公司自成立以来聚焦于具备高系统复杂性和多维度叠加技术的系统级SoC芯片，已深耕SoC芯片设计30 年，形成了覆盖神经网络处理器NPU、视频编解码器、音频解码器、显示控制器、内存系统、安全系统、 广域网/局域网网络接口、输入输出子系统等多功能模块的高度全栈自研技术矩阵，可广泛适配多元智能 终端场景需求。此外，公司还致力于通信与连接芯片的研发，经过10余年自研IP迭代打磨，在基带、射 频、协议栈等关键领域取得重大进展，自研无线通讯Wi-Fi芯片和LTE芯片可高度适配公司的SoC芯片，满 足更多元的AIoT场景需求。随着基础模型与生成式AI的持续演变，智能终端设备的功能与边界都在被重 构，公司凭借在SoC芯片领域和通信与连接芯片领域的深厚技术，以及与全球头部运营商、电视生态厂 商、智能终端设备厂商的深度合作，深刻理解市场需求与产品方向，前瞻性布局端侧AI芯片在消费类电 子、智慧城市、机器人、汽车等领域的应用以及通讯与连接芯片在低延时高性能物联网的应用等方向，持 续扩大技术与产品的覆盖维度及行业影响。 公司在全球范围深耕智慧家庭生活这一广阔赛道，瞄准大市场，把握增长机会，确立领先地位，缔造了极 大的商业成功，并构筑了 ...

Core Viewpoint - Huawei continues to lead the global wearable device market with innovative products and a comprehensive product line, as evidenced by the recent launch of the HUAWEI WATCH GT 6 series and other devices [1][9]. Summary by Sections HUAWEI WATCH GT 6 Series - The HUAWEI WATCH GT 6 series includes two models: 41mm and 46mm, with the GT 6 Pro available only in 46mm [4]. - The series features a significant battery capacity increase of 65% compared to the previous generation, with the GT 6 Pro and 46mm version offering up to 21 days of battery life under light usage, and the 41mm version up to 14 days [4][5]. - The GT 6 series incorporates an upgraded sensing system and supports cycling simulation power and automatic cycling recognition [4]. Pricing and Sales - The starting prices for the GT 6 series are 1588 CNY for the 46mm model and 1488 CNY for the 41mm model, with pre-sales starting on September 29 [5]. - The GT 6 Pro starts at 2488 CNY, with pre-sales beginning on October 14 [5]. - Cumulative global shipments of the WATCH GT series have exceeded 54 million units since its launch in 2018, maintaining Huawei's leadership in the wearable market [5]. HUAWEI FreeClip 2 Earphones - The HUAWEI FreeClip 2 earphones were also launched, featuring a starting price of 1299 CNY and available in three colors [6][7]. - The earphones utilize Huawei's third-generation audio chip and NPU AI processor, enhancing call quality and supporting various smart features [7]. Market Growth and Position - The global wearable device market is experiencing rapid growth, with IDC forecasting a 12.3% year-on-year increase in wrist-worn device shipments by Q2 2025 [9]. - Huawei holds a 20.2% share of the global market and has been the top seller for two consecutive quarters, while in China, it maintains a 33.4% market share [9]. - Since 2015, Huawei has shipped a total of 200 million wearable devices, showcasing its strong brand appeal and ecosystem integration [10]. Future Outlook - The wearable device market is expected to continue expanding, with the global market projected to exceed $100 billion by 2025, and the Chinese market surpassing 100 billion CNY [10]. - The growth of medical-grade wearable devices is particularly notable, with a compound annual growth rate exceeding 40% [10]. - Advances in AI technology and increasing consumer demand for health monitoring are driving the evolution of wearable devices from single-function products to comprehensive health management solutions [10].

