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 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 有關透過股權轉讓事項及增資事項 收購目標公司60%股權的進一步公告 茲提述黑芝麻智能國際控股有限公司（「本公司」）日期為2025年12月31日的公告， 內容有關收購事項（「該公告」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 本 公 司 謹 此 就 收 購 事 項 提 供 以 下 進 一 步 資 料。 目標公司的估值 本公司已委聘獨立估值師對目標公司於估值日期的100%股權進行獨立估值 （「本次估值」）。根 據 估 值 報 告，目 標 公 司100%股權於估值日 ...

Group 1 - The core focus of the article is the release of the "2025 Hurun China AI Companies Top 50" list, highlighting the top three companies: Cambricon, Moore Threads, and Muxi Technology [1] - The ranking is based on the value of companies, with listed companies' market capitalization calculated using the closing price on January 9, 2026, while non-listed companies' valuations are estimated based on comparable listed companies or recent financing rounds [1] - The majority of the top 50 companies are located in first-tier cities, with Beijing having 19, Shanghai 14, Shenzhen 6, and Guangzhou 4, indicating the significant role and clustering effect of these cities in the AI sector [1] Group 2 - The list includes 14 hardware companies and 11 data analysis and decision-making companies, with increases of 9 and 4 companies respectively compared to the previous year, reflecting a notable rise in hardware companies due to accelerated "domestic substitution" [1] - Muxi Technology's last round of strategic financing included investment from Sichuan Shuangma, a company that has diversified from cement production to include building materials, private equity investment, and biopharmaceutical research [2] - Sichuan Shuangma reported a revenue of 917 million yuan for the first three quarters of 2025, a year-on-year increase of 23.21%, and a net profit of 294 million yuan, up 20.03% year-on-year [2] Group 3 - Chengdu High-tech Investment Group has invested in several top-ranking companies, including Moore Threads and Muxi Technology, while Chengdu Jiaozi Financial Holding Group has invested in Muxi Technology and other companies on the list [2] - The investment logic of Jiaozi Capital focuses on market prospects, product differentiation, team background, financial performance, supply chain, and client institutions to assess a company's potential [3]

Core Viewpoint - Black Sesame Intelligence, known as the "first stock of autonomous driving chips," has experienced a change in its private placement plan, resulting in a reduced financing scale and a subsequent drop in stock price [1][2]. Financing Changes - The total number of shares issued in the latest private placement plan has decreased from 30.13 million shares to 28.54 million shares due to a subscription withdrawal by a party controlled by Wuyuefeng Capital [2]. - The total amount raised from the subscription is 539 million HKD, with shares being subscribed at a price of 18.8 HKD per share [2]. Shareholder Changes - After the completion of the subscription, Wuyuefeng Capital's stake in Black Sesame Intelligence will increase from 4.05% to 6.85%, while Dai Siyuan's stake will rise from 3.44% to 4.57% [3]. - The shareholding of Chairman Dan Jizhang will decrease from 14.21% to 13.60% following the subscription [3]. Strategic Focus - 90% of the funds raised will be allocated for strategic mergers and acquisitions, focusing on high-quality companies or assets in the fields of AI chips, semiconductor supply chains, robotics, and related advanced technologies [2]. Historical Context - Black Sesame Intelligence went public on August 8, 2024, raising 1.036 billion HKD in its initial public offering [8]. - The company has raised a total of 2.8 billion HKD through various financing rounds within two years of its listing, indicating a reliance on external funding without significant self-sustaining revenue generation [8].

