2026.01. 05 本文字数：869，阅读时长大约1.5分钟 作者 | 第一财经 肖逸思 莫一格 近日，电动无人驾驶矿卡解决方案提供商伯镭科技宣布完成新一轮融资，2025年累计融资金额已超 10亿元。 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 伯镭科技的融资是整个无人驾驶矿卡赛道资本热度升温的缩影。据第一财经记者不完全统计，2025 年，该领域累计发生融资事件超过10起，披露融资总金额超29亿元。除伯镭科技外，易控智驾、长 城重工、踏歌智行等企业2025年均完成融资，已披露的单次融资金额主要集中在数亿元级别。2025 年5月，博雷顿赴港上市；同年12月，希迪智驾也正式登陆港交所。相比之下，2024年，无人驾驶 矿卡赛道融资主要发生在头部企业，累计约为6起。 中国矿业大学煤炭精细勘探与智能开发全国重点实验室等机构联合发布的《2025智能矿山暨无人驾 驶行业蓝皮书》显示 ...

中国矿业大学煤炭精细勘探与智能开发全国重点实验室等机构联合发布的《2025智能矿山暨无人驾驶行 业蓝皮书》显示，中国智慧矿山市场规模正以年均超10%的速度增长，预计2025年市场总额将达670亿 元，2035年将突破1200亿元。 近年来，国家层面连续出台相关文件推动矿产企业加大技术投入，无人驾驶矿卡需求也随之激增。2024 年4月，国家矿山安全监察局等部门发布《关于深入推进矿山智能化建设促进矿山安全发展的指导意 见》，要求到2026年全国煤矿智能化产能占比不低于60%。 2024年11月，中国煤炭工业协会发布的《露天煤矿无人驾驶技术应用发展报告》显示，2026年，露天煤 矿无人驾驶矿卡数量预计将达到1万辆。 华泰证券2025年5月发布的研报预计，煤矿开采"无人则安"，政策支持、技术进步、产业资本入局三重 因素叠加，推动煤矿智能化率提升。到2026年智能化煤矿数量占比将达30%，无人矿卡渗透率提升至 30%以上。无人矿卡项目运营已逐步成熟、具备经济可行性，正进入规模化部署阶段。 近日，电动无人驾驶矿卡解决方案提供商伯镭科技宣布完成新一轮融资，2025年累计融资金额已超10亿 元。 伯镭科技本轮融资投资方为中银 ...

Core Viewpoint - The autonomous mining truck industry in China is experiencing rapid growth due to policy support, technological advancements, and increasing demand for safety and efficiency in open-pit coal mining [1][4]. Industry Definition and Characteristics - Autonomous mining trucks are designed for mining transportation, utilizing advanced sensors, high-precision positioning systems, and intelligent decision-making algorithms to operate without human intervention [2][3]. - The industry is characterized by dual drivers of policy and technology, strong market demand, a diversified competitive landscape, and increasing technical maturity [3]. Current Development Status - As of 2024, over 50 open-pit coal mines in China have deployed autonomous mining trucks, with the number of trucks reaching 2,500, doubling from 2023 [4][5]. - The market size for autonomous mining trucks in China is projected to grow from 356 million yuan in 2021 to 3.5 billion yuan in 2024, with expected shipments increasing from 216 units in 2021 to 1,400 units in 2024 [5][6]. Industry Supply Chain - The supply chain consists of upstream components like sensors and algorithms, midstream manufacturing of autonomous trucks, and downstream applications in various mining sectors [8]. Competitive Landscape - The industry features a diverse range of competitors, including specialized technology providers, traditional manufacturers, and cross-industry tech companies, with a notable presence of companies like Yikong Zhijia and Xugong Machinery [9][10]. - Major players such as Xidi Zhijia and Yikong Zhijia are leading the market, with significant revenue contributions from their autonomous mining truck segments [10][11]. Competitive Trends - The commercialization of autonomous mining trucks is expected to accelerate, driven by technological advancements and regulatory improvements, with a focus on safety, efficiency, and cost reduction [12]. - Future competition will center around technology, product diversity, service specialization, global market strategies, and standardized industry practices, indicating a shift towards high-quality development [12].

