中国充电生态系统-月度数据追踪

Kelly Zou * | Equity Analyst852 3767 1116 | kelly.zou@jefferies.comJohnson Wan * | Equity Analyst852 3743 8083 | johnson.wan@jefferies.com in 4M25 ranged from 3.0% to 9.4%, vs. 3.1-9.8% in 4M24.... vs. US and EU charging infra developmentUS:As at the end of Apr ’25, the US had >230k units of charging outlets, up 22% yoy and 6% abovethe level at the end of Dec '24. EV sales to charging pile new installation in 4M25 was 41, vs thatin 4M24 at 34. Public charger outlets accounted for 90% of total charging outlets at the end ofApr '25, flat vs that by the end of 2024. Public charger population by end of Apr '25 grew 20% YoYand 7% above the end of Dec '24. By the end of Apr ‘25, the private charger population rose 37%YoY but was 2% below the level at the end of Dec ’24. By outlet type in public chargers, 26.2%were DC fast chargers at the end of Apr '25 vs 25.8% as at the end of Dec ’24.EU:Data from the EAFO recorded >793k units of public charging points as operational in the EUas of now, up 8% YoY. DC charger population as of now rose by 12.5% YoY, representing 16%of total charging points (flat vs the end of 2024). EV sales to pile new installation YTD was 12.4,vs. 12.1 in 2024.ChinaFigure 1 - Total charging pile population in China.03,0006,0009,00012,00015,000Jan-21Apr-21Jul-21Oct-21Jan-22Total charging pile population (k units)Source: EVCIPA, JefferiesFigure 3 - Public and private charger mix in China.0%10%20%30%40%50%60%70%80%90%100%Jan-21Apr-21Jul-21Oct-21Jan-22Private charging pileSource: EVCIPA, JefferiesFigure 5 - Public charger mix by current type in China.05001,0001,5002,0002,5003,0003,5004,000Jan-21Apr-21Jul-21Oct-21Jan-22DC charging pile population (k units)DC% of total (rhs)Source: EVCIPA, JefferiesPlease see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Apr-22Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23Jan-24Apr-24Jul-24yoy%(rhs)Apr-22Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23Jan-24Apr-24Public charging pileApr-22Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23Jan-24Apr-24Jul-24AC charging pile population (k units) 0.0%20.0%40.0%60.0%80.0%100.0%120.0%Oct-24Jan-25Apr-25Figure 2 - EV new sales to charger new installation in China.02004006008001,0001,2001,4001,6001,800Jan-21Apr-21Jul-21Oct-21Jan-22k unitsMonthly China NEV sales volume (k units)Source: EVCIPA, JefferiesJul-24Oct-24Jan-25Apr-25Figure 4 - Total public charging pile population in China.05001,0001,5002,0002,5003,0003,5004,000Jan-21Apr-21Jul-21Oct-21Jan-22Public charging pile population (k units)Source: EVCIPA, Jefferies38%40%42%44%46%48%50%Oct-24Jan-25Apr-25Figure 6 - Total private charging pile population in China.01,0002,0003,0004,0005,0006,0007,0008,0009,00010,00011,000Jan-21Apr-21Jul-21Oct-21Jan-22Private charging pile population (k units)Source: EVCIPA, Jefferies Figure 7 - Public charging volume in China.01,0002,0003,0004,0005,0006,0007,000Jan-21Apr-21Jul-21Oct-21Jan-22Monthly public charging volume(GWh)Monthly as % of total power consumption in China(rhs)Source: EVCIPA, JefferiesFigure 9 - Battery swapping station development in China.05001,0001,5002,0002,5003,0003,5004,0004,5005,000Jan-21Apr-21Jul-21Oct-21Jan-22no of battery swapping stationsSource: EVCIPA, JefferiesPlease see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Figure 11 - Major charging operators' m/s in terms of charger owned.No. of chargers (units)TELD(TGOOD)Star ChargeYKCState GridXiaojuWeijingyunDakeyun(NAAS)LV C-ChongShenzhen Automotive Power GridChina Southern Power GridYiwei EnergyHoo EnergyWancheng WanchongWinlandChina PotevioTotal2,782,114Top 51,809,596Top 102,320,618M/STELD(TGOOD)Star ChargeYKCState GridXiaojuWeijingyunDakeyun(NAAS)LV C-ChongShenzhen Automotive Power GridChina Southern Power GridYiwei EnergyHoo EnergyWancheng WanchongWinlandChina PotevioTop 5Top 10Source: EVCIPA, JefferiesFigure 12 - Major charging operators' m/s in terms of charging volume.charging volume(10k kwh)202401TELD(TGOOD)103,164Star Charge79,123Xiaoju80,747YKC47,086Dakeyun(NAAS)19,859Weijingyun14,046LV C-ChongShenzhen Automotive Power Grid7,660China Southern Power Grid14,801NIO4,856Wanma Aichong8,137Jingchong5,652DingchongTesla3,896GAC Energy4,506Yiwei Energy1,099Hoo Energy1,145Total422,000Top 5329,979Top 10380,275M/S202401TELD(TGOOD)24.4%Star Charge18.7%Xiaoju19.1%YKC11.2%Dakeyun(NAAS)4.7%Weijingyun3.3%LV C-ChongShenzhen Automotive Power Grid1.8%China Southern Power Grid3.5%NIO1.2%Wanma Aichong1.9%Jingchong1.3%DingchongTesla0.9%GAC Energy1.1%Top 578.2%Top 1090.1%Source: EVCIPA, JefferiesPlease see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Figure 13 - Top 10 charging pile operators' charger profile by Apr 2025.202501TELD(TGOOD)Star ChargeYKCXiaojuWeijingyunState GridLV C-Cho