文 | 新能源产业家 一群上海工程师正把电动车的逻辑复制到30吨的钢铁巨兽上——给挖掘机装「充电宝」，让矿卡变身「储能站」，这就是博雷顿正在掀起的重卡革命。 港交所最新消息显示，这家「新能源重卡异类」已递交招股书，若闯关成功，将成为首个在港股上市的电动工程机械厂商。 这家成立仅7年的企业，在传统工程机械销量连续三年下滑的行业寒冬中，逆势完成20亿元C轮融资，估值冲至180亿元。 宁德时代、国家绿色发展基金、红杉中国组成的投资方阵背后，一场关于新能源工程机械的技术革命与资本博弈正在上演。 瞄准赛道 在新能源工程车领域，有一个被人津津乐道的"新能源工程车薅地球羊毛"的段子。 矿山新能源卡车被戏称为"永动机"：空车时充满电上山，满载矿石下山时通过能量回收系统反向充电，整个过程几乎不消耗额外电能。 实测显示，一辆比亚迪工程车下山15公里（海拔落差833米），电量从25%增至33%，回收约1.5度电，还能顺带运输货物。 有网友调侃："这车怕不是永动机？" "建议后备箱装满椰子下山，能多薅一度电！" 这个看似违背能量守恒定律的现象，原理其实藏在初中物理课本里。 矿卡的工作路线很特殊：空车爬坡时，电能转化为重力势能储存；重 ...

5月7日，二次递表的"电动工程机械提供商"博雷顿（HK01333）终于正式在港交所挂牌上市。乘着新能 源的东风，博雷顿上市首日高开，盘中涨幅一度超过50%。 博雷顿每股定价18港元，全球共发行1300万股股份，每手200股。在5月6日的富途暗盘中，博雷顿收盘 上涨43.33%，报25.80港元，成交额2479.07万港元；按每手200股算，不计手续费，每手赚1560港元。 在5月7日的上市仪式现场，《每日经济新闻》记者注意到，看着大屏幕上跳动的数据，博雷顿相关人员 都在欢呼，有股东在现场感叹"不容易，不容易"。 博雷顿的创始人、实控人陈方明是"80后"，担任公司董事会主席兼总经理，现年43岁，湖南永州人。 值得一提的是，2023年初，博雷顿曾计划在上交所科创板上市，但到了2024年4月，博雷顿终止了A股 上市初步辅导流程，转而向港交所递表。去年10月底，向港交所首次递交的招股书失效，博雷顿不久后 第二次递表。 欣旺达为基石股东之一 博雷顿成立于2016年，主要销售收入来源于电动牵引车、电动装载机及电动宽体自卸车。此外，少部分 收入来源于维修及保养服务、设备出租业务。 博雷顿公布的配发结果显示，公司全球发售13 ...

21世纪经济报道记者孙迟悦香港报道 2025年5月7日，博雷顿科技股份有限公司（下称"博雷顿"）在港交所主板挂牌上市，上市首日截至午市 上涨49.17%，报26.85港元/股。 根据资料，2024年，博雷顿在中国新能源宽体自卸车及新能源装载机制造商中的市场份额分别达到 18.3%和3.8%，分别位居第三和第七。作为这两类新能源工程机械前五大制造商中唯一的纯新能源工程 机械制造商，博雷顿专注于纯新能源工程机械设备的研发与生产，不涉及传统燃油动力产品的制造。 业绩方面，根据公司数据，2022年至2024年，博雷顿的收入分别为3.6亿元（人民币，下同）、4.64亿元 及6.35亿元，年内亏损分别为1.78亿元、2.29亿元及2.75亿元，经调整净亏损（非国际财务报告准则计 量）分别为1.43亿元、1.9亿元及2.18亿元。公司方面表示，尽管公司目前仍处于亏损状态，但随着零碳 矿山机器人市场的不断扩大以及公司技术的不断进步，博雷顿有望在未来实现盈利。 （文章来源：21世纪经济报道） 同日早间，博雷顿开盘上涨63.89%，报29.5港元/股，总市值约1607.59亿港元。 资料显示，博雷顿本次IPO发行1300万股，其 ...

