中经记者 杨让晨 石英婧 上海报道 智驾芯片供应商黑芝麻智能（02533.HK）正试图登上具身智能这艘大船。 12月2日，黑芝麻智能发布公告称，公司将拟以4亿元至5.5亿元的价格，收购珠海亿智电子科技有限公 司（以下简称"亿智电子"）。此次交易完成后，亿智电子将成为黑芝麻智能的非全资附属公司，其财务 业绩将正式并入集团报表。 《中国经营报》记者注意到，收购最低价4亿元接近黑芝麻智能2024年全年的营业收入。而在此之前， 黑芝麻智能已经宣布进入人形机器人赛道。 今年11月，黑芝麻智能在上海召开发布会，宣布进军人形机器人赛道。彼时，黑芝麻智能创始人兼CEO 单记章在发布会上表示，作为人工智能计算平台公司，黑芝麻智能在智能汽车产业积累的研发和量产经 验将直接支持机器人领域的新应用。 在进军新赛道的另一面，今年上半年，黑芝麻智能包括毛利、毛利率、净利润等在内的多个业绩指标却 出现同比下滑，其中亏损超过7亿元。 为何在业绩由盈转亏的背景下选择切入人形机器人赛道？对此，《中国经营报》记者多次致函、致电黑 芝麻智能方面进行采访，截至发稿，未收到回复。 "入局的企业仍然需要深思熟虑。"贝恩公司全球合伙人、大中华区高科技业务主 ...

Group 1 - The core viewpoint of the report is that Guosen Securities maintains an "outperform" rating for Hezhima Intelligent (02533), projecting revenues of 810 million, 1.27 billion, and 2 billion yuan for 2025-2027 [1] - In H1 2025, the company achieved total revenue of 253 million yuan, representing a year-on-year growth of 40.4% [1] - Revenue from autonomous driving products and solutions in H1 2025 was 237 million yuan, up 41.5% year-on-year, driven by increased sales of assisted driving chips and solutions alongside the rise in mass-produced vehicles [1] - The market penetration of the company's assisted driving solutions in the commercial vehicle sector has improved, aided by enhanced marketing capabilities and attracting large-scale clients [1] - Revenue from intelligent imaging solutions in H1 2025 was 16 million yuan, reflecting a year-on-year increase of 24.8% [1] Group 2 - The A1000 chip has been mass-produced in several new models, including Geely Galaxy E8 and Dongfeng Yipai 007, with new clients in overseas markets [2] - The C1200 chip is set to be mass-deployed in multiple projects with new energy vehicle clients [2] - The A2000 series chip supports urban NOA and can be expanded to L3 and L4 scenarios, with the company aiming to complete model designation and mass production with leading automotive clients within the year [2] Group 3 - In the robotics sector, the company is developing a robot "brain" based on the C1200 chip and a "body" based on the A2000 chip, collaborating with leading bipedal robot enterprises [2] - In the field of unmanned logistics vehicles, the company is working with ecosystem partners to create an L4 autonomous driving system for low-speed functions in closed environments like ports and parks, with ongoing shipments [2] - The company is actively pursuing acquisitions of high-cost-performance, low-power AI chip enterprises to become a leader in edge AI chip technology [2]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for Hezhima (000716) and projects revenue growth from 8.1 billion to 20.0 billion CNY from 2025 to 2027, with a 40.4% year-on-year increase in total revenue for H1 2025 [1] Group 1: Revenue and Business Segments - In H1 2025, the total revenue reached 2.53 billion CNY, marking a 40.4% increase year-on-year [1] - Revenue from autonomous driving products and solutions was 2.37 billion CNY, up 41.5% year-on-year, driven by increased sales of auxiliary driving chips and solutions alongside the rise in mass-produced vehicles [1] - Revenue from intelligent imaging solutions was 0.16 billion CNY, reflecting a 24.8% year-on-year growth [1] Group 2: Product Development and Market Expansion - The A1000 chip has been mass-produced in several new models including Geely Galaxy E8 and Dongfeng Yipai 007, with new clients in overseas markets [1] - The C1200 chip is set for mass deployment in multiple projects with new energy vehicle clients [1] - The A2000 series chip supports urban NOA and can be expanded to L3 and L4 scenarios, with plans to finalize mass production with leading automotive clients within the year [1] Group 3: Robotics and AI Development - The company is developing a robot "brain" based on the C1200 chip and an embodied intelligence "brain" based on the A2000 chip, collaborating with leading bipedal robot companies [2] - In the unmanned logistics sector, the company is working with ecosystem partners to create an L4 autonomous driving system for low-speed functions in closed environments [2] - The company is actively pursuing acquisitions of cost-effective, low-power AI chip firms to establish leadership in edge AI chip technology [2]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has narrowed its losses in H1 2025, with significant growth potential driven by overseas expansion and the robotics sector [5] - The sales of advanced driver-assistance products and solutions