智通财经记者 | 高菁 星星充电母公司拟赴港上市。 1月4日，港交所披露消息显示，万帮数字能源股份有限公司(下称万帮能源)向港交所主板提交上市申请书，联席保荐人为摩根大通、国泰君安国际、招银国 际。 这并非万帮能源首度冲击IPO。 2020年，万帮能源便与国泰君安证券签署过辅导协议，拟首次公开发行人民币普通股并上市，但此后并无进展。 2024年11月，万帮能源于江苏证监局再度进行上市辅导备案，计划在A股上市。有知情人士向智通财经透露，目前该上市辅导已终止。 针对两度冲击A股无果后转战港股的原因，智通财经多次尝试联系万帮能源，截至发稿，尚未获得回应。 "港股上市难度相对低一些，同时海外市场的认可度高一些。"真锂研究创始人墨柯向智通财经分析称。 万帮能源成立于2014年，位于江苏省常州市，是国内头部充电桩运营商星星充电的母公司。根据弗若斯特沙利文数据，去年，万帮能源智能充电设备的全球 销量超47万台，是全球最大的智能充电设备供应商。 作为万帮能源旗下核心品牌，星星充电已与包括梅赛德斯奔驰、保时捷、捷豹路虎、大众在内的汽车品牌达成战略合作。 中国电动汽车充电基础设施促进联盟最新数据显示，截至2025年11月，国内公 ...

在新能源汽车及充电产业领域，"十四五"时期，特锐德率先确立的"充电网+微电网+储能网+数据网"融 合架构全面落地。公司不仅将充电基础设施从单一"负荷终端"升级为具备调节能力的"可控能源节点"， 进一步巩固了在充电桩领域的领先地位。 据统计，截至2025年10月底，特锐德运营公共充电终端达85.5万台，其中直流充电终端51.3万台，市场 份额约24%，排名全国第一；2025年1—10月充电量超过156亿度，市场份额约23%，居行业首位。 作为国内电力设备制造与充电网建设运营的领军企业，特锐德紧扣国家战略，以"智能制造+集成服 务"和电动汽车充电网两大主业为核心，在"源网荷储"深度协同与全球化布局上实现了跨越式发展，交 出了一份高质量发展的答卷。 近年来，特锐德敏锐捕捉新型电力系统建设机遇，持续深化预制化、模块化、智能化的发展路径。面对 新能源高比例接入带来的电网柔性化需求，构建了覆盖新能源发电、电网关键节点和用户侧的高端电力 装备及系统解决方案能力。 这五年，特锐德在国际化方面取得实质性突破，其高压移动式预制舱变电站项目成功落地沙特国家电 网，以模块化、快速部署、数字化运维的整体解决方案，回应了海外市场需求，推 ...

Core Viewpoint - The development of charging infrastructure is crucial for implementing the national "dual carbon" strategy and assessing government governance capabilities in the digital age [1] Group 1: Planning and Design - A systematic planning and guidance mechanism should be established to predict charging demand based on the development trends of new energy vehicles and spatial resource characteristics [1] - The establishment of a district-level "old community power expansion guidance fund" is proposed to secure funding for infrastructure upgrades through diversified financing methods [1] - Safety technical guidelines for charging facility construction should be developed in collaboration with relevant departments and fire rescue agencies [1] Group 2: Collaborative Mechanisms - A joint meeting system should be established, led by district leaders, involving relevant departments, street offices, power supply companies, and operating enterprises for charging facility construction [1] - A management responsibility list for charging facility construction should be created to clearly define the responsibilities of government departments, communities, property companies, and operating companies in various stages of application, construction, operation, and maintenance [1] Group 3: Operational Model Innovation - The promotion of a unified construction and operation model is suggested, where professional operating companies are responsible for the construction and maintenance of charging facilities to enhance service quality [2] - The establishment of a unified smart charging service platform across the district is recommended, along with a regulatory mechanism covering the entire lifecycle of charging facilities [2]

Group 1 - The core issue raised by media reports is the alleged "dark box operation" by charging pile manufacturers, leading to increased charging costs for consumers and concerns about the efficiency of electric vehicles [1][4] - Charging operator Judian New Energy has issued a statement addressing these allegations, emphasizing that it strictly adheres to national metrology regulations and industry standards, and that all charging equipment is calibrated by legal metrology testing institutions [1][4] - The company has initiated a nationwide inspection of charging pile equipment, focusing on measurement accuracy and charging efficiency, and plans to disclose the components of charging fees (including electricity and service fees) while establishing a user feedback channel to address issues promptly [4] Group 2 - Judian New Energy specializes in the research, production, sales, and operation of smart charging piles, having served millions of charging users to date [4]

