Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Breton Technology Co., Ltd. 博雷頓科技股份公司 (A joint stock company established in the People ’s Republic of China with limited liability) (Stock Code: 1333) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2026 The Board is pleased to announce the unaudited condensed consolidated interim results of the Group for the six months ended June 30, 2026, together with the comparative figures for the six months ended June 30, 2025. FINANCIAL HIGHLIGHTS For six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Revenue 330,674 326,775 Gross profit 54,484 20,950 Gross profit margin 16.5% 6.4% Loss before taxation 86,633 174,184 Loss for the period 88,457 174,184 For the six months ended June 30, 2026, our revenue was RMB330.7 million, representing a year- on-year increase of 1.2%; our gross profit was RMB54.5 million, representing a year-on-year increase of 160.1%; our gross profit margin was 16.5%, representing a year-on-year increase of 10.1 percentage points; our loss was RMB88.5 million, representing a year-on-year decrease of 49.2%, and the reduction in loss was mainly attributable to an increase in gross profit margin, a substantial decrease in impairment provisions for trade receivables and contract assets, and an increase in other net income such as government grants. Among these, the improvement in gross profit margin was primarily driven by optimization of product mix and contributions from the high-margin business of PV-storage components and electricity sales.
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2 MANAGEMENT DISCUSSION AND ANALYSIS RESULTS OVERVIEW About Breton We are an integrated solution provider focusing on zero-carbon intelligent mining, committed to building a one-stop green intelligent operation system for mining clients worldwide. Centring on electrification and intelligentisation, the Company deeply integrates design, research and development, and manufacturing capabilities to develop battery-electric engineering machinery with autonomous capabilities. It also provides intelligent operation technologies and photovoltaic (“PV”) and storage energy services, forming a full industrial chain value ecosystem spanning “energy supply – equipment application – intelligent driving ”. Relying on our early deployment and deep industry accumulation, we have grown into a leading manufacturer of battery-electric wide-body dump trucks. Our autonomous driving products have been widely deployed in major domestic mining areas across Xinjiang, Inner Mongolia and Hebei, covering diverse and complex operating scenarios such as open-pit coal mines and metal mines, and have achieved commercial operation. Meanwhile, in response to overseas mining clients ’ demand for green energy, we are actively advancing the commercial rollout of energy services for grid- forming photovoltaic energy storage power stations, validating the “PV-storage + mining ” solution across multiple overseas projects, with plans to replicate it in more emerging markets. We will continue to deepen our global business footprint of “Energy + Equipment + Services, ” striving to become the world ’s leading comprehensive service provider for zero-carbon intelligent mines.
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3 Operation Information During the Reporting Period, we recorded a revenue of RMB330.7 million, representing an increase of 1.2% compared to the same period of last year. It is noteworthy that PV-storage microgrids constitute a key foundation and core component of the Group ’s strategic framework of “Energy Supply-Equipment Application-Intelligent Driving ”. Through continuous technological research and breakthroughs as well as project implementation, we have built up capabilities to deliver complete energy solutions ranging from photovoltaic power generation and energy-storage systems to charging facilities, and achieved large-scale deployment at multiple overseas mining areas. As PV-storage projects are successively coming on line for power generation, this business segment has transitioned from the construction-investment phase to the operation-contribution phase. Accordingly, the Group has adjusted its revenue classification by adding “PV-storage components and electricity sales ” (including sales of photovoltaic modules and energy-storage systems, electricity sales, etc.). Meanwhile, in order to present the revenue structure of major products more clearly, the Group has aggregated the revenue category of “battery-electric tractor trucks ”, whose revenue amount was relatively immaterial, with “spare parts and accessories ” into “spare parts, accessories and others ”. The following table sets forth the breakdown of the Group ’s revenue by type and as a percentage of total revenue for the periods as indicated: For the six months ended June 30, 2026 2025 Change RMB’000 % RMB’000 % RMB’000 % (Unaudited) (Unaudited) Product sales: Battery-electric wide-body dump trucks 241,995 73.2 256,471 78.5 (14,476) (5.6) Battery-electric loaders 14,000 4.2 53,855 16.5 (39,855) (74.0) Spare parts, accessories and others 1,641 0.5 10,245 3.1 (8,604) (84.0) Sub-total 257,636 77.9 320,571 98.1 (62,935) (19.6) PV storage components and electricity sales 61,541 18.6 – – 61,541 100.0 Rendering of services 1,698 0.5 832 0.3 866 104.1 Rental income 9,799 3.0 5,372 1.6 4,427 82.4 Total Revenue 330,674 100.0 326,775 100.0 3,899 1.2
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4 BUSINESS REVIEW I. Strategic Considerations and Business Layout (I) General Trend of Industry Transformation The global mining industry stands at a critical historical juncture marked by the overlapping dual waves of energy transition and intelligent revolution. As a typical industry traditionally characterized by high energy consumption, high emissions and high safety risks, the mining sector is entering a window for comprehensive and in-depth transformation. Driven continuously by the policy frameworks for “dual carbon ” goals across various countries and the standards for green mine construction, the evolution path for the green and low-carbon development of mining has advanced from energy- saving technological upgrades in individual segments to systematic reconstruction across the full industrial chain featuring the coordinated advancement of “low-carbon energy mix, green mining processes, electric equipment power systems and digital operational management ”. The fundamental development paradigm of the industry is undergoing radical reshaping. Looking ahead, the core competitiveness drivers of mining enterprises will gradually shift from traditional production capacity scale and equipment costs to a balanced system integrating comprehensive energy consumption levels, labour input intensity, carbon emission management capabilities and overall operational efficiency. The logic governing competition within the industry is being thoroughly rewritten. (II) Industry Pain Points and Underlying Logic Electrification, autonomous driving and clean energy microgrids constitute the three core pillars for the green and low-carbon transformation of mines. The three elements form a highly coupled, interdependent and progressive relationship, none of which can be dispensed with: stable and clean power supply serves as a prerequisite for the large- scale deployment of electric equipment; high-performance electric transport vehicles form the physical foundation for the clean energy substitution strategy; and autonomous driving and intelligent scheduling act as the core support enabling mine operations to deliver cost reduction and efficiency enhancement benefits. At present, most mainstream industry solutions focus on isolated technical improvements. Noticeable fragmentation exists among energy supply, transport equipment and autonomous driving systems, making it difficult to generate system-level synergistic gains. In real mine production scenarios, various subsystems feature prominent dynamic interaction and mutual constraints. Fragmented equipment replacement and partial optimisation are prone to creating bottlenecks at individual links and cannot maximise overall returns. The market is in urgent need of a full-stack integrated solution that coordinates energy microgrids, electric equipment, autonomous driving solutions and operational data to drive comprehensive improvements in mine operations through systematic thinking.
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5 (III) Corporate Strategic Framework and Long-term Positioning Drawing on profound insights into the shifts in fundamental industry demands, the Group has adopted a differentiated development approach of “focusing on full-system reconstruction rather than improvement of individual products ”, with a strategic positioning as an integrated zero-carbon mine operation service provider. Aligned with this positioning, the Group has systematically established a complete three-in-one business framework of “energy microgrids, electric equipment, autonomous driving solutions ”, forming a full business closed loop covering “PV-storage power generation, electric equipment and intelligent transport ”, and building a mutually empowering and co-evolving zero-carbon mine ecosystem. The PV-storage microgrids segment delivers stable and clean power supply via grid-forming microgrids. The electric equipment segment facilitates the physical implementation of energy substitution through a full range of purely battery-electric mining trucks and loaders developed via forward research and development. Leveraging equipment carriers, the autonomous driving segment adopts end-to-end large model-powered autonomous driving technology to realise global scheduling and efficiency optimisation. The synergy among the three segments collectively reshapes the underlying paradigm of mine production and operations. From a medium-to-long-term perspective on the industry competitive landscape, barriers centred on standalone products and technologies continue to erode. Only enterprises capable of the integrated coordination of PV-storage systems, battery- electric equipment and intelligent driving can effectively adapt to the current industrial transformation cycle. The Group strives to become an industry benchmark for systematic zero-carbon mine solutions and spearhead the upgrading of the mining industry with full-stack system capabilities. II. “PV-Storage Microgrids ”: Grid-Forming PV-Storage Microgrids, the Energy Cornerstone of Zero-Carbon Mines “PV-storage microgrids ” serves as the cornerstone of the Group ’s zero-carbon mine strategy. Overseas mining areas often lack stable access to external power grids, and energy systems need to be capable of “self-contained operation and autonomous regulation ”. The grid- forming PV-storage microgrids principally developed by the Group can actively establish voltage and frequency benchmarks without the support of a strong power grid to deliver stable power supply.
