Core Insights - Junsun Electronics and Hezhima Intelligent have officially established a strategic partnership focusing on the joint development of robotic domain controllers, optimization of intelligent computing platforms, and co-creation of industry scenario solutions [1][2][3] Group 1: Company Overview - Junsun Electronics is a leading automotive parts company that has been actively expanding into the robotics components business since 2025, leveraging its extensive experience in automotive parts technology, manufacturing, and supply chain [1] - Hezhima Intelligent is a benchmark enterprise in the intelligent computing field, specializing in high-performance AI SOC chips and edge computing modules, with its products widely used in smart driving, robotics, and intelligent manufacturing [2] Group 2: Strategic Collaboration - The collaboration aims to leverage the core strengths of both companies, with Junsun Electronics providing its engineering and industrialization experience, while Hezhima Intelligent offers high-performance intelligent computing chip and platform technology [3] - The partnership is expected to enhance both companies' competitive advantages in their respective fields and provide innovative solutions to address industry challenges related to core technologies and multi-platform compatibility [3] Group 3: Technological Development - The strategic cooperation will focus on the development of next-generation embodied intelligent robot control systems and industry solutions, emphasizing resource sharing, collaborative innovation, and mutual benefits [3] - Hezhima Intelligent launched the SesameX multi-dimensional intelligent computing platform on the same day the partnership was announced, providing a solid technical foundation for their collaboration [2]

Core Insights - Junsheng Electronics and Hezhima Intelligent have established a strategic partnership to focus on the joint development of robot domain controllers, optimization of intelligent computing platforms, and collaborative solutions for industry scenarios [1][3] - The collaboration aims to enhance innovation capabilities and industrial competitiveness in the field of intelligent manufacturing and embodied intelligence technology [1][3] Group 1: Company Collaboration - The partnership will leverage the strengths of both companies in key areas such as robot controllers, intelligent computing platforms, and typical industry applications [3] - Junsheng Electronics has been actively expanding its robot component business since 2025, building on its deep expertise in the automotive parts sector [1] - Hezhima Intelligent specializes in high-performance AI SOC chips and intelligent computing solutions, with its products widely used in intelligent driving and robotics [2] Group 2: Technological Development - Junsheng Electronics has developed a comprehensive solution for robot controllers based on various chip platforms, which will now extend to domestic chip platforms through the partnership with Hezhima Intelligent [1] - Hezhima Intelligent has launched the SesameX multi-dimensional intelligent computing platform aimed at the robotics industry, enhancing its capabilities in robot control and perception decision-making [2] - The collaboration is expected to drive the development, validation, and implementation of next-generation embodied intelligent robot control systems and solutions [3]

Investment Rating - The report maintains an "A" rating for the automotive parts sector, indicating a positive outlook for investment in this industry [1]. Core Insights - The automotive industry is experiencing rapid growth in intelligent driving technologies, with China leading the way. The penetration rate of intelligent vehicles in China reached 57.1% in 2023 and is expected to rise to 99.7% by 2030, with a market size exceeding one trillion yuan [1][14]. - The L2 level intelligent driving solutions have become mainstream, with a year-on-year growth of 37% in 2023. The market is expected to see significant increases in the penetration of L3 and above intelligent driving solutions, outpacing global growth rates [1][14]. - Domestic chip manufacturers are gaining traction, with companies like Horizon Robotics and Black Sesame Technology leading the charge in providing high-performance chips for intelligent driving applications [2][51][70]. Summary by Sections Automotive Intelligent Driving Market - The global intelligent driving market is rapidly expanding, with China achieving a penetration rate exceeding 50%. In 2023, the sales of intelligent vehicles in China reached 12.4 million units, accounting for 57.1% of total new car sales [14]. - The market for Advanced Driver Assistance Systems (ADAS) is continuously growing, with L2 and above solutions becoming the market standard. The expected market size for L0 to L2+ solutions is projected to grow from 90.9 billion yuan in 2024 to 223.9 billion yuan by 2029, with a CAGR of 19.7% [32][33]. Domestic Chip Development - The automotive chip market is substantial, with an estimated size of 71.2 billion yuan in 2024, expected to exceed 170 billion yuan by 2030. The demand for higher chip performance is increasing due to the ongoing electrification and intelligentization of vehicles [41]. - The ADAS SoC market reached 27.5 billion yuan globally and 14.1 billion yuan in China in 2023, with a projected CAGR of 27.5% and 28.6% respectively from 2023 to 2028 [46]. Key Players and Investment Opportunities - Horizon Robotics is positioned as a leading domestic supplier of intelligent driving chips, with its products expected to cover a wide range of intelligent driving applications. The company has seen significant revenue growth, with a projected revenue of 2.384 billion yuan in 2024 [66]. - Black Sesame Technology is also a key player, focusing on high-performance chips for various intelligent driving scenarios. The company aims to expand its market share in both mid-range and high-end markets, leveraging its cost advantages [70]. Investment Recommendations - Focus on companies benefiting from the dual increase in value and penetration in the intelligent driving chip segment, such as Horizon Robotics and Black Sesame Technology [6]. - The Tier 1 segment still has room for domestic replacement, with potential for deepening customer relationships through core products like domain controllers and sensors. Key companies to watch include Desay SV, Jingwei Hirain, and Qianli Technology [6].