Group 1: Policy and Market Trends - The National Sports Administration of China issued guidelines to promote the digital and intelligent upgrade of sports and health services, emphasizing the use of wearable monitoring devices and technologies like big data and AI [1] - The global wearable device market is experiencing rapid growth, with IDC reporting that by Q2 2025, global wrist-worn device shipments will reach 49.22 million units, a year-on-year increase of 12.3% [2] - China, as the largest market for wrist-worn devices, is projected to ship 20.8 million units in the same period, marking a significant year-on-year growth of 33.8% [2] Group 2: Product Features and Applications - Wearable devices include smart glasses, smartwatches, smart bands, and smart rings, enabling users to monitor physiological states and environmental information in real-time [1] - Current functionalities of wearable devices encompass health management, exercise measurement, social interaction, entertainment, navigation, mobile payment, and smart home control, with potential future applications in healthcare, military, industrial IoT, and financial services [1] Group 3: Stock Performance and Foreign Investment - Among A-shares, 67 companies are involved in wearable devices, with a concept index rising by 2.47% on September 22, 2023, and 11 stocks showing gains exceeding 10% since September [3] - Notable performers include Changying Precision, Tianyue Advanced, and Luxshare Precision, with respective cumulative gains of 43.59%, 35.78%, and 32.56% [3] - Foreign institutional interest is evident, with 20 stocks receiving attention from foreign investors since July, including Luxshare Precision, which had 28 foreign institution inquiries [3][4]

Core Viewpoint - The SEMI-e Shenzhen International Semiconductor Exhibition and the 2025 Integrated Circuit Industry Innovation Exhibition will take place from September 10-12, 2025, at the Shenzhen International Convention and Exhibition Center, focusing on the entire integrated circuit industry chain and attracting over 16,000 professional visitors [2][10]. Group 1: Exhibition Overview - The exhibition will cover three main themes: "IC Design and Application," "IC Manufacturing and Supply Chain," and "Compound Semiconductors," showcasing the latest products and technologies from 5,000 exhibitors across a 300,000 square meter area [2][10]. - The event will feature over 1,000 global exhibitors, including industry leaders from various sectors such as chip design, wafer manufacturing, power semiconductors, semiconductor equipment, materials, and components [4][5]. Group 2: Featured Exhibitors - Notable exhibitors include major companies in chip design like Unisoc and ZTE Microelectronics, wafer manufacturing firms such as Hua Hong Semiconductor, and power semiconductor companies like BYD Semiconductor [4]. - The exhibition will also highlight advancements in semiconductor equipment and materials, with participation from companies like North Huachuang and Shanghai Microelectronics [4]. Group 3: Thematic Display Areas - Six thematic display areas will focus on industry hotspots, including advanced packaging, power devices, and new industrial software applications [5]. - The event will showcase innovations in heterogeneous integration packaging and the latest developments in IGBT, MOSFET, and SiC/GaN wide bandgap devices [5]. Group 4: Concurrent Events and Conferences - The exhibition will host over 20 conferences discussing industry trends, covering topics such as edge AI chips, power semiconductors, and semiconductor manufacturing [6][7]. - Key conferences include the 2025 China RSIC-V Ecosystem Conference and the 7th Hard Core Chip Ecosystem Conference, focusing on automotive chip technology [7]. Group 5: Visitor Experience - Attendees can enjoy a seamless experience by accessing both the semiconductor and optoelectronics exhibitions with a single ticket, enhancing resource connectivity and efficiency [8][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 24.46 [5][4]. Core Insights - The company, Hezhima Intelligent, is a pioneer in smart driving solutions in China, focusing on mid/high computing power chips for passenger vehicles and gradually expanding into low-power product lines and multi-domain applications [1]. - In the first half of 2025, the company achieved revenue of HKD 253 million, representing a year-on-year growth of 40.4%, with the driver assistance solutions segment contributing HKD 234 million, up 41.6% year-on-year [1]. - The gross margin decreased by 25.2 percentage points to 24.8% due to increased hardware component and labor costs associated with the expansion of driver assistance products [1]. - The company is expected to enhance its AI low-power chip product line through acquisitions and improve software algorithms, which may lead to more breakthroughs in passenger vehicles, L4, and robotics clients [1]. Revenue and Profitability Forecast - The company is projected to achieve revenues of HKD 840 million, HKD 1.42 billion, and HKD 2.04 billion for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 76.8%, 69.3%, and 44.0% [4][8]. - The report anticipates a recovery in gross margin in the second half of the year as software revenue is recognized and scaled deliveries increase [4]. Product Development and Market Position - The company has established partnerships with leading automakers such as Geely, BYD, Dongfeng, and FAW, and is set to expand its overseas sales in the second half of 2025 [2]. - The A2000 chip is expected to enter mass production by the end of the year, supporting advanced algorithms for urban navigation [2]. - The company is also collaborating with various robotics firms, leveraging its C1200 and A2000 chips for motion control and intelligent perception [3]. Valuation Metrics - The target price of HKD 24.46 is based on a 17.0X price-to-sales ratio for 2025, aligned with comparable companies' averages [4][11]. - The company's market capitalization is approximately HKD 11.335 billion, with a closing price of HKD 17.87 as of September 3, 2025 [6].