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6 In the Democratic Republic of the Congo (DRC), local diesel prices are relatively high, and the power supply at some mining areas is heavily reliant on diesel generators. Leveraging its grid-forming microgrids of “photovoltaics + energy storage ”, the Group achieves large-scale replacement of diesel power generation. Taking the Company ’s project in the Dizwa Mining Area as an illustration, the project is equipped with 76 MWp of photovoltaic capacity and 100 MWh of energy storage, generating approximately 110 million kWh of electricity annually with a notable reduction in power generation cost per kWh. Power supplied by such systems features stability and sustainability, enabling mines to shift from “passive reliance on energy ” to “active control over energy ”, which is a prerequisite for the genuine implementation of electrification and autonomous driving. The Group is advancing the construction of multiple overseas zero-carbon mine energy projects. The Group ’s overseas PV-storage projects are mainly concentrated in Africa. Among them, the Dizwa Project in the DRC (76 MWp PV and 100 MWh storage) was officially connected to the grid for power generation in July 2026, with an estimated stable monthly power generation of approximately 8 million to 11 million kWh; the Ruashi Project in the DRC (118 MWp PV and 330 MWh storage) is under construction, and its Phase I works (30 MWp PV and 60 MWh storage) are expected to be connected to the grid for power generation by the end of the fourth quarter of 2026; the Zimbabwe Project (10.96 MWp PV and 10 MWh storage) has been connected to the grid for power generation, generating a stable monthly output of around 1.2 million kWh; the Sierra Leone Project (16 MWp PV and 35.776 MWh storage) is in the construction phase and is expected to be connected to the grid for power generation at the beginning of the fourth quarter of 2026. The Group ’s overseas business is gradually evolving from an equipment and engineering-focused model towards a model covering “sales of new energy equipment + operation of PV-storage power stations ”. III. “Electric equipment ”: Product Iteration and Upgrade of Manufacturing Capabilities (I) Continuous Upgrade of Product Mix towards High-End and Intelligent Offerings In the first half of 2026, the Group ’s research and development activities advanced steadily, and its electric product mix continued to be optimised and upgraded towards high-end and intelligent directions. In terms of organisational structure, complete vehicle research and development has been integrated into the Central Research Institute of the Group, which, together with the autonomous driving team, forms the core research and development body of Breton, providing organisational support for the “Dual-Driven Computing and Power ” strategy. In respect of product mix, models equipped with large-capacity batteries have become the absolute mainstream in the market, among which models fitted with 801kWh high- capacity batteries account for a prominent share. Demand for autonomous driving models has increased markedly. Autonomous driving mining trucks manufactured in- house by Breton have been deployed in multiple projects including Yankuang, Chengde and Xiwan. In terms of application scenarios, the Group ’s products cover diverse mining segments such as coal mines, building material mines and iron ore mines. Meanwhile, the Group has secured special customised orders including overseas CE (Conformity of Europe) Marking, laying a solid foundation for market expansion in the second half of the year.
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7 (II) Parallel Progress in Stable Iteration of Mass-Produced Models and Breakthroughs in New Product Research and Development During the first half of 2026, the Group continued to establish a tiered product roadmap covering multiple tonnage classes and a multi-scenario product matrix featuring both rigid and flexible vehicle bodies. For mass-produced models, the Group continued to focus on optimising the stable versions of six core new energy mining truck models, namely BRT145-801E, BRT135-801E, BRT135-724E, BRT120-724E, BRT120-400E and BRT105-400E, refining autonomous-driving-related drive-by-wire systems, and responding expeditiously to bulk order deliveries, so as to enhance product reliability and market reputation. During the first half of 2026, with regard to new product research and development, the Group prioritised the development of three strategic models: the BRT126E new energy mining truck, a mid-range mainstream model fitted with an 801kWh battery and a 45-cubic-metre U-shaped cargo body, aiming to become a core volume-driving product in the market; the BRT145-1056E new energy ultra-fast charging mining truck adopting a 1,056kWh ultra-fast charging solution to seize the high-efficiency energy replenishment segment; and the BRT200-1200E flagship heavy mining truck, for which distributed drive technology is jointly developed to set a technical benchmark for the industry. (III) Development of Manufacturing Capabilities and Cost Reduction & Efficiency Enhancement On the manufacturing and operation front, the Group advances the systematic upgrading of its production system and energy management in parallel, aiming to build fundamental capabilities supporting large-scale deployment and global delivery. By further embedding lean manufacturing principles, the Group integrates job responsibilities, manufacturing processes and performance incentives into a standardised and replicable management framework, continuously consolidating the foundations for large-scale production and ensuring technological strengths can be efficiently translated into product and cost advantages. Meanwhile, energy management runs through the entire production and operation chain. Leveraging optimised charging strategies and off- peak power utilisation, the Group drives the shift of energy consumption patterns from an extensive model to a refined model.
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8 IV. “Autonomous Driving ”: From Single-Vehicle Automation to Systematic Intelligence In June 2026, the Group officially launched an intelligent driving large model tailored for mining scenarios in Xinjiang, and unveiled the systematic strategic framework of “Dual- Driven Computing and Power ” concurrently. Rather than focusing on retrofitting individual vehicles for autonomous transformation, this strategy integrates the energy flow, material flow, data flow and decision-making flow within mines into a unified system. It advances the mining production paradigm from fossil fuel reliance to clean energy propulsion, from experience-based scheduling to AI data-driven decision-making, and from isolated equipment operation to systematic intelligent collaboration. The “Mining AI Agent ” takes the intelligent driving large model as the decision-making hub, autonomous electric equipment as the execution carrier, PV-storage microgrids as the energy foundation, and real operational data as the source of iterative evolution. In essence, it enables vehicles, energy resources, scheduling and data to coexist and evolve within a unified AI decision-making framework, redefining the underlying logic of mining production. In terms of technical route, building on its accumulated solutions, the Group continues to invest heavily in the cutting-edge end-to-end large model architecture within the industry. Boasting outstanding generalisation capabilities, the model conducts rational reasoning based on massive pre-trained knowledge in unstructured mining environments instead of mechanically applying fixed rules. The Group strives to develop a portable and reusable mining AI decision-making platform. At present, the autonomous driving business has achieved large-scale deployment in multiple large mining areas, and the Group collaborates with industry partners to advance the industrial ecosystem. In July 2026, the Group jointly launched the “Zero-Carbon Mine Physical World Model ” with a relevant company, establishing a complete evolution closed loop of “virtual simulation training–real scenario verification–data feedback iteration ”. This enables the Mining AI Agent to possess vitality for continuous learning and self-iteration, achieving a genuine leap from technological empowerment to autonomous ecological evolution.
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9 FUTURE DEVELOPMENT AND STRATEGIC OUTLOOK Over the past six months, the global mining industry ’s green and low-carbon transition has evolved from consensus into concrete actions and from isolated pilot projects to systematic roll-out. The logic of industry competition has rapidly evolved from rivalry over the performance of standalone products to an integrated contest centred on full-stack system capabilities and long-term operational value. Based on thorough assessment of the profound industrial transformation, the Group has taken the lead in establishing the systematic three-in-one strategic framework of “Energy Supply– Equipment Application–Intelligent Driving ”, and achieved phased results in key areas including technical verification, product deployment and overseas breakthroughs. The strategic direction is well-defined and the chosen path has been validated through practical operations. We are more convinced that the ultimate solution for zero-carbon mines lies with system integrators capable of achieving deep integration of energy, equipment and intelligence. In the second half of the year, the Group ’s overseas PV-storage microgrid projects have successively entered the operation phase upon being connected to the grid. The Dizwa Project in the DRC (76 MWp PV + 100 MWh energy storage) was officially connected to the grid for power generation in July 2026, and is expected to generate sustained and stable power-operation revenue for the Group starting from the second half of 2026. Phase I of the Ruashi Project in the DRC (30 MWp PV + 60 MWh energy storage) is projected to be connected to the grid for power generation by the end of the fourth quarter of 2026, and the Sierra Leone Project (16 MWp PV + 35.776 MWh energy storage) is expected to be connected to the grid for power generation at the beginning of the fourth quarter. The successive commissioning of the aforesaid projects marks the official transition of the Group ’s overseas PV-storage business from the construction-investment phase to the operation-contribution phase. Looking ahead, the Group will maintain consistent strategic resolve and steadfastly forge ahead along the established development path. On the energy front, the Group will continue to advance the large-scale deployment of grid-forming PV-storage microgrids, and rebuild the energy foundation of mines with the “photovoltaics+energy storage+charging ” solution, enabling each mine to shift from passive reliance on external power to active control of clean energy. On the equipment front, the Group will persist in driving the continuous evolution of its product matrix via forward research and development. A tiered product portfolio covering multiple tonnage classes and adaptable to diverse scenarios will strengthen the capability to translate technological leadership into market leadership. On the intelligent driving front, the Group will fully push forward the roll-out of the end-to-end intelligent driving large model from technical verification to full-scale commercial application. Leveraging the evolution closed loop of “virtual simulation–real scenarios–data feedback ”, the Mining AI Agent will unlock growing efficiency potential through continuous learning. The three business segments serve as prerequisites for and empower one another, jointly forming Breton’s non-replicable systemic moat. This strategic framework will not waver amid short-term market volatility nor disputes over technological routes. In terms of global expansion, the Group will adopt the three-tier progressive strategy as its backbone, supported by auxiliary capabilities covering compliance, delivery and finance. It will steadily and resolutely advance the leap from product exports to capability exports and bring Chinese solutions to the world. We firmly believe that, by maintaining strategic resolve and taking steady steps, the Group will ultimately become an important participant in the global advancement of zero-carbon mines amid this dual transformation of energy and intelligence.
