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IPO Plus - IPO

To-be Listed
Name▼
/
Code▼
 Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date▼
Listing Date▲
Breton
01333.HK		 Auto Parts & Equipment 18 200 N/A 2025/04/30 2025/05/06 2025/05/07
Auntea Jenny
02589.HK		 Beverages (Non-alcoholic) 95.57-113.12 30 3,428 2025/05/02 2025/05/07 2025/05/08
Drinda
02865.HK		 Battery Products 20.4-28.6 100 2,889 2025/05/02 2025/05/07 2025/05/08
Breton (01333.HK)
Summary
We are a China-based provider of electric-powered engineering machinery. We design, develop and commercialize battery-electric engineering machinery with autonomous capabilities and provide intelligent operation services. According to CIC, we ranked third and seventh among all manufacturers of new energy wide-body dump trucks and loaders in China, with a market share of 18.3% and 3.8% in terms of shipments in 2024, respectively, being the only pure-play manufacturer among the top manufacturers of these two types of new energy engineering machinery. In 2024, we achieved a market share of 3.2% in the wide-body dump truck market and 1.3% in the loader market in China in terms of revenue, with both markets including new energy and fuel-powered machinery. We also design and develop e-powertrain kits for battery-electric tractor trucks and collaborate with manufacturers to bring these vehicles to market.

We are a fast-growing manufacturer of battery-electric wide-body dump trucks and loaders. From 2022 to 2024, our shipments of battery-electric wide-body dump trucks grew from 59 to 307 units, and shipments of battery-electric loaders increased from 326 to 450 units, achieving a CAGR of 128.1% and 17.5%, respectively. According to CIC, we ranked first in shipments of battery-electric wide-body dump trucks with battery capacities exceeding 650 kWh for three consecutive years from 2022 to 2024.

Our design and engineering process begins with a detailed analysis of customer requirements and intended use scenarios, which informs our performance-oriented product designs and precise engineering practices. We use different manufacturing arrangements for each product type, leveraging the strengths of both in-house production and external partnerships. Following this strategy, we initially launched the BRT951EV, a five-tonne battery-electric loader model, in December 2019, followed by the introduction of the BRT90E, a 90-tonne battery-electric wide-body dump truck model, in May 2020. As of the Latest Practicable Date, our lineup predominantly featured battery-electric models, including battery-electric loaders with payloads ranging from three to seven tonnes, and battery-electric wide-body dump trucks covering tonnages from 90 to 135 tonnes.

Our business thrives on the strength of advanced technological capabilities. We have been continuously advancing e-powertrain design, electrical and electronic architecture and machine intelligence. We have introduced a charging circuit design for our battery-electric wide-body dump trucks, incorporating four-branch parallel charging circuits that allow four connectors to simultaneously charge a single truck. This innovation makes us the first in the market to enable a 700-kWh battery to be fully charged within approximately 70 minutes under standard working conditions, according to CIC. We are also the first in China to develop and commercialize a dual-motor design for engineering machinery, according to the same source, which resolves the technical issue of mutual interference and power diversion between the drive and working motors, thereby significantly reducing energy consumption and lowering repair and maintenance costs. Moreover, we are the first manufacturer in China to bring autonomous battery-electric wide-body dump trucks and remote-operate battery-electric loaders to the market, according to CIC. Our proprietary suite of remote and autonomous operation technologies enhances the intelligence, safety and efficiency of our loaders and wide-body dump trucks, especially on jobsites where direct human operation is unsafe or impractical due to extreme temperatures or hazardous conditions. These capabilities set us apart from manufacturers that rely heavily on outsourced software for their remote and autonomous operations.

Our technological achievements have earned us significant industry recognition. We are a ‘‘Key Little Giant’’ enterprise designated by the MIIT in 2022, a select category within the national ‘‘Little Giant’’ program that honors novel, high-performing small and medium-sized enterprises in specialized fields. Our e-powertrain kit was recognized as one of the top ten commercialized high-tech achievements of 2022 by the Shanghai Science and Technology Committee. We also play an active role in shaping crucial standards for new energy engineering machinery in China. For instance, we contributed as drafters to the national safety technical specifications for earth-moving machinery, and to the industry standards for technical conditions and testing methods for battery-electric wheeled loaders and battery-electric wide-body dump trucks.