Group 1 - The core viewpoint of the article highlights that by October 2025, the sales of new energy vehicles (NEVs) in China are expected to account for 51.6% of total new car sales, marking a significant milestone where the market share surpasses half [1] Group 2 - The rapid growth of NEVs has led to a substantial increase in demand for charging infrastructure, which is also developing quickly [3] - However, issues such as unclear service fees, lack of standardization for parking fees, and the prevalence of "zombie charging stations" have emerged, indicating a need for improvement [3][9] Group 3 - Public charging facilities, referred to as "public fast charging stations," are now widely available, with charging costs primarily consisting of electricity fees set by the government and service fees determined by operating companies [5] - Many EV owners are unclear about the scope of the service fees, with instances where the service fee for charging exceeds the electricity cost [5] Group 4 - EV owners may incur additional fees for occupying a charging spot beyond the charging time, which operators claim is to protect the rights of other users rather than for profit [6] - Some EV owners have reported a lack of clear notifications regarding these fees on mobile apps or charging stations, leading to unexpected charges [6] Group 5 - The presence of abandoned or poorly maintained "zombie charging stations" significantly detracts from the charging experience for users [7] - The article emphasizes that ensuring the smooth operation of charging infrastructure is crucial for the healthy development of the NEV industry [9] Group 6 - To address these challenges, it is essential for operators to enhance service quality, and for regulatory bodies and industry associations to collaborate in guiding orderly market development [9] - Improving the user experience and addressing infrastructure shortcomings are vital for the continued growth and reliability of the NEV sector [9]

Core Viewpoint - The article discusses the growth of China's new energy vehicles (NEVs) and charging piles, highlighting the decreasing vehicle-to-pile ratio while emphasizing that the charging difficulties persist due to the imbalance between private and public charging infrastructure [5][6][8]. Group 1: Growth of NEVs and Charging Infrastructure - In 2020, China had 4.92 million NEVs and 1.68 million charging piles, with a vehicle-to-pile ratio of 3.1:1. By 2022, NEV ownership rose to 13.1 million, and charging piles increased to 5.2 million, reducing the ratio to 2.5:1 [5][6]. - Projections for 2024 indicate NEV and charging pile ownership will reach 31.4 million and 13.08 million, respectively, with a further decrease in the vehicle-to-pile ratio to 2.4:1 [6]. - As of mid-2025, NEV ownership is expected to hit 36.89 million, with charging piles around 16.04 million, leading to a vehicle-to-pile ratio of 2.3:1 [6]. Group 2: Charging Difficulties - The article argues that simply observing a declining vehicle-to-pile ratio does not accurately reflect the alleviation of charging difficulties, as it fails to differentiate between public and private charging piles [8]. - By the end of 2024, out of 16.04 million charging piles, 11.94 million will be private piles, leaving owners of vehicles without charging piles reliant on public options [10]. - The growth of private piles has consistently outpaced public piles, with private piles increasing by 373,000 and public piles by only 85,300 in 2024 [11]. Group 3: Public Charging Infrastructure Challenges - The article identifies three critical variables affecting charging difficulties: the percentage of vehicle owners with private charging piles, the ratio of new public piles to vehicles without charging piles, and the ratio of existing vehicles to public piles [14][15]. - The ratio of existing vehicles to public piles has worsened from 6.5:1 in 2021 to 9:1 by mid-2025, indicating that the growth of public charging infrastructure is lagging behind vehicle sales [15][17]. - The annual production of 30 million vehicles contrasts sharply with the addition of only 850,000 public charging piles, highlighting inefficiencies in public charging infrastructure investment and operation [17]. Group 4: Economic Viability of Charging Operators - The article discusses the performance of 特来电 (Telai Electric), which operates 792,000 public charging terminals, holding a 24% market share as of mid-2025 [19]. - Despite a significant number of terminals, the average profit per terminal is low, with each terminal generating only 4.1 yuan in gross profit per day [24]. - The decline in revenue per terminal is attributed to the expansion of partnerships and collaborations, which dilute the profitability of individual charging stations [22]. Group 5: Charging Speed and User Experience - The article emphasizes that the primary issue is not the number of charging piles but the slow charging speed, which contributes to user anxiety regarding vehicle range [29]. - Current average charging power across 18 million charging piles is only 44 kW, leading to long wait times for users [31]. - The article advocates for a "charging revolution" where charging speeds match those of refueling gasoline vehicles, which would significantly improve user experience and operational efficiency for charging operators [31][38]. Group 6: Government Initiatives and Future Outlook - As of September 2025, China aims to have 28 million charging piles by 2027, with a focus on increasing charging speed and efficiency [32]. - The government has recognized the need for faster charging solutions and plans to enhance the infrastructure to support high-power charging stations [32]. - The article concludes that the future of NEV competitiveness will hinge on charging convenience and speed, rather than just battery capacity [41].