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10 FINANCIAL REVIEW Revenue For the six months ended June 30, 2026, the Group recorded a revenue of RMB330.7 million, representing an increase of 1.2% as compared with RMB326.8 million for the six months ended June 30, 2025. Such change was mainly attributable to the enriched product mix and the increased proportion of PV-storage components and electricity sales businesses. The following table sets forth a breakdown of the Group ’s revenue by type and as a percentage of total revenue for the periods indicated: For the six months ended June 30 2026 2025 RMB’000 As a percentage of revenue RMB’000 As a percentage of revenue (Unaudited) (Unaudited) Sales of products: Battery-electric wide-body dump trucks 241,995 73.2 256,471 78.5 Battery-electric loaders 14,000 4.2 53,855 16.5 Spare parts, accessories and others 1,641 0.5 10,245 3.1 Subtotal 257,636 77.9 320,571 98.1 PV-storage components and electricity sales 61,541 18.6 – – Rendering of services 1,698 0.5 832 0.3 Rental income 9,799 3.0 5,372 1.6 Total revenue 330,674 100.0 326,775 100.0
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11 Gross Profit Margin For the six months ended June 30, 2026, the Group ’s gross profit margin was 16.5%, representing an increase of 10.1 percentage points compared with 6.4% for the six months ended June 30, 2025. Such change was mainly attributable to the optimisation of product mix, in which the revenue proportion of low-margin businesses of battery-electric loaders, spare parts and accessories and others decreased from 19.6% in the corresponding period of last year to 4.7% in the current period, while the high margin business of PV-storage components and electricity sales generated revenue of RMB61.5 million during the period, accounting for 18.6%, and the gross profit margin of the core product, battery-electric wide-body dump trucks, remained stable. Other Net Gains/(Losses) For the six months ended June 30, 2026, the Group ’s net other income was RMB12.2 million, representing an increase of RMB13.4 million compared with net other loss of RMB1.2 million for the six months ended June 30, 2025. Such change was primarily attributable to the receipt of government grants. Selling Expenses For the six months ended June 30, 2026, the Group ’s selling expenses were RMB38.1 million, representing an increase of 27.3% compared with RMB30.0 million for the six months ended June 30, 2025. Such change was primarily attributable to increases in business development expenses, rental expenses and advertising and promotion expenses. For the six months ended June 30, 2026, the Group ’s selling expenses accounted for 11.5% of revenue, representing an increase of 2.3 percentage points compared with 9.2% for the six months ended June 30, 2025. Such change was mainly attributable to the increased selling expenses arising from the Group ’s continuous market expansion. Administrative Expenses For the six months ended June 30, 2026, the Group ’s administrative expenses were RMB38.7 million, representing a decrease of 18.7% compared with RMB47.5 million for the six months ended June 30, 2025. Such change was primarily attributable to a decrease in share-based payment expenses in connection with the grant of restricted share units to employees. Research and Development Costs For the six months ended June 30, 2026, the Group ’s research and development costs were RMB47.7 million, representing an increase of 28.1% compared with RMB37.2 million for the six months ended June 30, 2025.
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12 For the six months ended June 30, 2026, research and development costs accounted for 14.4% of revenue, representing an increase of 3 percentage points compared with 11.4% for the six months ended June 30, 2025. Such change was primarily attributable to the increased R&D expenditure on autonomous driving arising from the Group ’s product iteration and intelligent upgrading. Impairment Losses on Trade and Other Receivables, Contract Assets and Financial Guarantees Issued For the six months ended June 30, 2026, the Group ’s losses of impairment in respect of trade and other receivables, contract assets and financial guarantees issued amounted to RMB11.5 million, representing a decrease of 84.4% compared with the impairment provision of RMB73.5 million for the six months ended June 30, 2025. Such change was mainly attributable to strengthened management by the management over trade and other receivables and contract assets. Finance Income For the six months ended June 30, 2026, the Group ’s finance income was RMB2.2 million, representing a decrease of 47.1% from RMB 4.2 million for the six months ended June 30, 2025. Such change was mainly attributable to the large capital demand for overseas projects, which relatively reduced the idle funds available for interest settlement, leading to a decrease in interest income. Finance Costs For the six months ended June 30, 2026, the Group ’s finance costs were RMB16.3 million, representing an increase of 149.2% compared with RMB6.5 million for the six months ended June 30, 2025. Such increase was mainly attributable to the rise in interest expenses on the Group ’s loans and bank borrowings, as well as the increase in interest expenses on finance leases. Loss for the Period As a result of the foregoing, the Group ’s loss for the period was RMB88.5 million for the six months ended June 30, 2026, representing a decrease of 49.2% compared with RMB174.2 million for the six months ended June 30, 2025.
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13 Non-IFRS Measures To supplement consolidated financial statements which are presented under International Financial Reporting Standards ( “IFRS”), the Group also uses adjusted net loss (a non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with IFRS. The Group also believes that such non-IFRS measure facilitates comparisons of operating performance from period to period and company to company by eliminating potential impact of certain items. The Group believes that such measure provides useful information to investors and others in understanding and evaluating the Group ’s consolidated results of operations in the same manner as they help its management. However, the presentation of the adjusted net loss (a non-IFRS measure) may not be comparable to similarly titled measures presented by other companies. The use of such non-IFRS measures has limitations as analytical tools, and Shareholders and potential investors should not consider them in isolation from, or as a substitute for the analysis of, the Group ’s results of operations or financial condition as reported under IFRS. The Group defines adjusted net loss (a non-IFRS measure) as loss for the period adjusted for (i) equity-settled share-based payment expenses, and (ii) listing expenses. Equity-settled share-based payment expenses consist of non-cash expenses arising from granting of restricted shares to eligible individuals under employee restricted share plans. The following table sets forth a reconciliation of our loss for the period as indicated to adjusted net loss (a non-IFRS measure). For the six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Loss for the period (88,457) (174,184) Adjusted for: Equity-settled share-based payment expenses 1,379 6,721 Listing expenses – 10,893 Non-IFRS measure: Adjusted net loss for the period (87,078) (156,570)
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14 Liquidity and Capital Resources During the Reporting Period, our working capital was primarily sourced from cash from operating activities, bank borrowings, finance leases and equity financing. In accordance with our financial policies, our management monitors and maintains a certain level of cash and bank balances to mitigate the impact of cash flow fluctuations. As of June 30, 2026, the Group ’s total current assets amounted to RMB1,172.7 million (December 31, 2025: RMB1,314.7 million). As of June 30, 2026, the Group ’s total current liabilities amounted to RMB1,462.3 million (December 31, 2025: RMB1,196.2 million). As of June 30, 2026, the Group’s total assets amounted to RMB2,500.7 million (December 31, 2025: RMB2,247.2 million). As of June 30, 2026, the Group ’s total liabilities amounted to RMB1,734.4 million (December 31, 2025: RMB1,440.2 million). As of June 30, 2026, the Group ’s gearing ratio (calculated as total liabilities divided by total assets multiplied by 100%) was 69.4% (as of December 31, 2025: 64.1%). In view of the Group ’s current liquidity position, the Board is of the opinion that, through cash inflows generated from equipment sales and operating activities, ongoing cash inflows from power operation brought by the phased commissioning of PV-storage microgrid projects, as well as the bank credit facilities already obtained, the Group has sufficient financial resources to meet its working capital requirements for the present and for at least the next twelve months. Cash and cash equivalents As of June 30, 2026, the Group ’s cash and cash equivalents were RMB248.5 million, representing a decrease of 29.1% compared with RMB350.3 million as at December 31, 2025. Such decrease was primarily attributable to increased utilisation of investment funds for overseas power station projects. Pledged Bank Deposits As of June 30, 2026, the Group ’s pledged bank deposits were RMB70.1 million, representing a decrease of RMB41.7 million compared with RMB111.8 million as of December 31, 2025. Such decrease was primarily attributable to the release upon maturity of prior year battery deposits and performance deposits for overseas microgrid businesses. Inventories The Group ’s inventories decreased from RMB179.2 million as of December 31, 2025 to RMB108.8 million as of June 30, 2026. Inventory turnover days decreased from 115 days as of December 31, 2025 to 95 days as of June 30, 2026. Such change was primarily attributable to the faster inventory turnover after the clearance of backlog inventories, the strengthened inventory management by the management and the optimization of product mix.
