---
title: "Robot revenue hits the books, Black Sesame Technologies crosses the first threshold of commercialization"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43146761.md"
description: "On the evening of July 30, Black Sesame Technologies released its mid-year profit forecast for 2026: its H1 revenue is expected to be no less than 458 million RMB, a year-on-year increase of at least 81.1%; net loss was approximately 720-820 million RMB, compared to a net loss of 762 million RMB in the same period last year. The company attributed the growth to two factors: on one hand, the accelerated rollout of robot solutions, modules, and chips; on the other hand, assisted driving projects continuing to enter 定点 (design wins), mass production, and delivery. Two weeks ago, Black Sesame Technologies just completed the acquisition of 60% equity in Yizhi Electronics..."
datetime: "2026-08-03T03:54:32.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43146761.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43146761.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43146761.md)
author: "[港股研究社](https://longbridge.com/en/profiles/3199113.md)"
---

# Robot revenue hits the books, Black Sesame Technologies crosses the first threshold of commercialization

On the evening of July 30, Black Sesame Technologies released its interim profit forecast for 2026: its H1 revenue is expected to be no less than 458 million yuan, representing a year-on-year growth of at least 81.1%; net loss is estimated at approximately 720-820 million yuan, compared to a net loss of 762 million yuan in the same period last year. The company attributes this growth to two factors: on one hand, accelerated rollout of robot solutions, modules, and chips; on the other hand, continued entry of assisted driving projects into 定点 (design wins), mass production, and delivery.

Two weeks ago, Black Sesame Technologies completed the acquisition of 60% equity in Yizhi Electronics. Yizhi Electronics has now become a non-wholly owned subsidiary of the company, with its financial results consolidated into the group's reports.

Two consecutive announcements clearly outline the company's strategic shifts over the past year: automotive business remains the revenue foundation, while robotics and broader edge AI have entered the financial realization phase.

Black Sesame Technologies has crossed the threshold from product launch to revenue recognition in its robotics business. The next key focus is how many hurdles remain before achieving scalable profitability.

**Robotics business already contributes revenue; incremental quality is more important than growth speed**

The annual report shows that the company's 2025 revenue was 822 million yuan, up 73.4% year-on-year. Among this, revenue from assisted driving products and solutions was 687 million yuan, while embodied intelligence solutions contributed 96.3 million yuan, accounting for approximately 11.7% of total revenue. This indicates that Black Sesame's robotics layout had already generated identifiable standalone revenue in 2025.

The gross margin for embodied intelligence solutions was 48.7%, higher than the 37.4% for assisted driving business. Despite the currently limited scale of its robotics business, it demonstrates high unit revenue quality.

The company disclosed that the SesameX platform covers basic control to advanced cognition through three types of modules: Kalos, Aura, and Liora. It has partnered with companies such as Deep Robotics, Fourier Intelligence, Lenovo, Zhipingfang, Geek+, Yunji, Tianwen Humanoid Robot, and Joyson Electronics. Quadruped robots and intelligent shipping inspection systems have achieved scaled delivery. In H1 2026, the profit forecast further confirmed significant growth in robotics revenue, stating that the company has become a long-term partner of leading domestic robot manufacturers.

A key piece of the puzzle regarding the robotics business remains undisclosed. The profit forecast did not provide specific revenue figures for the robotics segment, nor did it break down contributions from chips, modules, computing platforms, and technical services separately. In 2025, the cost of sales for the embodied intelligence business was 49.4 million yuan, which also included auxiliary technical services adapted for the SesameX platform.

The sources of growth in 2026 need to be analyzed case by case. If growth comes more from standardized chips and modules, revenue expansion will bring clearer economies of scale and profit elasticity. However, if project-based deliveries account for a high proportion, growth will still be accompanied by heavier adaptation, engineering, and service costs. The robotics industry features dispersed customer profiles, and the lack of unified standards among different bodies, sensors, and motion control solutions can easily lead chip companies into a situation where revenue grows rapidly while the engineering team expands simultaneously.

Collection of receivables is an essential part of observing revenue quality. At the end of 2025, Black Sesame Technologies' trade receivables and notes receivable amounted to 499.7 million yuan, a significant increase from 258.1 million yuan at the end of 2024. Meanwhile, net cash outflow from operating activities was 985 million yuan during the same period.

**Robotics industry enters "operational mode"; automotive-grade capabilities begin scenario testing**

The 2026 Government Work Report proposed creating a "new form of intelligent economy," promoting commercialization and scaled application of intelligent terminals and agents in key industries. The humanoid robot and embodied intelligence practical training action launched in June set clear goals: forming over 100 high-value application scenarios by the end of 2026, and driving landing capabilities at the scale of tens of thousands of units.