Core Viewpoint - The smart driving chip industry is experiencing a shift towards "urban NOA," with a trend of "explosive demand but technological convergence," leading to a concentration of players towards the top tier [2][6]. Group 1: Market Expansion - Black Sesame Intelligence is focusing on three main directions for market expansion in 2025: deepening cooperation with existing clients, accelerating the introduction of new platforms and customer reserves, and promoting an overseas strategy [5]. - The company is enhancing collaboration with existing clients, transitioning from early product shipments to new projects with the Wudang series chips, which have gained customer recognition [5]. - The A2000 chip is set to provide samples to clients soon, with many clients having completed preliminary designs, indicating a rapid transition to project phases after chip delivery [5]. - Black Sesame's collaboration with Chery has officially started, with more vehicle projects expected to follow [5]. Group 2: Technological Path - The industry is showing a significant trend of convergence, with a decreasing number of participants and a unification of technology paths [6][8]. - The rapid iteration of smart driving technology has raised industry entry barriers, requiring chip companies and solution providers to possess strong technical capabilities and deep collaboration with clients [8]. - The focus of next-generation technology is shifting towards urban NOA, with mainstream technical routes becoming more aligned [8]. Group 3: Brand Strategy - Black Sesame Intelligence is not pursuing a direct consumer brand strategy but is instead focusing on empowering B-end clients, recognizing the challenges of building a consumer brand in the automotive sector [9][10]. - The company aims to concentrate resources on product development and customer service rather than on consumer brand building until its core strategic direction is fully realized [10]. - The differentiation from competitors lies in its commitment to an open platform strategy while maintaining a core focus on being a chip company [10][12].

Core Insights - The 2025 IAA Mobility exhibition in Munich showcased the advancements in smart automotive technology, with Hezhima Intelligent presenting its innovative solutions for AI-driven smart vehicles [2] - Hezhima Intelligent introduced its safety intelligent foundation solution, which utilizes the Wudang C1200 family of cross-domain integration chips to enhance vehicle safety and reduce development costs [2] - The company emphasized the importance of integrating electronic and electrical architectures to facilitate seamless upgrades from entry-level to flagship models [2] Group 1 - Hezhima Intelligent's Wudang C1200 family of chips is central to its safety intelligent foundation solution, providing hardware security isolation and compatibility throughout the product lifecycle [2] - The Wudang C1200 solution aims to significantly lower development costs and shorten development cycles for automotive manufacturers [2] - The company is collaborating with leading global automotive firms to explore the future of smart vehicles powered by AI [2] Group 2 - The Huashan A2000 chip family was highlighted for its high performance and efficiency, integrating multiple functional units for advanced AI applications [3] - The Huashan A2000 platform supports a robust driving assistance technology foundation, ensuring optimal performance and flexibility [3] - Hezhima Intelligent's Wudang C1236 and C1296 chips are recognized for their capabilities in navigation assistance and multi-domain integration, respectively [3] Group 3 - The C1296 cross-domain integration solution has gained market recognition, with plans for mass production in multiple new models from Dongfeng Motor by the end of 2025 [4] - The Huashan A1000 family also showcased a mature software ecosystem, with successful applications in various vehicle models [4] - Hezhima Intelligent's dual-driven model of chips and solutions aims to provide cost-effective and reliable driving assistance technologies for the automotive industry [4]

