Recently, Shanghai Bolei Intelligent Technology Co., Ltd. submitted a report to the Hong Kong Stock Exchange. Its revenue rose from 69.565 million yuan in 2023 to 171 million yuan in 2024, reaching 315 million yuan in the first three quarters of last year, a year-on-year increase of more than 800%.
"The distant Altair, the bright river, the Han girl." Every year on the seventh day of the seventh lunar month, it is the Qixi Festival, a traditional Chinese festival. In the "Chinese Valentine's Day", a festival full of romance, the story of the Cowherd and the Weaver Girl looking at each other across the Milky Way and seeing the Magpie Bridge again is full of love and conveys warmth.
Another company on the autonomous driving track is rushing to the capital market. Shanghai BoLei Intelligent Technology Co., Ltd. (hereinafter referred to as "BoLei Technology") recently officially submitted its report to the Hong Kong Stock Exchange. Its revenue increased from 69.565 million yuan in 2023 to 171 million yuan in 2024, and then to 315 million yuan in the first three quarters of last year, a year-on-year increase of more than 800%. Based on shipments and revenue in 2024, Boradium Technology is the world's largest provider of pure electric autonomous driving mining cards.
Behind the impressive growth rate is serious customer dependence. In the first three quarters of last year, the single largest customer contributed as much as 65% of revenue, and the top five customers accounted for 97.7% of revenue. Bolei Technology chose its own mining truck brand to cover the market, promoted the increase in average selling price through product structure upgrades, and tried to break through the narrow door of expanding losses. Binding the mining giant is the driving force for Boonlei Technology to take off, and it is also the Sword of Damocles hanging overhead. This experiment on the commercialization of autonomous driving is reaching its climax with the submission of the prospectus.
Private brand model
In order to emphasize the characteristics of its own business or its advantages in a certain field, companies preparing to go public often add some attributive words before the industry they are in. Bolei Technology, which recently submitted a report, describes itself this way: "According to data from Chiushi Consulting, we are the world's largest provider of electric driverless mining trucks in terms of shipments and revenue in 2024, and are the first company in China to launch its own brand of self-driving mining trucks and achieve mass production."
According to the prospectus, BoLei Technology’s flagship BoLei Electric Bull brand has launched a series of models developed in cooperation with OEMs (original equipment manufacturers) and will be launched on the market in 2023.
The sale of pure electric self-driving mining trucks is BoLei Technology’s main business, intelligent vehicles. According to information from Chishi Consulting, among self-driving mining card solution providers, BoLei Technology is the only supplier in the industry with independent production facilities. It is also the exclusive provider of integrated charging and swapping mining cards.
The smart car business mainly obtains revenue in three ways. In addition to directly selling vehicles to end customers, it also includes selling vehicles to leasing companies and selling autonomous driving solutions including iDrive autonomous driving systems. Based on the results disclosed in the prospectus for 2023, 2024 and the first three quarters of last year, the smart car business revenue was 57.887 million yuan, 149 million yuan, and 291 million yuan respectively, accounting for 83.2%, 87.2%, and 92.4% of the revenue respectively.
Compared with the first three quarters of 2024, the number of self-driving mining trucks sold by Borei Technology in the first three quarters of last year increased from 0 to 136. This has also become the main reason why the smart car business revenue increased by 1298.6% year-on-year. Regarding the model proportion of the 136 mining trucks and the operating reasons for adopting its own brand model, a reporter from Beijing Business Daily interviewed Bolei Technology through official channels, but the other party had not responded as of press time.
However, Borei Technology stated in its prospectus that the company hired third-party suppliers to provide parts and components required for product manufacturing, and also cooperated with contract manufacturers, who were responsible for the manufacturing, assembly and testing of vehicles and other products. At the same time, it is mentioned in the risk factors section that "the company's reliance on third-party suppliers to manufacture, assemble and test our products will weaken our control over product quantity and quality and may harm our business."
