Q&A 黑芝麻智能与中冀旭创的合作内容和目标是什么？ 黑芝麻智能与中冀旭创的合作涵盖光通信技术应用、汽车辅助驾驶、汽车智能 终端、先进封装技术及产业资本等多个领域。双方将以黑芝麻的芯片 IP 为核心， 结合中冀旭创在光模块和自动驾驶及机器人领域的积累，共同打造全新的解决 硅光技术在数据中心通过提高交换机性能和降低复杂性来满足高带宽需 求，解决铜线传输速率不足的问题。在机器人场景中，柔性光纤可避免 电磁干扰，适应柔性运动需求，并支持大脑与小脑之间的高速数据互联。 车载领域已有 25G/50G 速率车载以太网的光纤接入标准，机器人领域 则有塑料光纤（POF）标准，如 802.3bv。标准化推进新技术发展，降 低对定制化应用的依赖，协议层面如 AFI over fiber 也将支持底层传输 标准化。 车规级光模块成本高于服务器光模块，但随着高性能光通信需求增加， 其重要性将提升。汽车市场规模大且稳定，对产品有长期增量需求，将 降低单位成本。预计同等性能规格下，车规级光模块成本可能仅为服务 器端 1%甚至更低。机器人场景中 25G 光模块成本约为 10 至 20 美元， 综合成本将有所降低。 方案，以推动汽车和机器人 ...

此次合作不仅将加速本集团核心技术的产品化与商业化，为本公司打开全新的增长空间，同时与光通信 模块的领导者合作布局前瞻技术满足未来场景需求。本公司及智驰致远致力于共同打造引领未来的辅助 驾驶汽车、具身智能终端等其他技术的产业链生态，在产业、资本层面展开合作，为投资者创造长期且 可持续的价值。因此，董事会认为订立战略合作协议符合本公司及其股东(股东)的整体利益。 根据战略合作协议，双方将重点围绕以下领域开展合作：(i)共同推动光通信模块在汽车及具身智能终端 领域的应用，联合开发面向下一代车载中央计算平台的光电共封装应用场景;(ii)基于本集团现有车规级 辅助驾驶芯片，共同开发适用于乘用车与商用车的辅助驾驶域控制器产品，覆盖从L2及以上级别的多 重应用场景，共同推进在主机厂的量产落地;(iii)结合本集团芯片产品与智驰致远及其集团的多元化工业 生产能力，共同开发适用于各类工业生产场景的人工智能(AI)工业机器人解决方案;及(iv)共同围绕汽车 和具身智能终端的应用场景及上下游产业链，促成资本层级合作达成，并共同推动产业应用水准的提 升。 本次与智驰致远的战略合作，本公司及智驰致远不仅可以在L2及以上的辅助驾驶市场将 ...

黑芝麻智能公告，于2025年11月18日，黑芝麻智能科技有限公司与江苏智驰致远控股有限公司订立战略 合作协议。双方将致力于在汽车及具身智能终端的光通信技术应用、汽车辅助驾驶、先进封装技术及产 业链资本等领域开展合作。合作领域包括共同推动光通信模块在汽车及具身智能终端领域的应用，联合 开发面向下一代车载中央计算平台的光电共封装应用场景；基于现有车规级辅助驾驶芯片，共同开发适 用于乘用车与商用车的辅助驾驶域控制器产品；结合芯片产品与智驰致远及其集团的多元化工业生产能 力，共同开发适用于各类工业生产场景的人工智能(AI)工业机器人解决方案。 ...

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） 自願性公告 與智馳致遠的戰略合作協議 本公告由黑芝麻智能國際控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱 為「本 集 團」）自 願 作 出。 本公司董事會（「董事會」）茲 公 佈，於2025年11月18日，本 公 司 的 間 接 全 資 附 屬 公 司黑芝麻智能科技有限公司與江蘇智馳致遠控股有限公司（「智馳致遠」）訂立戰 略合作協議（「戰略合作協議」）。據 此，雙 方（各 自 稱 為「各 方」，統 稱 為「雙 方」）將 致 力 於 在 汽 車 及 具 身 智 能 終 端 的 光 通 信 技 術 應 用、汽 車 輔 助 駕 駛、先 進 封 裝 技 術 及 產 業 鏈 資 本 等 領 域 開 展 合 作。 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 ...

