Charging & Battery Swapping

What it is

Charging infrastructure has three layers: the charging equipment (chargers and the power modules in them), the networks that operate stations and sell electricity, and swap stations that replace a whole battery. It supports the finished electric vehicles.

Where China stands

• TGood (特锐德, 300001.SZ) says it has about 960,000 public charging terminals, the most in the industry, covering over 90% of Chinese provinces and prefecture-level cities. Its charging revenue was ¥1.83bn, down 0.83%, with charging equipment at ¥1.10bn, down 2.5%, and network operations and services at ¥721.8m, up 1.84% (2026 interim report, pp. 19, 31).
• Sinexcel (盛弘股份, 300693.SZ) sold ¥747.7m of EV charging equipment, up 18.25%, and also makes charging systems for battery-swap stations (2026 interim report, pp. 12, 28).
• Carmakers run their own networks. Li Auto had 4,097 supercharging stations with 22,593 stalls in China at the end of June 2026 (Q2 2026 results). CATL says it is advancing its "chocolate" and "Qiji" battery-swap networks (2026 interim report, p. 13), without giving station counts. NIO's second-quarter results release gave no battery-swap figures.

Where the money is

TGood's network operations earned a 40.18% gross margin, up 8.45 points, while charging equipment earned 29.37%. Sinexcel's charging equipment margin was 30.43%, down 4.43 points, and its charging line grew more slowly than its power supplies for data centres and storage, which it says drive its growth (Sinexcel pp. 13, 28). TGood's overseas revenue fell 37.78% (TGood p. 31).

TGood also sells grid services: it has linked 40 grid dispatch centres and manages more than 12,000 dispatchable charging stations as virtual power plant capacity (TGood p. 20).

Our view: in this part of the chain the margin is in running stations, not in building chargers, and the charger business is growing slowly compared with the data-centre and storage power products the same companies sell. Carmakers building their own networks, as Li Auto does, may take part of the network margin away from independent operators.

What to watch

• Megawatt charging. TGood offers 1 MW liquid-cooled charging for cars and buses and a 4 MW system for heavy trucks (p. 19).
• Grid services. TGood's virtual power plant revenue is not given separately.
• Swap disclosure. NIO and CATL give no station counts in the documents cited here, so the scale of swapping cannot be judged.