Core Viewpoint - The company, Hezhima Intelligent, has launched its high-performance all-scenario intelligent driving chip, the Huashan A2000, which has been approved for global sales and application, marking a significant step towards the commercialization of advanced intelligent driving solutions [1][2]. Group 1: Financial Performance - Hezhima Intelligent's total R&D expenditure from 2020 to the first half of 2025 amounts to 5.03 billion yuan, with the expectation that sales of its chips will help dilute these costs over time [3]. - The company reported a net profit of 313 million yuan for 2024, primarily due to a 2.047 billion yuan accounting gain from the conversion of redeemable convertible preferred shares into common stock, which did not significantly impact cash flow [2]. - As of June 30, 2025, Hezhima Intelligent's cash and cash equivalents stood at 1.966 billion yuan, nearly equal to the 1.925 billion yuan in expenses incurred in 2024, indicating a need for self-sustainability [3]. Group 2: Product Development and Market Expansion - The Huashan A2000 chip has entered the mass application phase, providing essential computing power for the commercialization of high-level intelligent driving [2]. - Hezhima Intelligent's A1000 series chips have been mass-produced and delivered in various models, including those from Geely and Dongfeng, while the commercialization of the C1200 series is progressing steadily [2]. - The company is expanding its application scenarios beyond vehicles to include robotics and other AI-driven sectors, indicating a broadening of its market reach [3]. Group 3: Strategic Acquisitions - Hezhima Intelligent announced the acquisition of a 60% stake in Yizhi Electronics for 478 million yuan, which will allow the company to offer a full range of automotive-grade computing chips and expand into broader robotics and AI applications [4]. - Yizhi Electronics has made performance commitments to achieve revenues of no less than 300 million yuan, 400 million yuan, and 500 million yuan for 2026, 2027, and 2028, respectively, along with net profits of at least 5 million yuan, 35 million yuan, and 50 million yuan [4]. - The acquisition may lead to a reduction in cash reserves or an increase in short-term liabilities for Hezhima Intelligent, as it continues to invest in sales and marketing efforts, with sales costs reaching 190 million yuan in the first half of 2025, a significant increase from 90.064 million yuan in the same period the previous year [4].

Core Viewpoint - The company, Hezhima Intelligent, has launched its high-performance all-scenario intelligent driving chip, the Huashan A2000, which has been approved for global sales and application, marking a significant step towards the commercialization of advanced intelligent driving technology [2][3]. Group 1: Financial Performance - Hezhima Intelligent's total R&D expenditure from 2020 to the first half of 2025 amounts to 5.03 billion yuan, indicating a substantial investment in technology development [4]. - The company reported a net profit attributable to shareholders of 313 million yuan for 2024, primarily due to a 2.047 billion yuan accounting gain from the conversion of redeemable convertible preferred shares into ordinary shares [3]. - As of June 30, 2025, Hezhima Intelligent's cash and cash equivalents stood at 1.966 billion yuan, nearly equal to the 1.925 billion yuan in expenses incurred in 2024, highlighting the need for the company to achieve self-sustainability [4]. Group 2: Product Development and Market Expansion - The Huashan A2000 chip is now entering the stage of large-scale application, providing essential computing power for the commercialization of high-level intelligent driving [3]. - Hezhima Intelligent has successfully mass-produced its A1000 series driving assistance solutions for several new vehicle models, including those from Geely and Dongfeng, while the commercialization of the C1200 series is progressing steadily [3]. - The company is expanding its application scenarios beyond vehicles to include robotics and other AI applications, indicating a broader market strategy [5]. Group 3: Strategic Acquisitions - Hezhima Intelligent announced the acquisition of a 60% stake in Yizhi Electronics for a total transaction price of 478 million yuan, which will allow the company to offer a full range of automotive-grade computing chips [6]. - Yizhi Electronics has made performance commitments to achieve revenues of no less than 300 million yuan, 400 million yuan, and 500 million yuan in 2026, 2027, and 2028, respectively, along with net profits of at least 5 million yuan, 35 million yuan, and 50 million yuan [6]. - The acquisition may lead to a reduction in cash reserves or an increase in short-term liabilities for Hezhima Intelligent, as it continues to invest in sales and marketing efforts, with sales costs reaching 190 million yuan in the first half of 2025, a significant increase from 90.064 million yuan in the same period the previous year [6].

