Qingdao TGOOD Electric Co., Ltd. (300001.SZ) Bundle
Founded on March 16, 2004 and listed on the Shenzhen Stock Exchange on October 30, 2009 (stock code 300001.SZ), Qingdao TGOOD Electric has grown from a box-type substation pioneer-backed by a RMB 200 million investment in its West Coast Industrial Park (2013) and over 200 patents-into China's largest EV charging network operator with 709,000 public charging terminals (~26% market share) and a 2024 charging volume exceeding 13 billion kWh (24% market share); as of Dec 31, 2024 it employed 9,627 people (up 3.53% YoY), major shareholders include Qingdao Derui Investment with a 31.57% stake, and by Dec 17, 2025 the company's market capitalization stood at approximately 26.34 billion CNY while trailing twelve-month revenue to Sept 30, 2025 reached 16.31 billion CNY (+33.85% YoY) and net profit attributable to shareholders in the first three quarters of 2025 was 686 million CNY (+53.55% YoY), supported by diversified earnings from integrated charging systems, network operations, modular substations, EPC photovoltaic projects, finance leasing and energy storage, rapid six-week substation delivery cycles, inclusion in major sustainability indices (DJSI Asia Pacific 40, Hang Seng, FTSE4Good) and international contracts such as the 700 million CNY Saudi National Grid mobile substation project (Jan 2025).
Qingdao TGOOD Electric Co., Ltd. (300001.SZ): Intro
Qingdao TGOOD Electric Co., Ltd. (300001.SZ) is a Qingdao-headquartered provider of power distribution equipment, turnkey substation solutions and new-energy vehicle (NEV) charging infrastructure. Founded on March 16, 2004, the company listed on the Shenzhen Stock Exchange on October 30, 2009 (stock code 300001). TGOOD expanded capacity and industrial footprint with a RMB 200 million investment to establish the West Coast Industrial Park in Jiaozhou Economic and Technological Development Zone in October 2013. By 2014 the company had become a leader in China's box-type substation sector and also began a strategic move into the electric vehicle charging market.- Founded: March 16, 2004 (Qingdao, Shandong)
- Listed: October 30, 2009 - Shenzhen Stock Exchange (300001.SZ)
- Major industrial investment: RMB 200 million West Coast Industrial Park, Oct 2013
- Strategic shifts: leader in box-type substations by 2014; entered EV charging in 2014
- Employees: 9,627 as of December 31, 2024 (increase of 3.53% vs prior year)
| Item | Detail / Figure |
|---|---|
| Company | Qingdao TGOOD Electric Co., Ltd. (300001.SZ) |
| Founded | March 16, 2004 |
| IPO / Listing | October 30, 2009 - Shenzhen Stock Exchange (300001) |
| Major CapEx (2013) | RMB 200,000,000 - West Coast Industrial Park (Jiaozhou) |
| Strategic business milestones | Box-type substations leader (2014); EV charging network entry (2014) |
| Employees (2024) | 9,627 (Dec 31, 2024; +3.53% YoY) |
- Publicly listed on the SZSE (ticker 300001) with a share capital structure disclosed in periodic filings.
- Shareholder base comprises institutional investors, corporate insiders and retail investors as typical for A-share listings; detailed top-shareholder names and stakes are reported in the company's annual and quarterly reports and regulator filings.
- Mission: supply reliable electrical distribution and intelligent charging solutions to support grid modernization and NEV adoption (company positioning across substations, distribution automation and charging networks).
- Strategic focus areas: modular box-type substations, grid-edge equipment, EV charging infrastructure and operation & maintenance (O&M) services, plus system integration for utilities and commercial customers.
- Equipment sales - box-type substations, switchgear, transformers and related distribution hardware sold to utilities, developers and industrial clients.
- Project contracting / EPC revenue - turnkey substation and distribution projects (design, supply, installation, commissioning).
- EV charging infrastructure - sale and installation of chargers, chargers-as-a-service, charging-network operation and transaction fees where applicable.
- O&M and after-sales services - long-term maintenance contracts, spare parts and upgrades for substations and charging fleets.
- System integration & software - grid management, monitoring systems and value-added services for smart-grid customers.
- Export and overseas projects - equipment and EPC contracts for international clients (where present in project mix).
- Box-type substation leadership (post-2014) - benefits from Chinese industrial policy support for standardized, modular distribution solutions and urban distribution upgrades.
- EV charging expansion (from 2014) - leverages core electrical and site-integration capabilities to deploy charging networks alongside hardware sales and O&M.
- Revenue model blends one-time project/EPC income with recurring service, charging-operation and parts revenue to stabilize cash flows.
Qingdao TGOOD Electric Co., Ltd. (300001.SZ): History
Qingdao TGOOD Electric Co., Ltd. (300001.SZ) developed from a regional electrical-equipment and power-systems supplier into a diversified energy and power-distribution solutions provider focused on charging infrastructure, smart grids, and industrial power equipment. Key milestones include early expansion into modular substations and EV charging systems, national rollout of charging-network projects, and a growing services division offering O&M, software and platform services to utilities and commercial customers.- Core businesses: EV charging infrastructure, power distribution equipment, smart-grid solutions, and related services.
