Tritium: High growth benefits from the rush to install, but heavy investments in Teld are leading to an awkward position

Since the second half of 2025, power equipment companies sprinting to list on Hong Kong stocks have shifted from batteries to energy storage to grid equipment. After CATL (300750) successfully listed in Hong Kong, a new batch of A-share companies are also planning to enter the Hong Kong market. Terdy (300001) is one of them. This company, the “first stock” of China’s ChiNext board, submitted its application materials at the end of February 2026.

According to the application materials, Terdy defines the company as the world’s largest manufacturer of high-voltage prefabricated containerized substation power stations, and also as China’s largest manufacturer of electric vehicle charging equipment and a charging network operator. In the reporting periods (2023-2024 and January-October 2025), the company’s revenue was 12.691 billion yuan, 15.374 billion yuan, and 11.329 billion yuan, respectively; its profit during the period was 527 million yuan, 939 million yuan, and 835 million yuan, respectively. Among these, the first 10 months of 2025 saw a significant increase of 505 million yuan compared with the same period of the previous year.

By comparing Terdy’s A-share financial reports and this set of application materials, Caizhongshe found that although over the past two years and one more period the company’s performance has shown fairly strong growth, this is closely related to the explosive surge in new-energy installations since 2024. With the end of the “rush installation wave,” whether such performance can be sustained still remains to be seen. In addition, Terdy’s new-energy charging network platform—Teling (特来电)—that the company has spent more than a decade and a large amount of capital developing has, while it has become profitable, still remained at the stage of “eating subsidies.” With other new-energy giants entering the market, the company’s industry position is also facing pressure, and its revenue has shown a clear slowdown.

High investment and high industrial momentum on the power-generation side leading to strong performance

The classification of Terdy’s application materials differs greatly from its A-share annual report.

According to the Hong Kong application materials, Terdy divides its business into power equipment and electric vehicle charging networks. The former is further divided into high-voltage prefabricated containerized substations, medium-voltage prefabricated containerized substations, and core equipment for transformation and distribution. The latter is divided into electric vehicle charging equipment and electric vehicle network equipment.

Power equipment is the mainstay of the company’s revenue and also the company’s main source of profit. According to the application materials, in the reporting periods, the revenue from power equipment was 8.561 billion yuan, 10.485 billion yuan, and 8.38 billion yuan, accounting for 67.5%, 68.2%, and 74% of revenue, respectively.

Breaking it down further, revenue from high-voltage prefabricated containerized substations was 2.282 billion yuan, 2.664 billion yuan, and 2.244 billion yuan, respectively; revenue from medium-voltage prefabricated containerized substations was 2.876 billion yuan, 4.305 billion yuan, and 3.668 billion yuan, respectively; revenue from core equipment for transformation and distribution was 3.404 billion yuan, 3.515 billion yuan, and 2.469 billion yuan, respectively. It can be seen that the company’s revenue growth mainly comes from the medium-voltage prefabricated containerized substation business. As described, the company’s medium-voltage prefabricated containerized substations are mainly used on the power-generation side and the load side—where the former refers to new-energy power-generation enterprises. But regarding which specific business or customers are driving the growth, the application materials do not elaborate.

However, according to the company’s 2024 annual report, its revenue by industry is divided into new-energy power generation, power grid, strategic emerging industries, and electric vehicle charging. Except for the strategic emerging industries segment, which grew more slowly, the other three industries each grew by nearly 20% or more. Among them, the new-energy power generation business saw revenue growth exceeding 40%.

On the basis of the high-speed growth in the previous year, Terdy also stated in the first half of 2025 that in the new-energy sector, its winning bid amounts have been growing steadily.

That said, as is well known, investment in new-energy power generation on the power-generation side has cyclical characteristics such as “rush installation waves,” and installed capacity also has some volatility. After the end of the “rush installation wave,” whether the company can maintain such high growth is still unknown.