Speaking of this combination, Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, told a reporter from the Beijing Business Daily that what the company calls "independent production facilities" usually refers to the key links of the core integration of the autonomous driving system, sensor calibration, and joint debugging of software and hardware. Acknowledging dependence on third parties is to reveal to investors the objective risks of supply chain disruption, and also to draw the line of responsibility between technical solutions and hardware manufacturing.
The average price of mining cards will fall
As the core equipment responsible for mining transportation tasks, self-driving mining trucks are the starting point for promoting mine automation. Together with excavation, mining and loading, energy replenishment and other links, they form a full operation chain. In the entire chain, Bolei Technology is not limited to selling cars.
The prospectus shows that Bolei Technology’s business landscape consists of three sectors: smart cars, smart mines and smart transportation. Smart Mining Solutions is positioned as a general contracting service provider for the whole mine technology, providing integrated solutions covering loading, transportation, unloading, and energy supply. Revenue comes from the overall solution package, including equipment sales, installation and commissioning, and operation and maintenance service fees. The smart transportation business provides unmanned transportation services for mines, and revenue comes from ongoing operating service fees collected on a monthly basis.
Returning to the core smart car sector, an irreversible industry trend is taking shape: downward pressure on the average price of mining trucks.
According to information from Chishi Consulting, the average price of ordinary mining cards in 2024 will be approximately 1.5 million yuan. As technology iteratively upgrades and manufacturing costs continue to decline due to economies of scale, the average price of mining cards is expected to show a steady downward trend over time.
The main cost of the autonomous driving kit is autonomous driving sensors including lidar, millimeter wave radar, etc. According to industry estimates, the unit price of lidar (a key sensor used for target detection and identification in level 4 autonomous vehicles) is expected to drop by approximately 30% from 2024 to 2030.
Faced with the trend of price cuts, Borei Technology provided a hedging strategy of using "large" to offset "lower" in its prospectus.
When interpreting the increase in smart car business revenue, BoLei Technology said, "We have strategically shifted our sales mix to higher-tonnage and higher-value mining card models, such as the BoLei Electric Niu 145 mining card. Compared with the more common BoLei Electric Niu 105 model in 2023, this model has a higher average selling price."
In short, although the average price of mining trucks is declining, the company is trying to increase the overall unit price by selling flagship models with larger loads and higher configurations. Compared with the 105-ton mining truck, the 145-ton mining truck is not only an increase in load capacity, but also a comprehensive upgrade in battery capacity, wire-controlled chassis complexity, and autonomous driving computing power requirements. This "upward breakthrough" in product structure is Bolei Technology's means to maintain high revenue growth and stable gross profit margin in the downward cycle of industry average prices.
However, overall, the smart car business with the largest revenue contribution is not the sector with the highest gross profit margin. In the first nine months of 2025, the gross profit margins of the smart car, smart mining and smart transportation businesses were 16.1%, 48.9% and 3.6% respectively.
Revenue from the largest customer accounts for 65%
An episode is that when Bolei Technology was founded, it did not directly target the autonomous driving mining truck track. In 2015, Boradium Technology established a limited liability company in Zhangjiang, Shanghai, and launched an intelligent inspection system for photovoltaic power stations. In 2018, it cooperated with molybdenum and tungsten manufacturers to build China's first electric self-driving mining truck fleet. In 2020, it will build an unmanned mining truck production base with its partners.
The customers of Bolei Technology are mainly mining service companies, mine owners, mining truck OEMs and leasing companies. According to the prospectus, the company has received orders for over a thousand self-driving mining trucks from leading mining service companies. In 2023, 2024 and the first three quarters of 2025, the revenue from the five largest customers was 63.6 million yuan, 164 million yuan and 308 million yuan respectively, accounting for 91.5%, 96.1% and 97.7% of the total revenue respectively. The revenue proportions of the largest customers were 70.4%, 37.9% and 65% respectively.
In the risk factors section, Bolei Technology also mentioned its reliance on large customers, saying, "Given the nature of our business, the majority of our annual revenue comes from a small number of customers."
