12月7日，在主题为"资本赋能科创 产业引领未来"得2025上证（巢湖）上市公司高质量发展大会上，零 碳矿山机器人第一股博雷顿荣获2025"上证鹰·金质量"奖科创新锐企业奖。奖项花落博雷顿，是对博雷 顿科技创新能力的高度肯定，也标志着零碳矿山机器人第一股以科技创新牵引高质量发展再获资本市场 认可。 "上证鹰·金质量"奖由新华社上海证券报·中国证券网精心策划，聚焦上市公司质量，设置"科技创新 奖"等多项奖项，吸引政府、企业、金融等1000多位代表出席。 本次评选着眼于在高质量发展进程中积极作为的市场经营主体，对其中表现突出的上市公司与管理层进 行表彰，以此激发市场活力，助力中国资本市场行稳致远，夯实深化改革的"压舱石"。 科创新锐实至名归 引领智能矿山革命 作为零碳矿山第一股的博雷顿，正在不断引领智能矿山革命。11月21日公司刚刚发布全新一代无人驾驶 专用矿卡——博雷顿9M145E，标志着我国无人驾驶矿卡从技术展示进入规模量产与可复制阶段，将推 动零碳矿山建设进入产业化快车道。 伴随新车型亮相，博雷顿同步展示了其系统化绿色矿山解决方案。方案以构网型光伏、储能、充电/换 电、电动矿卡、无人驾驶系统以及智慧矿山调度 ...

Core Viewpoint - The launch of the world's first truly driverless dedicated mining truck, the Boreton 9M145E, marks a significant milestone in the transition from manual to fully autonomous operations in the mining industry, positioning Boreton as a leader in the AI + energy sector [1][7]. Group 1: Company Developments - Boreton held a launch event for the 9M145E in Wuhan, showcasing its self-developed E2E intelligent driving system and a design that eliminates the driver's cabin, indicating a shift to true production readiness [1]. - The company has secured substantial orders, including a minimum of 150 electric mining trucks from Fujian Rixin and at least 1,000 units from Mingyang Mining, highlighting strong market demand for its autonomous solutions [1]. - Boreton's advancements in autonomous mining technology have been recognized, with its electric mining trucks and services receiving thousands of purchase requests, including a significant order worth 118 million yuan from China Resources Cement for multiple mining projects [6]. Group 2: Industry Trends - The mining industry is undergoing a transformation driven by dual carbon policies and advancements in artificial intelligence, leading to a wave of commercialized autonomous mining robots [2][3]. - The introduction of electric machinery in mining operations can reduce energy costs by 50%-85% compared to traditional fuel-powered equipment, enhancing the economic viability of the transition to green mining practices [2]. - The overall market for mining robots is expected to grow significantly, with estimates suggesting that the domestic market for key operational machinery could reach 109.7 billion yuan by 2024 [5]. Group 3: Technological Advancements - Boreton's E2E intelligent driving system has been validated through practical applications across various mining sites, achieving operational efficiency comparable to or exceeding that of human operators [4]. - The company's comprehensive solution integrates electric mining trucks, autonomous driving systems, and energy management infrastructure, creating a closed-loop system that significantly improves energy costs and operational efficiency [6]. - The launch of the 9M145E is expected to accelerate the adoption of electric and autonomous technologies in mining, driving the industry towards a new era of robotic operations [7].

Core Insights - The launch of a driverless pure electric mining truck marks a significant advancement in China's mining equipment industry, entering a new phase of "original unmanned" technology [1][2] - The truck features a height of 4.8 meters, a width of 4.5 meters, a length of 11 meters, and a load capacity of 145 tons, with the driver's cabin replaced by integrated equipment [2] - The vehicle utilizes an "end-to-end large model" for deep integration of perception, planning, and control, achieving millisecond-level decision-making response [2] - The truck can reduce carbon emissions by over 500 tons annually compared to traditional fuel vehicles and saves 90% in labor costs [2][3] - The company, Boreton, is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on "networked light storage + new energy vehicles + unmanned driving" [2] Company Overview - Boreton's Wuhan base began production in May last year and has become the 14th complete vehicle factory in Wuhan Economic Development Zone [2] - The company went public on the Hong Kong Stock Exchange in May, becoming the "first stock of zero-carbon mining robots" [2] - The pure electric mining truck has already received overseas orders and has been implemented in four countries, including Sierra Leone and Congo, with plans to expand to more countries next year [3] Industry Implications - The successful mass production of driverless mining trucks is expected to transition the mining industry from pilot demonstrations to large-scale operations [3] - The integration of new energy and autonomous driving technologies in closed environments is creating a new competitive landscape for high-end equipment manufacturing in Wuhan [3]