Our Loss-Making Position

In 2022, 2023 and 2024, our net loss was RMB178.1 million, RMB229.4 million and RMB274.5 million, respectively. While our sales efforts to capture market opportunities effectively boosted revenue and sustained a positive gross profit margin throughout the Track Record Period, our net loss widened, primarily due to (i) our substantial upfront investments in product development and commercialization, (ii) our penetration pricing strategy to increase market penetration and capitalize on early-stage market opportunities, (iii) the increase in raw material and components costs, particularly in 2022 and 2023, and (iv) our efforts to accelerate the clearance of inventories of battery-electric tractor trucks because of the strategic shift in our product focus to battery-electric wide-body dump trucks and loaders.

Although we recorded gross profit of RMB36.8 million, the net loss widened in 2024, primarily attributable to (i) an increase in impairment loss on trade and other receivables, contract assets and financial guarantee issued of RMB44.9 million, mainly due to increases in trade receivables balances and the average aging of overdue trade receivables; (ii) an increase in administrative expenses of RMB20.8 million, in relation to listing expenses incurred in 2024; and (iii) an increase in research and development expenses of RMB13.1 million, driven by increased staff costs and material consumption.

In 2022, 2023 and 2024, we had gross loss for battery-electric loaders of RMB12.0 million, RMB11.8 million and RMB15.8 million, representing a gross loss margin of 6.5%, 4.2% and 7.1%, respectively. The gross loss was mainly due to (i) the increased costs of pre-stocked lithium iron phosphate power batteries, or LFP batteries, following a surge in prices of LFP batteries in 2022, and (ii) the lower average selling prices. In 2023, we reduced the average selling price of our loaders from RMB623 thousand in 2022 to RMB581 thousand, contributing to a significant increase in the sales volume from 295 units in 2022 to 484 units in 2023.

However, the average selling price of our loaders further declined to RMB559 thousand in 2024, primarily due to the intense market competition, especially from market players with established positions in traditional fuel-powered loader industry, which led to the higher gross loss margin in 2024.

We recorded gross loss of RMB4.7 million and RMB1.6 million for battery-electric tractor trucks in 2023 and 2024, representing a gross loss margin of 16.4% and 23.1%, respectively, primarily because we reduced the selling prices of our battery-electric tractor trucks to accelerate the clearance of inventories, as we strategically shifted our primary focus to battery-electric loaders and wide-body dump trucks since 2021.



Source: Breton (01333) Prospectus (IPO Date : 2025/04/25)
Listing Market MAIN
Industry Auto Parts & Equipment
Background H Shares
Major Business Area China
Corporate Information
Substantial Shareholders Chen Fangming (31.07%)
Yan Li (6.79%)
Shanghai Zhongdi Investment Co., Ltd. (6.63%)
Hubei Changjiang Automobile Valley Industry Investment Fund Partnership (Limited Partnership) (5.52%)
Hunan Xiangtan Caixin Chanxing Equity Investment Partnership Enterprise (Limited Partnership) (5.52%)
Huzhou Qingyun Xinzhengtu Equity Investment Partnership (Limited Partnership) (5.10%)
Directors Chen Fangming (Chairman and General Manager and Executive Director)
Qiu Debo (President and Executive Director)
Yang Hui (Vice President and Executive Director)
Sun Kanghua (Chief Financial Officer and Executive Director)
Cao Haiyi (Non-Executive Director)
Wang Zhenkun (Non-Executive Director)
Jiang Bailing (Independent Non-Executive Director)
Li Xiaofu (Independent Non-Executive Director)
YIM, Chi Hung Henry (Independent Non-Executive Director)
Zhou Yuan (Independent Non-Executive Director)
Company Secretary Liu Xingyu
Shum Kit Han
Principal Bankers Agricultural Bank of China Limited
China Merchants Bank
Solicitors Cooley HK
All Bright Law Offices
Auditors KPMG
Registered Office Room 1912, 19/F., Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong
Share Registrars Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No (852) 2980-1333
Internet Address http://www.breton.top
Email Address
Tel No
Fax No
 
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