New Stock News | Electric Unmanned Mining Truck Company Berley Technology Submits Application, Not Yet Profitable in Reporting Period

According to the disclosure by the Hong Kong Stock Exchange on January 29th, Shanghai Boray Intelligent Technology Co., Ltd. (hereinafter referred to as Boray Technology) submitted its listing application to the Hong Kong Stock Exchange main board, with CITIC SEC and China Securities Co., Ltd. International as its joint sponsors. Company Overview The prospectus shows that Boray Technology is committed to becoming a global leader in zero-carbon unmanned mining solutions and is the world's first company to deploy a fleet of pure electric autonomous mining trucks in mining areas. According to data from Zhoushi Consulting, by 2024, based on shipment volume and revenue, the company is the world's largest provider of pure electric autonomous mining trucks and the second largest provider of autonomous mining truck solutions in China. Based on its core focus on unmanned mining transportation, the company has built three major collaborative business segments including Smart Vehicles, Smart Mines, and Smart Operations. Smart Vehicles The Smart Vehicles business focuses on the sales of pure electric autonomous mining trucks used in enclosed environments, and was the company's largest source of revenue in the past. The company provides Boray pure electric autonomous mining trucks and solutions to mining service companies, mine owners, and original equipment manufacturers of mining trucks. The revenue of the company's Smart Vehicles business is mainly generated through direct sales to end customers, sales to leasing companies where the previously sold vehicles are leased to end customers under fixed-term arrangements, and sales of autonomous driving solutions including the company's iDrive autonomous driving system. Smart Mines The revenue of the Smart Mines business comes from comprehensive solution packages, covering equipment sales, installation and commissioning, and operation and maintenance service fees. This model synergizes with the Smart Vehicles segment and primarily serves large mining enterprises, including mining service companies and mine owners. Smart Operations The company's Smart Operations business provides unmanned transportation services to mines, with the first Smart Operations service provided in 2022. Mining projects that use the company's Smart Operations services have become benchmarks for the company's capabilities in product and solution stability and reliability. The company's customers mainly include mining service companies, mine owners, mining truck OEMs, and leasing companies, with the majority of revenue coming from the Smart Vehicles business. In 2023, 2024, and the nine-month period ended September 30, 2025, the total revenue from the company's top five customers accounted for 91.5%, 96.1%, and 97.7% of the company's revenue, respectively. Financial Data Revenue Boray Technology's revenue was approximately 69.565 million yuan in 2023, 171 million yuan in 2024, and 315 million yuan in the nine-month period ended September 30, 2025. Profit Boray Technology's net profit was approximately -32.479 million yuan in 2023, -60.986 million yuan in 2024, and -58.666 million yuan in the nine-month period ended September 30, 2025. Gross Profit Margin Boray Technology's gross profit margin was 11.3%, 15.1%, and 15.1% in 2023, 2024, and the nine-month period ended September 30, 2025, respectively. Industry Overview Overview of the Chinese Autonomous Mining Truck Solution Market Autonomous mining trucks are one of the largest and most mature scenarios in low-speed autonomous driving for commercial vehicles. The market size of autonomous mining truck solutions in China was 1.9 billion yuan in 2024, accounting for 57.0% of the Chinese low-speed autonomous driving market for commercial vehicles, with an expected growth to 38.1 billion yuan by 2030, a compound annual growth rate of 64.2%. In terms of shipment volume, the market size of unmanned mining truck solutions in China was 1,400 units in 2024, and is expected to grow to 16,300 units by 2030, with a compound annual growth rate of 51.4%. In terms of competitive landscape, the Chinese market for autonomous mining truck solutions is relatively concentrated, with the top 5 players accounting for over 80% of the market in 2024. Based on the shipment volume in 2024, the company is the second-largest provider of autonomous mining truck solutions in China, with a market share of 13.9%. Based on revenue in 2024, the company is the third-largest provider of autonomous mining truck solutions in China, with a market share of 8.8%. Chinese Electric Autonomous Mining Truck Solution Market Electric autonomous mining trucks are automatic mining transport vehicles powered solely by electricity. Currently, the Chinese market for electric autonomous mining truck solutions is in the early stages of commercialization. According to Zhoushi Consulting, in terms of revenue, the market size of Chinese electric autonomous mining truck solutions is expected to grow from 100 million yuan in 2022 to 500 million yuan in 2024, with a compound annual growth rate of 150.8% from 2022 to 2024. By 2030, the market size of Chinese electric autonomous mining truck solutions is expected to reach 21.1 billion yuan, with a compound annual growth rate of 85.3% from 2024 to 2030. In terms of shipment volume, the electric penetration rate of Chinese autonomous mining trucks is expected to increase from 25.1% in 2024 to 62.0% in 2030. Competitive Landscape The Chinese market for electric autonomous mining truck solutions is still in the early stages of development, with a relatively concentrated market and the top three players holding over 80% market share. Based on shipment volume, the company is also the largest provider of electric autonomous mining truck solutions in China, with a market share of 55.3%. Based on revenue, the company is the largest provider of electric autonomous mining truck solutions in China, with a market share of 32.6%. Board of Directors Information The company's board of directors consists of 8 directors, including 3 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Shareholding Structure As of January 20, 2026, Shanghai Guifu, Jiaxing Bogu, and Qingyunhe are all held by Mr. Hu (as their ordinary partner). Therefore, Mr. Hu, Mr. Yang, Shanghai Guifu, Jiaxing Bogu, and Qingyunhe are a group of controlling shareholders. Mr. Hu is considered to have equity in Shanghai Guifu holding 584,800 shares of non-listed shares, in Qingyunhe holding 337,154 shares of non-listed shares, and in Jiaxing Bogu holding 142,401 shares of non-listed shares. According to a concerted action arrangement, Mr. Yang is presumed to be acting in concert with Mr. Hu. Therefore, under the Securities and Futures Ordinance, Mr. Hu will be deemed to have ownership in the H-shares held or controlled by Mr. Yang, and vice versa. Intermediary Team Joint Sponsors: CITIC SEC (Hong Kong) Limited, China Securities Co., Ltd. (International) Finance Limited Legal advisors to the company: Regarding Hong Kong law: Jingtian & Gongcheng LLP; Regarding Chinese law: Jingtian & Gongcheng LLP; Regarding U.S. regulatory law and international sanctions law: Hogan Lovells International LLP Legal advisors to the joint sponsors: Regarding Hong Kong law: Norton Rose Fulbright Hong Kong; Regarding Chinese law: Hankun Law Firm Auditors and reporting accountants: Ernst & Young LLP Industry Consultants: Zhoushi Industry Consulting Co., Ltd. Compliance Consultants: Zhongtai International Finance Limited