BLACK SESAME (02533) announced its 2025 performance forecast on the evening of March 5, 2026. The company anticipates full-year revenue to surpass RMB 8 billion, representing a year-on-year increase of more than 68.7%. The net loss is projected to be no more than RMB 1.48 billion, while the operating loss is expected not to exceed RMB 1.5 billion, narrowing by no less than 14.4% compared to the previous year. According to the announcement, the strong revenue growth is primarily attributed to increased mass production of high-level intelligent driving systems, batch shipments of L2-L3 level commercial vehicles and L4 level unmanned logistics vehicles, and a significant expansion in the robotics business. The net loss was mainly due to investments in AI and computing power, share-based compensation expenses of no less than RMB 300 million, and a decrease in fair value gains from financial instruments. The year-on-year narrowing of the operating loss was driven by rapid growth in the robotics segment, improved gross margins from high-level advanced driver-assistance systems and solutions, and reduced operational costs.