📰 DigiTimesDigiTimesDoubao · 实盘不做把握 7/10不做原因:消息已过时
北京时间·🕒 发布 09-08 07:43:33·⟳ 抓取 09-08 07:58:51 +15m18s·⚡ 决策 09-15 12:47:37 +7d04h·42.1 天前
DigiTimes综述：黑芝麻智能与地平线机器人2026上半年高增长，但均为已披露财报旧闻汇编
该文是行业媒体对两家公司2026上半年已公布中报及地平线9月3日1500万颗出货里程碑的综述性回顾，不含任何新增事实或指引；信号距当前已173小时(约7天)，相关信息早已公开并被消化，不构成事件驱动交易edge。
📄 原文DigiTimes↗ 原文
Black Sesame, Horizon Robotics unveil China's smart driving chip race
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不做 地平线机器人（09660.HK）
DigiTimes文章为已披露中报与9月3日旧里程碑的综述，发表已7天、无新增催化，信息大概率已price-in；FOMC前夜亦无事件驱动edge
不做 黑芝麻智能（02533.HK）
H1高增长数据为已公开中报内容，媒体二次解读不构成新交易信号，缺乏预期差与新鲜度
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
DigiTimes综述复述黑芝麻智能(H1营收+81%)与地平线(H1营收+33%)已披露中报及9月3日旧里程碑，属旧闻汇编且发表已7天，无新增信息，不具备事件驱动edge，回避。
🔎 新鲜度:最早出现 2026-09-08 · 扩散 high · price-in 风险 high ↗
主要风险
- 地平线H1研发投入27.55亿元超过营收，盈利兑现仍待观察，但这是已公开的存量信息而非新事件风险
先例如何影响了这次决策
对本次决策的影响:事件为无新增事实的旧闻综述，缺乏可交易的事件锚点，未进行先例检索；旧财报/旧里程碑的后续涨幅不具备参考意义
工具执行结果 · 成功 1 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 44 ms
{"result": "search_processed_events:agent query=`black sesame horizon robotics smart driving chip digitimes september 2026 | black sesame 黑芝麻智能 h1 2026 revenue 458 million gross margin results | horizon robotics 地平线 h1 2026 reven`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agen
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Black Sesame, Horizon Robotics unveil China's smart driving chip race
Staff reporter, Taipei
Sep 8, 2026, 07:43
0
Credit: Horizon Robotics
China's intelligent driving market continues to surge, with Black Sesame Technologies and Horizon Robotics both reporting solid top-line revenue growth for the first half of 2026. Highlighting the rapid commercialization curve, Horizon Robotics announced on September 3 that cumulative mass production of its Journey series smart driving processors surpassed 15 million units—signaling that competition in China's automotive IC sector is shifting from raw computing battles to large-scale mass deployment and market penetration.
Black Sesame Technologies reported revenue of CNY458 million (approx. US$68.2 million) in the first half of 2026, an 81.3% year-over-year increase. Gross profit surged 261.9% to CNY227 million (US$33.8 million), expanding gross margins from 24.8% to 49.5%. Revenue from driver-assistance products and solutions reached CNY395 million (US$58.9 million), up 66.8% and accounting for 86.2% of total top-line sales, with segment gross margins rising from 20.9% to 42.3%. The company shipped over 6 million chips during the period.
Black Sesame attributed the margin expansion to a higher share of advanced driver-assistance systems, proprietary algorithms, and software services, shifting its commercial model from pure silicon sales toward a bundled "chip + software + algorithm" strategy. Its flagship Huashan A2000 processor series, which scales compute from 200 TOPS to 1,000 TOPS, has secured projects with domestic Chinese automakers, including Dongfeng Motor, Yutong, and Chery Automobile, with mass production scheduled for the second half of the year.
Beyond automotive applications, Black Sesame is extending its automotive-grade AI technology into physical intelligence and edge AI devices. Related revenue reached CNY47.2 million (US$7 million) in the first half of 2026 with a 94.8% gross margin. The firm also finalized the acquisition of a 60% stake in Eeasy Tech to bolster its low-to-mid compute AI SoC portfolio across smart home appliances, action cameras, and AI eyewear.
