博雷顿(01333) - 2025 - 中期业绩

Interim Results Announcement This section presents the interim results announcement, providing an overview of the company's performance and financial position for the period Financial Highlights The company's H1 2025 revenue increased by 22.2% to RMB 326.8 million, gross profit surged by 152.1% to RMB 21.0 million, and gross profit margin improved by 3.3 percentage points to 6.4%, despite a 12.9% expansion in loss for the period due to increased credit impairment provisions 2025 H1 Key Financial Indicators | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 326,775 | 267,451 | 22.2% | | Gross Profit | 20,950 | 8,312 | 152.1% | | Gross Profit Margin | 6.4% | 3.1% | +3.3 percentage points | | Loss Before Tax | 174,184 | 154,225 | 12.9% (expanded) | | Loss for the Period | 174,184 | 154,278 | 12.9% (expanded) | - The primary reason for the expanded loss for the period was an increase in credit impairment loss provisions[5] Management Discussion and Analysis Breton Technology achieved significant revenue growth in H1 2025, primarily driven by strong sales of electric wide-body dump trucks, while making progress in product technology, autonomous driving, and overseas market expansion, despite an increased loss due to higher credit impairment provisions Performance Overview Breton Technology, a leading provider of zero-carbon and smart mining solutions, maintained its top position in electric wide-body dump trucks and electric loaders, with H1 2025 revenue growing 22.2% driven by electric wide-body dump truck sales About Breton Breton Technology is a leading provider of zero-carbon and smart mining solutions, specializing in electric construction machinery with autonomous capabilities, intelligent operations, and photovoltaic energy storage services - The company is a zero-carbon and smart mining solutions provider, offering electric construction machinery, intelligent operations, and photovoltaic energy storage services[6] - According to Frost & Sullivan, the company ranked first in shipments of electric wide-body dump trucks with battery capacity exceeding 650 kWh for three consecutive years from 2022 to 2024[6] - The company is the first manufacturer in China to launch electric wide-body mining dump trucks equipped with autonomous operating systems and electric loaders utilizing remote operation technology[6] Operating Data Total revenue reached RMB 326.8 million, a 22.2% year-on-year increase, primarily driven by a 77.5% surge in electric wide-body dump truck sales, which accounted for 78.5% of total revenue, while electric loader sales decreased by 51.1% H1 2025 Revenue Composition and Year-on-year Change | Revenue Type | 2025 (RMB thousand) | 2025 (%) | 2024 (RMB thousand) | 2024 (%) | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Product Sales: | | | | | | | | Electric Wide-body Dump Trucks | 256,471 | 78.5 | 144,516 | 54.0 | 111,955 | 77.5 | | Electric Loaders | 53,855 | 16.5 | 110,154 | 41.2 | (56,300) | (51.1) | | Electric Tractors | 298 | 0.1 | 1,456 | 0.5 | (1,158) | (79.5) | | Spare Parts and Accessories | 9,947 | 3.0 | 5,365 | 2.0 | 4,582 | 85.4 | | Subtotal | 320,571 | 98.1 | 261,491 | 97.7 | 59,080 | 22.6 | | Services Provided | 832 | 0.3 | 2,011 | 0.8 | (1,179) | (58.6) | | Rental Income | 5,372 | 1.6 | 3,949 | 1.5 | 1,423 | 36.0 | | Total Revenue | 326,775 | 100.0 | 267,451 | 100.0 | 59,324 | 22.2 | Product and Technology Development As a pioneer in new energy construction machinery, the company continues to invest in developing high-capacity, heavy-duty new energy and intelligent products, accelerating mass production of self-developed chassis electric wide-body dump trucks and initiating new product and technology development - The company accelerated mass production of self-developed chassis electric wide-body dump trucks, with 800V voltage platform technology reducing product charging time by over 10%[9] - Development commenced on 135/145 platform charging and swapping technology, 135-ton 800kWh battery-swapping models, 145-ton extended-range electric wide-body dump trucks, 528kWh high-capacity long-range 6-ton electric loaders, and 18-ton electric fork loaders for marble loading and unloading scenarios[9] - High-capacity fast charging technology and extended-range products will enhance power battery utilization and cruising range, thereby improving vehicle operating efficiency[9] Accelerated Implementation of Autonomous Driving Business Leveraging its R&D and manufacturing capabilities, the company achieved over 11% of H1 2025 revenue from autonomous driving equipment sales, surpassing the full-year 2024 level, by offering pre-installed drive-by-wire chassis autonomous solutions - The company achieved autonomous driving equipment with pre-installed drive-by-wire chassis, enabling seamless integration of control systems and autonomous driving algorithms, while also offering better cost-effectiveness[10] - In H1 2025, sales revenue from autonomous driving equipment accounted for over 11% of total revenue for the period, exceeding the full-year revenue for similar businesses in 2024[10] - The autonomous driving business model includes selling unmanned electric equipment, providing autonomous operation technical services, and selling pre-installed drive-by-wire chassis electric equipment without perception and intelligent software, currently not adopting an asset-holding operation model[10] Overseas Business Expansion The company's overseas strategy focuses on providing equipment and services to Chinese mining enterprises along the "Belt and Road" and offering photovoltaic energy storage solutions to power-deficient regions in Africa and Southeast Asia, thereby promoting electric construction equipment sales - Overseas business strategy includes providing equipment and services to Chinese mining enterprises along the "Belt and Road" initiative, and offering photovoltaic energy storage power generation solutions to power-deficient regions in Africa and Southeast Asia, thereby providing electric construction equipment[11] - In H1 2025, business expansion progressed in 4 African countries including Zambia and 2 Southeast Asian countries including Thailand, involving photovoltaic energy storage microgrid project construction and sales agreements for electric loaders and electric wide-body dump trucks[11] Sales Strategy The company employs a "direct sales and distribution" model, targeting large state-owned enterprises and international mining groups through direct sales, while covering regional mines and smaller clients via its distribution network, emphasizing long-term customer engagement and repeat purchases - Adopting a "direct sales and distribution" parallel model, with direct sales targeting large state-owned enterprises and international mining groups, and distribution covering regional mines and small and medium-sized customers[12] -