Financial Performance - The company recorded revenue of RMB 326.8 million for the first half of 2025, representing a year-on-year growth of 22.2%[8]. - The gross profit for the same period was RMB 21.0 million, an increase of 152.1% year-on-year, with a gross margin of 6.4%, up 3.3 percentage points from the previous year[10]. - The company's revenue for the six months ended June 30, 2025, was RMB 326.8 million, an increase of 22.2% compared to RMB 267.5 million for the same period in 2024[16]. - Revenue for the six months ended June 30, 2025, was RMB 326,774,638, representing a 22.1% increase from RMB 267,451,236 in the same period of 2024[87]. - The revenue from electric vehicles was RMB 320,570,755, up from RMB 261,491,510 in 2024, indicating a growth of about 22.5%[105]. - The company reported a total comprehensive loss of RMB (170,393,023) for the six months ended June 30, 2025, compared to a loss of RMB (174,184,344) in the same period of 2024[95]. Sales and Product Development - Sales of electric rigid dump trucks accounted for 78.5% of total revenue, with a significant increase of RMB 111.96 million or 77.5% compared to the previous year[8]. - Sales revenue from autonomous driving equipment exceeded 11% of total revenue for the first half of 2025, surpassing the entire revenue for this segment in 2024[12]. - The company is developing new products including a 135-ton 800kWh battery swap vehicle and a 145-ton range-extended electric rigid dump truck[11]. - The company aims to provide integrated solutions for zero-carbon mining through a "photovoltaic + energy storage + charging + electric transportation" model, targeting markets with low electricity costs[53]. Losses and Expenses - The company reported a pre-tax loss of RMB 174.2 million, which widened by 12.9% year-on-year, primarily due to credit impairment losses[10]. - The company's net loss for the six months ended June 30, 2025, was RMB 174.2 million, an increase of 12.9% compared to RMB 154.3 million in 2024[26]. - Operating loss widened to RMB 168,478,684 compared to a loss of RMB 156,764,831 in the previous year, reflecting increased costs and expenses[87]. - Financial costs increased to RMB 6,526,780 for the six months ended June 30, 2025, from RMB 3,878,131 in 2024, reflecting a rise of approximately 68%[111]. Assets and Liabilities - As of June 30, 2025, total current assets amounted to RMB 1,137.2 million, up from RMB 1,019.6 million as of December 31, 2024[30]. - The company's total liabilities increased to RMB 895.6 million as of June 30, 2025, compared to RMB 756.1 million as of December 31, 2024[30]. - Cash and cash equivalents rose by 64.2% to RMB 327.3 million as of June 30, 2025, from RMB 199.3 million as of December 31, 2024[31]. - The total assets as of June 30, 2025, amounted to RMB 1,137,215,357, an increase from RMB 1,019,639,905 at the end of 2024[90]. Shareholder Information - As of June 30, 2025, the total equity of the company is RMB 379,651,762, consisting of 241,241,531 H shares and 138,410,231 domestic shares[63]. - Major shareholder Shanghai Fang Ao owns 42,251,198 domestic shares and 42,251,199 H shares, accounting for approximately 11.13% of the total issued shares[67]. - The company has a diverse shareholder base, with significant stakes held by various investment entities[67]. - The ownership structure indicates a strong concentration of shares among a few major shareholders, enhancing control over corporate decisions[67]. Governance and Compliance - The company has adopted corporate governance practices in line with the listing rules and has confirmed compliance with the standards since the listing date[59]. - The audit committee reviewed the unaudited interim financial information for the six months ending June 30, 2025, and found it compliant with applicable accounting standards[79]. - The external auditor, KPMG, conducted a review of the interim financial report in accordance with the relevant standards issued by the Hong Kong Institute of Certified Public Accountants[79]. Employee and Operational Metrics - As of June 30, 2025, the group had 337 employees, down from 372 on December 31, 2024, with employee costs amounting to RMB 67.8 million for the six months ending June 30, 2025[51]. - Employee costs totaled RMB 67,811,412 for the six months ended June 30, 2025, down from RMB 75,042,382 in 2024, a decrease of about 9%[112]. - The company has established an employee incentive plan to reward and motivate employees, with no dilution effect on issued shares as all relevant shares have been allocated to the incentive platform[78]. Research and Development - Research and development costs decreased by 14.1% to RMB 37.2 million, with the ratio of R&D expenses to revenue dropping to 11.4% from 16.2%[22]. - The company’s research and development costs for the six months ended June 30, 2025, were RMB 2,071,174, compared to RMB 1,331,999 for the same period in 2024[148]. Cash Flow and Financing - Operating cash outflow for the six months ended June 30, 2025, was RMB 147.9 million, an improvement from RMB 183.7 million in the same period of 2024[45]. - The net cash generated from financing activities was RMB 335,453,803, significantly higher than RMB 68,396,657 in the previous year, reflecting a strong financing position[97]. - The company issued H-shares and raised net proceeds of RMB 179,820,532 during the reporting period[97]. Impairment and Provisions - The impairment loss on trade and other receivables increased by 61.5% to RMB 73.5 million for the six months ended June 30, 2025, compared to RMB 45.5 million in 2024[23]. - The expected credit loss for trade receivables as of June 30, 2025, was RMB 227,711,195, with an overall expected loss rate of 35.56%[156]. - Trade receivables impairment provisions increased from RMB 156,825,397 at the beginning of 2025 to RMB 227,711,195 by June 30, 2025, reflecting a significant rise of 45.2%[157].
博雷顿(01333) - 2025 - 中期财报