have increased, benefiting from the production and delivery of multiple models in the passenger vehicle sector [4][5] - The company is making substantial investments in hardware and human resources to expand downstream application scenarios, leading to revised revenue and net profit forecasts for 2025-2027 [4] Financial Summary and Valuation Indicators - For H1 2025, the company achieved revenue of 252 million, a year-on-year increase of 40.4%, but below Bloomberg consensus expectations of 420 million [5] - The revenue from advanced driver-assistance products and solutions was 237 million, up 41.6% year-on-year, driven by increased sales of driver-assistance chips and solutions [5] - The company expects revenues for 2025, 2026, and 2027 to be 765 million, 1.293 billion, and 2.027 billion respectively, with year-on-year growth rates of 61.3%, 69.0%, and 56.8% [7] - The adjusted net profit for 2025 is projected at -1.421 billion, with further losses expected in 2026 and 2027 [4][7] - The current stock price corresponds to price-to-sales ratios of 14.0, 8.3, and 5.3 for 2025, 2026, and 2027 respectively [4][7]

Core Insights - The company reported a revenue growth of 40.4% year-on-year in H1 2025, reaching 253 million yuan, primarily driven by increased sales of advanced driver assistance products and solutions [1] - Despite revenue growth, the company's gross profit decreased by 30.4% to 63 million yuan, with a gross margin of 24.8%, down 25.2 percentage points, attributed to rising hardware and labor costs [1] - The adjusted net loss narrowed to 549 million yuan in H1 2025 from 602 million yuan in H1 2024, while the net profit declined by 1.867 billion yuan due to a drop in fair value gains from financial instruments [1] Business Development - The company's advanced driver assistance products and solutions generated 237 million yuan in revenue, a 41.6% increase, supported by the ramp-up of mass production models and enhanced market penetration in commercial vehicles [2] - The A1000 series chips have entered mass production, with applications in key models such as Geely Galaxy E8 and Xingyao 8, expanding the model coverage [2] - The C1200 series chips have completed testing in multiple cities, with upcoming mass deployment for high-speed navigation and memory parking functions [2] - The A2000 series chips are under development for full urban NOA applications, aiming for partnerships with leading automakers by 2025 [2] - The company has established strategic partnerships with leading robotics firms and is co-developing multi-module perception computing modules [3] Revenue Streams - The smart imaging solutions segment achieved 16 million yuan in revenue, growing 25.1% year-on-year, driven by an expanding customer base [3] - The company is integrating advanced algorithms into its products and has commercialized new terminal imaging solutions like AI smart glasses, entering the AI business ecosystem [3] Future Outlook - The company anticipates that the shipment volume of intelligent driving products will benefit from the ongoing growth in demand for smart driving technologies and an increase in the proportion of mid-to-high-end products like the C1200 [4] - The expansion into new business scenarios, such as robotic brain and L4 level unmanned logistics vehicles, is expected to create long-term growth opportunities [4] - Revenue forecasts for 2025-2027 are set at 852 million, 1.461 billion, and 2.217 billion yuan, respectively, with corresponding price-to-sales ratios of 13x, 7x, and 5x based on the stock price of 18.93 HKD as of August 29 [4]

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 - Black Sesame Technology reported a significant increase in revenue and successful advancements in both the autonomous driving and robotics sectors, laying a solid foundation for its global strategy [1][2]. Group 1: Financial Performance - The company achieved a revenue of 253 million yuan in the first half of the year, representing a year-on-year increase of 40.4% [1]. - The overseas targeted models and quantities reached a historical high, with deliveries to international markets set to commence in the second half of the year [1]. Group 2: Autonomous Driving Sector - Black Sesame Technology deepened collaborations with major clients such as Geely, BYD, Dongfeng, and FAW in the autonomous driving field [1]. - The A1000 series chips have been 