BLACK SESAME (02533) saw its shares rise more than 10%. At the time of writing, the stock was up 9.54% to HK$16.76, with a turnover of HK$90.64 million. The company's 2025 performance report showed annual revenue reached RMB 822 million, a year-on-year increase of 73.4%, marking the third consecutive year of high growth. Revenue from embodied intelligence solutions amounted to RMB 96.3 million. Gross profit increased steadily from RMB 195 million to RMB 337 million. The adjusted net loss narrowed by 17.5%, indicating a significant improvement in profitability. During the reporting period, BLACK SESAME continued to solidify its leading position in the smart automotive computing chip sector while achieving strategic breakthroughs in innovative businesses such as embodied intelligence and edge AI. Huatai Securities noted that the company made progress across all three of its business segments in 2025. Its smart driving business generated revenue of RMB 687 million, up 56.8% year-on-year, representing the core income source. In the embodied intelligence segment, the company achieved a breakthrough from zero to one, with annual revenue of approximately RMB 96 million. Looking ahead to 2026, the embodied intelligence business is expected to enter an initial scaling phase. Meanwhile, with the volume expansion of high-end smart driving chips and optimization of the product mix, the automotive business's gross margin is anticipated to gradually recover. Overall revenue growth is projected to significantly outpace shipment growth. The brokerage maintains a positive outlook on the company's medium to long-term growth potential.