Angel investor Guo Tao told a reporter from the Beijing Business Daily, "In the short term, large customers can bring stable orders and revenue and help companies quickly ramp up production, but over-reliance will lead to a weakening of bargaining power. If customers reduce purchases or change cooperation, it will directly impact revenue. However, the core risk of a company's development depends more on the match between technology iteration capabilities and industry demand. If mining truck autonomous driving technology is subverted, or mining intelligent transformation progress is not as expected, even if customers are dispersed, companies may still face a survival crisis."
Whether it is purely electric or focusing on its own brand of mining trucks, Bolei Technology has not yet perfected its business model. The company's adjusted net losses in 2023 and 2024 were 32.281 million yuan and 60.428 million yuan respectively. In the first three quarters of last year, the figures were 53.304 million yuan, a year-on-year expansion of 17.9%.
"The distant Altair, the bright river, the Han girl." Every year on the seventh day of the seventh lunar month, it is the Qixi Festival, a traditional Chinese festival. In the "Qixi Festival", a festival full of romance, the story of the Cowherd and the Weaver Girl looking at each other across the Milky Way and seeing each other again on the Magpie Bridge is full of love and conveys warmth. It becomes more gentle and moving in the continuous inheritance of Guolai, making people yearn for it. Because of this, the Chinese Valentine's Day has been endowed with a symbol of love and has become a beautiful festival for single men and women to express their love for each other, for couples to express their love to each other, and to grow old together.
Everyone yearns for beautiful feelings, and love is the distinctive theme of Chinese Valentine's Day. In the five thousand years of history and culture of the Chinese nation, there are so many love stories. From the beautiful myth of "Liang Shanbo and Zhu Yingtai fly together as butterflies", to the classic masterpiece of "Xu Xian and White Snake interpret the legend", to the unparalleled love of "Dong Yong and Xiao Qi finally get married"; from the lingering longing of "a kind of lovesickness, two leisurely worries", to the unforgettable feeling of "except Wushan, it is not a cloud", to the sweet tenderness of "the two hearts are filled with fragrance"... In the glittering cultural corridor, every story about a loving couple, every pair of familiar names, and every household legend embodies people’s expectations and yearnings for faithful love and a happy and fulfilling life. This not only embodies the value concept of “harmony and perfection” of the Chinese people, but also the charm of the traditional culture of the Chinese nation.
With the development of the times, the cultural connotation of Chinese Valentine's Day continues to be enriched and enriched. The plain and sincere, warm and long-lasting cultural beauty has traveled through the long river of history and shines brighter in the new era. Looking at the present, in the stage of acquaintance and love, the thick stacked tickets record the courtship process, and the affectionate words are shy and touching; after entering the marriage hall, the pots and pans play the harmonious music of happy days, and the love full of "fireworks in the world" is sublimated into "heart and hand" in the lively life. The "Qixi Festival", which reflects the Chinese nation's views on marriage, love and family, continues to deepen in shouldering family responsibilities, becoming an emotional bond that holds hands and walks together through thick and thin. It also makes the cultural connotations of "harmony" and "consummation" become a beautiful symbol of inheriting the past and leading to the future. Therefore, in real life, conveying the modern family style of loving each other and being happy is not only a bright spot in the magnificent picture of Chinese culture, but also a vivid footnote that highlights the meaning of Chinese Valentine's Day.
"Chinese Valentine's Day" is a symbol of "little love" and the continuation of "big love". "Small love" is the personal love of "when golden wind and jade dew meet, they will conquer countless people in the world", "the falling flower is independent, and the swift swallows fly together", while "big love" is the universal love of "beheading does not matter, as long as the principle is true" and "why do I always have tears in my eyes? Because I love this land deeply". When "little love" and "big love" meet unexpectedly, the love of "Chinese Valentine's Day" becomes even more precious.