Core Insights - The global competition in automotive intelligence is accelerating in 2026, driven by policy breakthroughs and commercial implementations [2] Domestic News - The Ministry of Transport issued an implementation opinion to promote the development of public data resources to support intelligent driving and new energy vehicle industries, aiming to create typical demonstration scenarios through data integration [3][4] - The Ministry of Industry and Information Technology is soliciting opinions on seven mandatory national standards for intelligent connected vehicles, including safety requirements for automatic parking systems, which will provide clear standards for the industry [5] - Guangdong is exploring the development of intelligent driving liability insurance products to support the new energy vehicle industry, aiming to establish a risk-sharing and social trust system [6] - Hong Kong's Transport Department is promoting unmanned testing of autonomous vehicles, having issued six pilot licenses for testing in various regions [7][8] - Jiangsu Province is advancing the "vehicle-road-cloud integration" application pilot, focusing on the development of high-level autonomous driving systems and intelligent infrastructure [10][11] - Guangdong is strengthening pilot applications for intelligent connected vehicles, encouraging technological innovation and cross-city testing [12] - Shanghai is emphasizing the development of intelligent connected new energy vehicles as a key emerging industry, focusing on soft and hard collaboration and data-driven approaches [13] Overseas Developments - NVIDIA announced plans to test its first full-stack autonomous vehicle in the U.S. in early 2026, with a goal to launch L4 autonomous taxi services by 2027 [14] - Mobileye plans to acquire humanoid robot manufacturer Mentee for $900 million, aiming to enhance its capabilities beyond autonomous driving [15] - Hyundai appointed a former executive from NVIDIA and Tesla to lead its autonomous driving business, highlighting the importance of this sector [17] - Bosch unveiled a new AI smart cockpit platform at CES 2026, showcasing advancements in personalized vehicle experiences [19] - The U.S. House Committee is reviewing legislation to simplify the deployment of autonomous vehicles, potentially increasing the annual exemption limit for companies [21] Corporate Dynamics - GAC Group signed a comprehensive cooperation framework agreement with Huawei to deepen collaboration in intelligent vehicle technologies [22][23] - Black Sesame Intelligence's Huashan A2000 chip passed U.S. scrutiny, allowing for global sales and marking a significant milestone for Chinese autonomous driving technology [24][25] - Geely received a license for L3 autonomous driving road testing in Hangzhou, indicating progress in the competitive landscape for L3 vehicles [26] - BAIC's L3 model has begun large-scale pilot operations, marking a significant step towards commercial deployment of autonomous driving [28] - Lantu Motors and Yiwang signed a strategic cooperation agreement to jointly develop intelligent driving and cockpit technologies [29] - Geely and Qianli Zhijia launched a new brand for smart driving solutions, covering a range of autonomous driving capabilities [30][31] - Hesai Technology was selected by NVIDIA as a lidar partner for its autonomous driving platform, enhancing its role in the global supply chain [33][34] - Chery showcased its AI advancements, indicating a shift towards a more AI-driven automotive strategy [35][36] - WeRide announced that its Robotaxi fleet has surpassed 1,000 vehicles, achieving commercial viability in multiple cities [37]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The automotive sector is awaiting a turning point in passenger vehicle sales, with RoboX company making steady progress [5][7] - The tools sector is seeing significant developments, including the establishment of the QuanFeng Vietnam park and exciting new products showcased at CES [6][27] Automotive Sector Summary - The Hang Seng Automotive Theme Index increased by 2.2%, outperforming the Hang Seng Index (-0.4%) and the Hang Seng Technology Index (-0.4%) [5][13] - In December 2025, the passenger vehicle market reached a new high with retail sales of 2,374.5 million units, including 1,280.9 million units of new energy vehicles, marking a 17.6% year-on-year growth [14] - January 2026 passenger vehicle sales are expected to see a slight year-on-year increase, with an estimated total market retail of around 1.8 million units [15] - New vehicle launches have been relatively quiet, with the Geely Galaxy V900 being the only notable release [19][20] - RoboX plans to deploy 100,000 fully customized Robotaxis globally by 2030, enhancing commercial operations [22] Tools Sector Summary - The establishment of the QuanFeng (Vietnam) New Energy Intelligent Manufacturing Base marks a significant step in global strategic layout [39] - At CES 2026, several innovative home robot products were showcased, including the G-Rover by Stone Technology, which features a dual-wheel leg architecture [40] - Milwaukee Tools opened a flagship experience center in the UK, enhancing strategic value and user engagement [53]

香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司 及 香 港 中 央 結 算 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。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 任 何 證 券 的 邀 請 或 要 約。 本 公 告 不 會 直 接 或 間 接 於 或 向 美 國 派 發。本 公 告 並 不 構 成 或 組 成 在 美 國 境 內 購 買 或 認 購 證 券 的 任 何 要 約 或 招 攬 的 一 部 分。本 公 告 所 述 本 公 司 股 份 並 無 亦 將不會根據1933年《美 國 證 券 法》（經 修 訂）（「證券法」）登 記，亦 無 於 美 國 任 何 州 或 其 他 司 法 權 區 的 任 何 證 券 監 管 機 構 登 記，且 不 得 直 接 或 間 接 向 或 於 美 國 境 內 提 呈 發 售、出 售、轉 售 ...