Core Viewpoint - The launch of the Boreton 9M145E, a new generation of unmanned electric mining trucks, marks a significant shift towards fully autonomous mining operations, representing a key milestone in the transition from traditional manual driving to large-scale implementation of unmanned systems [1][6]. Group 1: Unmanned Driving Capabilities - The new model features Boreton's self-developed E2E end-to-end intelligent driving system, which enhances operational efficiency and stability through multi-dimensional perception integration, intelligent path planning, and real-time decision-making based on a multi-modal mining model [3]. - Compared to traditional manual driving, unmanned vehicles demonstrate improved performance in night shifts, long distances, and complex road conditions, significantly reducing operational fluctuations and increasing effective production per unit time [3][7]. Group 2: Dedicated Unmanned Platform - Unlike traditional vehicles modified for unmanned operation, the new model is designed from the ground up as a dedicated unmanned platform, optimizing structure, safety, and maintenance by removing the driver's cabin [4]. - This design allows for systematic reconstruction of the vehicle's layout, control systems, sensor placements, and energy management, enabling immediate deployment in mining operations and significantly reducing deployment costs [4][8]. Group 3: Systematic Green Mining Solutions - Alongside the new model, Boreton introduced a comprehensive green mining solution that integrates photovoltaic networks, energy storage, charging/replacement systems, electric mining trucks, unmanned driving systems, and smart mining scheduling platforms [6]. - This integrated approach allows mining companies to achieve quantifiable and replicable optimization in energy costs, safety, production rhythm, and emission reduction, driving the green transformation of mining operations [6][10]. Group 4: Industry and Technology Outlook - The global mining industry is undergoing a digital, electric, and automated transformation, with unmanned electric mining trucks entering a phase of accelerated adoption from demonstration projects to widespread application [7]. - Market research indicates that the unmanned mining truck market will experience rapid growth in the coming years, driven by cost reductions from electrification and efficiency improvements from automation [7]. - The increasing penetration of photovoltaic and energy storage solutions in mining will further enhance the cost advantages of electric mining trucks, while advancements in intelligent sensing and multi-modal models will improve the stability and operational capabilities of unmanned systems [7]. Group 5: Long-term Value of Boreton's Approach - Boreton's strategy is considered to have stronger long-term sustainability and competitiveness due to its dedicated unmanned platform, which addresses structural limitations of traditional modification routes [8]. - The deep self-research in the three-electric system, thermal management, and energy replenishment allows for a synergistic relationship between electrification and unmanned driving, creating a more favorable cost curve compared to traditional fuel vehicles [8]. - Boreton's end-to-end algorithm system enhances responsiveness and adaptability to extreme mining conditions, while the comprehensive solution encompassing energy, equipment, and scheduling improves overall operational efficiency and investment returns for mining companies [8][10].

Core Insights - Boreton, known as the "first stock of zero-carbon mining robots," is set to launch its autonomous electric mining truck on November 21, marking a significant advancement in mining automation and the transition to a "truly unmanned" era [1][2]. Group 1: Product Features and Innovations - The new autonomous mining truck is designed from the ground up for unmanned operation, featuring a structure and algorithms specifically tailored for intelligent driving, rather than being a modified traditional vehicle [2][3]. - The removal of the driver's cabin signifies Boreton's comprehensive understanding of "unmanned" technology, enhancing the vehicle's perception capabilities, performance, and safety [2][3]. - Boreton's self-developed E2E intelligent driving system utilizes multi-dimensional perception, path planning, and a multimodal smart mining model to achieve superior efficiency and safety in autonomous operations [2][4]. Group 2: Strategic Vision and Market Positioning - Boreton emphasizes practical and long-term approaches in its development, ensuring that autonomous driving integrates seamlessly into mining operations rather than forcing mines to adapt to new technologies [3][4]. - The company aims to provide a comprehensive solution for smart and zero-carbon mining, moving beyond just vehicle manufacturing to include energy management and intelligent scheduling [4][5]. - Boreton's collaboration with Huawei to develop a photovoltaic and energy storage microgrid addresses the critical issue of stable power supply for electric mining trucks, showcasing its technical advantages in the field [5][6]. Group 3: Industry Implications - The introduction of Boreton's autonomous mining truck represents a shift from traditional equipment upgrades to a more integrated approach that optimizes the entire mining production model, indicating a competitive landscape focused on energy systems rather than just equipment [6]. - The launch event on November 21 is not merely a product release but a pivotal moment for the entire smart and zero-carbon mining sector, reflecting the industry's growing expectations for innovation and efficiency [6].