On the Chinese Valentine's Day, on the front line of border defense, the people's soldiers watered the hope of life with boundless "great love" and wrote a hymn of life that moved the world; on the front line of the war against the epidemic, the "Angel Dabai" faced the scorching sun, braved the scorching heat, and worked hard day and night on the job, interpreting the feelings and responsibilities of "great love" with actions, building a solid Great Wall to protect people's lives and health; on the battlefield, youth "volunteer red" Go down to the grassroots level, observe people's sentiments, resolve people's worries, warm people's hearts, constantly exchange "hardship index" for the people's "happiness index", and truly let "great love" warm people's hearts in doing practical things... Every firm retrograde, every troubleshooting and relief, every tenacious resistance is a silent declaration of "clear love", and it is also the unchanging truth that the Chinese nation has gone through hardships and endures, has gone through vicissitudes and is in its prime.
It's you who will be waiting for you in "Qi", and I will be looking forward to you in "Xi". Among the stars, "Chinese Valentine's Day" is the reunion of the golden wind and jade dew; under the grapevines, "Chinese Valentine's Day" is the gentle whispers of the Cowherd and the Weaver Girl. Whether it is love or family affection, whether it is "little love" or "big love", always keep the original heart, "start from the heart", encounter romance, encounter beauty, manage with heart, and let personal emotions precipitate in the baptism of time into the "happiness gene" of the family, country and the world. This is the best interpretation of the connotation of "Qixi Festival".
Source: Jingchu.com
The bride price is a carrier of warmth in traditional Chinese wedding customs. It carries blessings for the couple and respect for the woman's family. It is a etiquette rather than a transaction. However, I don’t know since when, this warmth has been distorted by the wind of comparison and alienated by the desire for utilitarianism. In some places, betrothal gifts have changed from "reciprocity" to "clearly marked prices", and from "blessing the newlyweds" to "family games". All kinds of realistic pressures discourage young people who truly love each other, causing ordinary families to become poor or return to poverty due to marriage. What's more, alienating marriage into a naked money transaction will eventually tear apart families, intensify conflicts, and become a difficult problem in social governance.
The reason why this video has received so much attention is precisely because at a time when sky-high betrothal gifts have repeatedly become a social pain point and some marriages are hijacked by money, this father used the simplest actions to set an example for changing customs. He chose to return the bride price, of course, not because he did not value his daughter's marriage, but because he hoped to relieve the burden and pave the way for the small family. What's even more touching is that the young couple, especially the groom, understand the good intentions of their parents and promise to use the money to manage their marriage and family well. I believe that the mutual understanding and unity of the two families will definitely make the future more prosperous, which is far more precious than money.
Of course, controlling sky-high betrothal gifts and promoting the reform of marriage customs have never been just a choice for one person or a family, but a common issue for the whole society. In recent years, the Central Government’s No. 1 document has named and rectified high-value bride gifts in rural areas for many consecutive years. The No. 1 central government document in 2026 once again proposed to continue to rectify high betrothal gifts in rural areas, strengthen joint management of inter-provincial adjacent areas; guide the establishment of correct views on marriage, love, childbirth, and family, and cultivate a simple and civilized marriage custom culture. At the same time, many places have also introduced village rules and regulations to curb the tendency of comparison and advocate zero and low betrothal gifts. A series of measures are cooling down the temperature of betrothal gifts and heating up new trends, and the results of the reform of wedding customs are gradually showing.
But we must also clearly realize that the formation of high betrothal gifts has complex social soil. It not only stems from the comparison mentality in the traditional concept that "the higher the betrothal gift, the more respect you will have", but is also subject to the structural contradiction of the unbalanced male-to-female ratio in rural areas. It also reflects the practical anxiety of some families who hope to seek "marriage security" for their daughters through betrothal gifts. This shows that the management of sky-high betrothal gifts relies on both the rigid constraints of policies and the flexible guidance of ideas; it relies on the continuous improvement of the system and the infiltration of family traditions; it relies on both the active promotion of the government and the conscious participation of the masses.
