Core Viewpoint - 博雷顿科技股份公司 has successfully passed the listing hearing and obtained IPO filing from the securities regulatory authority, marking a significant step towards its listing on the Hong Kong Stock Exchange [1][7]. Company Overview - Founded in 2016, 博雷顿 operates across the entire clean energy production, storage, and utilization value chain, providing integrated green energy management solutions and products such as hydrogen fuel and pure electric engineering machinery [1]. - The company specializes in the new energy sector, leveraging core technologies in powertrains, battery packs, and temperature management systems, establishing itself as a leader in the new energy engineering machinery and heavy truck fields [1]. Product Development - 博雷顿 launched its five-ton electric loader model BRT951EV in December 2019, followed by the 90-ton electric wide-body dump truck model BRT90E in May 2020 [1]. - The product lineup primarily consists of electric models, including electric loaders with payloads ranging from three to seven tons and electric wide-body dump trucks with capacities of 90 to 105 tons [1]. Financial Performance - The company has shown continuous revenue growth, with estimated revenues of RMB 360.1 million in 2022, RMB 464.7 million in 2023, and RMB 635.5 million in 2024 [3][4]. - Despite revenue growth, 博雷顿 has faced challenges with operating losses, which were RMB 169.8 million in 2022, RMB 239.4 million in 2023, and RMB 272.3 million in 2024 [3][4]. - In 2024, product sales revenue reached RMB 622 million, accounting for 97.8% of total revenue, with electric wide-body dump truck sales contributing RMB 365 million (57.4%) and electric loader sales contributing RMB 224 million (35.3%) [3]. Financing History - 博雷顿 completed several financing rounds, including A round in October 2018 raising RMB 50.16 million, B round raising RMB 275 million, C round raising RMB 156 million, and C+ round raising RMB 954 million, with post-money valuations increasing significantly [5]. - Prior to the IPO, major shareholders included 上海方翱 (23.05%), 陈方明 (8.48%), and 云部落易津 (0.65%), collectively controlling 32.18% of the company's shares [5]. Future Outlook - With the successful completion of the listing hearing, 博雷顿's future development prospects are highly anticipated, particularly in how it will leverage capital markets to expand its business and enhance profitability [7].