Core Viewpoint - The upcoming launch event for Boreton's unmanned electric mining truck on November 21 marks a significant transition from "demonstrative intelligent driving" to "true unmanned driving," showcasing China's strength in automation, intelligence, and green transformation in the mining industry [1] Group 1: Practicality and Design - The new mining truck is designed specifically for unmanned driving from the ground up, featuring a structure, control systems, and algorithms tailored for intelligent driving, rather than being a modified version of an existing vehicle [2] - The absence of a driver's cabin reflects Boreton's comprehensive understanding of "unmanned" technology, enhancing the vehicle's perception capabilities, performance, and safety [2] Group 2: Efficiency Revolution - Boreton's new vehicle represents a shift in unmanned driving from being seen as an auxiliary or experimental technology to becoming a genuine efficiency revolution [3] - The self-developed E2E intelligent driving system enables the vehicle to achieve production efficiency comparable to or exceeding that of human-operated vehicles, marking a transition from concept to commercially viable technology in mining automation [3] Group 3: Intelligent Mining System - The E2E intelligent driving system allows for intelligent coordination throughout the entire process of loading, transporting, and unloading, enabling efficient operation in complex environments [4] - The design prioritizes safety, incorporating features such as a high-strength integrated chassis, dual-redundancy braking systems, and intelligent obstacle avoidance algorithms [4] Group 4: Green Mining Solutions - Boreton proposes a systematic green mining solution that integrates unmanned driving with clean energy, creating a closed-loop system for energy self-sufficiency and intelligent operations [5] - This launch is not just about a new product but represents the birth of a comprehensive new production system aimed at enhancing safety and efficiency in mining operations [5]

Core Viewpoint - The report highlights Africa's strategic role in the global energy transition, emphasizing the importance of key minerals such as copper, lithium, cobalt, nickel, rare earths, and platinum group metals in the clean energy supply chain, with Africa being a crucial player due to its rich resources and high grades [3][5]. Group 1: Mineral Resource Development - Zimbabwe, historically known for chrome and coal, is now gaining attention for its lithium resources, with local government pushing for the upgrade of the industry chain from raw mineral exports to mandatory processing into lithium sulfate and lithium carbonate [3]. - Africa holds a central position in global energy transition mineral supply, with the Democratic Republic of Congo possessing 54.55% of global cobalt reserves, and South Africa and Zimbabwe accounting for 79.26% of platinum group metal reserves [5]. - The report indicates that despite Africa's rich resource endowment, mineral development faces challenges such as inadequate infrastructure, weak processing capabilities, and policy uncertainties [4][5]. Group 2: Sino-African Cooperation - There is significant complementarity between Africa's resources and China's manufacturing and green technology capabilities, which can enhance mineral cooperation and support sustainable development in Africa [5][6]. - Chinese enterprises are increasingly involved in infrastructure projects in Africa, improving mineral logistics efficiency, and a collaborative model of "resource development + infrastructure + livelihood projects" is suggested for mutual economic and social benefits [6][7]. - The shift from "resource for capital" to "industry co-construction" is noted, with examples of green practices in mining projects, such as solar-powered operations and electric mining vehicles [7][10]. Group 3: Challenges and Solutions - The need for policy continuity and a dynamic balance between resource sovereignty and investor rights is emphasized as crucial for cooperation [8]. - The concept of "zero-carbon mining" aligns with international trends, and Chinese companies are encouraged to adopt green technologies to enhance competitiveness [8][10]. - The establishment of microgrids in mining areas is proposed as a viable solution to address energy challenges, with a focus on solar, storage, and diesel solutions being more commercially feasible than large-scale power sources [9][10].