Financial Data and Key Metrics Changes - In Q1, revenues surged more than 58% year-over-year, reaching $533 million, the highest revenue in a single quarter in the company's history [6][17] - Non-GAAP gross margin improved to 39.4%, up 660 basis points year-on-year, while non-GAAP operating margin increased to 18.7%, up 1,570 basis points year-on-year [17][18] - Non-GAAP net income was $86.4 million, with non-GAAP EPS at $1.10, reflecting strong operational performance [17][18] Business Line Data and Key Metrics Changes - Components revenue was $379 million, up 64% year-over-year, driven by strong demand in data centers [10][19] - Systems revenue was $155 million, up 47% year-over-year but down 4% sequentially, with cloud transceiver revenue remaining flat as manufacturing capabilities were increased [13][19] - The company initiated CW laser deliveries for 800-gig transceiver manufacturers, marking a significant milestone in its product roadmap [11] Market Data and Key Metrics Changes - Over 60% of total revenue now comes from cloud and AI infrastructure, indicating a strong alignment with market trends [7] - Shipments of narrow linewidth laser assemblies for data center interconnect grew over 70% year-over-year, demonstrating robust market demand [12] - The demand-supply imbalance for EML products has increased, with a shortfall of 25%-30% relative to total customer demand [77][78] Company Strategy and Development Direction - The company has reorganized to report financials as a single segment, allowing for quicker responses to market changes and better resource allocation [9] - Future growth drivers identified include cloud transceivers, optical circuit switches, and co-packaged optics, with expectations for sustained growth in cloud transceivers [8][15] - The company aims to leverage its strong market position to drive long-term shareholder value through expanded manufacturing capacity and new product ramps [15][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth due to improved execution and customer ramp participation, particularly in transceivers [27] - The company anticipates a revenue midpoint of approximately $650 million for Q2, surpassing previous targets [8][20] - Management highlighted the importance of software qualification for new products, particularly in the optical circuit switch market, as a key milestone for future revenue [92] Other Important Information - The company expects to see a significant increase in shipment volumes in the second half of calendar 2026 as adoption accelerates [12] - Cash and short-term investments increased by $245 million to $1.12 billion, benefiting from a convertible notes transaction [19] Q&A Session Summary Question: Can you discuss the confidence in sustaining growth in transceivers? - Management highlighted improved execution and participation in early customer ramps as key factors driving confidence in growth [27] Question: What does the 40% increase in capacity for data comm chips mean for revenue? - The increase in capacity is expected to layer on top of existing growth, with a shift towards 200 gig lasers contributing to revenue increases [31] Question: How do you view the continuous wave laser output market opportunity? - The company is targeting CW lasers for internal transceivers, with expectations for full production by mid-2026 [37] Question: What is the competitive environment for narrow linewidth lasers? - The company holds a strong market share in this area, with challenges in ramping laser capacity being a key focus [40][41] Question: How should we think about the split between components and systems for indium phosphide capacity? - The majority of output will be sold into the external market, with a small portion allocated for internal consumption [45] Question: How has the supply-demand imbalance for EML changed? - The demand-supply imbalance has increased to 25%-30%, indicating a significant shortfall relative to customer demand [77][78] Question: What is the approach to pricing given the supply-demand imbalance? - The company is using the demand-supply imbalance to impact pricing, with targeted price increases expected [80]

Core Viewpoint - The company, Dongtian Micro (301183), is focused on the optical communication industry, emphasizing ongoing research and development, customer collaboration, and supply chain management to create shareholder value [1] Group 1: Research and Development - The company is committed to continuous R&D investment aimed at enhancing core product performance and developing cutting-edge technologies [1] - The focus is on technological advancements in line with industry trends [1] Group 2: Customer Collaboration - The company maintains regular technical exchanges and collaborations with downstream customers to drive product iterations and solution upgrades based on market demands [1] Group 3: Supply Chain and Quality Management - The company is strengthening supply chain management and quality system construction to solidify its internal development foundation [1] - Management and employees are dedicated to seizing market opportunities and leveraging the company's accumulated strengths in technology, customer relations, and management [1]

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering registration of Xiamen Youxun Chip Co., Ltd., which plans to raise approximately 809.065 million yuan on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1][3] Company Overview - Youxun Chip is recognized as a "national manufacturing single champion enterprise" in the domestic optical communication sector, focusing on the research, design, and sales of optical communication front-end transceiver chips [3] - The company's products are widely used in optical modules, including optical transceiver components, optical modules, and optical terminals, with applications in access networks, 4G/5G/5G-A wireless networks, data centers, metropolitan area networks, and backbone networks [3] Technological Capabilities - Since its establishment, Youxun Chip has developed a comprehensive core technology system in the design of optical communication chips, achieving breakthroughs in key areas such as integrated transceivers, high-speed modulation, and optoelectronic collaboration [3] - The company employs advanced design techniques, including deep sub-micron CMOS and Ge-Si Bi-CMOS dual-process design, and has integrated research and development capabilities [3] - Youxun Chip has successfully achieved mass production of optical communication chip products with speeds ranging from 155 Mbps to 100 Gbps and is actively developing new products, including 50G PON transceiver chips, 400 Gbps and 800 Gbps data center transceiver chips, four-channel 128 Gbaud coherent transceiver chips, FMCW laser radar front-end chips, and automotive optical communication chips [3]

