, transitioning from laboratory validation to real-world testing [6] - The success of Hezhima in Europe will depend not only on the computational power of its chips but also on its ability to meet local regulatory requirements and pass through the necessary compliance checks [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][49]. Core Views - The company achieved a revenue of 253 million yuan in H1 2025, representing a year-on-year growth of 40.4%. However, it reported a net loss of 762 million yuan, primarily due to fluctuations in the fair value of financial instruments issued to investors [1][7][21]. - The company is accelerating the mass production of its A1000 and C1200 chips, which are being integrated into various new vehicle models, enhancing its market presence in both domestic and international markets [2][22][30]. - The company is actively expanding its commercialization efforts in robotics, unmanned logistics vehicles, and intelligent imaging solutions, aiming to become a leader in the AI chip sector [3][36][48]. Financial Performance - In H1 2025, the company's gross margin was 24.79%, down 25.21 percentage points year-on-year, with a net margin of -301.47%, a decline of 914.76 percentage points year-on-year [2][15]. - The revenue from autonomous driving products and solutions was 237 million yuan, up 41.5% year-on-year, driven by increased sales of advanced driver-assistance systems [10][21]. - The company expects revenues of 810 million, 1.27 billion, and 2 billion yuan for 2025, 2026, and 2027 respectively, with projected net profits of -976 million, -678 million, and 740 million yuan [4][49]. Business Segments - The autonomous driving segment is seeing significant growth, with a focus on enhancing market penetration in commercial vehicles and expanding customer base [10][21]. - The intelligent imaging solutions segment generated 16 million yuan in revenue, reflecting a year-on-year increase of 24.8%, attributed to gaining market recognition [10][21]. - The company is also developing a range of AI solutions for robotics and logistics, leveraging its proprietary chips to enhance functionality and performance [36][48]. Market Position and Strategy - The company is positioned as a leading domestic supplier of intelligent automotive computing chips, benefiting from the accelerating penetration of smart driving technologies [49]. - The strategy includes deepening collaborations with major automotive manufacturers and expanding into overseas markets, which is expected to enhance revenue growth [21][49]. - The company plans to acquire high-performance, low-power AI chip firms to strengthen its product offerings and market position in the AI chip sector [48].

Core Insights - The 2025 IAA Mobility in Munich showcased the advancements in smart automotive technology, with Hezhima Intelligent presenting its capabilities in AI-driven smart vehicles [1] Group 1: Product Innovations - Hezhima Intelligent introduced its "Safe Intelligent Base" solution, addressing safety and cost challenges in cross-domain integration for automotive companies [3] - The Wudang C1200 family of chips serves as the core of the "Safe Intelligent Base," enabling seamless upgrades from entry-level to flagship models [3] - The Huashan A2000 chip family was highlighted for its high performance and efficiency, integrating multiple processing units for advanced driving assistance [4] Group 2: Market Collaborations - Hezhima Intelligent is collaborating with various partners, including the team led by Liu Sheng from Wuhan University, to develop humanoid robots and dexterous hands [4] - The Wudang C1200 family, particularly the C1236 and C1296 chips, has gained market recognition, with multiple automotive companies developing cross-domain solutions based on these chips [5] - The C1296 chip is set to be the first mass-produced chip platform for integrated cockpit and driving assistance solutions, with plans for production by the end of 2025 [5] Group 3: Commercialization and Ecosystem - The Huashan A1000 family has demonstrated successful commercialization, with chips already integrated into several vehicle models, including those from Geely and Dongfeng [6] - Hezhima Intelligent's dual approach of "chips + solutions" aims to provide cost-effective and reliable driving assistance technologies [6] - The company emphasizes innovation and open collaboration to enhance the automotive industry's auxiliary driving technology [6]