Core Insights - The successful operation of the Xinji No. 2 Mine Gas Thermal Power Plant demonstrates the maturity and efficiency of the direct current non-flame oxidation technology developed by Beijing Junfa Technology Group in collaboration with Anhui University of Science and Technology [1][8] Group 1: Technology Implementation - The direct current non-flame oxidation technology addresses the industry's challenge of efficiently utilizing low-concentration gas, which has been a technical bottleneck due to its variability and high utilization costs [2] - The project employs a "smart gas thermal power plant" concept, integrating hundreds of high-precision sensors and intelligent actuators to create a comprehensive control system for gas extraction, purification, combustion, and steam supply [3] Group 2: Economic and Environmental Benefits - Once fully operational, the gas thermal power plant is expected to generate approximately 42 million kilowatt-hours of clean electricity annually, meeting over 80% of the mine's production and living electricity needs, and supplying over 60,000 tons of industrial steam [4] - The plant's operation is projected to save over 50 million yuan annually and avoid additional costs associated with gas management, transforming a liability into an asset [5] - The resource utilization of gas is expected to reduce methane emissions by about 15,000 tons per year, equivalent to a reduction of approximately 340,000 tons of carbon dioxide, comparable to planting over 18 million mature trees [6] Group 3: Future Outlook - Beijing Junfa Technology Group aims to promote the "technology + operation" model established at Xinji No. 2 Mine as a benchmark project, providing a replicable technical sample for the coal industry to address gas management challenges [7] - The company plans to continuously optimize system operation parameters and explore deep utilization of waste heat from gas oxidation, as well as develop low-concentration gas storage technology to stabilize supply [7] - Collaboration with industry associations is intended to help establish national standards for comprehensive gas utilization in coal mines, contributing to the green and low-carbon development of the coal industry [7]

Core Viewpoint - 博雷顿 (01333.HK) has demonstrated significant growth in its first half-year report since listing, with revenue reaching RMB 327 million, a year-on-year increase of 22.2%, and gross profit rising to RMB 20.95 million, up 152.1% [1] Financial Performance - For the six months ending June 30, 2025, the company's gross margin improved to 6.4%, an increase of 3.3 percentage points year-on-year [1] - The gross margin has shown a consistent upward trend, with figures of 2.3%, 2.0%, and 5.8% in the years 2022 to 2024, respectively [1] - Sales expense ratio decreased from 10.2% to 9.2%, and administrative expense ratio fell from 19.8% to 14.6%, indicating effective cost control during business expansion [1] Product Development and Innovation - The company accelerated the mass production of self-manufactured electric wide-body dump trucks, utilizing an 800V voltage platform that reduces charging time by over 10% [2] - New product developments include various electric vehicles and charging technologies aimed at enhancing battery utilization and operational efficiency [2] - The sales revenue from autonomous driving equipment exceeded 11% of total revenue for the first half of the year, surpassing the entire revenue for similar business in 2024 [2] Strategic Partnerships and Market Position - 博雷顿 has established a partnership with Huawei Digital Energy to focus on zero-carbon smart mining and new energy mining vehicle supercharging [3] - The company has been recognized as the "first stock of zero-carbon mining robots" globally, emphasizing its commitment to renewable energy equipment development [3] - 博雷顿 has been selected for inclusion in the Hang Seng Composite Index, effective September 8, 2025, reflecting strong market recognition of its business performance and value [4]

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable decrease in revenue and profit compared to the same period in 2024, attributed to lower coal prices and reduced demand in key industries [2][3]. Company Overview and Financial Indicators - Company Name: Shanxi Lu'an Environmental Energy Development Co., Ltd [2] - Revenue for the first half of 2025: CNY 14.07 billion, a decrease of 20.31% from CNY 17.65 billion in the same period last year [2]. - Total profit for the period: CNY 1.67 billion, down 54.92% from CNY 3.70 billion [2]. - Net profit attributable to shareholders: CNY 1.35 billion, a decline of 39.44% from CNY 2.23 billion [2]. - Net cash flow from operating activities: -CNY 860.84 million, a decrease of 130.16% from CNY 2.85 billion [2]. - Total assets: CNY 79.16 billion, down 1.40% from CNY 80.28 billion at the end of the previous year [2]. Business Operations and Industry Analysis - The company's main business includes coal mining, coal washing, coking, and the development of clean coal technology [3]. - The coal mining industry is characterized as capital and resource-intensive, with demand heavily influenced by macroeconomic conditions and energy needs [3]. - The report indicates a 5.4% year-on-year increase in domestic coal production, while coal imports decreased by 11.1% [3]. - Key industries consuming coal, such as thermal power and steel production, showed declines in output, contributing to a downward pressure on coal prices [3]. Management Discussion and Future Strategies - The company plans to maintain strategic focus and enhance operational efficiency through safety measures, production optimization, cost reduction, and structural upgrades [3][4]. - The company has a strong brand reputation and competitive advantages due to its extensive experience in the coal sector and support from its controlling shareholder [4][5]. - The company has secured exploration rights for additional coal resources, increasing its resource base by over 800 million tons [5]. Financial Performance and Cost Management - The company reported a significant increase in financial expenses by 49.85%, attributed to reduced interest income [5]. - Research and development expenses increased by 3.29%, reflecting ongoing investment in innovation [5]. - The company’s net profit margin and operational metrics are highly sensitive to fluctuations in coal prices, indicating a need for effective cost management strategies [7].