Black Sesame International Holding (2533) H2 2025 earnings summary

Executive summary

• Revenue grew 73.4% year-over-year to RMB822.3 million, driven by strong performance in intelligent vehicle computing chips and embodied AI solutions.

• Gross profit increased 73.1% to RMB337.1 million, with gross margin stable at 41.0%.

• Operating loss narrowed by 17.5% year-over-year, reflecting improved cost control and business scaling.

• Net loss for the year was RMB1,424.7 million, compared to a profit of RMB313.3 million in the prior year, mainly due to the absence of a one-time fair value gain from financial instruments.

• Embodied AI & solution business revenue reached RMB96.3 million, marking significant growth and commercial deployment.

Financial highlights

• Revenue: RMB822.3 million (up 73.4% year-over-year).

• Gross profit: RMB337.1 million (up 73.1% year-over-year); gross margin stable at 41.0%.

• Adjusted net loss: RMB1,075.7 million, improved from RMB1,304.3 million in 2024.

• R&D expenses remained high at RMB1,417.4 million, reflecting continued investment in technology.

• Cash and cash equivalents at year-end: RMB1,446.8 million.

Outlook and guidance

• 2026 will focus on mass production and deployment of Huashan A2000 chips, targeting L3/L4 intelligent driving and overseas expansion.

• Embodied AI & solution business to scale further, leveraging the SesameX platform in logistics, manufacturing, and services.

• Acquisition of Eeasy Technology to broaden product portfolio and enhance cross-scenario AI chip solutions.

• Continued R&D in next-generation chips, neural network accelerators, and platform upgrades.