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15 Trade and Other Receivables The Group ’s trade and other receivables increased from RMB651.8 million as of December 31, 2025 to RMB725.7 million as of June 30, 2026. Trade receivables turnover days increased from 210 days as of December 31, 2025 to 258 days as of June 30, 2026. Such change was primarily attributable to the PV-storage micro-grid business, for which the collection period had not yet fallen due under the contracts, resulting in additional trade receivables at the end of the period and thereby lengthening the turnover days. Property, Plant and Equipment The Group ’s property, plant and equipment increased from RMB507.9 million as of December 31, 2025 to RMB837.1 million as of June 30, 2026, mainly due to the investment in construction in progress of property, plant and equipment during the period. Material Investments/ Future Plans for Material Investments or Capital Assets As at June 30, 2026, the Group did not have any material investments or material acquisitions. As set out in the “Business ” section of the Prospectus, the Company is developing its PV-storage- charging energy business in international markets, which may lead to increased investment in PV- storage microgrid assets. On November 24, 2025, the Company completed the placing of a total of 10,000,000 new H shares, of which approximately 70% of the net proceeds from the placing are intended to be used for the investment and development of the Group ’s overseas PV-storage and charging projects. On July 31, 2026, the Company completed the placing of a total of 3,050,000 new H shares with net proceeds of approximately HK$29.5 million, all of which are proposed to be invested in and used for the development of Phase I of the Ruashi Project in the DRC (a 30 MWp PV power station and a 60 MWh energy storage system). As at the date of this announcement, save for the aforesaid plans, the use of proceeds disclosed under “Future Plans and Use of Proceeds ” in the Prospectus and the use of proceeds from the placings disclosed in the announcements of the Company dated November 24, 2025 and July 31, 2026, the Group currently does not have any other future plans for material investments or capital assets. In respect of the above mentioned material investment, the Group expects to fund its capital expenditure requirements in the coming year principally through the following sources: (1) the net proceeds from the aforesaid placing; (2) internally generated working capital of the Group; (3) if necessary, the Group may consider supplementing its funds through bank borrowings or other debt financing; and (4) other financing methods. Other Investments The Group ’s other investments decreased from RMB55.8 million as of December 31, 2025 to RMB55.5 million as of June 30, 2026. Such change was attributable to fair value movements in equity investments in external financial assets. The Group made no new external investments during this Reporting Period (projects which have been contracted but payments have not yet been made were not recognised in the financial statements as the accounting recognition criteria have not been satisfied; please refer to the Company ’s connected transaction announcement dated May 12, 2026 for details). Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures During the six months ended June 30, 2026, we did not have any significant acquisitions or disposals of subsidiaries, associates or joint venture.
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16 Right-of-use Assets The Group ’s right-of-use assets decreased from RMB117.0 million as of December 31, 2025 to RMB111.1 million as of June 30, 2026, primarily attributable to depreciation and amortization of the Group ’s right-of-use assets. Trade and Other Payables The Group ’s trade and other payables increased from RMB632.7 million as of December 31, 2025 to RMB755.3 million as of June 30, 2026, primarily attributable to the expansion of overseas PV- storage microgrid projects, which led to corresponding increases in payables for equipment and construction works. Trade payables turnover days increased from 153 days as of December 31, 2025 to 245 days as of June 30, 2026, primarily attributable to the long construction period of overseas PV-storage microgrid projects under which final payments had not yet been settled, resulting in the increase in trade payables turnover days. Loans and Borrowings The Group ’s loans and borrowings increased from RMB721.5 million as of December 31, 2025 to RMB888.8 million as of June 30, 2026, primarily attributable to increased funding requirements arising from business development and expansion. As of June 30, 2026, the balances of current and non-current loans and borrowings were RMB636.9 million and RMB251.9 million respectively (December 31, 2025: RMB496.7 million and RMB224.8 million). The fixed interest rates as of June 30, 2026 ranged from 2.5% to 6.5% per annum (December 31, 2025: 2.8% to 6.5% per annum). Provisions The Group ’s provisions decreased from RMB19.1 million as of December 31, 2025 to RMB16.2 million as of June 30, 2026, primarily attributable to the improvement in product quality, which led to a reduction in the provisions required to be accrued in respect of new product sales. Contract Liabilities The Group ’s contract liabilities increased from RMB4.3 million as of December 31, 2025 to RMB16.8 million as of June 30, 2026, primarily attributable to prepayments received from more customers recognising and placing orders for the products amid broader market promotion and penetration.
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17 Lease Liabilities The Group ’s lease liabilities decreased from RMB18.7 million as of December 31, 2025 to RMB14.5 million as of June 30, 2026, primarily attributable to the payment of rents for office spaces and land-use rights. Cash Flows For the six months ended June 30, 2026, the Group recorded a net cash outflow from operating activities of RMB165.1 million (for the six months ended June 30, 2025: net cash outflow of RMB147.9 million). Such change was primarily attributable to increased operating cash flow requirements amid the expansion of business scale. For the six months ended June 30, 2026, the Group recorded a net cash outflow from investing activities of RMB39.9 million (for the six months ended June 30, 2025: net cash outflow from investing activities of RMB59.5 million). Such change was primarily attributable to the reduction of expenditure on new purchases of property, plant and equipment. For the six months ended June 30, 2026, the Group recorded a net cash inflow from financing activities of RMB102.8 million (for the six months ended June 30, 2025: net cash inflow from financing activities of RMB335.5 million). Such change was primarily attributable to the Group ’s repayment of matured loans and borrowings. Foreign Exchange Risk As at the end of the Reporting Period, the Group is exposed to foreign exchange risk mainly because the proceeds from the global offering and the placing of new H shares are denominated in Hong Kong dollars, and it holds certain bank deposits denominated in US dollars. The Group has not entered into any financial instruments for hedging purposes, nor has it utilised any currency borrowings or other hedging instruments to hedge foreign exchange risk. (December 31, 2025: Nil). The management of the Company continuously monitors foreign exchange risks and will consider adopting appropriate hedging measures in the future when necessary. Provision of Financial Guarantees Issued Provision of financial guarantees issued includes the Group ’s liability guarantees provided for certain customers, these customers funded their purchases of the Group ’s products through finance leases provided by third-party leasing companies. As at June 30, 2026, the Group ’s maximum exposure to such guarantees was RMB505.5 million (December 31, 2025: RMB505.5 million). For the six months ended June 30, 2026, no customer default incurred (December 31, 2025: nil).
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18 Contingent Liabilities As at June 30, 2026, save for the issued financial guarantees as disclosed above, the Group did not have any material contingent liabilities. Capital Commitments As of June 30, 2026, the Group had capital expenditures on plant and property contracted for but not yet recognised of RMB411.7 million, and equity investments contracted for but not yet recognised of RMB53.0 million, primarily for capital expenditure relating to the purchase of plant and equipment and overseas PV-storage microgrid projects, as well as equity investments in target companies. Pledge of Assets As at June 30, 2026, certain borrowings of the Group were secured by pledges of part of its plant and land use rights. For details, please refer to Note 12c to the Interim Condensed Consolidated Statement of Financial Information. Employees and Remuneration Policy As at June 30, 2026, the Group had 367 employees (as of December 31, 2025: 346). For the six months ended June 30, 2026, staff costs amounted to approximately RMB64.0 million (for the six months ended June 30, 2025: RMB67.8 million). The employee remuneration policy of the Group is determined after taking into account the overall salary level in the industry, employees ’ performance and other factors. To maintain competitiveness and expand its talent pool, the Group reviews and adjusts its remuneration policy from time to time in response to market conditions. It is committed to providing employees with attractive remuneration packages and a vibrant working environment. The Group also provides training for all employees to equip them with the necessary skills to perform their duties and to assist them in achieving their personal career goals and aspirations. Furthermore, the Group offers management and leadership training to suitable employees to further enhance organisational capabilities and drive the Group towards its mission and growth objectives. The Group recognises the importance of employee career development in unleashing their full potential. We provide excellent opportunities for employees through both on-the-job training and formal courses. The Group believes that continuously fostering a unique corporate culture and increasing its investment in training will help enhance employee cohesion and attract more talented people to join us.