Meanwhile, Horizon Robotics posted first-half 2026 revenue of CNY2.055 billion (US$306.2 million), up 32.9% year-over-year, with gross profit rising to CNY1.356 billion (US$202.1 million) while maintaining a 66% gross margin. Shipments of its Journey series chips reached 2.218 million units, up 12.1%. License and services revenue jumped 52.7% to CNY1.129 billion (US$168.2 million), surpassing hardware product revenue for the first time. The license and services business achieved a 90.4% gross margin, reflecting Horizon's strategic transition into a platform vendor offering integrated "chip + software + IP licensing" architectures.
The latest shipment figures underscore Horizon's scale advantage. After beginning mass production in 2020, Horizon took roughly five years to hit its first 10 million units. However, scaling from 10 million to 15 million units required just 12 months, with Horizon saying annual shipment growth reached 39%.
Horizon's Journey lineup now serves over 40 automotive brands, including all top 10 Chinese car companies. The vendor has secured design wins across 500 mass-production vehicle models, nearly 130 of which feature mid-to-high-end intelligent driving solutions, with design-win volume exceeding 20 million units.
In terms of market share, the China Autonomous Driving Scale Application Blue Book (2026) ranks Horizon first in the Chinese-brand passenger vehicle smart-driving processor market with a 31.94% share, ahead of Nvidia's 29.38%. In the urban navigate on autopilot (NOA) chip market for Chinese-brand passenger vehicles, Horizon's market share rose to 22.82%, ranking second nationwide.
This market expansion is driven by the adoption of advanced smart driving capabilities in mainstream, lower-priced vehicles. Volkswagen's ID. ERA 5S, for instance, utilizes a single Journey 6M chip to power urban NOA and full-scenario automated parking, demonstrating that urban NOA is rapidly moving from luxury tiers into the mass market.
However, Horizon allocated CNY2.755 billion (US$410.5 million) to R&D in the first half of 2026, exceeding its total revenue for the period, highlighting that its core technology development remains in a capital-intensive phase.
Overall, the competitive landscape for Chinese smart driving chips has evolved from "TOPS benchmarking" to execution metrics: mass-production scale, cost optimization, and software ecosystem maturity. Converting shipment volume into long-term profitability will serve as the defining benchmark for market leadership moving forward.
Article
translated by Yunnie Cheng and edited by Ysi Chen
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Corning sees CPO and glass core as new semiconductor battlegrounds
Tomorrow's Headlines
Sep 14, 18:47
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Tomorrow's Headlines
Sep 14, 18:46
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Home
Tech
Electric Vehicles
Black Sesame, Horizon Robotics unveil China's smart driving chip race
Staff reporter, Taipei
Sep 8, 2026, 07:43
0
Credit: Horizon Robotics
China's intelligent driving market continues to surge, with Black Sesame Technologies and Horizon Robotics both reporting solid top-line revenue growth for the first half of 2026. Highlighting the rapid commercialization curve, Horizon Robotics announced on September 3 that cumulative mass production of its Journey series smart driving processors surpassed 15 million units—signaling that competition in China's automotive IC sector is shifting from raw computing battles to large-scale mass deployment and market penetration.
Black Sesame Technologies reported revenue of CNY458 million (approx. US$68.2 million) in the first half of 2026, an 81.3% year-over-year increase. Gross profit surged 261.9% to CNY227 million (US$33.8 million), expanding gross margins from 24.8% to 49.5%. Revenue from driver-assistance products and solutions reached CNY395 million (US$58.9 million), up 66.8% and accounting for 86.2% of total top-line sales, with segment gross margins rising from 20.9% to 42.3%. The company shipped over 6 million chips during the period.
Black Sesame attributed the margin expansion to a higher share of advanced driver-assistance systems, proprietary algorithms, and software services, shifting its commercial model from pure silicon sales toward a bundled "chip + software + algorithm" strategy. Its flagship Huashan A2000 processor series, which scales compute from 200 TOPS to 1,000 TOPS, has secured projects with domestic Chinese automakers, including Dongfeng Motor, Yutong, and Chery Automobile, with mass production scheduled for the second half of the year.
