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]

Group 1 - The company reported a revenue of 327 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 22.18% [1] - The company incurred a loss of 174 million RMB during the same period, with a basic loss per share of 0.48 RMB [1] - The company accelerated the mass production of self-manufactured electric wide-body dump trucks, utilizing an 800V voltage platform technology that reduced charging time by over 10% [1] Group 2 - In the first half of 2025, sales revenue from autonomous driving equipment accounted for over 11% of total revenue, surpassing the entire revenue from similar business in 2024 [2] - The company’s business model for autonomous driving includes three main approaches: (i) selling unmanned electric equipment to customers; (ii) providing automated operation technology services to clients and charging service fees periodically; and (iii) selling pre-installed chassis without perception and intelligent software [2] - The autonomous driving business primarily relies on sales of autonomous driving equipment and technical services, without adopting an asset-holding operational model, thus minimizing the impact on the company's liquidity [2]

在产品研发方面，博雷顿在2025年上半年加快了自制底盘电动宽体自卸车的批量生产，并推出了充电时 间缩短10%以上的800V电压平台技术。集团还在开发多款新产品，包括充换电技术、135吨级800kwh换 电车型、145吨级增程式电动宽体自卸车、6吨电动装载机以及18吨电动叉装机。这些产品将通过提高动 力电池利用率和续航里程来提升车辆运行效率。 此外，集团的自动驾驶设备销售收入在2025年上半年已占同期总收入的11%以上，超过了2024年全年的 同类业务收入。博雷顿计划通过三种商业模式推广其自动驾驶业务：销售无人化电动设备，提供自动作 业技术服务收取费用，以及销售不含感知和智能化软件的线控底盘电动设备。 博雷顿发布截至2025年6月30日的六个月业绩报告。报告显示，该集团在此期间实现了3.27亿元人民币 的收入，同比增长22.18%，净亏损为1.74亿元，每股基本亏损0.48元。 ...

Core Insights - The company reported a revenue of 327 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 22.18% [1] - The company incurred a loss of 174 million RMB during the same period, with a basic loss per share of 0.48 RMB [1] Group 1: Product Development and Technology - The company accelerated the mass production of self-manufactured electric wide-body dump trucks during the first half of 2025 [1] - The company's 800V voltage platform technology reduced charging time by over 10% [1] - Development of several new products was initiated, including a 135-ton 800kWh battery swap model and a 145-ton range-extended electric wide-body dump truck [1] Group 2: Autonomous Driving Business - Sales revenue from autonomous driving equipment accounted for over 11% of total revenue in the first half of 2025, surpassing the entire revenue for this segment in 2024 [2] - The business model for autonomous driving includes three main approaches: selling unmanned electric equipment, providing technical service fees for automated operation technology, and selling pre-installed chassis without perception and intelligent software [2] - The autonomous driving business primarily relies on sales and technical services, avoiding significant liquidity strain on the company [2]