Hong Kong Hot Stock Analysis: Black Sesame Intelligent (02533.HK) Market Performance and Outlook

Black Sesame Intelligent (02533.HK) is a Chinese AI chip enterprise focusing on autonomous driving SoC chips and solutions, belonging to the semiconductor/AI autonomous driving/robot sectors[2]. As of December 22, 2025, its closing price was approximately HK$19.67[2].

• Industry Trend
  : The increase in global autonomous driving penetration drives the growth of AI chip demand. Black Sesame Intelligent has technical advantages in the domestic autonomous driving chip field with its self-developed automotive-grade NPU and cockpit-driving integrated chips (such as the Wudang series)[3][4].
• Domestic Substitution
  : Against the background of Sino-US chip restrictions, domestic enterprises’ demand for domestic AI chips has intensified, and Black Sesame Intelligent, as a local leader, has benefited significantly[5].
• Index Inclusion
  : The company was included in the newly launched “Hang Seng Stock Connect Electronic Theme Index” by Hang Seng Indexes (covering the top 40 Stock Connect-listed stocks in the electronic/semiconductor industry by market capitalization), increasing its exposure among Stock Connect investors[6].

According to Yahoo Finance data[2]:

• December 22 price trend: Opening at HK$20.00, highest at HK$20.44, lowest at HK$19.62, closing at approximately HK$19.67 with small fluctuations.
• Trading volume: 7,251,500 shares traded on that day, which may be higher than the average level.
• 52-week range: HK$14.50 - HK$43.85; the current price is in the medium-low range.

• Industry Sentiment
  : The autonomous driving chip and AI hardware sectors are generally sought after by the market, and domestic “AI+Automotive” and “Robot” tracks have high capital attention[3][4].
• Investor Attention
  : As a target on the East Money App Hong Kong Stock Hot List, individual investors’ interest has risen.
• Institutional Perspective
  : Research institutions such as Guosheng Securities have optimistic expectations for its revenue growth in 2025-2026, believing that the mass production of new products such as C1200 and A2000 will drive performance growth[3].

1. Sustained Impact of Domestic Substitution Logic
   : The long-term existence of Sino-US chip restrictions will continue to drive domestic enterprises’ demand for domestic AI chips. As a local leading manufacturer, Black Sesame Intelligent is expected to maintain its competitive advantage in this trend.
2. Potential Incremental Funds from New Index Inclusion
   : After being included in the Hang Seng Stock Connect Electronic Theme Index, Black Sesame Intelligent will attract more attention from Stock Connect investors, possibly bringing incremental capital inflows to support stock price performance.
3. Importance of Technology and Product Iteration
   : AI chip technology updates rapidly; the mass production progress of the company’s new products such as C1200 and A2000 will directly affect its market share and performance, which needs close attention.

1. Profit Pressure
   : The company has high R&D expenses (R&D expenditure of RMB 618 million in the first half of 2025, far exceeding the同期 revenue of RMB 250 million), has not yet achieved profitability, and the adjusted net loss still reached RMB 549 million[4].
2. Industry Competition
   : Facing fierce competition from international giants such as NVIDIA and Qualcomm, as well as domestic manufacturers like Horizon Robotics and Cambricon, there is great pressure to compete for market share[5].
3. Technology Iteration Risk
   : AI chip technology updates quickly; if the R&D or mass production of new products fails to meet expectations, it will affect competitiveness[4].

1. Increased Autonomous Driving Penetration
   : The global autonomous driving market size continues to grow, and as a core technology, the demand for AI chips will continue to expand.
2. Domestic Substitution Market Space
   : Domestic demand for chip substitution is strong; Black Sesame Intelligent is expected to occupy a larger share in the domestic autonomous driving chip market with its technical and local advantages.

Black Sesame Intelligent (02533.HK), as a leading domestic AI autonomous driving chip enterprise, has recently become a hot stock in the Hong Kong market due to factors such as industry trends, domestic substitution logic, and index inclusion. The current share price is in the medium-low range of the 52-week period, and market sentiment is optimistic, but attention should be paid to risks such as high R&D expenses, unprofitable status, and fierce industry competition. In the future, the company’s new product mass production progress, changes in domestic substitution policies, and industry competition pattern will be key factors affecting its performance.