Specifically, on the one hand, we must continue to strengthen guidance through village regulations, red and white councils and other vehicles, and introduce more incentive measures for "zero-betrothal families" to make civilized marriages honorable and beneficial; on the other hand, we must also severely crack down on chaos such as marriage trusts and marriage fraud in accordance with the law, further clarify the standards for the return of betrothal gifts through judicial channels, and maintain the bottom line of fairness with the rigidity of the rule of law. Looking at a deeper level, the fundamental solution to changing customs is to better protect women's rights and interests, especially to create a fairer employment and development environment for marriageable women. Only when women no longer need to obtain the so-called "security" through high betrothal gifts, can marriage truly get rid of the burden of money and return to the true nature of emotion.
We hope that with the joint efforts of the whole society, the betrothal gifts can return to the true nature of "rituals", marriages can start from the original intention of "love", and every young person can go into battle lightly and embrace the pure and practical happiness. Just as the father in the video hopes: There is nothing more worthy of our protection than two young people living happily together.
Bitcoin is a virtual commodity whose price has continued to skyrocket due to speculation in recent years. Recently, the Henan Province Zhongyuan Oilfield Public Security Bureau successfully cracked the country's first Bitcoin theft case after more than three months of investigation.
On July 27 this year, the Henan Province Zhongyuan Oilfield Public Security Bureau received a call from Wu, a resident of the jurisdiction, claiming that more than 3.4 million yuan worth of Bitcoins he had stored in his online wallet were lost. Wu is a professional investor who started investing in Bitcoin in 2016. In early 2017, he was pulled into a WeChat group of Bitcoin investors.
Zhang Hongzhou, a police officer from the Criminal Investigation Detachment of Zhongyuan Petroleum Field Public Security Bureau in Henan Province: The group leader often posts some messages in the group, saying that it is not safe to put Bitcoin on the trading platform, and it is not absolutely safe. Then he contacts the victim, and when chatting through WeChat, he says that I have a software, and the (electronic) wallet generated by this software is absolutely safe. He sends this software to the victim, and the victim puts all the Bitcoins into this wallet.
WeChat chat records show that WeChat group leader Dai sent the software to Wu on July 16 this year. Following Dai's instructions, Wu deposited 188.31 Bitcoins into the online wallet that day. On July 25, Wu went online after returning from travel and found that the number of Bitcoins in his online wallet was actually 0. Subsequently, Wu contacted Dai many times, but Dai always used various reasons to deal with Wu and was unwilling to have direct contact with him. Under Wu's repeated questioning, Dai actually made an unexpected move.
Victim Wu: In the end, he said that he was also responsible. Although he taught me that I lost my coins, he was also out of good intentions and said that he would compensate me 10 (bit) coins, saying that he could only bear the part that he was responsible for. Later, he actually transferred money to me using Alipay. If it had nothing to do with him, how could he casually accompany others? Hundreds of thousands, not a small amount.
Crack password-stealing software, police arrest suspect
After preliminary investigation, the police determined that Dai, the owner of the WeChat group, was suspected of committing a major crime. On August 9 this year, the police detained Dai in Shanghai. In Dai's home, the police found 27 bank cards and multiple computers. In one of the computers, the police found an online wallet software that was exactly the same as that used by the victim Wu.
It turned out that Dai was proficient in software programming. After cracking the downloaded genuine wallet software, he added a program to transfer usernames and passwords to steal Bitcoins. Once someone else deposited Bitcoins into an electronic wallet, he would know the other person's account name and password and transfer the Bitcoins in the electronic wallet. He stored the stolen Bitcoins in hundreds of online wallets, transferred them back and forth, and sold them at a low price on the trading platform after confirming their safety. In this way, Dai has committed three crimes, involving more than 20 million yuan. At present, the police have identified Dai's account and frozen it, and have recovered more than 2 million yuan in stolen money.
The police reminded that Bitcoin is a virtual commodity and it is difficult to recover it if something goes wrong during the transaction.
Su Haizhou, Captain of the Serious Case Brigade of the Criminal Investigation Detachment of the Zhongyuan Petroleum Field Public Security Bureau of Henan Province: Our country has closed all three Bitcoin trading platforms before the end of October 2017. The country currently only recognizes Bitcoin as a virtual commodity and does not recognize its identity as a virtual currency. Therefore, you need to be cautious if you want to invest in Bitcoin.