Core Viewpoint - The technology sector is experiencing a significant rebound, particularly in the ChiNext and STAR Market, with the Double Innovation Leader ETF (588330) showing strong performance and recovery of key moving averages [1][3]. Group 1: Market Performance - The Double Innovation Leader ETF (588330) saw an intraday increase of up to 4%, currently up by 3.29%, recovering above the 5-day moving average [1]. - Major stocks in the optical module sector, including Tianfu Communication, Zhongji Xuchuang, and Xinyi Sheng, have shown substantial gains, with Tianfu Communication rising over 13% and Zhongji Xuchuang over 11% [3][5]. Group 2: Stock Highlights - Top performing stocks include: - Tianfu Communication: +13.29%, market cap of 129.1 billion [5]. - Zhongji Xuchuang: +11.95%, market cap of 46.474 billion [5]. - Xinyi Sheng: +8.71%, market cap of 34.18 billion [5]. - Huazhong Micro: +6.93%, market cap of 7.25 billion [5]. - Yangguang Electric: +5.98%, market cap of 317 billion [5]. Group 3: Industry Trends - Recent reports indicate that overseas clients have significantly increased their procurement plans for 1.6T optical modules, with orders rising from 10 million to 20 million units, driven by the acceleration of GB300 and subsequent Rubin platform deployments [5]. - The Ministry of Industry and Information Technology has launched a special initiative to develop a city-wide "millisecond computing" network by 2027, emphasizing the importance of optical communication technology in overcoming traditional computing network limitations [6]. Group 4: Investment Strategy - The current technology market is viewed as being in the first phase of explosive growth, with significant potential in sectors highlighted in the "14th Five-Year Plan," particularly in intelligent manufacturing and lighthouse factories [7]. - Guosen Securities maintains that technology remains the main theme of the market, with AI driving growth across multiple industries [8]. - Investing in broad-based indices like the Double Innovation Leader ETF is recommended to mitigate risks and capture sector rotations, as it provides exposure to various technology sub-sectors [9][10].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has applied for a change in its listing review status on the Shanghai Stock Exchange's Sci-Tech Innovation Board to "inquired," with a fundraising target of 889 million yuan [1] Company Overview - Youxun is recognized as a "national manufacturing single champion enterprise" in the optical communication sector, focusing on the research, design, and sales of optical communication front-end transceiver chips [1] - The company's products are widely used in optical modules, including optical transceiver components, optical modules, and optical terminals, across various applications such as access networks, 4G/5G/5G-A wireless networks, data centers, metropolitan area networks, and backbone networks [1] Product Development - Youxun has achieved mass production of optical communication chips with speeds ranging from 155 Mbps to 100 Gbps and is actively developing new products, including 50G PON transceiver chips, 400 Gbps and 800 Gbps data center transceiver chips, and automotive optical communication chips [2] - The company has successfully replaced similar products from leading international chip manufacturers and has entered the supply chains of numerous well-known global clients [2] - According to ICC data, Youxun holds the largest market share in China and the second largest globally in the segment of products with speeds of 10 Gbps and below for the year 2024 [2] Fundraising and Investment Projects - The funds raised from the public offering will be allocated to the company's main business-related projects, including: - Next-generation access networks and high-speed data center chip development with a total investment of approximately 467.81 million yuan [3] - Research and industrialization of automotive chips with an investment of about 169.08 million yuan [3] - Development of 800G and above optical communication chips and silicon photonics components with an investment of around 172.17 million yuan [3] Financial Performance - The company reported revenues of approximately 339 million yuan, 313 million yuan, 411 million yuan, and 238 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - Net profits for the same periods were approximately 81.40 million yuan, 72.08 million yuan, 77.87 million yuan, and 46.96 million yuan [3] - As of June 30, 2025, the total assets amounted to approximately 844.94 million yuan, with equity attributable to shareholders of the parent company at about 781.53 million yuan [5]

Core Insights - The global cloud service providers (CSPs) are accelerating their AI arms race, benefiting the computing infrastructure from AI development, which has become a main track in the telecommunications industry [1] Group 1: AI Infrastructure Developments - Alibaba Cloud has launched the new generation of the Panjiu 128 ultra-node AI server, featuring an orthogonal architecture design that supports 128 AI computing chips per cabinet, with a power density of 350 kW and single chip high-load operation of 2000 W, achieving a hardware fault prediction accuracy of 99% [1] - ZTE's ultra-node server supports 64 GPUs and possesses both Scale-Up and Scale-Out expansion capabilities [1] Group 2: Optical Communication Innovations - Alibaba's self-developed 102.4T switch supports 800G/1.6T optical modules, and the UPN network system utilizes LPO/NPO optical interconnect technology, expected to reduce costs by over 30% [1] Group 3: Investment Opportunities in AI - The Guotai AI ETF (159388) tracks the ChiNext AI Index (970070), which has a fluctuation of 20%, selecting listed companies involved in software development, smart hardware manufacturing, and big data processing related to AI technologies and applications [1] - This index focuses on the innovation capability and growth potential of China's emerging technology industry, encompassing representative enterprises in the AI field [1]