that combination is the real question for edge hardware. Black Sesame Intelligence (2533.HK) FY2025: revenue ¥822M (+73.4% YoY), gross margin 41.0%, adjusted net loss narrowed 17.5%. Forms a maturity contrast with SmartSens (already profitable, +154%) within the same edge-AI narrative. Counter-intuitive finding: the new embodied-AI business runs 48.7% gross margin — higher than the 37.4% auto-ADAS core. Huashan A2000 passed US review, cleared for global sale. Investment lens: for hardware, check whether the loss-narrowing slope is steeper than the revenue-growth slope.