[IPO Watch] Backed by State Power Investment Corporation and BYD! Electric mining truck leader Borui Technology sets sights on Hong Kong listing

Over the past two years, the Hong Kong IPO market sentiment has continued to rise, with the niche sector of autonomous mining trucks also experiencing a capital boom. Following$CIDI (03881.HK)$ a successful listing on the Hong Kong stock exchange and Yikong Smart Drive’s queued-up initial public offering, another industry player is accelerating its push into the capital markets.

At the end of January 2026, Shanghai Beray Intelligent Technology Co., Ltd. (hereinafter referred to as 'Beray Technology') officially submitted its prospectus to the Hong Kong Stock Exchange, aiming to capture more capital influence in this billion-dollar potential track.

The capital 'darling' of the electric mining truck sector

As a core player in the electric mining truck field, Berui Technology’s business layout revolves around the dual mainlines of 'autonomous operation + electrification', buildingthree synergistic business segments: smart vehicles, smart mining, and smart logistics。

The smart vehicle business,as the core revenue source, focuses on the 'Berui Electric Bull' series of autonomous electric mining trucks. Among them, the Berui Electric Bull 145, by load capacity, is the world's largest autonomous electric mining truck model as of September 30, 2025.

The smart mining business,mainly provides an integrated solution covering the entire process of 'loading-transportation-unloading-energy replenishment'.

The smart logistics businessfocuses on unmanned transportation services in mines, forming full coverage of the value chain from product sales to operational services.

In terms of market position, according to data from CIC Consulting, as of 2024, by shipment volume and revenue, Berui Technology has becomeThe world's largest provider of electric autonomous mining trucks; as of the end of 2024, it has cumulatively deployed 584 mining trucks, covering more than 20 mines,with the deployment volume of battery swap stations and the shipment volume of unmanned electric shovels both ranking first in the industry.

Its strong industry competitiveness has made it a favorite among investors, with an impressive lineup including State Power Investment Corporation, BYD (01211.HK), Zhongguancun Co-Innovation Fund, and Xi'an Aviation Group, among other well-known institutions.

Notably, competition in the sector has become extremely fierce, with rivals also boasting substantial backing. According to the number of active unmanned mining trucks in 2024, E控智驾 is the world’s largest provider of unmanned driving solutions for mining areas, supported jointly by CATL (300750.SZ)(03750.HK), Nio (09866.HK) (NIO.US), and Zijin Mining (02899.HK); meanwhile, 希迪智驾 recently secured a major order for 500 mining trucks, indicating early signs of market consolidation at the top.

Exponential revenue growth masks underlying profitability issues

Prospectus data shows that Beray Technology is in a phase of rapid scale expansion, particularly with its revenue showing exponential growth.

The number of autonomous mining trucks in operation increased from 378 at the end of 2023 to 856 by the end of September 2025, especially after the commencement of operations at Inner Mongolia Datang Shengli Dong No. 2 Mine in the second half of 2024, during which 120 smart vehicles were newly deployed between October 2024 and November 2025, rapidly expanding the company's scale.

In terms of revenue, the company reported RMB 69.565 million in 2023 (all amounts in RMB unless otherwise stated), rising to RMB 171 million in 2024, and further surging to RMB 315 million in the first three quarters of 2025, demonstrating very strong growth momentum. Additionally, the company has successfully entered overseas markets, completing deployments at the Sorowako mine in Indonesia and shipping products to global mining giants, with initial success in its globalization strategy.

However, while autonomous driving is a promising sector, it remains at a stage of high investment, high R&D, and high operational costs. The issue of 'revenue growth without profit growth' similarly plagues Beray Technology.

Due to being in a phase of business investment, the company has continued to incur losses. The net loss was 32.479 million yuan in 2023, expanded to 60.986 million yuan in 2024, and reached 58.666 million yuan in the first three quarters of 2025. Operating cash flow has also been under pressure, with net cash used in operating activities reaching 183 million yuan in the first three quarters of 2025, a significant increase from the same period last year.

Looking ahead, the explosive demand in this sector offers vast opportunities for industry players. The global 'dual carbon' goals are driving the green transformation of the mining industry. The domestic market for intelligent transformation of mines has reached a scale of hundreds of billions, and overseas mining giants are also actively seeking alternatives. If Borui Technology can leverage the advantages of Hong Kong stock financing to further expand its R&D and production capacity investments, it could consolidate its position as a global leader. However, intensified industry competition also means that it needs to continuously make breakthroughs in technology iteration and cost control.

Facing the dual challenges of customer concentration and tight cash flow

Behind the rapid growth, Borui Technology is also facing significant operational risks, with high customer concentration and tight cash flow being particularly prominent.

In terms of customer concentration, although this is a common characteristic of the intelligent mining industry, Borui Technology's level of reliance remains notably high. In 2023, 2024, and the first three quarters of 2025, revenue from the top five customers accounted for 91.5%, 96.1%, and 97.7% respectively, while revenue from the largest single customer accounted for 70.4%, 37.9%, and 65.0%. Despite the company's clientele including leading industry players like China Huaneng, China Datang, and Angang Group, over-reliance on a few clients may lead to revenue volatility. Any changes in relationships with key clients could significantly impact the company’s operations.

Regarding cash flow and debt, financial pressures on the company continue to mount. As of the end of September 2025, cash and cash equivalents amounted to only 70.798 million yuan, while interest-bearing bank and other borrowings had increased to 258 million yuan during the same period, climbing further to 374 million yuan by the end of November 2025. In the first three quarters of 2025, the company’s current ratio was just 0.8, below the safe threshold of 1, reflecting significant short-term debt repayment pressure.

The commercialization process of autonomous mining trucks remains at a critical stage. Borui Technology’s push for a Hong Kong listing is both a recognition of its industry position and an exposure of growing pains. For investors, its globally leading market share, clear business layout, and prestigious investor base are core attractions, but risks such as customer concentration and tight cash flow must be closely monitored. Going forward, whether the company can optimize operational quality while maintaining growth will be crucial for establishing a solid foothold in the capital markets.

Author: Yuan

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