5月7日，博雷顿(01333.HK)在港交所挂牌上市，港交所迎来"电动版卡特彼勒"。公司本次上市发行1300 万股H股，每股定价18港元，欣旺达、长风基金为基石投资者。 新能源风口下 工程机械迎"电动版卡特彼勒" 碳中和浪潮下，工程机械行业正面临着前所未有的转型与升级。新能源工程机械行业也成为有待开发的 千亿级蓝海市场，以新能源推动新质发展力的竞速发展已拉开帷幕。 当然提到工程机械，首先会想到的就是卡特彼勒，全球工程机械巨头，高质量和高性能，百年老店、高 度国际化。这些标签用在卡特彼勒身上都不为过。卡特彼勒已经由单纯的工程机械生产企业转变为综合 性服务商，同时被视为全球经济的晴雨表，因为公司的业绩往往与世界经济形势密切相关。 随着博雷顿通过港交所聆讯，这家致力于工程机械电动化、机器人化，推动绿色智慧生产方式普及的企 业有望成为港股市场的"电动版卡特彼勒"。 成立于2016年的博雷顿，是国内最早从事纯电动工程机械（装载机、矿卡等）研发、生产和应用的高新 技术企业。2016年在某种意义上，是中国新能源汽车启航的一年，也是互联网造车最受关注的一年，与 互联网造车不同，博雷顿切入的赛道是新能源工程机械。 这家高速成长 ...

财华社讯，4月25日，国内纯电动工程机械制造商博雷顿(01333.HK)启动招股，计划全球发售13,000,000 股股份，其中11,700,000股股份为国际发售股份，1,300,000股股份为香港公开发售股份。 香港公开发售于 2025 年4月25日（星期五）上午九时正开始，并将于2025年4月30日（星期三）中午十 二时正结束。最终发售价及分配结果将不迟于2025年5月6日（星期二）公布。 博雷顿预计将于2025年5月7日（星期三）上午九时正开始在香港联交所主板交易，股份代号为1333，每 手买卖单位为200股股份。 此前央广网北京4月19日消息（记者 齐智颖）博雷顿科技股份公司通过港交所主板上市聆讯，中金公司 及招银国际担任联席保荐人。 博雷顿是一家总部位于中国的电动工程机械提供商，设计、开发具有自动作业能力的电动工程机械并使 其商业化，以及提供智能运营服务，产品包括电动装载机、宽体自卸车及牵引车，以及销售备件及配 件。 根据灼识咨询的资料，于2024年，博雷顿于中国所有新能源宽体自卸车及装载机制造商中分别排名第三 及第七，按出货量计算，市场份额分别为18.3%及3.8%，为该两类新能源工程机械头部制 ...

Investment Rating - The report assigns an IPO specific rating of 4.8 to the company, based on various criteria [5][7]. Core Insights - The company, Boleton, is a leading provider of electric engineering machinery in China, with significant revenue growth projected but still operating at a loss [1][3]. - The electric wide-body dump trucks and electric loaders are the primary revenue sources, with expected revenues of 3.7 billion and 2.2 billion RMB respectively in 2024 [1]. - The engineering machinery industry is experiencing rapid growth, with the market size for electric engineering machinery expected to increase significantly from 235 billion RMB in 2020 to 540 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 23.2% [2]. Company Overview - Boleton's revenue is projected to grow from 360 million RMB in 2022 to 640 million RMB in 2024, while net losses are expected to increase from 180 million RMB to 270 million RMB during the same period [1]. - The company ranks third and seventh in the market share for electric wide-body dump trucks and electric loaders, respectively, with market shares of 18.3% and 3.8% [1]. - Boleton has achieved a compound annual growth rate of 128.1% in electric wide-body dump truck shipments and 17.5% in electric loader shipments from 2022 to 2024 [1]. Industry Status and Outlook - The engineering machinery industry in China is projected to grow from 182.7 billion RMB in 2024 to 336.0 billion RMB by 2029, with a CAGR of 13.0% [2]. - The electric engineering machinery sector is becoming mainstream, with technology development reaching maturity [2]. Advantages and Opportunities - Boleton is recognized as a pioneer in the Chinese electric engineering machinery industry, being the first to receive national certification for its electric loaders [3]. - The company has developed proprietary technologies through advanced engineering methods, holding 131 authorized patents and 82 pending patent applications as of the end of 2024 [3].

