Black Sesame International May Face Challenges in Achieving Economies of Scale -- Market Talk

Dow Jones

2025/09/02

0649 GMT - Black Sesame International may face challenges in achieving economies of scale, Bernstein analysts write in a note, and see operating profit break-even delayed beyond 2030. The chip developer's reliance on a hardware-only approach diminishes its competitiveness, they say. Without enough investment in software infrastructure, it is difficult for a third-party smart driving algorithm to be deployed on the ecosystem, they say. The company may need to develop larger chips to deliver the same output, which would raise the costs, they add. Bernstein initiates an underperform rating for the stock at a target price of HK$16. Shares last at HK$17.99.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

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September 02, 2025 02:49 ET (06:49 GMT)

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The chip developer's reliance on a hardware-only approach diminishes its competitiveness, they say. Without enough investment in software infrastructure, it is difficult for a third-party smart driving algorithm to be deployed on the ecosystem, they say. The company may need to develop larger chips to deliver the same output, which would raise the costs, they add. Bernstein initiates an underperform rating for the stock at a target price of HK$16. Shares last at HK$17.99.(jiahui.huang@wsj.com; @ivy_jiahuihuang) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  September 02, 2025 02:49 ET (06:49 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Black Sesame International May Face Challenges in Achieving Economies of Scale -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBlack Sesame International May Face Challenges in Achieving Economies of Scale -- Market Talk\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2025-09-02 14:49</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0649 GMT - <a href=\"https://laohu8.com/S/02533\">Black Sesame</a> International may face challenges in achieving economies of scale, Bernstein analysts write in a note, and see operating profit break-even delayed beyond 2030. The chip developer's reliance on a hardware-only approach diminishes its competitiveness, they say. Without enough investment in software infrastructure, it is difficult for a third-party smart driving algorithm to be deployed on the ecosystem, they say. The company may need to develop larger chips to deliver the same output, which would raise the costs, they add. Bernstein initiates an underperform rating for the stock at a target price of HK$16. Shares last at HK$17.99.(jiahui.huang@wsj.com; @ivy_jiahuihuang) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  September 02, 2025 02:49 ET (06:49 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"02533","symbol_name":"黑芝麻智能","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2564876414","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2564876414","pubTimestamp":1756795740,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0649 GMT - Black Sesame International may face challenges in achieving economies of scale, Bernstein analysts write in a note, and see operating profit break-even delayed beyond 2030. The chip developer's reliance on a hardware-only approach diminishes its competitiveness, they say. Without enough investment in software infrastructure, it is difficult for a third-party smart driving algorithm to be deployed on the ecosystem, they say. The company may need to develop larger chips to deliver the same output, which would raise the costs, they add. Bernstein initiates an underperform rating for the stock at a target price of HK$16. Shares last at HK$17.99.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"02533":"黑芝麻智能","BK1163":"半导体产品"},"translate_title":"黑芝麻国际实现规模效益或面临挑战--市场谈","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02533":0.9},"content_text":"0649 GMT - Black Sesame International may face challenges in achieving economies of scale, Bernstein analysts write in a note, and see operating profit break-even delayed beyond 2030. 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