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19 CORPORATE GOVERNANCE AND OTHER INFORMATION Interim Dividend The Board did not recommend the payment of any interim dividend for the six months ended June 30, 2026. Purchase, Redemption or Sale of Listed Securities of the Company During the Reporting Period, the Company repurchased a total of 1,420,800 H Shares on the Stock Exchange at an aggregate consideration of approximately HK$26,431,039.01 (including transaction costs and other expenses). Such Shares were held by the Company as treasury shares. As at June 30, 2026, the Company held 1,420,800 treasury shares, which will be used for subsequent employee share incentive plans or cancellation. Details of the share repurchases are set out below: Consideration per share Month of repurchase Number of shares repurchased Highest Lowest Aggregate consideration (HK$) (HK$) (HK$) February 2026 710,800 21.4 20.24 14,987,560.67 June 2026 710,000 16.5 15.65 11,443,478.34 Total 1,420,800 / / 26,431,039.01 Save as disclosed above, during the Reporting Period, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company ’s listed securities (including sale of treasury shares).
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20 Model Code for Securities Transactions by Directors The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules as its own code of conduct to regulate: (i) dealings in the securities of the Company by the Directors, as well as employees who, because of their office or employment, are likely to possess inside information in relation to the Company or the securities of the Company; and (ii) other matters covered by the Model Code. Following specific enquiries made to all Directors, the Company confirms that all Directors have complied with the Model Code during their respective terms of office throughout the reporting period. During the Reporting Period, the Company was not aware of any non-compliance with the Model Code by its employees. Compliance with the Corporate Governance Code The Board believes that high standards of corporate governance are essential in providing a framework for the Group to safeguard Shareholders ’ interests, enhance corporate value, formulate business strategies and policies, and improve transparency and accountability. The Company recognises the importance of good corporate governance for enhancing the management of the Company as well as preserving the interests of the Shareholders as a whole. During the Reporting Period, the Company has adopted corporate governance practices based on the principles and code provisions as set out in the Corporate Governance Code. Save as disclosed below, the Company has complied with all applicable code provisions under the Corporate Governance Code during the Reporting Period. The Company will continue to review and monitor its corporate governance practices to ensure compliance with the code provisions under the Corporate Governance Code. Pursuant to Code Provision C.2.1 of the Corporate Governance Code, the roles of the chairman and the chief executive officer should be separate and should not be performed by the same individual. Currently, Mr. Chen Fangming holds both the positions of the chairman of the Board of the Company and the general manager of the Company. As Mr. Chen Fangming has been responsible for the Group ’s business and overall strategic planning for many years, the Board is of the view that vesting the roles of both the chairman and the general manager in Mr. Chen Fangming is beneficial to the business prospects and management of the Group by ensuring consistent leadership within the Group. Taking into account all the corporate governance measures implemented by the Group, the Board considers that the balance of power and authority under the present arrangement will not be impaired and this structure will enable the Company to make and implement decisions promptly and effectively. Accordingly, the Company has not segregated the roles of the chairman and the general manager. The Board will continue to review and consider splitting the roles of the chairman of the Board and the general manager of the Company as necessary and appropriate, taking into account the circumstances of the Group as a whole.
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21 Significant Events after the Reporting Period Subsequent to June 30, 2026, the Group made capital contributions of approximately RMB13,018,000 in aggregate to three investee companies, comprising two payments of RMB5,000,000 each in July 2026 and one payment of RMB3,018,000 on August 21, 2026, pursuant to agreements entered during the Reporting Period. On July 31, 2026, the Company successfully placed an aggregate of 3,050,000 new H Shares to not less than six independent third parties at the placing price of HK$10.08 per Share. The gross proceeds from the Placing amounted to approximately HK$30.7 million, and the net proceeds after deduction of relevant expenses amounted to approximately HK$29.5 million, all of which will be used for the investment in and development of Phase I of the Ruashi Project in the Democratic Republic of the Congo, specifically including the procurement of photovoltaic modules and energy storage components. Upon completion of the Placing, such Shares represented approximately 0.85% and 0.78% of the issued H Shares and total issued shares (excluding treasury shares), respectively, and none of the placees became a substantial shareholder of the Company immediately after the completion of the placing. The registered capital of the Company was accordingly changed to RMB392,701,762, and the total number of issued Shares increased to 392,701,762 Shares. As disclosed in the announcements of the Company dated July 10, 2026 and July 30, 2026, KPMG retired as the auditor of the Company upon the expiry of its term of office on June 25, 2026 and was not reappointed. On July 30, 2026, the shareholders approved the appointment of Rongcheng (Hong Kong) CPA Limited as the auditor of the Company for a term ending on the conclusion of the next annual general meeting of the Company. Save as disclosed above, the Group had no material subsequent events after June 30, 2026 and up to the date of this announcement. Review by the Audit Committee The Audit Committee has reviewed with the Company ’s management the unaudited condensed consolidated interim financial information of the Group for the six months ended June 30, 2026. The Audit Committee considered that the interim results are in compliance with the applicable accounting standards, laws and regulations, and the Company has made appropriate disclosures thereof. Publication of Interim Results Announcement and Interim Report The 2026 interim results announcement has been published on the website of the Stock Exchange (www.hkexnews.hk) and the Company ’s website (www.breton.top). The interim report of the Company for 2026 will be published on the above websites in due course.
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22 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHS ENDED 30 JUNE 2026 Six months ended 30 June Notes 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Revenue 4(a) 330,674 326,775 Cost of sales (276,190) (305,825) Gross profit 54,484 20,950 Other gains/(losses), net 5 12,200 (1,158) Selling expenses (38,132) (29,958) Administrative expenses (38,659) (47,533) Research and development expenses (47,698) (37,239) Impairment loss on trade, other receivables and contract assets (11,452) (73,541) Loss from operations (69,257) (168,479) Finance income 6(a) 2,208 4,179 Finance costs 6(a) (16,274) (6,526) Share of results of associates (3,310) (3,358) LOSS BEFORE TAXATION (86,633) (174,184) Income tax 7 (1,824) – LOSS FOR THE PERIOD (88,457) (174,184) Attributable to: Equity shareholders of the Company (81,646) (174,184) Non-controlling interests (6,811) – (88,457) (174,184) Loss per share Basic and diluted (RMB) 8 (0.21) (0.48)
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23 INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2026 Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) LOSS FOR THE PERIOD (88,457) (174,184) OTHER COMPREHENSIVE INCOME/(LOSS) Other comprehensive income for the period (after tax and reclassification adjustments) Items that will not be reclassified to profit or loss: Equity investments at fair value through other comprehensive income ( “FVOCI”) – net movement in fair value reserves (not recycling) – 3,791 OTHER COMPREHENSIVE INCOME FOR THE PERIOD – 3,791 TOTAL COMPREHENSIVE LOSS FOR THE PERIOD (88,457) (170,393) Attributable to: Equity shareholders of the Company (81,646) (170,393) Non-controlling interests (6,811) – (88,457) (170,393)
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24 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 June 2026 Notes 30/6/2026 31/12/2025 RMB’000 RMB’000 (unaudited) (audited) NON-CURRENT ASSETS Property, plant and equipment 837,130 507,864 Investment properties 10,078 – Right-of-use assets 111,085 116,989 Intangible assets 1,906 2,332 Interest in associates 21,140 24,450 Other investments 55,526 55,752 Other non-current assets 9 291,175 225,126 Total non-current assets 1,328,040 932,513 CURRENT ASSETS Inventories 10 108,826 179,192 Contract assets 19,506 21,606 Trade and other receivables 11 725,746 651,820 Pledged bank deposits 70,081 111,785 Cash and cash equivalents 248,502 350,312 Total current assets 1,172,661 1,314,715 CURRENT LIABILITIES Loans and borrowings 12 636,895 496,654 Trade and other payables 13 755,256 632,746 Contract liabilities 16,792 4,288 Income tax payables 36,942 38,042 Lease liabilities 174 5,407 Provision 16,231 19,076 Total current liabilities 1,462,290 1,196,213 NET CURRENT (LIABILITIES)/ASSETS (289,629) 118,502 TOTAL ASSETS LESS CURRENT LIABILITIES 1,038,411 1,051,015
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25 Notes 30/6/2026 31/12/2025 RMB’000 RMB’000 (unaudited) (audited) NON-CURRENT LIABILITIES Loans and borrowings 12 251,921 224,821 Lease liabilities 14,321 13,310 Deferred tax liabilities 5,897 5,897 Total non-current liabilities 272,139 244,028 NET ASSETS 766,272 806,987 CAPITAL AND RESERVES Share capital 14(b) 389,652 389,652 Reserves 295,748 398,152 685,400 787,804 Non-controlling interests 80,872 19,183 TOTAL EQUITY 766,272 806,987