Currently, the focus of the robotics industry is shifting from prototype demonstrations to scenario deployment. Policy resources are concentrating on industrial, special-purpose, and service scenarios, and industry evaluation metrics will gradually shift towards operational hours, failure rates, deployment costs, and investment payback periods.

China already possesses the manufacturing base to undertake this round of deployment. Data from the International Federation of Robotics shows that in 2024, China added 295,000 new industrial robots, accounting for 54% of global deployments, with over 2 million industrial robots in operation. The market share of Chinese local suppliers in the domestic market rose to 57%, a significant improvement from the approximate 28% level over the past decade.

The massive stock of automation means that early orders for robotics chip companies are more likely to appear in factories, logistics, inspection, cleaning, and specialized equipment. Relevant customers already have clear demands for labor substitution, equipment procurement budgets, and ROI calculations. In contrast, although home service and general-purpose humanoid robots offer higher imaginative space, their short-term revenue visibility may not necessarily exceed that of industrial scenarios.

Black Sesame Technologies has accumulated certain practical experience in functional safety, real-time computing, low-power design, sensor fusion, and mass-production toolchains in the automotive chip field, helping to shorten the cycle for robotics customers moving from development boards to batch delivery. SesameX attempts to integrate the perception and decision-making of the "brain," the motion control of the "cerebellum," and safety redundancy into a unified computing system, extending the chip company's involvement from single processors to modules, toolchains, and system solutions.

The addition of Yizhi Electronics fills the gap in low-power, low-cost AI SoC products. After completing the acquisition, Black Sesame Technologies stated that its product capabilities cover 0.5 TOPS to over 1000 TOPS, with applications extending to robot brain control, AI Boxes, robotic vacuums, robotic lawnmowers, AI glasses, and companion devices.

While this acquisition expanded product boundaries, it also increased organizational integration challenges. Automotive-grade chips emphasize long-cycle validation, stable supply, and safety redundancy, whereas consumer-grade edge chips prioritize cost, power consumption, iteration speed, and channel efficiency. Whether the two sets of R&D rhythms, customer systems, and supply chain management can synergize will ultimately determine the profit contribution brought by the acquisition.

Automotive experience can shorten validation cycles, but it does not automatically translate to robotics market share. With dispersed robot body forms, rapid algorithm iterations, and large differences in customer procurement scales, platform compatibility and development efficiency are more important than simply pursuing peak computing power.

In the process of robotics commercialization, solutions capable of completing high-difficulty demonstrations might be impressive, but they may not secure continuous orders. Only products that can reduce labor costs, improve continuous operational efficiency, and control maintenance expenses will enter customers' annual budgets.

**Revenue expansion has occurred; profit repair still needs to pass the cash flow hurdle**

Although Black Sesame Technologies' revenue is expanding rapidly, losses remain high. Data shows that the net loss for H1 2026 is expected to be 720-820 million yuan, close to the 762 million yuan in the same period last year. The company explained that losses mainly stem from increased R&D investment in computing power, AI, large model algorithms, and automotive-grade chips.

R&D expenses reached 1.417 billion yuan in 2025, exceeding that year's revenue of 822 million yuan. Cash and cash equivalents at year-end were 1.447 billion yuan. Black Sesame Technologies has a high R&D intensity, which supports the company in laying out product lines simultaneously in high-computing-power smart driving, robotics, and edge AI. Against this backdrop, its revenue growth rate needs to remain at a high level for the long term to gradually amortize fixed investments.

In March and May 2026, the company raised net proceeds of approximately 538 million HKD and 632 million HKD respectively through two share subscription events, replenishing ammunition for M&A, R&D, and working capital. The new capital not only extended the R&D and commercialization cycles but also raised requirements for subsequent operational efficiency, fund usage, and shareholder returns.

The acquisition of Yizhi Electronics improved the company's profitability. The announcement stated that its H1 2026 revenue grew significantly year-on-year. If product complementarity, supply chain synergy, and cross-selling of customers can be realized, Black Sesame Technologies is expected to reduce reliance on single high-computing-power automotive projects and spread its R&D platform across more endpoints.

The expansion of robotics customer numbers will bring orders but also increase pressure on payment terms, inventory, and delivery management. In the short term, the formal interim performance disclosure before the end of August needs to show robotics business revenue and proportion, segmented gross margins, chip and module shipments, repeat purchases by top customers, growth rate of trade receivables, operating cash flow, and R&D expense ratio. For Black Sesame Technologies to achieve long-term development, it needs to transform the computing capabilities accumulated in the automotive era into production tools that robotics customers are willing to continuously purchase.

In the next stage, industry competition will not just look at who can make robots move, but also at who can make robots work long-term, stably, and economically. The robotics business gives the company a wider product boundary, the automotive business provides mass production systems and engineering foundations, and Yizhi Electronics supplements mid-to-low computing power products. Whether these three can form a unified platform capability will affect the quality of Black Sesame Technologies' growth in the coming years.

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