● 本报记者 张妍頔 龚梦泽 近日，在智驾产业化发展进程加速的背景下，"国产自动驾驶计算芯片第一股"黑芝麻智能推出的高性能 全场景智能驾驶芯片——华山A2000芯片获准在全球范围内销售与应用。 财务数据显示，黑芝麻智能在2020年至2024年及2025年上半年合计支出的研发费用为50.3亿元，伴随着 黑芝麻智能研发的辅助驾驶系列芯片进入交付阶段，其正在面对产品释放规模效应的盈利大考。 投入高额研发费用 近日，黑芝麻智能在其官网表示，其高性能全场景智能驾驶芯片——华山A2000已获准在全球范围内销 售与应用。此举标志着A2000芯片正式进入规模化应用阶段，将为高阶智能驾驶的商业化落地提供核心 算力支持。 作为创新型科技企业，黑芝麻智能的产品落地情况备受资本市场关注。2025年半年报显示，黑芝麻智能 基于A1000系列芯片的辅助驾驶方案于吉利银河E8、星耀8、东风奕派007新款车型、东风奕派008及其 他车企多款车型上量产出货。基于C1200系列芯片的辅助驾驶方案商业化进程稳步推进，基于A2000系 列芯片的辅助驾驶方案目前正在进行方案开发验证。 黑芝麻智能表示，公司将继续围绕头部客户持续性交付辅助驾驶方案，并且 ...

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The report highlights the rapid growth potential of the domestic intelligent driving chip industry, with a significant increase in penetration rates expected in the coming years. The company is well-positioned to benefit from this trend [10][17]. - The company has a strong R&D team with extensive experience, which enhances its product development capabilities and market competitiveness [49]. - The report emphasizes the importance of collaboration with Tier 1 manufacturers and algorithm providers to drive commercialization and expand market presence [61]. Summary by Sections 1. Overall Dimension - The intelligent driving chip market is expected to grow rapidly due to increasing penetration rates driven by technological advancements, policy support, and rising consumer demand. The penetration rates for L2, L2.5, and L2.9 configurations are projected to increase significantly by 2030 [17][20]. - The report notes that only a few OEMs are likely to achieve self-developed chips due to high costs and complexities involved in chip development [29][33]. - Geopolitical factors are expected to drive the domestic market share of intelligent driving chips, with a focus on increasing localization [41][42]. 2. Product Dimension - The company is continuously iterating its products, with a focus on developing a mature ecosystem. The A1000 series has already achieved significant market penetration, and the upcoming C1200 family is expected to meet evolving automotive architecture needs [49][55]. - The C1200 family is designed to support central computing architectures and is expected to be commercially viable soon, with significant advancements in safety and performance [55][57]. 3. Ecosystem Dimension - The company positions itself as a Tier 2 supplier, collaborating with leading Tier 1 manufacturers and algorithm firms to enhance its market offerings. This strategy aims to provide OEMs with substantial value and differentiation in their intelligent driving solutions [61]. - The report discusses the limitations of a tightly integrated hardware-software model, as seen in the case of Mobileye, and suggests that a more flexible approach will be beneficial for OEMs [61]. 4. Growth Potential - The company is expanding its capabilities into the robotics sector, leveraging its automotive-grade chip technology to capture new market opportunities. The SesameX platform is a key initiative in this regard [10][27]. - Revenue forecasts indicate substantial growth, with expected revenues of 834 million in 2025, 1.38 billion in 2026, and 2.11 billion in 2027, reflecting year-on-year growth rates of 75.8%, 65.5%, and 52.8% respectively [8].

