Black Sesame Intelligent (02533.HK) Heat and Market Performance Analysis

Comprehensive Analysis

Event Background
: On December 11, 2025, Black Sesame Intelligent (02533.HK) made it to the East Money App HK Stock Hot List [5]. As a tech/semiconductor sector enterprise, its market capitalization reached 13.33B [0].
Core Catalysts for Heat
:
- Inclusion in HKEX Tech 100 Index
  [2]: This index covers the 100 largest tech companies listed in Hong Kong and is eligible for Stock Connect. E Fund will launch a tracking ETF, which is expected to attract attention from mainland investors.
- Collaboration with Li Auto on AI Glasses
  [4]: On December 3, 2025, Li Auto released its first AI glasses Livis, whose AI imaging solution was co-developed by Black Sesame Intelligent and Li Auto. This marks the company’s AI vision technology being recognized by a leading automaker, expanding application scenarios for intelligent terminals.
- Proposed Acquisition of Majority Stake in Yizhi Electronics
  [1]: On December 2, 2025, the company announced plans to acquire Yizhi Electronics (focused on low-power AI SoC) for RMB 400-500 million, aiming to strengthen its layout and competitiveness in the AI chip field.
Price and Volume Performance
: On December 4 (the first trading day after positive events), the stock price rose by 2.99% with trading volume significantly increasing to 11.48M [0], reflecting a positive market response.随后 the stock price fluctuated: it corrected by 2.75% on December 9 (possibly short-term profit-taking) and rebounded by 1.04% on December 10, overall remaining above $21.00 [0].

Key Insights

Multiple positive events (acquisition, collaboration, index inclusion) are the core drivers of short-term heat, reflecting market attention to the company’s technical capabilities and growth potential.
The high trading volume on December 4 reflects the concentrated outbreak of positive sentiment, but subsequent fluctuations show investors’ cautious attitude towards the company’s short-term profit pressure.
Inclusion in the HKEX Tech 100 Index and the launch of related ETFs will provide sustained liquidity support for the stock and further enhance mainland investors’ participation.
Collaboration with Li Auto verifies the company’s technical advantages in the AI vision field, laying a foundation for expanding intelligent terminal application scenarios.

Risks and Opportunities

Main Risks

Profit Pressure
: The company reported a net loss of RMB 760 million in H1 2025, with R&D investment accounting for 144% of revenue [0][3], facing short-term profit challenges.
Industry Competition
: The intelligent driving chip field is highly competitive, with rivals including domestic and foreign giants such as Qualcomm, Huawei, and Horizon Robotics. Continuous technical leadership is required [3].
Acquisition Risk
: Acquiring Yizhi Electronics requires an investment of RMB 400-500 million. Poor integration may affect financial conditions and business development [1].
Valuation Risk
: The company’s P/B ratio of 6.65x is at a relatively high level in the industry; if performance falls short of expectations, it may face valuation correction [0].

Development Opportunities

The intelligent driving and AI chip track is supported by policies and capital, with huge industry growth potential [3].
Domestic substitution trends are obvious; as a representative domestic enterprise in this field, the company has advantages in domestic substitution [3].
Inclusion in the HKEX Tech 100 Index and the launch of ETFs will bring incremental capital support [2].

Key Information Summary

Black Sesame Intelligent’s recent heat stems from multiple positive events, with market response showing a trend of first rising then fluctuating. Increased trading volume reflects higher market attention.
The company’s technical advantages are recognized by leading automakers, and the acquisition plan enhances industrial layout, but short-term profit pressure and industry competition still need attention.
Technical analysis shows the stock’s support level is around $21.00 and resistance level around $22.00.
Investors need to continuously pay attention to the company’s profit progress, acquisition integration status, and industry policy changes.

Black Sesame Intelligent (02533.HK) Heat and Market Performance Analysis

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