Core Viewpoint - Boreton Technology Co., Ltd. is planning to issue 13 million H-shares globally, with a proposed price of HKD 18.0 per share, aiming to raise approximately HKD 234 million, and is set to list on the Hong Kong Stock Exchange on May 7, 2025 [3][4]. Company Overview - Boreton was established in November 2016, originally known as Shanghai Boxi Intelligent Technology Co., Ltd. The company focuses on clean energy solutions, specifically designing and commercializing engineering machinery powered by new energy [3][4]. - The company has entered into cornerstone investment agreements with Hong Kong Xinwei Electronics Co., Ltd. and Changfeng Growth Fund, raising about HKD 63.11 million from these investors [3]. Market Position - According to Zhaoshang Consulting, Boreton ranks third and seventh among all new energy wide-body dump truck and loader manufacturers in China by shipment volume, with market shares of 18.3% and 3.8% respectively in 2024 [4]. - From 2022 to 2024, Boreton's shipment volume of electric wide-body dump trucks increased from 59 units to 307 units, representing a compound annual growth rate (CAGR) of 128.1%. The shipment volume of electric loaders grew from 326 units to 450 units, with a CAGR of 17.5% [4]. Financial Performance - Boreton's revenue for the years 2022, 2023, and 2024 was approximately RMB 360 million, RMB 464 million, and RMB 635 million respectively. The net losses for the same years were approximately RMB 178 million, RMB 229 million, and RMB 275 million [4][5]. - The adjusted net losses, according to non-International Financial Reporting Standards, were RMB 143 million, RMB 190 million, and RMB 218 million for 2022, 2023, and 2024 respectively [5].

Group 1 - The company, Boreton (01333.HK), plans to globally offer 13 million shares, with 1.3 million shares available in Hong Kong and 11.7 million shares for international sale, along with an over-allotment option of 1.95 million shares [1] - The subscription period for the shares is from April 25 to April 30, with a maximum offer price of HKD 18.00 per share, and an entry fee of approximately HKD 3,636.31 for a board lot of 200 shares [1] - The total expected fundraising amount is HKD 234 million, with a net amount of HKD 148 million, which will be used for establishing manufacturing facilities, purchasing necessary machinery, investing in technological advancements, developing new products and services, working capital, and expanding the sales and service network [1] Group 2 - The company has introduced cornerstone investors such as Hong Kong Xinwei Electronics Co., Ltd. and Changfeng Growth Open-Ended Fund, which will subscribe to approximately 3.5062 million shares at the offer price [1] - Boreton is expected to be listed on the main board on May 7, 2025, with China International Capital Corporation Hong Kong Securities Limited and CMB International Capital Limited serving as joint sponsors [1] - Boreton's business covers the entire clean energy production, storage, and utilization industry chain, providing integrated solutions for wind and solar energy management, hydrogen fuel and pure electric engineering machinery, mining trucks, heavy trucks, and unmanned driving innovations [1] Group 3 - The company's net profits for the years ending December 31 are projected to be -178 million, -229 million, and -275 million for 2022, 2023, and 2024 respectively, with year-on-year changes of -82.73%, -28.81%, and -19.67% [2]