- Customer base: utilities, municipal governments, commercial fleets, property developers, and industrial clients.
- Revenue drivers: equipment sales (transformers, substations, chargers), platform & software subscriptions, installation & maintenance contracts, and project financing/partnered rollouts.
| Item | Detail |
|---|---|
| Stock ticker | 300001.SZ |
| Main business lines | EV charging systems, modular substations, smart-grid solutions, operation & maintenance |
| Primary revenue streams | Hardware sales, recurring services (O&M, platform fees), installation & integration, project contracting |
| Chairman | Yu Dexiang (holds 1.24%) |
- How it makes money: direct sales of electrical and charging hardware, long-term service contracts (O&M and software/platform subscriptions), engineering & construction for grid projects, and strategic partnerships that include revenue-sharing on charging networks.
- Business model dynamics: capital-intensive equipment sales supplemented by higher-margin recurring services and platform monetization to smooth revenue volatility from project cycles.
| Shareholder | Stake (%) |
|---|---|
| Qingdao Derui Investment Co., Ltd. | 31.57 |
| The Hong Kong Securities Clearing Company Limited | 2.79 |
| Industrial and Commercial Bank of China Limited - E Fund ChiNext Board ETF | 1.69 |
| CITIC Securities - China CITIC Bank - CITIC Securities Excellent Growth 2-year Holding Period Mixed Collective Asset Management Plan | 1.34 |
| Yu Dexiang (Chairman) | 1.24 |
| Other institutional & individual investors | 60.37 |
Qingdao TGOOD Electric Co., Ltd. (300001.SZ): Ownership Structure
Qingdao TGOOD Electric Co., Ltd. (300001.SZ) positions itself as a leader in China's electric power equipment manufacturing industry with ambitions to expand internationally and reach a multibillion valuation. The company emphasizes customer satisfaction, rapid delivery, technological innovation and sustainability.- Mission and values: become the leader in China's power equipment manufacturing, expand internationally, deliver refined products and excellent services, and build a world‑class enterprise valued in the billions. See the company's full statement: Mission Statement, Vision, & Core Values (2026) of Qingdao TGOOD Electric Co., Ltd.
- Innovation: holds over 200 patents covering modular substations, substation product designs and production processes.
- Sustainability & recognition: constituent of DJSI Asia Pacific 40, Hang Seng Corporate Sustainability Index Series and FTSE4Good Index Series.
- Quality & delivery: many modular substations leave the factory within six weeks after design approval, supporting rapid deployment for utility and industrial customers.
| Ownership category | Representative holder | Approx. stake (2024) |
|---|---|---|
| Largest corporate/controlling shareholder | Qingdao TGOOD Investment / affiliated entities | ~28-32% |
| Top 10 shareholders (aggregate) | Mix of strategic investors, institutions, and founders | ~55-60% |
| Institutional investors & funds | Domestic mutual funds, insurance, QFII/ETF holdings | ~20-30% |
| Public float / retail shareholders | Shanghai/Shenzhen exchange retail investors | ~40-45% |
| Management & employee holdings | Executive and employee incentive shares | Low single digits |
- Primary revenue drivers: modular substations, EPC for grid projects, smart grid equipment, operation & maintenance and overseas projects.
- R&D & IP: >200 patents supporting modularization and standard product lines-enables faster production cycles and repeatable quality.
- Representative financials (FY2023, rounded): revenue ~RMB 6-8 billion; net profit ~RMB 300-500 million; market capitalization in the multibillion RMB range (varies with market).
- Operational scale: thousands of substations delivered domestically and in overseas markets; many factory deliveries achieved within ~6 weeks post‑design approval.
Qingdao TGOOD Electric Co., Ltd. (300001.SZ): Mission and Values
History & Ownership- Founded in Qingdao, China, TGOOD developed from power-equipment manufacturing into a platform-driven energy technology company; listed on Shenzhen Stock Exchange (300001.SZ).
- Ownership structure: publicly listed with institutional and retail shareholders; major strategic shareholders include industry investors and state-affiliated funds (typical listed-company shareholding mix in China).
- Mission: accelerate electrification and intelligent energy infrastructure to enable a low-carbon, digital energy system.
- Values: technology-driven innovation, system integration, fast deployment, reliability, customer-centric services, and ecosystem partnership.
- Primary business sectors: smart manufacturing and integrated services, with focus areas on EV charging networks and smart power equipment.
- Platform approach: integrates charging networks, distributed energy resources (microgrids, energy storage), and software platforms to operate charging-as-a-service, energy management, and grid-interactive products.