Beyond automotive applications, Black Sesame is extending its automotive-grade AI technology into physical intelligence and edge AI devices. Related revenue reached CNY47.2 million (US$7 million) in the first half of 2026 with a 94.8% gross margin. The firm also finalized the acquisition of a 60% stake in Eeasy Tech to bolster its low-to-mid compute AI SoC portfolio across smart home appliances, action cameras, and AI eyewear.
Meanwhile, Horizon Robotics posted first-half 2026 revenue of CNY2.055 billion (US$306.2 million), up 32.9% year-over-year, with gross profit rising to CNY1.356 billion (US$202.1 million) while maintaining a 66% gross margin. Shipments of its Journey series chips reached 2.218 million units, up 12.1%. License and services revenue jumped 52.7% to CNY1.129 billion (US$168.2 million), surpassing hardware product revenue for the first time. The license and services business achieved a 90.4% gross margin, reflecting Horizon's strategic transition into a platform vendor offering integrated "chip + software + IP licensing" architectures.
The latest shipment figures underscore Horizon's scale advantage. After beginning mass production in 2020, Horizon took roughly five years to hit its first 10 million units. However, scaling from 10 million to 15 million units required just 12 months, with Horizon saying annual shipment growth reached 39%.
Horizon's Journey lineup now serves over 40 automotive brands, including all top 10 Chinese car companies. The vendor has secured design wins across 500 mass-production vehicle models, nearly 130 of which feature mid-to-high-end intelligent driving solutions, with design-win volume exceeding 20 million units.
In terms of market share, the China Autonomous Driving Scale Application Blue Book (2026) ranks Horizon first in the Chinese-brand passenger vehicle smart-driving processor market with a 31.94% share, ahead of Nvidia's 29.38%. In the urban navigate on autopilot (NOA) chip market for Chinese-brand passenger vehicles, Horizon's market share rose to 22.82%, ranking second nationwide.
This market expansion is driven by the adoption of advanced smart driving capabilities in mainstream, lower-priced vehicles. Volkswagen's ID. ERA 5S, for instance, utilizes a single Journey 6M chip to power urban NOA and full-scenario automated parking, demonstrating that urban NOA is rapidly moving from luxury tiers into the mass market.
However, Horizon allocated CNY2.755 billion (US$410.5 million) to R&D in the first half of 2026, exceeding its total revenue for the period, highlighting that its core technology development remains in a capital-intensive phase.
Overall, the competitive landscape for Chinese smart driving chips has evolved from "TOPS benchmarking" to execution metrics: mass-production scale, cost optimization, and software ecosystem maturity. Converting shipment volume into long-term profitability will serve as the defining benchmark for market leadership moving forward.
Article
translated by Yunnie Cheng and edited by Ysi Chen
AI Search
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China ADAS chipmaker Horizon Robotics faces BYD test after No. 2 climb
Nvidia leads China assisted-driving chip market; Horizon Robotics rises to second
China's Horizon Robotics aims at Tesla with new self-driving platform
Horizon Robotics cements lead in China's auto driving chips, eyes full autonomy within a decade
China steps up the ADAS race: Horizon Robotics locks in full Journey 6 series to take on Nvidia
Show more
Categories
Automotive IC EV IC design, distribution IC manufacturing
Tags
2026 automotive Black Sesame Technologies China chips gross margin Horizon Robotics market production revenue software
Share this article
Other links
Related topics
Global supply chain: Key components
Global supply chain: CE, IPC, automotive
Global supply chain: Emerging tech, businesses
Global supply chain: China market
Asia
Regions
BIZ FOCUS
Sep 14, 08:00
Hauman Unveils Micro LED Testing Breakthrough for AI Optical Interconnects
Monday 14 September 2026
Scaling Photonics: Assembly, Test and Fiber Automation at SEMICON Taiwan
Friday 11 September 2026
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Friday 11 September 2026
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Update: ABF substrate maker Unimicron searched in origin-labeling probe
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