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26 1. GENERAL INFORMATION Breton Technology Co., Ltd. (the “Company ”) (博雷頓科技股份公司 )was established as a limited liability company in Shanghai, the People ’s Republic of China (the “PRC”) on 28 November 2016. The Company was converted into a joint stock company with limited liability on 23 November 2022. The Company ’s H shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on 7 May 2025. The address of the registered office and the principal place of business of the Company is located at Room 208, 2/F, Block 3, No. 168 Shennan Road, Minhang District, Shanghai, PRC. The Company and its subsidiaries (the “Group ”) are principally engaged in research and development, manufacture and sale of new energy engineering machinery, and sale of PV-storage components and electricity in the PRC during the reporting period. 2. BASIS OF PREPARATION The interim condensed consolidated financial information for the six months ended 30 June 2026 has been prepared in accordance with IAS 34 Interim Financial Reporting . The interim condensed consolidated financial information does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group ’s annual consolidated financial statements for the year ended 31 December 2025. The interim condensed consolidated financial information has been prepared on the assumption that the Group will continue as a going concern. Notwithstanding that, during the six months ended June 30, 2026, the Group incurred a net operating cash outflow and recorded a loss for the period. The amounts of the above two items were RMB165,094,000 and RMB88,457,000, respectively; the going concern assumption assumes that the Group will be able to meet its obligations and continue its operations for the next twelve months. at the reporting date, the Group has short-term borrowing of RMB636,895,000 and net current liabilities of RMB289,629,000. In view of the Group ’s current liquidity position, expected future cash requirements and contractual obligations, the directors of the Company have given careful consideration to the Group ’s ability to continue as a going concern. In assessing the appropriateness of the going concern basis, the directors of the Company have reviewed the Group’s cash flow projections prepared by management covering a period of twelve months from 30 June 2026. The projections take into account the Group ’s existing financial resources, forecast operating expenditures and contractual obligations falling due during the assessment period. No deferral or modification of any contractual payment obligation has been assumed unless agreed with the relevant counterparty. Taking account of existing liquidity resources and planned financing activities, the directors conclude that the Group will be able to meet its obligations for at least twelve months from the reporting date. Whilst the projections are subject to inherent forecasting risk, there are no material uncertainties that give rise to significant doubt about the going concern assumption.
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27 3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group ’s annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of the following amended IFRS Accounting Standards for the first time for the current period ’s financial information. Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity Annual Improvements to IFRS Accounting Standards – Volume 11 Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 The nature and impact of the amended IFRS Accounting Standards are described below: (a) Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments clarify that a financial asset is derecognised when the entity ’s rights to the contractual cash flows expire or are transferred, while a financial liability is derecognised on the settlement date. The amendments introduce an accounting policy option to derecognise a financial liability that is settled through an electronic payment system before the settlement date if specified criteria are met. The amendments clarify how to assess the contractual cash flow characteristics of financial assets with environmental, social and governance and other similar contingent features. Moreover, the amendments clarify the requirements for classifying financial assets with non-recourse features and contractually linked instruments. The amendments also include additional disclosures for investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features. Since the Group ’s accounting policy for the derecognition of financial assets and liabilities in prior years aligned with the amendments and the Group did not have the financial assets that were addressed by the amendments, the amendments did not have any impact on the interim condensed consolidated financial information. The Group will provide additional disclosures for its equity investments designated at fair value through other comprehensive income in the Group ’s consolidated financial statements for the year ending 31 December 2026. (b) Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity clarify the application of the “own-use ” requirements for in-scope contracts and amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts. The amendments also include additional disclosures that enable users of financial statements to understand the effects these contracts have on an entity ’s financial performance and future cash flows. As the Group did not have any contracts that are in the scope of the amendments, the amendments did not have any impact on the interim condensed consolidated financial information. (c) Annual Improvements to IFRS Accounting Standards – Volume 11 set out narrow scope amendments to IFRS 1, IFRS 7 (and the accompanying Guidance on implementing IFRS 7), IFRS 9, IFRS 10 and IAS 7. The amendments include clarifications, simplifications, corrections or changes to improve consistency in the corresponding IFRS Accounting Standards. The amendments did not have any impact on the interim condensed consolidated financial information.
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28 4. REVENUE AND SEGMENT REPORTING (a) Revenue Disaggregation of revenue from contracts with customers by major products or service lines are as follows: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Revenue from contracts with customers within the scope of IFRS 15 Disaggregated by major products or service lines Battery-electric vehicles – Battery-electric loaders 14,000 53,855 – Battery-electric wide-body dump trucks 241,995 256,471 Spare parts, accessories and others 1,641 10,245 Sale of products 257,636 320,571 Sale of PV-storage components and electricity 61,541 – Rendering of services 1,698 832 320,875 321,403 Revenue from other sources Rental income 9,799 5,372 330,674 326,775 Disaggregation of revenue from contracts with customers by the timing of revenue recognition is as follows: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Disaggregation by timing of revenue recognition – Point in time 319,177 320,571 – Over time 11,497 6,204 Total 330,674 326,775
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29 During the six months ended 30 June 2026, the Group ’s customers with whom transactions have exceeded 10% of the Group ’s revenue are as follows. Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Customer A 82,052 N/A* Customer B 57,975 N/A* Customer C N/A* 56,979 Customer D N/A* 50,974 Total 140,027 107,953 * Less than 10% of the Group ’s revenue. (b) Segment reporting (i) Segment information IFRS 8, Operating Segments , requires identification and disclosure of operating segment information based on internal financial reports that are regularly reviewed by the Company ’s chief operating decision maker for the purpose of resources allocation and performance assessment. The Group manages its businesses as a whole by the most senior executive management for the purposes of resource allocation and performance assessment. The Group ’s chief operating decision maker is the chief executive officer of the Group who reviews the Group ’s consolidated results of operations in assessing performance of and making decisions about allocations to this segment. On this basis, the Company has determined that it only has one operating segment during the six months ended 30 June 2026. (ii) Geographic information The following tables set out information about the geographical location of (i) the Group ’s revenue from external customers and (ii) the Group ’s property, plant and equipment, investment properties, right-of-use assets ( “specified non-current assets ”). The geographical information of the Group ’s revenue from external customers is based on the location at which new energy engineering machinery are delivered. The geographical location of specified non-current assets is based on the physical location of the asset.
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30 Revenue from external customers Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) The PRC 269,133 326,775 Overseas 61,541 – Total 330,674 326,775 Specified non-current assets 30/6/2026 31/12/2025 RMB’000 RMB’000 (unaudited) (audited) The PRC 198,004 336,440 Overseas 760,289 288,413 Total 958,293 624,853 5. OTHER GAINS/(LOSSES), NET Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Government grants* 11,985 2,621 Foreign exchange gain/(loss), net 417 (3,170) Gain/(loss) on disposal of property, plant and equipment, net 496 (4) Others (698) (605) 12,200 (1,158) * The government grants mainly represent rewards and subsidies received from the local governments to support the Group ’s industrial development projects and daily operations. There are no unfulfilled conditions or contingencies relating to these grants.
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31 6. LOSS BEFORE TAXATION Loss before taxation is arrived at after charging/(crediting): (a) Finance (income)/costs Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Finance income Interest income on financial assets measured at amortised cost (387) (607) Interest income on sales under instalment payment (1,821) (3,572) (2,208) (4,179) Finance costs Interest expenses on loans and borrowings 12,933 6,123 Interest expenses on obligations arising from leaseback transactions 1,777 277 Interest expenses on lease liabilities 1,564 126 16,274 6,526 (b) Staff costs Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Salaries, wages and other benefits 56,128 50,914 Discretionary bonuses 720 4,608 Contributions to retirement schemes* 5,760 5,568 Equity-settled share-based payment expenses (note 15) 1,379 6,721 63,987 67,811 * Employees of the Group are required to participate in a defined contribution retirement scheme administered and operated by the local municipal government. The Group contributes funds which are calculated on certain percentages of the average employee salary as agreed by the local municipal government to the scheme to fund the retirement benefits of the employees. The Group has no other material obligation for the payment of pension benefits beyond the annual contributions described above.
