Not there is a brown wire emerging from the ceiling - but the wire with the red sleeving (connected to the brown of the pendant flex) is presumably the live that goes to the new light fitting.
From the ceiling, the black and blue are the neutral that go to the new light.
The wire with the red sleeve is likely to be yellow, this is the live to the new light.
The two green and yellow wires go to the earth on the new light.
The two reds get joined together in a connector block and get tucked away within the new light.
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