Core Viewpoint - Black Sesame Intelligence reported a record high revenue of 253 million yuan for the first half of 2025, marking a 40.4% year-on-year increase, while adjusted losses narrowed by 8.9%, indicating sustained high growth for three consecutive years [1] Group 1: Business Performance - The company achieved significant results in commercial progress and financial performance, with rapid business expansion and increased mass production delivery scale [1] - The company deepened collaborations with major clients such as Geely, BYD, Dongfeng, and FAW, leading to continuous deliveries and engineering development of related advanced driving platforms [1][2] - The number of overseas designated models reached a historical high, solidifying the foundation for the company's globalization strategy [2] Group 2: Advanced Driving Solutions - The A1000 series chips have been mass-produced and delivered, with advanced driving solutions implemented in popular models from Geely and Dongfeng [2] - The C1200 series chips have achieved seamless navigation capabilities across various road scenarios, with ongoing testing in multiple cities and upcoming mass deployment in new energy projects [3] - The A2000 series chips are under development, supporting comprehensive NOA applications and featuring advanced algorithms for improved perception and decision-making [3] Group 3: Robotics Solutions - The company developed a motion control solution for robots based on the C1200 series chips, enhancing their movement precision and efficiency [4] - Strategic partnerships with leading bipedal robot companies have led to the development of multimodal perception computing modules, expanding applications in various fields [4] Group 4: Technological Leadership - The company maintains a competitive edge through advanced algorithms and NPU architecture, enhancing commercial expansion and providing full-stack solutions [5][6] - Continuous optimization of core perception architectures has improved accuracy and reduced reliance on high-precision maps, increasing system autonomy and reliability [6] Group 5: Market Expansion and Future Plans - The company is expanding into various scenarios, including unmanned logistics vehicles and smart imaging solutions, achieving commercial success in multiple client projects [7] - Plans to strengthen the edge AI layout through acquisitions of cost-effective, low-power AI chip companies are underway, aiming to lead the edge AI chip sector [7] - The company anticipates accelerated mass production of high-performance chips and the implementation of edge AI strategies, driving the globalization of advanced driving solutions and opening new chapters in the robotics industry [7]

Core Viewpoint - Black Sesame Intelligence reported a significant revenue growth of 40.4% year-on-year, reaching 253 million yuan in the first half of 2025, supported by its global strategy and record high overseas model deployments [2] Group 1: Financial Performance - The company achieved a revenue of 253 million yuan in the first half of 2025, marking a 40.4% increase compared to the previous year [2] Group 2: Autonomous Driving Sector - Black Sesame Intelligence has deepened collaborations with major clients such as Geely, BYD, Dongfeng, and FAW, leading to mass production of the A1000 series chips in several new models [2] - The C1200 series chip solutions have completed testing in multiple cities and are set for mass deployment in various new energy projects [2] - The company aims to establish partnerships for the high-performance A2000 series chips by the end of the year, focusing on advanced algorithm solutions [2] Group 3: Robotics Sector - The company is developing a "brain" perception computing solution based on the A2000 chip and a motion control solution based on the C1200 chip for robotics applications [3] - Strategic collaborations with leading bipedal robot companies are underway to develop multimodal perception computing modules for various robotic applications [3] - Black Sesame Intelligence is actively pursuing acquisitions of cost-effective, low-power AI chip companies to enhance its edge AI capabilities [3]