Teling, backed by heavy investment, finds its position in a difficult spot

Listed on the Shenzhen Stock Exchange ChiNext in October 2009, Terdy is the top-ranked company on the ChiNext board. While it became China’s largest R&D and production base for box-type substations, the company also proposed a “second entrepreneurship” in 2014, fully moving into the electric vehicle charging field. For this purpose, in September 2014, it established Teling, investing a large amount of capital in the process.

After Teling was established, in June 2016, it introduced investment of 0.5 billion yuan from the National Development Fund. In December 2019, it announced that it would raise about 1.35 billion yuan at a post-investment valuation of 78 billion yuan. In January 2021, it announced plans to raise 0.2 billion yuan at a pre-investment valuation of 130 billion yuan. In June 2021, the company also announced raising 0.3 billion yuan at a post-investment valuation of 136 billion yuan. Multiple rounds of financing could be described as a “heavy-money” buildout, and in March 2022, Terdy also announced a plan to spin off Teling and list it on the STAR Market.

However, Teling’s performance looks somewhat “off.” According to the then spin-off report, from 2019 to 2022, Teling’s revenue was 2.129 billion yuan, 1.925 billion yuan, and 3.104 billion yuan, respectively, while its net profit attributable to shareholders was -0.075 billion yuan, -0.171 billion yuan, and -0.051 billion yuan, respectively—indicating a state of continued losses.

Based on Terdy’s A-share financial reports, from 2023 to the first half of 2025, Teling (consolidated)’s net profit was 172 million yuan, 291 million yuan, and -4 million yuan, respectively; among these, the first half of 2025 improved significantly compared with -0.2 billion yuan in the same period of the previous year.

But it cannot be denied that the profitability of the company’s electric vehicle charging business depends largely on subsidies. By aggregating the subsidies related to the charging business appearing under other income items in its financial reports, Caizhongshe found that in the first half of 2023, 2024, and 2025, the subsidy amounts Terdy received from its electric vehicle charging network business were 173 million yuan, 178 million yuan, and 74 million yuan, respectively. As of the end of June 2025, Teling’s total assets were 9.644 billion yuan, net assets were 2.554 billion yuan, and the company’s asset-liability ratio exceeded 70%.

According to the application materials, in the reporting period, Terdy’s electric vehicle charging network business revenue was 4.13 billion yuan, 4.89 billion yuan, and 2.948 billion yuan, respectively. Worth noting is that in the first 10 months of 2025, this business increased by 530 million yuan (5.3%) compared with 2.8 billion yuan in the same period of the previous year, but the growth rate had already slowed significantly compared with earlier periods, and it also slowed further compared with the 9.19% growth rate in the first half of 2026.

In fact, Teling’s new-energy charging business faces fierce competition from giants both upstream and downstream in the industry, with more and more giants entering the new-energy battery swapping and charging field. On one side, the battery giant Ningde Times, which is upstream in the new-energy battery swapping chain, entered the market relatively early. In 2020, it established the joint venture company KuaiBu New Energy. Its business scope covers new-energy technology, battery technology, parking-lot operations, and the construction and operation of facilities for charging and swapping new-energy vehicles, among many other areas. In addition, BYD, which ranks first globally in new-energy vehicle sales, recently released fast-charging technology. By the end of March, BYD’s “flash charging” stations had already built nearly 5,000 units, covering 292 cities nationwide, and it announced that it would build 20,000 flash charging stations before the end of the year. NIO and XPeng have also entered the new-energy vehicle charging and swapping field. It can be expected that the new-energy vehicle charging and swapping sector will face even fiercer competition in the future.

Meanwhile, Teling—whose leverage is high—has been on a road to financing in the capital markets, but has yet to see any breakthrough progress. With total assets close to a hundred billion yuan, Teling is facing a “capital injection” problem. In fact, as early as January 2022, Teling hired China Galaxy Securities as a tutoring institution and started the process for listing on A-shares in China. However, the latest progress report as of January 2026 shows that the company is still in the tutoring period and has not submitted its prospectus yet.

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