Core Viewpoint - Boreton (01333.HK) has entered into a placement agreement to issue up to 10 million new H-shares at a price of HKD 25.08 per share, representing a discount of approximately 14.98% from the closing price on November 14, 2023 [1] Group 1: Placement Details - The placement agreement is with Cathay Securities International and TradeGo Markets, aiming to attract at least six subscribers [1] - The maximum 10 million shares represent approximately 4.15% of the total issued H-shares and about 2.63% of the total issued shares as of the announcement date [1] Group 2: Financial Projections - The total gross proceeds from the placement are expected to be approximately HKD 250.8 million, with net proceeds estimated at around HKD 240 million [1] - The net proceeds will be allocated as follows: approximately 70% for investment and development of overseas photovoltaic and energy storage projects, 15% for repaying interest-bearing loans, and the remaining 15% for the research, commercialization, and demonstration application of a multimodal large model-driven autonomous mining truck collaborative scheduling system [1]

Core Insights - The article discusses the rapid development and commercialization of autonomous mining trucks in China, highlighting their suitability for the mining environment due to safety and operational efficiency [1][2][4]. Industry Overview - The autonomous mining truck sector is becoming a focal point for capital markets, with companies like 易控智驾 and 希迪智驾 vying for leadership in this emerging field [3][4]. - By 2025, it is projected that the number of autonomous mining trucks in China will exceed 5,000, with a penetration rate of 20% in new trucks [4]. Market Demand and Safety - Safety is prioritized over cost in mining operations, as accidents can lead to significant financial losses [5][6]. - The deployment of autonomous trucks has led to a reduction in safety incidents by over 70% in mines that have implemented these systems [7]. Operational Efficiency - Autonomous trucks can operate continuously without breaks, increasing daily operational hours by over 2 hours and significantly enhancing transport efficiency [8]. - The labor cost savings are substantial, with autonomous trucks requiring only a few remote monitoring personnel, reducing human resource costs by over 80% compared to traditional operations [9]. Financial Performance - Despite high revenue growth, leading companies in the sector are currently operating at a loss, with 易控智驾 and 希迪智驾 reporting cumulative losses exceeding 9.4 billion and 11 billion respectively from 2022 to 2024 [12][13]. - Revenue growth rates for these companies are impressive, with 易控智驾 achieving a compound annual growth rate of 305.8% [14]. Business Model Transition - The industry is shifting towards a light-asset operational model, moving away from heavy asset investments that have proven to be a barrier to profitability [31][34]. - Companies are adopting subscription models where clients provide their own trucks, and the companies offer software and operational support, which has rapidly increased revenue share [34]. Market Penetration and Client Dependency - The market penetration of autonomous mining trucks remains low, with major clients accounting for approximately 80% of revenue for leading firms [23][24]. - The industry is still in a market education phase, necessitating heavy investments in assets to build client trust and acceptance [25][26]. International Expansion and Competitive Advantage - Chinese companies are leading globally in the deployment of autonomous mining trucks, with a significant number of operational units compared to other mining nations [48]. - The regulatory environment for autonomous mining trucks is more favorable in China, allowing for easier international expansion compared to the more complex regulatory landscape for Robotaxi services [53].

Core Viewpoint - Berai Technology has completed a multi-billion B2 round financing to develop large-tonnage electric unmanned mining trucks, build a manufacturing center, and expand into overseas markets [1] Company Overview - Founded in 2015, Berai Technology initially focused on low-altitude economy and entered the unmanned mining sector in 2018, now covering all types of mines including coal, metal, and building materials [1] - The company has achieved large-scale implementation with over 20 major mining enterprises, including Datang Dong Er Mine and China National Building Material [1] Market Position - By the end of 2024, Berai Technology is projected to hold the largest market share in the pure electric unmanned mining truck sector, with over 300 unmanned trucks operating on its system, accumulating 20 million kilometers of safe operation and transporting over 370 million tons of materials [1] Product Features - Berai Technology's products are characterized by "unmanned driving + unmanned battery swapping," with two mass-produced models: Berai Electric Bull 105 and Berai Electric Bull 145, the latter being the largest electric unmanned mining truck on the market [1] - A scheduling system for large electric fleets has been launched, which monitors battery levels and optimizes battery swapping routes [2] Cost Efficiency - The company estimates that replacing traditional mining trucks with its unmanned vehicles could save billions in labor costs, as the average annual cost for a truck driver is approximately 300,000 yuan [3] - The battery swapping solution alleviates energy replenishment anxiety and reduces fuel costs, making pure electric mining trucks more cost-effective than fuel and hybrid options [3] Strategic Partnerships - Collaboration with State Power Investment Corporation has led to the development of unmanned battery swapping stations, which can complete battery changes in six minutes using robotic arms [2][3] - The partnership with state-owned enterprises strengthens Berai Technology's position in the market, as these entities can bear the costs of heavy assets like battery swapping stations [3] Regulatory Support - Recent policies from the National Mine Safety Administration and local governments mandate increased automation and reduced personnel in mining operations, promoting the adoption of Berai Technology's products [4] Market Potential - The unmanned mining sector is anticipated to become a trillion-yuan market, with Berai Technology expected to benefit significantly from this growth, projecting explosive revenue growth over the next three years [5]