Group 1: Market Overview - The Hong Kong stock market has shown strong performance since April, with the Hang Seng Index increasing by over 30% in less than four months, reaching a peak of 25,735 points on July 24, the highest in nearly four years [1] - The strong performance is attributed to three main drivers: valuation recovery, policy benefits, and significant inflow of southbound funds, which have become a major force in driving up Hong Kong stocks [1] - As of July 25, 2025, southbound funds have seen a cumulative net inflow of HKD 820 billion this year, surpassing the total for 2024, with expectations of exceeding HKD 1 trillion for the entire year of 2025 [1] Group 2: Investment Trends - Investors are favoring high-dividend assets while showing strong interest in leading internet companies, pharmaceuticals, and hard tech sectors, particularly those involved in AI [2] - There is a growing trend of investors seeking out high-quality stocks that are currently undervalued, with companies like Black Sesame Intelligence gaining attention [2] Group 3: Company Performance - Black Sesame Intelligence has experienced rapid growth in the autonomous driving chip sector, with revenue increasing from CNY 60.5 million in 2021 to CNY 474 million in 2024, reflecting a compound annual growth rate (CAGR) of nearly 100% [3] - The company's gross profit rose from CNY 21.87 million to CNY 195 million during the same period, with a CAGR of 107% [3] Group 4: Industry Developments - The commercialization of L2+ autonomous driving technology is expected to see significant growth in 2025, with penetration rates projected to rise from 14% in 2024 to 30% [5] - The rapid penetration of L2+ technology is driven by the increasing availability of high-level autonomous driving features in new vehicles, with over 50% of new cars expected to be equipped with L2 technology [4] Group 5: Product Innovations - Black Sesame Intelligence has launched the A1000 series chips, which have been successfully integrated into multiple models from leading domestic automakers, ranking third in the market for high-performance driving chips [8] - The company has also introduced the Wudang C1200 series, the first integrated chip platform for autonomous driving and smart cockpit applications, expected to achieve mass production by 2025 [8][12] Group 6: Future Growth Potential - The company plans to expand its product line through the acquisition of an AI chip company, which focuses on cost-effective, low-power AI system chips, enhancing its competitive edge in the AI SoC market [17][20] - Black Sesame Intelligence's strategic shift from a dedicated chip manufacturer to a comprehensive intelligent computing platform provider is expected to lead to a revaluation of its intrinsic value, potentially resulting in higher valuation premiums [21]

Group 1: Event Overview - The third China International Supply Chain Promotion Expo (Chain Expo) opened on July 16, showcasing over 30 enterprises and institutions focusing on key technologies and products in the automotive supply chain, particularly in electrification, intelligence, and connectivity [2] Group 2: Intelligent Automotive Innovations - AI themes were prevalent throughout the event, with companies like Hezhima showcasing their intelligent chip products, indicating a deeper understanding of automotive intelligence among supply chain players compared to previous years [3] - Xiaopeng Motors emphasized its goal to become a global AI automotive company, featuring flying cars and land carriers at its booth, attracting attention from international exhibitors [3] - Tesla highlighted its ecosystem approach, presenting robots, vehicles, and super factories, reinforcing its identity as an AI and robotics company [3][4] Group 3: Collaboration in the Automotive Industry - The automotive supply chain is increasingly focused on collaboration, with Qualcomm's global vice president noting that open cooperation in the global supply chain supports business development [4] - Companies like Hunan Shibit Robot showcased advanced technologies such as the PaintPro system for real-time 3D vehicle condition monitoring, demonstrating innovation in production processes [4] Group 4: Electrification Focus - The core components of electrification—batteries, electric control, and motors—were prominently featured, with companies like DFD New Energy showcasing their third-generation large cylindrical batteries [5] - Bosch presented localized innovations in energy power, motion control, and driving assistance systems tailored for the Chinese market [5][6] Group 5: Upstream Supply Chain Development - The event saw increased participation from upstream players in the automotive supply chain, with companies like Bettery and Wacker Chemie unveiling new technologies and products [7] - Bettery introduced a pioneering negative electrode material solution addressing industry challenges, while Wacker showcased several new materials for automotive applications [7] Group 6: Diverse Fuel and Connectivity Innovations - Geely Motors highlighted its exploration of multi-fuel technologies, including methanol vehicles and hydrogen power systems, attracting significant interest [8] - The Liyang Intelligent Connected Vehicle Pilot Zone demonstrated advancements in smart connectivity, including a testing ground for autonomous vehicles [8] - The event illustrated a vibrant automotive industry in China, with a wide range of participants and innovations across the entire supply chain [8]

Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) opened in Beijing, showcasing a higher level of international participation and clearer chain logic compared to previous editions [2] - A total of 651 exhibitors from 75 countries and regions participated, with 35% being international exhibitors, highlighting the event's global reach [2] - The expo featured six major supply chain areas and introduced an innovation chain section focusing on cutting-edge technology applications [2] Group 2 - NVIDIA's CEO Huang Renxun emphasized China's supply chain as a miracle and highlighted the role of open-source AI in driving global progress [3] - Over 230 companies participated for the first time, including notable firms like Wacker Chemie and various automotive companies from different provinces [5] - The event included over 100 product launches, showcasing innovations such as the first pure electric small truck and advanced battery technologies [5] Group 3 - The Global Supply Chain Promotion Report 2025 was released, proposing five recommendations for enhancing supply chain efficiency and collaboration [6] - The smart automotive sector featured over 30 companies, showcasing key technologies and products related to electric and intelligent vehicles [8] - Geely showcased its "alcohol-hydrogen technology," demonstrating innovations in the new energy sector [9] Group 4 - The low-altitude economy was highlighted with flying cars from companies like XPeng and EHang, indicating a growing market in this sector [11] - The automotive industry in China is diversifying, with numerous participants emerging across the entire supply chain, including international companies entering the market [12] - The "Beijing Initiative" was launched to promote global supply chain stability and innovation, emphasizing collaboration among businesses [12][13]