Core Viewpoint - The company reported a revenue of 253 million yuan for the first half of 2025, reflecting a year-on-year increase of 40.4%, but incurred a loss of 762 million yuan, with an adjusted loss of 549 million yuan, compared to an adjusted loss of 602 million yuan in the same period last year [1] Financial Performance - Revenue for H1 2025 reached 253 million yuan, up 40.4% year-on-year [1] - The company reported a loss of 762 million yuan, with an adjusted loss of 549 million yuan, compared to an adjusted loss of 602 million yuan in the previous year [1] - Gross margin decreased to 24.8%, down 25.2 percentage points year-on-year [1] - Selling expense ratio decreased to 20.4%, down 8.0 percentage points year-on-year [1] - Management expense ratio decreased to 67.3%, down 34.1 percentage points year-on-year [1] - R&D expense ratio increased to 244.4%, down 137.1 percentage points year-on-year [1] Business Development - The company has made significant progress in assisted driving and robotics solutions, deepening cooperation with major clients such as Geely, Dongfeng, and FAW [1] - The A1000 series chips have been mass-produced in several new models, including Geely Galaxy E8 and Dongfeng Yipai 007 [1] - The company is developing a motion control solution for robots based on the C1200 series chips and a perception computing solution based on the A2000 chips [1] - Strategic partnerships with leading bipedal robot companies are being established to develop multimodal perception computing modules, targeting applications in humanoid robots, bipedal robots, and lawnmowers [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 250 million yuan in H1 2025, representing a year-on-year increase of 40.4%. The gross margin decreased by 25.2 percentage points to 24.8%, while the adjusted net profit was a loss of 550 million yuan, reducing losses by 8.9% year-on-year [8] - The autonomous driving business is progressing well, with multiple chips advancing rapidly. Revenue from driver assistance products and solutions increased by 41.6% year-on-year to 237 million yuan, driven by an increase in mass-produced models and enhanced customer acquisition capabilities [8] - The company is deepening collaborations with major automotive clients and accelerating overseas deliveries, with a record number of overseas model approvals expected to drive sales starting in H2 2025 [8] - The application scenarios are continuously expanding, with developments in robotics and low-speed L4 non-passenger vehicle scenarios, which are expected to form a second growth curve and enhance business resilience [8] - The report maintains revenue expectations of 880 million yuan, 1.43 billion yuan, and 1.92 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/S ratios of 12.4, 7.7, and 5.7 [8] Financial Summary - The company forecasts total revenue of 312.39 million yuan for 2023, increasing to 883.02 million yuan by 2025, with a year-on-year growth rate of 86.19% [1] - The net profit attributable to the parent company is projected to be a loss of 4.86 billion yuan in 2023, improving to a loss of 1.27 billion yuan in 2025 [1] - The latest diluted EPS is expected to be -7.65 yuan in 2023, improving to -2.00 yuan in 2025 [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 253 million yuan in the first half of 2025, representing a year-on-year increase of 40.4%, but incurred a loss of 762 million yuan [7] - The gross margin decreased to 24.8%, down by 25.2 percentage points year-on-year, while the selling expense ratio decreased by 8.0 percentage points to 20.4% [7] - The company has made significant progress in autonomous driving and robotics solutions, collaborating with major clients like Geely and Dongfeng [7] - The forecast for net profit attributable to shareholders for 2025-2027 is -900 million, -447 million, and 203 million yuan respectively, with a PE ratio of 51.49 for 2027 [7] Financial Performance Summary - Revenue projections for the company are as follows: 312 million yuan in 2023, 474 million yuan in 2024, 888 million yuan in 2025, 1,493 million yuan in 2026, and 3,487 million yuan in 2027, with growth rates of 88.82%, 51.81%, 87.21%, 68.14%, and 133.56% respectively [6] - The company is expected to have a gross margin of 50.27% in 2025, increasing to 60.81% in 2026, before slightly declining to 59.24% in 2027 [8] - The company's net profit margin is projected to improve significantly by 2027, with a return on equity (ROE) of 20.39% [8]

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 Viewpoint - The company aims to become a leader in the edge AI chip sector, showcasing strong growth and strategic advancements in autonomous driving and robotics [1][12]. Financial Performance - In the first half of 2025, the company achieved a revenue of 253 million yuan, representing a year-on-year growth of 40.4%, exceeding market expectations and setting a new record for the same period [3][4][12]. Global Strategy - Despite challenges in the global automotive semiconductor market, the company demonstrated exceptional product competitiveness and strategic execution, marking a new phase in its globalization strategy [4][5]. - The company has significantly increased its overseas model count and project scale, establishing a solid foundation for large-scale deliveries in key markets such as Europe, Southeast Asia, and the Middle East [5][12]. Autonomous Driving and Robotics Innovations - The company accelerated the mass production of its A1000 series chips for advanced driver-assistance systems (ADAS), collaborating with major clients like Geely and BYD [6][12]. - The C1200 series chips have enabled seamless navigation from parking space to parking space (P2P) across various road scenarios, with plans for mass deployment in multiple new energy vehicle projects [7][12]. - The introduction of the A2000 high-performance chip, which supports full-scene functionality for urban NOA, is set to lead the next generation of autonomous driving [7][12]. - In robotics, the company has developed motion control solutions and perception computing schemes, collaborating with leading bipedal robot firms to create multi-modal perception modules [8][12]. Technological Advancements - The company maintains a leading position in key algorithms and self-developed NPU architecture, enhancing perception accuracy and reducing reliance on high-precision maps [9][12]. - The proprietary "Jiushao" NPU architecture has shown excellent AI computing efficiency and flexibility, supporting mixed-precision training and deployment [9][12]. Commercialization and Strategic Acquisitions - The company has made significant progress in commercializing its L4-level unmanned logistics vehicle systems, demonstrating practicality and reliability in controlled environments [10][12]. - The expansion into AI smart glasses and other emerging terminal products indicates the company's ability to leverage technology across various industries [10][12]. - Plans for acquiring a high-performance, low-power AI chip company are underway, aimed at strengthening the company's position in edge computing and achieving its strategic goal in the edge AI chip market [11][12].