TGOOD(SZ:300001)2025-12-29 01:04Summary of Key Points from the China Charging Ecosystem Research Industry Overview - The report focuses on the China Charging Ecosystem, specifically the development of electric vehicle (EV) charging infrastructure as of November 2025. Key Observations 1. Charging Pile Count: - China's total charging pile count reached 19.3 million by the end of November 2025, representing a 56% year-over-year (yoy) increase and a 51% increase compared to December 2024 [1][2]. 2. EV-to-Charging Pile Ratio: - The ratio of EVs to charging piles decreased to 2.2x by the end of November 2025, down from 2.4x at the end of December 2024, indicating a growing infrastructure relative to EV population [2]. 3. Public Charging Volume: - Public charging volume in the first eleven months of 2025 grew by 54% yoy, reaching 76,710 GWh, which accounted for 0.81% of total electricity consumption in China. Notably, in November 2025, public charging volume exceeded 1% of total electricity consumption for the first time [5]. 4. Public Charging Piles: - Approximately 1,046,000 public charging piles were added in the first eleven months of 2025, marking a 42% yoy increase. The total public charging pile population reached 4.6 million by the end of November 2025, up 34% yoy [3]. 5. Private Charging Piles: - New installations of private charging piles reached approximately 5,459,000 units in the first eleven months of 2025, which is 0.44x the EV sales during the same period. The total number of private charging piles reached 14.7 million, growing 65% yoy [4]. 6. Battery-Swapping Stations: - By the end of November 2025, the number of battery-swapping stations for EVs in China reached 5,086, a 21% yoy increase. However, the growth rate of new additions slowed to 3% in November 2025 [6]. Market Share Insights 1. Market Share of Charging Pile Operators: - Among the top five charging operators, only Xiaoju increased its market share month-over-month in terms of the number of charging piles owned. Other operators like TELD and Weijingyun maintained their positions, while Star Charge and YKC lost market share [7]. 2. Market Share in Charging Volume: - In terms of charging volumes, TELD and Star Charge gained market shares of 0.8ppt and 0.5ppt respectively in November 2025. Conversely, Xiaoju lost 1.1% of its market share [8]. 3. Utilization Rates: - The average utilization rate of the top ten charging pile operators ranged from 2.8% to 8.5% in the first eleven months of 2025, showing slight improvements for some operators [9][10]. Comparative Analysis - US and EU Charging Infrastructure: - As of November 2025, the US had 265,000 charging outlets, a 23% yoy increase, while the EU had over 1 million public charging points, up 18% yoy. The EV sales to charging outlet new installations ratio in the US was 28x, compared to 21x in the EU [11][12]. Conclusion - The data indicates a robust growth trajectory for China's EV charging infrastructure, with significant increases in both public and private charging piles, as well as public charging volume. However, market share dynamics among key players suggest competitive pressures that could impact future growth and profitability in the sector.