Black Sesame International Holding (2533) H2 2024 earnings summary

Executive summary

• Revenue grew 51.8% year-over-year to RMB474.3 million, driven by strong sales of autonomous driving products and solutions.

• Gross profit surged 152.4% to RMB194.7 million, with gross margin improving from 24.7% to 41.1% year-over-year.

• Net profit reached RMB313.3 million, reversing a loss of RMB4,855.1 million in the prior year, mainly due to a RMB2,046.6 million fair value gain on financial instruments.

• Adjusted net loss (non-IFRS) was RMB1,304.3 million, reflecting ongoing investment in R&D and commercialization.

• Successful IPO on August 8, 2024, and subsequent share placing in February 2025 raised significant capital.

Financial highlights

• Revenue increased 51.8% year-over-year to RMB474.3 million.

• Gross profit rose 152.4% to RMB194.7 million; gross margin improved to 41.1%.

• Net profit of RMB313.3 million, compared to a loss of RMB4,855.1 million last year.

• Adjusted net loss (non-IFRS) was RMB1,304.3 million, up from RMB1,254.2 million.

• R&D expenses increased 5.3% to RMB1,435.2 million.

Outlook and guidance

• Plans to accelerate mass production and delivery of chips for new energy and fuel vehicles in 2025.

• Focus on expanding into robotics, intelligent transportation, and global markets, with batch shipments in robotics expected in 2025.

• Continued investment in R&D for next-generation chips and AI technologies.