(Originally titled "Henan Police cracked the country's first Bitcoin theft case")
Shopping software "cut off"
It’s a gameplay that many people are familiar with
But have you ever seen the "dating version with a knife"?
Many people have been deceived in Shanghai!
77 suspects were detained by the police!
The reporter, 60-year-old Liu, said that he often felt lonely after retirement and downloaded a dating app. "She took the initiative in the software. She said she could meet the handsome guy and have a long-term relationship with him for dinner."
After only chatting for a few minutes, the software prompted that you need to pay to unlock the chat function. You can get 180 gold coins by recharging 16 yuan.
After paying with gold coins, it is equivalent to 0.4 yuan for a text message and 8.8 yuan for a one-minute video call. Whenever two people chat about key information such as mobile phone numbers and addresses, the system will automatically black out and prompt "insufficient intimacy", with the intimacy level always stopping at 99%.
Old man Liu kept recharging money, sometimes several thousand yuan at a time. It was not until more than half a month later that he discovered that the photo and information of the person he was chatting with online were actually changed to another person. Old man Liu slowly realized that this was a fraud.
Another victim, Mr. Zhang, recharged more than 40,000 yuan in a month. After finally getting the contact information of the other party and uninstalling the software as required, he found that WeChat could never pass the verification.
Mr. Zhang, the person who reported the case, said: I feel like I have been deceived by others at such an old age. I can’t keep my old face, and the software has been deleted. Now it is very difficult to dig out the evidence.
After receiving reports from multiple victims, the Shanghai police deployed multiple forces and arrested 77 suspects in Guangdong, Chongqing and other places. After investigation, it was found that the gang used dating advertisements on the Internet to attract traffic, and tailored their words and scripts according to different victims.
The criminal suspect Zhu admitted that the gang gave them tricks to chat with the victims and then asked for gifts to make money.
Most of the "female netizens" with soft voices encountered by victims are men pretending to be online chatters.
The amount involved in the case amounted to more than 8 million yuan, and 77 suspects have been subject to criminal coercive measures on suspicion of fraud.
The criminal suspect Wu regretted after being arrested: "Actually, my parents also let me do legitimate work in peace and quiet in my hometown."
During the Spring Festival, the Shanghai police discouraged more than 8,000 high-risk potential victims and saved more than 190 million yuan in losses through measures such as payment stops, interceptions, and prevention.
Comprehensive: News Square, Jingchu.com
Recently, McDonald's in Germany launched a much-anticipated Ramadan outdoor advertising campaign: throughout Ramadan, its digital billboards are synchronized with the sun and do not display any food pictures during the day. They only display the classic McDonald's empty packaging box - the red French fries box is empty and the burger box lid is closed; when the sun sets and breaks the fast, the screen is "filled" with food in real time, and French fries and burgers appear instantly, accurately echoing the local prayer time.
The creative, called "Happy Ramadan," was developed by German advertising agency Scholz & Friends and aims to respect the Muslim custom of fasting from sunrise to sunset during Ramadan and avoid "disturbing" or "tempting" fasting people with tempting food images during the day. McDonald's Germany said that this move is not only a marketing innovation, but also a manifestation of cultural consideration - "We choose to display the food at the right time and accompany everyone to break fast when needed."
The event quickly became popular on social media, with many netizens praising it as a brand behavior that "truly understands respect", while others believed it reflected the business wisdom of "doing as the Romans do." Some discussions pointed out that the campaign has won advertising awards and sparked heated discussions in global marketing circles.
Germany has a Muslim population of about 5.5 million. During Ramadan, brands often launch special menus or promotions. However, McDonald's used a combination of technology and timing to transform respect into visual narratives, which can be called one of the most ingenious Ramadan marketing cases in recent years. Designs similar to the "empty box" are already running on digital billboards in Berlin, Hamburg, Munich and other places, and the entire Ramadan will last until mid-March.
A spokesperson for McDonald's Germany said: "We hope this creative idea will make people feel that we not only sell food, but also understand and accompany the community every day."
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