Core Viewpoint - Black Sesame Intelligence International Holdings Limited reported a 40.4% year-on-year revenue growth to 253 million yuan in the first half of 2023, exceeding market expectations, driven by deepening collaborations with major clients and breakthroughs in new markets and scenarios [4][11]. Revenue Growth and Market Expansion - The company achieved a revenue of 253 million yuan in the first half of 2023, marking a 40.4% increase compared to the previous year [4]. - Black Sesame has strengthened partnerships with leading clients such as Geely, BYD, Dongfeng, and FAW, leading to increased deliveries and engineering development of advanced driver assistance systems [4][6]. - The number of overseas designated models reached a historical high, supporting the company's global strategy [6][11]. Product Development and Technological Advancements - The A1000 series chips for advanced driver assistance systems have been successfully mass-produced and delivered in multiple new models from major automotive manufacturers [6]. - The C1200 series chips are progressing steadily in commercialization, with features like high-speed navigation assistance and memory parking being tested in various cities [6][10]. - The A2000 series chips are under development to support full-scene applications in urban environments, with plans to achieve mass production collaborations with leading automotive clients by the end of the year [7][10]. Full-Stack Solutions and Competitive Edge - Black Sesame focuses on optimizing algorithms like Transformer and BEV to enhance performance in complex urban scenarios, improving environmental perception accuracy and efficiency [9][10]. - The company has developed a more flexible and efficient NPU architecture to enhance computational throughput and processing efficiency, supporting AI applications [10]. - The full-stack solution approach allows for rapid integration and deployment of various algorithm solutions, enhancing market competitiveness [10]. Robotics and New Business Opportunities - The robotics business is advancing rapidly, with strategic partnerships established for developing intelligent control platforms and solutions for various industries [12][13]. - Black Sesame is also exploring opportunities in unmanned logistics vehicles and smart imaging solutions, with ongoing commercial deployments [15]. - The company plans to acquire high-performance, cost-effective AI chip firms to enhance its product offerings and achieve comprehensive AI application coverage [15].

Group 1 - The three major indices opened mixed on August 29, with the Computer ETF (159998) down by 1.00% and a trading volume exceeding 100 million yuan, leading its category [1] - As of August 28, the latest circulating scale of the Computer ETF (159998) was 3.663 billion yuan, ranking first among its peers [1] - The Cloud Computing ETF (517390) was down 1.65% with a premium rate of 0.19%, and it has seen a net inflow of over 14 million yuan in the past four days [1][2] Group 2 - The Cloud Computing ETF (517390) closely tracks the CSI Hong Kong-Shanghai Cloud Computing Industry Index and includes internet companies from Hong Kong and leading A-share computing firms [2] - Huawei's cloud computing CEO reported a nearly 250% year-on-year growth in overall computing power, with clients using Ascend AI cloud services increasing from 321 to 1714 [2] - Major AI companies are rapidly building large-scale GPU clusters, with a focus on rental models due to the global shortage of high-end AI chips, indicating a sustained demand for GPU cloud services [2] Group 3 - Industrial profits in July showed a narrowing year-on-year decline, driven by policies aimed at boosting domestic demand, with notable improvements in the computer manufacturing sector [3] - The semiconductor and communication equipment industries are highlighted for their resilient performance and potential for profit recovery [3]

Core Insights - Black Sesame Intelligence reported a revenue of 253 million yuan for the first half of 2025, marking a year-on-year growth of 40.4% [1] - The company achieved record highs in overseas targeted models and quantities during the reporting period, indicating a continuous expansion of its global business footprint [1][3] - The A1000 series chips have accelerated in mass production, with successful integration into multiple new vehicle models from leading clients such as Geely and BYD [1] Financial Performance - The revenue for the first half of 2025 reached 253 million yuan, reflecting a 40.4% increase compared to the same period last year [1] Product Development - The C1200 and A2000 series chips are pivotal in enhancing advanced driver-assistance systems (ADAS) capabilities, with the C1200 enabling full-line NOA (Navigation on Autopilot) [2] - The A2000 series supports full-scene NOA functions and can be expanded to L3/L4 autonomous driving levels, incorporating advanced algorithms for high-level intelligent driving [2] Market Expansion - Black Sesame Intelligence's market presence has significantly expanded, with record highs in overseas targeted models and quantities [3] - The company aims to achieve mass production targets in collaboration with leading Tier 1 suppliers and algorithm partners, promoting open and technologically advanced intelligent driving solutions [3] Strategic Initiatives - The company is extending its mature mass production experience into emerging fields such as humanoid robotics, aiming for a strategic transition from "vehicle penetration" to "full-scene coverage" [3] - Black Sesame Intelligence has completed technical layouts in the robotics sector, collaborating with Fourier Intelligence on the "Dexterous Hand" product and participating in the development of Wuhan University's "Tianwen" humanoid robot [3] Emerging Fields - The L4 unmanned logistics system has achieved low-speed autonomous driving in closed environments like ports and parks, entering a continuous delivery phase [4] - The company is actively pursuing acquisitions of cost-effective, low-power AI chip firms to strengthen its position in the edge AI chip sector, aiming to become a leader in this field [4]