Group 1 - The company, Terui De, is the largest charging network operator in China, with over 840,000 public charging terminals expected to be operational by the end of September 2025 [2] - The cumulative registered user base has surpassed 48 million, with a continuous increase in Plus membership subscriptions [2] - The company has partnered with five leading insurance firms to offer battery degradation protection services and vehicle fire protection services, along with value-added services such as battery health reports [2]

Core Insights - The rapid development of charging infrastructure in China has led to a significant increase in public charging stations, with a utilization rate of public charging stations being three times that of private ones, indicating a growing disparity in charging station operations [1][15] - By September 2025, the total number of public charging stations is expected to reach 4.476 million, with a monthly increase of 160,000 stations, while private charging stations are projected to reach 13.587 million, reflecting a robust growth trend in both sectors [2][3] - The average monthly charging per public station has improved to 1,716 kWh in September 2025, up from 1,514 kWh in the previous year, showcasing enhanced efficiency in charging operations [3][4] Charging Infrastructure Overview - As of September 2025, the total number of electric vehicle charging infrastructure in China has reached 18.063 million, a year-on-year increase of 54.5%, with public charging facilities accounting for 4.476 million and private facilities for 13.587 million [2][3] - The total rated power of public charging stations has reached 199 million kW, with an average power of approximately 44.36 kW per station [2][3] - The growth rate of public charging stations has shown fluctuations, with a notable increase of 30% in 2023 and a projected 15% increase in 2024 [2][4] Monthly Growth Trends - Public charging stations saw a monthly increase of 160,000 in September 2025, while private charging stations increased by 555,000 in the same month, indicating a strong upward trend in both categories [3][4] - The monthly growth rates for public and private charging stations have varied, with public stations experiencing a decrease in growth rate in 2024 compared to 2023, while private stations have shown consistent growth [4][5] Regional Characteristics - Major provinces such as Guangdong, Zhejiang, and Jiangsu are leading in the number of public charging stations, with Guangdong alone contributing 23,775 new stations in 2023 [7] - The distribution of charging stations is heavily concentrated in economically developed regions, with significant growth observed in populous provinces [7] Operator Characteristics - Charging operators in China can be categorized into four main types: integrated manufacturers and operators, state-owned grid companies, large automotive groups, and third-party operators, each employing different business models and strategies [8][10] - The market is experiencing a "Matthew Effect," where leading operators are gaining a larger market share, highlighting the competitive landscape of the charging infrastructure industry [10] Charging Station Utilization - The utilization rate of public charging stations is significantly higher than that of private stations, with public stations serving approximately three times the number of vehicles compared to private ones [15] - The demand for private slow charging stations is expected to grow, as they are projected to account for over 90% of the charging infrastructure in the future [15]

Core Insights - The company, Shankai, is leading a transformation in the energy consumption sector by leveraging innovative business models and strong community operations, focusing on destination consumption energy solutions [1] Group 1: Business Model and Growth - Shankai started in 2015 with electric bicycle charging stations, utilizing a "free product deployment and joint operation" model, which led to exponential growth in charging station numbers and established a solid market presence [1] - The company expanded into the new energy charging pile sector, capitalizing on its established community resources and service networks, marking a significant strategic transformation from a single business to a diversified layout [1] Group 2: Innovation and Community Engagement - In response to market competition, Shankai introduced a "pile + pile + light" combination model, effectively integrating energy consumption scenarios in communities, schools, and commercial areas, fostering a sustainable ecosystem among operators, venues, and Shankai [2] Group 3: Safety and Technology - Shankai emphasizes safety in product design, implementing a comprehensive protection system that includes "ten safety protections, 24-hour cloud monitoring, and multiple insurance guarantees," achieving over 1 billion charging services and preventing nearly 2 million overcharging incidents [5] - The company collaborates with universities to develop an AI battery detection system, enhancing safety through proactive warnings and a three-tier safety network involving users, property management, and the platform [5] Group 4: Partnerships and Network - Shankai has built a robust partnership network with over 2,000 operators, creating a high-stability joint operation network that enhances business coverage and generates significant commercial value for partners [7] - The company continuously iterates its charging pile hardware and software products, establishing a comprehensive product family and standardized operational processes, creating a competitive moat that is difficult to replicate [7] Group 5: Market Presence and Recognition - Shankai's operations now cover 321 cities and over 150 universities, with more than 700,000 standard scenarios, including over 400,000 charging piles and 80,000 energy-saving lights, showcasing its extensive scale and influence in community energy services [9] - The company has received numerous accolades, including recognition as a "specialized, refined, distinctive, and innovative" enterprise in Zhejiang and being named one of the top ten influential brands in the charging and battery swap industry in China [9] Group 6: Future Directions - The company aims to deepen technological integration and model innovation while continuing to establish new standards for energy services, contributing to urban energy networks and community safety [11]

Core Viewpoint - A new company, Sichuan Ruida Telai Electric Charging Network Co., Ltd., has been established with a registered capital of 10 million yuan, focusing on electric vehicle charging infrastructure and related services [1] Company Summary - The newly formed company is involved in the operation of electric vehicle charging infrastructure, centralized fast charging stations, and the sale of charging piles [1] - The company is jointly held by Teruid's subsidiary, Telai Electric New Energy Co., Ltd., among others [1]