Group 1 - The automotive industry is experiencing a significant opportunity with the rise of third-party high-performance computing chips, as companies face the choice between self-developed and externally supplied chips for intelligent driving [1][4] - Tesla's strategy of self-developing HW3.0 and later collaborating with Broadcom for HW4.0 highlights the increasing importance of specialized third-party suppliers in meeting the growing computational demands of intelligent driving [1][3] - Black Sesame Intelligence, a leading domestic chip supplier, has proven its capabilities by becoming a supplier for BYD's "Tianshen Eye" intelligent driving platform and showcasing its products at the Hong Kong "Car Expo" [1][3][4] Group 2 - Black Sesame Intelligence's global expansion is a natural outcome of the trend of Chinese new energy vehicles entering international markets, with its chips widely adopted by major automakers like Geely and Dongfeng [4][5] - The company has been focusing on high-performance chips since its establishment in 2016, launching the 58 TOPS Huashan A1000 chip in 2020 and the 106 TOPS A1000 Pro in 2021, positioning itself ahead of competitors [5][6] - The launch of the Huashan A2000 family, capable of exceeding 1000 TOPS, aligns with the industry's shift towards higher-level intelligent driving features, making Black Sesame a viable alternative to NVIDIA's Orin [6][7] Group 3 - Black Sesame Intelligence is experiencing a commercial harvest period, with a projected revenue increase of 51.8% in 2024 and a gross margin rise to 41.1% [7] - The performance of a System on Chip (SoC) is not solely determined by computational power; the integration with algorithms is crucial, especially as AI model technology advances [7][8] - The Huashan A2000 family features the industry's largest NPU core, "Jiushao," designed for neural network computations, which enhances efficiency compared to traditional GPUs [7][8] Group 4 - The Jiushao architecture supports mixed precision and is optimized for high-precision quantization and Transformer algorithms, which are essential for the development of autonomous driving technologies [8][9] - Black Sesame Intelligence's technology is also being applied in the field of embodied intelligence, with its chips supporting various applications beyond autonomous driving, including humanoid robots [8][9] - The company has partnered with Fourier to provide computational support for its "Dexterous Hand," indicating its commitment to expanding into broader applications of embodied intelligence [9]

Core Viewpoint - The article highlights the journey and vision of the company Black Sesame Intelligence, focusing on its development of advanced intelligent driving chips and the broader implications for the automotive and AI industries. The founder, Dan Jizhang, emphasizes the importance of safety in driving and the potential of intelligent driving technology to significantly reduce accident rates. Group 1: Company Overview - Black Sesame Intelligence was founded in 2016 and launched its first mass-produced intelligent driving chip, the "Hua Shan A1000," in 2020, which has been adopted by several major automotive brands [1][2]. - The company has since developed the "Wudang" series of chips, such as the C1236 and C1296, which integrate cockpit management and intelligent driving tasks, thereby reducing costs for automakers [1][2]. Group 2: Technological Advancements - The latest chip, the Hua Shan A2000, utilizes a 7nm process and offers performance comparable to 4nm flagship chips, supporting L3-L4 level autonomous driving [2]. - The company aims to break traditional chip application boundaries by expanding into various forms of robotics, promoting a "one chip, multiple functions" approach [2]. Group 3: Market Trends and Opportunities - The global intelligent automotive market is projected to exceed $500 billion by 2030, with an annual growth rate of over 20%, and China is expected to reach a 40% market share in smart vehicles by 2025 [6]. - The company recognizes the challenges of high R&D costs and the need for substantial investment in software and tools for mass production [6]. Group 4: Strategic Partnerships and Ecosystem - Black Sesame Intelligence positions itself as a full-process technology partner, providing not only chips but also algorithms and development support, which enhances collaboration with automotive manufacturers [7]. - The company emphasizes the importance of an open ecosystem to achieve scale, as the development cost of automotive-grade chips can exceed $100 million [8]. Group 5: Future Outlook - Black Sesame Intelligence plans to go public in Hong Kong, becoming the first listed company focused on automotive-grade chips, which reflects its strategic foresight [9]. - The company is also exploring the integration of vehicle and road technologies, aiming to reduce costs and improve efficiency in traffic management systems [12]. Group 6: Industry Challenges - The intelligent driving chip industry is expected to face a brutal elimination process, with only a few companies likely to survive due to intense competition [12]. - The company is aware of the geopolitical challenges affecting the chip industry but sees opportunities in the growing demand for AI-driven solutions and embodied intelligence [11].