Abstract:
During the National Day holiday that just passed, electric vehicle owners queued for hours in the expressway service area just to charge a few kilowatt hours of electricity. For car owners, this is the worry of insufficient charging piles; for charging operators, this should be a sign of booming business. But reality is not that simple. Terud, which has nearly 900,000 public charging terminals, will see a year-on-year decline in charging network operation service revenue in 2025. As more and more new energy vehicles are sold, the demand for charging continues to grow. Why is this business not as easy to do as imagined?
Why do electric vehicles start queuing up to charge during the holidays?
During the National Day holiday, many tram owners encountered an embarrassing situation: they finally drove on the highway, but unexpectedly, the real delay was charging.
In Hubei Zaoyang North Service Area, it was once necessary to release numbers and call numbers in turns for charging. There were nearly 200 vehicles lined up on site. Some car owners waited for a long time to finally charge the battery, but had to leave before it was fully charged. In order to allow more vehicles to be charged on wheels, some service areas have begun to limit the charging amount of bicycles. Vehicles need to leave the site when they are charged to 80%.
Picture source｜CCTV
On the other side, owners of fuel vehicles park in the service area, refuel, use the restroom, and then often continue on their way.
Comparing the two sides, electric car owners are inevitably a little depressed: New energy vehicles have been developed for so many years, why can't they still escape the charging queue when traveling long distances?
The problem is of course related to the number of charging piles, charging speed and grid supporting capabilities. During the holidays, a large number of vehicles converge on the highway, and charging facilities that are usually sufficient may suddenly be insufficient. Even if there are charging piles, the vehicle may not always be charged at maximum power. As for whether more charging facilities can be built, the matter is not that simple: charging piles must have a place to install them, they must be connected to the power grid, and supporting power equipment must also be available.
But from an industrial perspective: When car owners complain that there are not enough charging piles, can the companies that build and operate these charging piles really make money from the strong charging demand?
Here we have to talk about "Teruide".
For ordinary consumers, this name may be a bit unfamiliar. But when it comes to "special calls," more people may know about it. It is the charging brand of Triad.
Teruide was established in 2004 and initially engaged in the power equipment business. In 2009, Triad became one of the first companies to list on the GEM of the Shenzhen Stock Exchange. In 2014, with the gradual rise of the new energy vehicle industry, Terud established Te Laidian to enter the public charging field. Recently, this company’s application for listing in Hong Kong has just been filed.
Picture | From the company’s official website
From selling power equipment, to selling charging piles, to participating in the construction and operation of charging networks, Tered's business is getting deeper and deeper.
But here is an issue that is easily overlooked: car owners queuing up for charging does mean that charging demand is strong, but it does not mean that charging stations are so busy every day. It may be difficult to find one on holidays, but there may not be so many cars on weekdays; even if the charging pile is built and no one comes to charge, it will be difficult to earn back the money spent in the early stage. This also explains why there are more and more new energy vehicles, but there is still a contradiction between supply and demand in the charging network.
How much money does Tered make from selling equipment to operating charging networks?
There are two ways to make money in the charging business.
One is to sell equipment, the customer buys the charging equipment, the company delivers the product and recognizes the revenue. The other is to participate in the construction and operation of charging networks, invest money in the early stage, and then earn income from charging by car owners. If the former is sold, the transaction is basically completed, while the latter needs to continue to attract vehicles to the station in order to recoup the investment.
Image source｜Official website of the company
In 2004, 39-year-old Yu Dexiang resigned from the State Grid to start his own business and founded Teruide. After establishing a foothold in the field of power equipment, he set his sights on new energy vehicles. Around 2014, new energy vehicles had not yet become mainstream, and the charging network required a lot of upfront investment. Not everyone was optimistic about this decision.
Over the past ten years, Telaidian has occupied a place in the public charging market. But this market is not dominated by one company. There are professional operators such as Te Laidian and Xingxing Charging, as well as platform companies such as Cloud Fast Charging, as well as players such as Didi Charging that rely on the development of travel scenarios.
Judging from the number of charging terminals, Telaidian is in the first echelon. As of the end of 2025, Telaidian operates approximately 900,000 public charging terminals, including 542,000 DC terminals. According to statistics from the China Charging Alliance, Tered has a market share of approximately 24% in public charging terminals, ranking first in the country.
But building more charging piles does not mean that the actual charging capacity will necessarily lead. According to Analysys analysis and research, as of March this year, the charging capacity shares of Didi Charging, Te Laidian, and Cloud Quick Charge in the public charging market (excluding dedicated charging scenarios) were 34.22%, 10.06%, and 9.54% respectively.
Due to different statistical periods and calibers, these two sets of data cannot be directly compared, but at least it shows that the scale advantage of the charging network will not necessarily translate into corresponding charging volume. It also depends on who can attract more vehicles to the station.
For operators like Triad, building charging piles is just the first step. Competing for prime sites, improving equipment utilization, and finding a balance between charging prices and service fees will all affect ultimate operating returns.
Look at Tered’s performance again. In 2025, the company's revenue will be 15.786 billion yuan, a year-on-year increase of 2.68%; the net profit attributable to the parent company will be 1.243 billion yuan, a year-on-year increase of 35.62%. Among them, the revenue from the power equipment business is approximately 10.821 billion yuan, and the revenue from the electric vehicle charging business is approximately 4.966 billion yuan. Traditional power equipment still contributed nearly 70% of revenue.
The internal performance of the charging business is also divided. In 2025, charging equipment revenue will be approximately 3.394 billion yuan, a year-on-year increase of 3.39%; charging network operation service revenue will be approximately 1.572 billion yuan, a year-on-year decrease of 2.19%.
In the first half of 2026, the revenue from the electric vehicle charging business will be approximately 1.826 billion yuan, a year-on-year decrease of 0.83%. Among them, charging equipment revenue decreased by 2.50%, while operating service revenue increased by 1.84%.
It is worth noting that the gross profit margin of operating services rose to 40.18%, a year-on-year increase of 8.45 percentage points. That means more money is left after operating costs, but revenue growth is still limited.
Cash flow is another observation dimension. As of the end of June 2026, Triad's accounts receivable were approximately 9.506 billion yuan, accounting for 38.23% of total assets; the net profit attributable to the parent company in the first half of the year increased by 30.73% year-on-year, but the net cash flow from operating activities was negative 410 million yuan. Although it has improved compared with the same period last year, there is still a gap between book profits and operating cash flow.
Charging piles used to be a business about speed. New energy vehicles are growing rapidly. Whoever can occupy the space and roll out the network earlier will have the opportunity to seize the market. But as the charging network gradually rolls out, the logic of competition is also changing.
For operators, building piles is just the beginning of investment. Site rental, power expansion, and equipment maintenance all require costs, but charging needs have obvious time and space differences: high-speed service areas during holidays may be difficult to find, and some charging stations in the city may not be able to maintain a high enough utilization rate. At the same time, charging platforms, automobile manufacturers, and energy companies continue to enter the market, and users are increasingly concerned about charging speed, price, and service experience.
This means that the charging industry is shifting from competing in network scale to competing in operational efficiency. Who can make charging piles be used effectively for more time, who can provide more stable services at lower costs, and who is more likely to turn early investment into sustained returns.
For Triad, nearly 900,000 charging terminals are a scale advantage, but it is not a guarantee of profitability. How to improve the utilization efficiency of the existing network and how to convert the growth of charging business into profits and cash flow more stably are still questions that this company must answer.
Car owners hope to reduce queues, and operators hope to make more money. A truly mature charging network needs to find a balance between these two things.
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