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 client projects [1]. Group 3: Robotics Sector - The company developed a motion control solution for robots based on the C1200 series chip and a perception computing solution for embodied intelligence based on the A2000 chip [1]. - Strategic partnerships with leading bipedal robot companies are underway to develop multimodal perception computing modules, targeting applications in humanoid robots, bipedal robots, and lawnmowers [1]. - The company is expanding its robotics scenarios through capital operations and is developing chip solutions for both domestic and international markets [1]. Group 4: Technological Innovation - Continuous technological innovation has established a core competitive advantage for the company [2]. - The use of BEV+E2E algorithms has significantly improved perception accuracy and generalization capabilities while reducing reliance on high-precision maps [2]. - The self-developed "Jiushao" NPU architecture and toolchain optimization support mixed training, enhancing AI computing efficiency and compatibility [2]. Group 5: Commercial Applications - The company's L4 unmanned logistics system has achieved low-speed autonomous driving in closed environments such as ports and parks, with ongoing shipments [2]. - Smart imaging solutions have expanded to new product forms like AI smart glasses, achieving commercial deployment with multiple clients [2]. Group 6: Future Strategy - The company is actively pursuing acquisitions of cost-effective, low-power AI chip enterprises to strengthen its edge in edge AI deployment [2]. - The goal is to become a leader in the edge AI chip sector and accelerate the mass production of high-performance chips, driving the globalization of autonomous driving and opening new chapters in the robotics industry [2].

Core Insights - The article discusses the evolving landscape of the automotive auxiliary driving chip industry, emphasizing the importance of long-term partnerships and platform capabilities over short-term gains [1][2][5]. Industry Overview - The auxiliary driving chip market has gained significant attention, with a shift from merely counting "hit models" to understanding the deeper needs of automotive manufacturers [1][2]. - Automotive manufacturers are increasingly prioritizing "controllable, reliable, and evolvable" chip platforms that offer better computing power, energy efficiency, system adaptability, and long-term service capabilities [2][5]. Company Developments - Black Sesame Intelligence (02533.HK) launched a new generation chip platform and announced mass production of the first domestic single-chip central computing platform based on the Wudang C1296 chip, set to be used in multiple new models from Dongfeng Motor by 2025 [3][4]. - The collaboration with Intel to create the "Intel & Black Sesame Intelligent Cabin-Driving Integration Platform" aims to integrate standard vehicle functions into a long-lifecycle platform, addressing cost control for economic models while supporting high-end models [4]. Financial Performance - Black Sesame Intelligence reported a revenue of 474 million yuan for 2024, a 51.8% increase from 312 million yuan in 2023, with a net profit of 313 million yuan, marking a turnaround from previous losses [7]. - The growth in revenue is attributed to the successful sales of auxiliary driving products and solutions, with significant contributions from partnerships with major automotive OEMs like BYD, Dongfeng, and Geely [7]. Market Trends - The auxiliary driving industry is transitioning from early adoption to widespread use, with L2-level auxiliary driving systems expected to see a 25.33% increase in deliveries in 2024, reaching 8.67 million units [8][9]. - The high-level automated navigation driving (NOA) segment is projected to grow significantly, with a 162.31% increase in deliveries, indicating a strong market demand for advanced driving assistance technologies [8][9]. Strategic Focus - The article highlights the importance of deep collaboration between chip manufacturers and automotive companies, emphasizing that the ability to co-evolve and adapt is crucial for long-term success in the industry [9][10]. - Black Sesame's commitment to high R&D investment, amounting to 340 million yuan in 2024, reflects its strategy to enhance product competitiveness and secure a favorable position in the smart automotive chip market [9].