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32 (c) Other items Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Depreciation and amortisation – property, plant and equipment 13,234 7,218 – Right-of-use assets 4,819 2,277 – Intangible assets 1,489 439 – Investment properties 162 – Impairment losses recognised – Inventories 761 12,854 – Contract assets 33 44 – Trade and other receivables 11,419 71,536 – Financial guarantee issued – 1,961 Cost of sales (i) 276,190 305,825 Product warranty costs 9,153 9,527 Research and development expenses (ii) 47,698 37,239 Auditors ’ remuneration (iii) 107 2,564 Listing expense – 10,893 Notes: (i) During the six months ended 30 June 2026, cost of sales included staff costs of RMB4,743,000 (30 June 2025: RMB4,870,000), depreciation and amortisation expenses of RMB5,525,000 (30 June 2025: RMB5,360,000) and write-down of inventories of RMB761,000 (30 June 2025: RMB12,854,000), which were also included in note 6(b) or in the respective total amounts disclosed separately above for each of these types of expenses. (ii) During the six months ended 30 June 2026, research and development expenses included staff costs of RMB27,841,000 (30 June 2025: RMB22,297,000) and depreciation and amortisation expenses of RMB255,000 (30 June 2025: RMB277,000), which were also included in note 6(b) or in the respective total amounts disclosed separately above for each of these types of expenses. (iii) During the six months ended 30 June 2026, the Group recognised auditors ’ remuneration in respect of initial public offering of nil (30 June 2025: RMB1,514,000), which are also included in the listing expenses disclosed separately above.
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33 7. INCOME TAX (a) Taxation in the consolidated statements of profit or loss represents: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Provision for income tax for the period 1,824 – (b) Reconciliation between income tax expense and accounting loss at applicable tax rates: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Loss before taxation (86,633) (174,184) Notional tax on loss before taxation, calculated at the rates applicable to profit in the tax jurisdictions concerned (note (i)) (21,658) (43,651) Tax effect of non-deductible expenses 231 265 Tax losses and temporary differences not recognised 22,715 42,793 Tax effect in respect of share of results of associates 536 593 Actual income tax expense 1,824 – Notes: (i) Pursuant to the Enterprise Income Tax (the “EIT”), the Company and its subsidiaries are liable to EIT at a rate of 25%, unless otherwise specified. (ii) Certain subsidiaries in the PRC were entitled to a preferential PRC EIT rate of 5% as it was accredited as small and micro business. (iii) According to the EIT Law and its relevant regulations, entities that qualified as a High and New Technology Enterprises ( “HNTE”) are entitled to a preferential income tax rate of 15%. The Company obtained the HNTE status in 2019 and had this status renewed in 2025.
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34 8. LOSS PER SHARE (a) Basic loss per share Six months ended 30 June 2026 2025 (unaudited) (unaudited) Loss for the period attributable to ordinary equity shareholders of the Company (RMB ’000) (81,646) (174,184) Weighted average number of ordinary shares deemed to be in issue ( ’000) 389,093 359,497 Basic loss per share (RMB) (0.21) (0.48) Weighted average number of ordinary shares in issue or deemed to be in issue is as follows: Six months ended 30 June 2026 2025 (unaudited) (unaudited) Ordinary shares in issue or deemed to be in issue at beginning of period ( ’000) 389,652 351,709 Effect of issuance of H shares through initial public offering (’000) – 3,878 Effect of shares vested under Restricted Share Scheme ( ’000) 81 3,910 Repurchase of ordinary shares ( ’000) (640) – Weighted average number of ordinary shares in issue or deemed to be in issue at end of period ( ’000) 389,093 359,497 (b) Diluted loss per share Restricted shares granted under the Group ’s employee restricted share plans (note 15) were not included in the calculation of diluted loss per share because their effect would have been anti-dilutive. Accordingly, diluted loss per share were the same as basic loss per share.
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35 9. OTHER NON-CURRENT ASSETS 30/6/2026 31/12/2025 RMB’000 RMB’000 (unaudited) (audited) Financial assets measured at amortised cost – Trade receivables due from third parties 69,499 65,298 – Trade receivables due from related parties 9,435 13,863 78,934 79,161 Less: loss allowance on trade and receivables (9,614) (12,174) Trade receivables, net (note 11) 69,320 66,987 Prepayment for property, plant and equipment 139,048 107,679 Contract assets 17,583 4,290 Deposits 65,224 46,170 Total 291,175 225,126 10. INVENTORIES 30/6/2026 31/12/2025 RMB’000 RMB’000 (unaudited) (audited) Raw materials 51,607 125,137 Finished goods 53,729 51,883 Right to recover returned goods 3,490 2,172 108,826 179,192
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36 11. TRADE AND OTHER RECEIVABLES 30/6/2026 31/12/2025 RMB’000 RMB’000 (unaudited) (audited) Trade receivables due from – third parties 591,135 559,618 – related parties 164,632 152,570 755,767 712,188 Less: loss allowance on trade receivables (272,899) (261,480) 482,868 450,708 Less: Trade receivables due more than one year (69,320) (66,987) 413,548 383,721 Bills receivables 96,469 103,482 Other receivables due from – third parties 13,055 10,218 – related parties 1,483 – 14,538 10,218 Less: loss allowance on other receivables (6,000) (6,000) 8,538 4,218 Deposits 34,462 32,515 Prepayments for purchase of raw materials 82,002 68,230 Prepaid expenses 24,731 10,178 Value-add tax recoverable 65,996 49,476 725,746 651,820 All of the trade and other receivables are expected to be recovered or recognised as expense within one year.
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37 (a) Ageing analysis As of the end of the reporting period, the ageing analysis of trade receivables (which are included in trade and other receivables), based on the invoice date and net of loss allowance, is as follows: 30/6/2026 31/12/2025 RMB’000 RMB’000 (unaudited) (audited) Within 1 year 429,778 355,531 1–2 years 35,682 68,319 2–3 years 17,408 20,593 More than 3 years – 6,265 482,868 450,708 (b) Endorsed bank acceptance bills (i) Endorsed bank acceptance bills that are not derecognised in their entirety As at 30 June 2026, the Group endorsed certain bank acceptance bills and commercial bills with carrying amounts of RMB91,047,000 (31 December 2025: RMB77,719,000) to suppliers for settling trade and other payables of the same amount on a full recourse basis. In the opinion of the directors, the Group has not transferred the substantial risks and rewards relating to these bank acceptance bills and commercial bills, and accordingly, these bills receivables and the associated trade and other payables were not de-recognised in the consolidated statements of financial position. (ii) Endorsed bank acceptance bills that are derecognised in their entirety As at 30 June 2026, the Group endorsed certain bank acceptance bills with carrying amounts of RMB35,061,000 (31 December 2025: RMB47,743,000) to suppliers for settling trade and other payables of the same amount on a full recourse basis. The Group derecognised these bills receivable and the payables to suppliers in their entirety in the consolidated statements of financial position. In the opinion of the directors, the Group has transferred substantially all the risks and rewards of ownership of these bills and has discharged its obligation of the payables to its suppliers. The Group considered the issuing banks of the bills are of good credit quality and the non-settlement of these bills by the issuing banks on maturity is not probable. As at 30 June 2026, the Group ’s maximum exposure to loss and undiscounted cash outflow, which was the same as the amounts payable by the Group to suppliers in respect of the endorsed bills, should the issuing banks fail to settle the bills on maturity date, amounted to RMB35,061,000 (31 December 2025: RMB47,743,000).
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38 12. LOANS AND BORROWINGS (a) The analysis of the carrying amount of borrowings in the consolidated statements of financial position is as follows: 30/6/2026 31/12/2025 RMB’000 RMB’000 (unaudited) (audited) Current Short-term bank loans 230,025 112,023 Current portion of long-term bank loans 223,927 201,786 Obligations arising from sale and leaseback transactions 83,092 50,325 Other borrowings 99,851 132,520 636,895 496,654 Non-current Long-term bank loans 139,208 160,913 Obligations arising from sale and leaseback transactions 112,713 63,908 251,921 224,821 888,816 721,475 Interest rates comprise fixed rates and floating rates based on Loan Prime Rate ( “LPR”) and the interest rates per annum of borrowings were: 30/6/2026 31/12/2025 Current loans and borrowings one-year LPR-0.5%-one– year LPR-0.4% or 2.5%-6.5% or interest-free one-year LPR-0.5%-one– year LPR-0.4% or 2.5%-6.5% or interest-free Non-current loans and borrowings over five-year LPR-0.3%-one– year LPR-0.4% or 2.8%-6.5% over five-year LPR-0.3% or 2.8%-6.5%
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39 (b) The borrowings were repayable as follows: 30/6/2026 31/12/2025 RMB’000 RMB’000 (unaudited) (audited) Within 1 year 636,895 496,654 After 1 year but within 2 years 224,857 188,207 After 2 years but within 5 years 27,064 36,614 888,816 721,475 (c) The borrowings of the Group were secured as follows: Notes 30/6/2026 31/12/2025 RMB’000 RMB’000 (unaudited) (audited) Bank loans – Secured (i) 77,064 63,062 – Unsecured 516,096 411,660 593,160 474,722 Obligations arising from sale and leaseback transactions – Secured (ii) 195,805 114,233 Other borrowings – Secured – 1,431 – Unsecured 99,851 131,089 99,851 132,520 888,816 721,475 Notes: (i) As at 30 June 2026, certain bank loans were secured by the Group ’s land use rights, property, plant and equipment and pledged bank deposits with the net carrying amounts of RMB24,679,000, RMB54,031,000 and RMB20,000,000 respectively (31 December 2025: RMB62,220,000, RMB59,849,000 and RMB20,000,000).