Core Insights - Black Sesame Intelligence reported a 40.4% year-on-year increase in revenue, reaching 253 million yuan in the first half of 2025, driven by successful overseas expansion in assisted driving and robotics [1] - The company has established deepened collaborations with major clients such as Geely, BYD, Dongfeng, and FAW, achieving mass production of its A1000 series chips in several vehicle models [1] - Black Sesame is actively developing its robotics business, leveraging its C1200 and A2000 series chips for various applications, including humanoid and wheeled robots [1][2] Revenue Growth - 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 [1] Assisted Driving Business - Black Sesame has strengthened partnerships with leading automotive manufacturers, with its A1000 series chips being mass-produced in models like Geely Galaxy E8 and Dongfeng Yipai 007 [1] - The C1200 series chip solutions have completed testing in multiple cities and are set for mass deployment in several new energy vehicle projects [1] Robotics Development - The company is developing a motion control solution for robots based on the C1200 series chip and a perception computing solution for embodied intelligence using the A2000 chip [1] - Strategic collaborations with leading bipedal robot companies are underway to develop multimodal perception computing modules for various applications, including humanoid robots and lawnmowers [1][2] Technological Innovation - Black Sesame has built a core competitive advantage through continuous technological innovation, utilizing BEV+E2E algorithms to enhance perception accuracy and reduce reliance on high-definition maps [2] - The self-developed "Jiushao" NPU architecture and toolchain optimizations support mixed training, improving AI computing efficiency and compatibility [2] Commercial Applications - The company's L4 unmanned logistics system has achieved low-speed autonomous driving in closed environments like ports and parks, with ongoing shipments [2] - Smart imaging solutions have expanded into new product forms such as AI smart glasses, achieving commercial deployment with multiple clients [2] Future Strategy - Black Sesame is actively pursuing acquisitions of cost-effective, low-power AI chip companies to strengthen its edge in edge AI deployment and create comprehensive AI inference solutions [2] - The company aims to accelerate the mass production of high-performance chips and implement its edge AI strategy, leading the global trend in assisted driving and opening new chapters in the robotics industry [2]

Core Viewpoint - The company reported record revenue of $2.01 billion for Q2, a 58% year-over-year increase, but only met expectations, leading to a significant drop in stock price after the announcement [1][3] - The Q3 revenue guidance of $2.06 billion was slightly below analyst expectations of $2.11 billion, disappointing investors [3][4] Financial Performance - Q2 revenue reached $2.01 billion, a 58% increase year-over-year, but aligned with Wall Street expectations [3] - Adjusted EPS was $0.67, also in line with analyst forecasts [3] - The company’s Q3 revenue guidance is $2.06 billion, which is lower than the expected $2.11 billion [3][4] Strategic Focus - The company has divested its automotive Ethernet business to focus more on AI opportunities and data center investments [4] - The data center segment currently contributes 75% of total revenue [4] Business Outlook - The growth of the custom chip business is expected to be "non-linear," with a potential strong performance in Q4 after a flat Q3 [5] - The company has updated its design achievements, with 18 multi-generation XPU and export add-on slots, and over 50 new potential opportunities, estimated to generate $75 billion in potential revenue over their lifecycle [5][6] Market Reaction - The market's negative reaction is attributed to the high expectations built around AI stocks, leading to a narrow margin for error [7][8] - Analysts believe the company remains an attractive player in the AI boom due to its ASIC chips for large-scale data centers and opportunities in network and cloud infrastructure [8] Competitive Position - Analysts from Morgan Stanley noted potential short-term supply issues but highlighted the strength and durability of the company's optical solutions for high-speed data transmission compared to its ASIC business [9] - The collaboration with Amazon AWS regarding the next-generation AI training chip, Trainium 3, is expected to continue, with the belief that the company can grow alongside Amazon through higher-margin "XPU attach" projects [9]

近日，《中共中央 国务院关于推动城市高质量发展的意见》发布。意见提出，到2030年，现代化人民 城市建设取得重要进展；到2035年，现代化人民城市基本建成。 1、全国工商联发布"2025中国民营企业500强"榜单，京东集团、阿里巴巴（中国）有限公司、恒力集团 有限公司位居前三。此次民营企业500强入围门槛增至270.23亿元，营业收入总额达到43.05万亿元，净 利润合计1.80万亿元；纳税总额达1.27万亿元，纳税额超过10亿元的企业有240家，占500强比例为 48%。 2、近日，中央教育工作领导小组印发《高等教育学科专业设置调整优化行动方案（2025—2027 年）》，要求建立健全科技发展、国家战略需求牵引的学科专业设置调整机制和人才培养模式。 3、今年前7个月，5G、千兆用户规模稳步增加。截至7月末，三家基础电信企业的固定互联网宽带接入 用户总数达6.86亿户。我国科学家近日成功研制出超宽带光电融合集成系统，首次实现全频段、灵活可 调谐的高速无线通信，有望为未来更畅通可靠的6G无线通信提供保障。 4、近日中国人民银行与新西兰储备银行续签双边本币互换协议，互换规模为250亿元人民币，协议有效 期五年，经 ...