Group 1 - The core point of the article highlights the end of a significant IPO wave in the smart driving industry, with the last company, Xidi Zhijia, ringing the bell on the Hong Kong Stock Exchange in December 2025, marking the ninth company to go public that year [1][6] - The focus of the capital market is shifting from "listing stories" to questioning "post-listing performance," with funds becoming more selective towards companies that have demonstrated initial commercialization capabilities [2][20] - The industry is expected to undergo a significant reshuffle, moving from a phase of "hundreds of flowers blooming" to one of "integration and elimination," as the market becomes more rational [3][17] Group 2 - In 2025, the smart driving industry saw a collective explosion in the capital market, with companies from various segments, including solution providers and core sensor manufacturers, rushing to list or file for IPOs [6][7] - Notable companies that went public include Saimo Technology, which became the first smart driving company to list in 2025, and others like Pony.ai and WeRide, which achieved dual listings in both the US and Hong Kong [6][8] - The successful IPOs predominantly feature leading companies in their respective niches, such as Hesai Technology, which holds a 33% market share in the ADAS lidar market [9] Group 3 - Despite the IPO successes, many companies face significant challenges, including ongoing losses and high R&D expenditures, with only three out of the nine listed companies achieving profitability [12][10] - The high R&D spending is a major factor contributing to the widespread losses, with some companies reporting R&D expenses exceeding 300% of their revenue [12][10] - The commercialization process is slow, with many companies struggling to achieve profitability due to the lengthy validation cycles of smart driving technologies [13][14] Group 4 - The industry is experiencing a rapid and ruthless reshuffle, with a significant reduction in financing, dropping from 932 billion yuan in 2021 to 350 billion yuan in 2025, accelerating the elimination of weaker players [18][19] - The shift in capital judgment criteria indicates that investors are now more focused on verifiable operational capabilities and clear paths to profitability, moving away from merely technical narratives [20][19] - The market concentration is expected to increase, with only those companies that can achieve large-scale production, cost control, and strong ecosystem partnerships likely to survive in the long run [20][19]

电子行业专题研究 车载 SoC 报告：智能驾驶算力跃迁加 速兑现，国产化生态驱动车规芯片结构 性放量 相对指数表现 -20% -2% 16% 34% 52% 70% 2025/1 2025/7 2026/1 电子 沪深300 相关研究 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王佩麟 证书编号：S1160524100001 联系人：赵阳 联系人：刁睿稼 2026 年 01 月 23 日 【投资要点】 2026.01.15 2025.12.26 《封测涨价 30%，国产算力产业链持续看 好》 2026.01.21 《中芯、华虹和晶合密集并购和投资，持 续关注端侧 AI》 行 业 研 究 / 电 子 / 证 券 研 究 报 告 算力集中加速落地，车载 SoC 从功能芯片升级为整车核心算力底 座。随着 E/E 架构由分布式向域控与中央计算平台演进，端到端自 动驾驶模型显著抬升算力门槛，L4 场景中 Thor-X 单片算力达 1000 TOPS 并形成 2000 TOPS 系统级方案，推动高集成、高复用 SoC 在智驾与舱驾融合中的价值权重持续提升。 智能汽车与端侧 AI 共振放量，SoC ...

Group 1 - The company, Hezhima Intelligent (02533.HK), announced a share buyback on January 19, 2026, spending HKD 6.0002 million to repurchase 271,200 shares [1] - The buyback price ranged from HKD 22.02 to HKD 22.22 per share [1]

Group 1 - The company, Hezhizhen (000716), announced a share buyback of 271,200 shares at a total cost of HKD 6.0002 million, with individual share prices ranging from HKD 22.02 to HKD 22.22 [1] - On the same day, the company issued 120,000 shares under the pre-IPO share plan [1]