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40 (ii) As at 30 June 2026, certain subsidiaries of the Group entered into agreements of sale and leaseback of property, plant and equipment with finance leasing companies, with weighted average interest rate of 6.3% per annum (31 December 2025: 6.4%). The principals and interests should be repaid monthly within 5 years. Based on the assessment from the management of the Group, the finance leasing companies did not obtain control of the assets, and the transfer of assets did not satisfy the requirements of IFRS 15 to be accounted for as a sale of the assets. Therefore, the Group continued to recognise the assets and recognised borrowings equal to the transfer proceeds according to IFRS 9. 13. TRADE AND OTHER PAYABLES 30/6/2026 31/12/2025 RMB’000 RMB’000 (unaudited) (audited) Trade payables due to third party suppliers 428,091 310,122 Bills payable – 65,223 Financial liabilities measured at amortised cost 428,091 375,345 Other payables – Deposits 6,263 6,352 – Payables for purchase of property, plant and equipment 263,623 180,079 – Commission expenses payable 14,874 6,989 – Deposit for restricted shares 1,066 1,066 – Others 19,377 32,980 Accrued payroll and other benefits 14,632 17,506 V AT and sundry taxes payable 693 7,374 Refund liabilities – Accrual of sales return 3,425 1,821 – Arising from sales rebate 3,212 3,234 755,256 632,746 As of the end of the reporting period, the ageing analysis of trade payables (which are included in trade and other payables), based on the invoice date, is as follows: 30/6/2026 31/12/2025 RMB’000 RMB’000 (unaudited) (audited) Within 1 year 424,125 306,173 1 year to 2 years 1,664 2,212 Over 2 years 2,302 1,737 428,091 310,122
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41 14. CAPITAL, RESERVES AND DIVIDENDS (a) Dividends (i) No interim dividend was declared after the end of reporting periods of six months ended 30 June 2026. (ii) No final dividend was declared in respect of the previous financial year, approved or paid during the reporting periods of six months ended 30 June 2026. (b) Share capital and share premium Number of ordinary shares Share capital Share premium Total ’000 RMB’000 RMB’000 Issued and fully paid At 31 December 2025, 1 January 2026 and 30 June 2026 389,652 389,652 1,265,088 1,654,740 15. EQUITY-SETTLED SHARE-BASED PAYMENT The Company has adopted a Restricted Share Scheme, whereby the directors of the Company may, at their discretion, offer to grant a share award to subscribe shares (or share capital before the Company ’s conversion into a joint stock Company, to attract and retain the talents and to provide incentives that align the interests of Shareholders, the Company and employees (the “Grantees ”), for long-term development of the Company. Pursuant to the Restricted Share Scheme, the Company has granted certain restricted shares to the Grantees at a fixed subscription price. All the restricted shares granted shall be vested at the date of 36 months from the date of grant or the date of completion of a qualified listing, whichever is later. The restricted shares are subject to certain transfer and disposal restrictions until the completion of the vesting. Upon the occurrence of certain events within the vesting period, including an employee ceased employment with the Group, the restricted shares would be forfeited and redeemed at the price of subscription price plus simple interest. (a) The details of the grants are as follows: Number of restricted shares Subscription price RMB’000 RMB Restricted shares granted to directors: – on 1 March 2022 3,091,551 0.78 Restricted shares granted to employees: – on 1 February 2020 9,923,879 0.49 – on 1 March 2022 17,518,790 0.78 – on 3 March 2023 811,017 0.78 – on 22 September 2023 1,004,754 0.97 – on 20 December 2023 783,193 0.97
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42 (b) Set out below is the movement in number of the underlying shares of the Company under the Restricted Shares Scheme: 30 June 2026 31 December 2025 Weighted average fair value Number of restricted shares Weighted average fair value Number of restricted shares RMB RMB Outstanding at beginning of period/year 7.53 1,846,687 4.67 26,388,450 Forfeited during the period/year 6.94 (474,038) 3.13 (819,261) Vested during the period/year 7.45 (177,249) 4.50 (23,722,502) Outstanding at end of period/year 7.77 1,195,400 7.53 1,846,687 (c) Expenses for the share-based compensation have been charged to the consolidated statements of profit or loss as follows: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Cost of sales – 9 Selling expenses 655 1,901 Administrative expenses 435 2,740 Research and development costs 289 2,071 1,379 6,721 16. NON-ADJUSTING EVENTS AFTER THE REPORTING PERIOD Subsequent to 30 June 2026, the Group made capital contributions of approximately RMB13,018,000 in aggregate to three investee companies, comprising two payments of RMB5,000,000 each in July 2026 and one payment of RMB3,018,000 in August 2026, pursuant to investment agreements entered into prior to the reporting date. On 31 July 2026, the Group completed a placing of 3,050,000 new H shares at HK$10.08 per share, raising net proceeds of approximately HK$29.5 million. The Company ’s registered capital and total shares increased to RMB392,701,762 and 392,701,762, respectively. Save as above, there were no other significant events subsequent to 30 June 2026.
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43 DEFINITIONS “Audit Committee ” the audit committee of the Board “Board ” or “Board of Directors ” the board of Directors of the Company “Corporate Governance Code” the Corporate Governance Code set out in Appendix C1 to the Listing Rules “Company ” Breton Technology Co., Ltd. （博雷頓科技股份公司） , a limited liability company established under the laws of the PRC on November 28, 2016 and converted into a joint stock company with limited liability on November 23, 2022, the H shares of which are listed on the Main Board of the Stock Exchange (stock code: 1333) “Director(s) ” the director(s) of the Company “Domestic Share(s) ” ordinary share(s) in the share capital of the Company with a nominal value of RMB1.00 each, which is/are subscribed for and paid up in RMB and not listed or traded on any stock exchange “Global Offering ” has the meaning ascribed thereto in the prospectus of the Company dated April 25, 2025 “Group ”, “we” or “us” the Company and its subsidiaries “H Share(s) ” ordinary share(s) in the share capital of the Company with a nominal value of RMB1.00 each, which is/are listed on the Main Board of the Stock Exchange and subscribed for and traded in Hong Kong dollars “HK$” or “Hong Kong dollars ” Hong Kong dollars, the lawful currency of Hong Kong “Hong Kong ” the Hong Kong Special Administrative Region of the PRC “Listing Rules ” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended, supplemented or otherwise modified from time to time “Model Code ” The Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules
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44 “PRC” or “China” the People ’s Republic of China, which for the purpose of this announcement only, excludes Hong Kong, the Macau Special Administrative Region of the People ’s Republic of China and Taiwan “Prospectus ” the prospectus of the Company dated April 25, 2025 “Reporting Period ” the six months ended June 30, 2026 “RMB” Renminbi, the lawful currency of the PRC “Share(s) ” ordinary share(s) in the share capital of the Company with a nominal value of RMB1.00 each, comprising Domestic Share(s) and H Share(s) “Shareholder(s) ” holder(s) of the Share(s) of the Company “Stock Exchange ” The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited “treasury share(s) ” has the meaning ascribed to it under the Listing Rules “subsidiary(ies) ” has the meaning ascribed to it under section 15 of the Companies Ordinance (Chapter 622 of the laws of Hong Kong) “%” per cent By order of the Board Breton Technology Co., Ltd. Mr. Chen Fangming Chairman, General Manager and Executive Director Hong Kong, August 28, 2026 As at the date of this announcement, Directors are (i) Mr. Chen Fangming, Mr. Qiu Debo, Mr. Chen Guomin and Ms. Yang Hui as executive Directors; (ii) Mr. Cao Haiyi and Mr. Wang Zhenkun as non-executive Directors; and (iii) Mr. Zhou Yuan, Mr. Gui Zhenhua, Dr. Jiang Bailing and Dr. Tim Sun as independent non-executive Directors.