甬矽电子 20250828 今年上半年全球消费市场回暖对集成电路行业的影响如何？ 今年上半年全球消费市场有所回暖，产业链上的去库存周期基本结束，叠加 AI 应用场景不断涌现，集成电路行业整体警惕度明显回升。得益于海外大客户持 续放量和原有核心客户群的成长，公司取得了较为满意的成绩。上半年实现营 业收入超过 20 亿，同比增长超过 23%，归母净利润为 3,000 万，比去年同期 有所增长。 公司在今年上半年的营收情况如何？ 永锡电子上半年营收达 20.1 亿元，同比增长 23%，二季度营收 10.65 亿元创历史新高，主要受益于海外大客户放量和国内端侧 SoC 客户成长。 海外营收占比接近 25%，同比增长超 130%。 上半年毛利率为 15.6%，二季度达 16.87%，环比增长 2.68 个百分点， 为近三年最高水平之一。管理费用率和财务费用率分别降至 6.64%和 5.15%，成本管控有效。 上半年归母净利润约 3,000 万，二季度环比下降受政府补助影响，扣非 后亏损幅度收窄 46%。研发费用同比增长 51%，占营收比例超 7%， 战略投入有望带来增长动能。 QFN、倒装和晶圆级封装产品线营收增长迅速 ...

昨日，最高检官网发文表示， 尊湃侵犯华为海思芯片技术商业秘密案已于7月28日判决，14名被告人十 日内均未提起上诉，目前一审判决已生效 。据悉，该案中，被非法获取的技术信息估值达3.17亿元。 此前，上海市第三中级法院作出一审判决，采纳检察机关的起诉意见和量刑建议，认定14名被告人均犯 侵犯商业秘密罪。其中，张某被判处有期徒刑六年，并处罚金300万元；周某甲、刘某、周某乙、顾某 被分别判处有期徒刑五年至三年，并处罚金150万元至120万元不等；高某、王某等9人被判处有期徒刑 并宣告缓刑，并处罚金100万元至20万元不等。 海思十年研发成果遭窃取 华为公司于2011年启动Wi-Fi芯片研发项目，由全资子公司海思公司负责具体实施。经过长期投入，海 思在Wi-Fi芯片领域取得多项关键技术突破，并采取严格的保密措施。然而，2021年2月，原海思公司射 频芯片开发部门负责人张 琨 离职后，联合周某甲、刘某、周某乙、顾某等4名前海思员工创立尊湃公 司，并任命4人担任高管，主导技术部门。 为快速推出同类产品、缩短研发周期并吸引融资，张琨等人以高薪、股权利诱等方式，招募高某、王某 等7名海思在职或离职员工加入尊湃公司。这些人 ...

今日（8月28日）芯片产业链延续强势，聚焦"半导体+消费电子+PCB"等方向的电子ETF（515260）盘 中涨超3．7%，现涨2．38%，继续刷新上市以来的高点！ 电子板块细分方向来看，半导体方面，中芯国际涨超13%再创新高，瑞芯微涨逾8%，寒武纪、澜起科 技涨超6%；印制电路板（PCB）方面，东山精密涨停，深南电路涨逾8%；消费电子方面，工业富联涨 超2%，安克创新、领益智造涨逾1%。 | 美部股票 | Wind概念板块 | Wind主题行业 | 申万一级行业 | 申万二级行业 | | | --- | --- | --- | --- | --- | --- | | લ્લ્લિત | 名称 | 涨跌幅 | 主力净流入额 ▼ | 5日主力净流入额 | 20日主力净流入额 | | 801080 | 电子(申万) | 2.48% | 135.16亿 | 831.28亿 | 2066.12亿 | | 801770 | 通信(申万) | 3.87% | 97.07 Z | 375.08 Z | 977.15 Z | | 801050 | 有色金属(申万) | 0.35% | 55.39亿 | 282.99亿 | 7 ...

Aug. 28, 2025 产业洞察 根 据 TrendForce 集 邦 咨 询 最 新 调 查 ， 2025 年 第 二 季 NAND Flash 产 业 虽 面 临 平 均 销 售 价 格 （ASP）小幅下滑，所幸原厂减产策略缓解供需失衡，叠加中、美两大市场政策推动，整体出 货位元大幅成长， 前五大品牌厂合计营收季增22%，达146.7亿美元。 | Rankings | Company | Revenue (US$M) | | Market Share (%) | | | --- | --- | --- | --- | --- | --- | | | | 2Q25 | QoQ (%) | 2Q25 | 1Q25 | | 1 | Samsung | 5,200.0 | 23.8% | 32.9% | 31.9% | | 2 | SK Group (SK hynix + Solidigm) | 3,335.2 | 52.5% | 21.1% | 16.6% | | 3 | Kioxia | 2,135.0 | 11.4% | 13.5% | 14.6% | | 4 | Micron | 2,100.0 | ...