- Technology integration: invests in V2G (vehicle-to-grid), virtual power plants (VPP), megawatt-level fast charging, and autonomous charging solutions to broaden system capabilities and revenue per site.
| Metric | Value (end-2024) |
|---|---|
| Public charging terminals | 709,000 |
| Share of China public charging terminals | ~26% |
| Annual charging volume | >13 billion kWh (2024) |
| Share of China charging volume | ~24% |
| Core business segments | Smart manufacturing; Integrated energy & services |
| Listed ticker | 300001.SZ |
- Charging services: pay-per-use charging fees and subscription/management contracts for public and fleet customers.
- Network operation & service fees: O&M, platform access, payment & settlement services for charging-station operators and partners.
- Equipment sales: sale of charging piles, modular substations, switchgear, energy storage systems and microgrid hardware.
- Integrated energy projects: design-build-operate contracts for microgrids, energy storage, VPP aggregation, and demand response.
- Value-added software & data services: energy management software, charging reservation & routing apps, and analytics monetization.
- Scale leadership: largest EV charging network operator in China by terminals, enabling network effects and bargaining power with site hosts and utilities.
- Rapid deployment: modular substations engineered for fast delivery-many units leave factory within six weeks after design approval-accelerating project timelines and cash conversion.
- Integrated solution stack: combining hardware, BMS/EMS, cloud platforms and services allows TGOOD to capture multiple revenue layers per project.
- Advanced R&D focus: active development in V2G, VPP, megawatt charging and autonomous charging to support higher-margin, grid-interactive services.
- Experienced leadership and management team with deep sector expertise and enterprise team-building experience.
- Recognition: company's practices in enterprise team construction and management have been incorporated into teaching case libraries at Tsinghua University and Harvard University.
- Network monetization: increase utilization, launch premium charging services, and expand fleet & commercial charging contracts.
- Energy services expansion: aggregate distributed resources into VPPs, offer ancillary services to grids and markets, and integrate storage to shift revenue from one-time equipment sales to recurring services.
- Internationalization and industrial partners: replicate the integrated model in overseas and industrial customer segments for scale synergies.
Qingdao TGOOD Electric Co., Ltd. (300001.SZ): How It Works
Qingdao TGOOD Electric Co., Ltd. (300001.SZ) operates as an integrated energy and electrification solutions provider with a core focus on electric-vehicle (EV) charging infrastructure, complemented by modular substations, photovoltaic EPC, energy storage, and financing/leasing services. Its business model combines hardware manufacturing, network operations, recurring services, project contracting and financial products to monetize the electrification transition across transport, power and industrial customers.- Design, development and manufacture of integrated EV charging systems (AC/DC chargers, charging modules, smart chargers).
- Operation of public and private EV charging stations and networks across urban and commercial sites.
- Managed services: real-time monitoring, O&M contracts, predictive maintenance, software platform fees and data services.
- Sale of modular substations and distribution equipment to railway, power utilities and industrial sectors.
- Photovoltaic power generation EPC projects and associated project revenue.
- Finance leasing of large charging or substation assets and operation of solid heat storage business units.
| Revenue Stream | Business Activity | Revenue Characteristics |
|---|---|---|
| Integrated EV Charging Systems | Design, manufacture and sale of chargers and system solutions | One-time product sales + aftermarket component sales; high gross margin on proprietary modules |
| Charging Station Operations | Ownership/operation of charging stations; energy resale | Recurring usage-driven revenue (kWh sales), parking/space fees, and charging session fees |
| Management & O&M Services | Real-time monitoring, maintenance contracts, software/platform subscriptions | Recurring service contracts, SLA-based fees-improves station uptime and customer retention |
| Modular Substations | Sales of turnkey modular substations to rail, coal, utilities | Project sales with multi-year delivery cycles; important for industrial clientele |
| Photovoltaic EPC | PJ design, procurement and construction for solar generation | Project-based revenue, often milestone-billed; drives integrated energy solutions |
| Finance Leasing & Solid Heat Storage | Leasing of equipment and thermal energy storage projects | Financial income, lease interest and long-term service contracts |
- Charging network scale: nationwide deployment across major cities with tens to hundreds of thousands of charging points under ownership, partnership or management (network scale enables kWh sales and recurring revenue).
- Project backlog and EPC scale: photovoltaic and substation EPC contracts typically range from single-MW rooftop projects to multi-MW ground‑mounted installations (portfolio measured in tens to low hundreds of MW across periods).
- Service contracts: multi-year O&M agreements for charging parks and substations provide recurring cashflows and predictable maintenance revenue.
- Asset-finance: finance-leasing portfolios for charging stations and substations smooth capital recovery and generate interest income over 3-7 year tenors.
- Hardware sales seed the ecosystem - charger and substation deliveries supply initial cash receipts and create installed base.
- Installed assets feed recurring revenue - charging sessions (kWh), platform subscription fees and O&M contracts produce long-term income.
- Project contracting and EPC add lump-sum project revenue and support cross-sell of operational services.
- Leasing and financing convert large-capex buyers into recurring financial income and increase adoption by lowering upfront costs.
| Category | Indicative Contribution (%) |
|---|---|
| Integrated EV Charging Systems (product sales) | ~35-45% |
| Charging Station Operations (kWh, access fees) | ~20-30% |
| Management & O&M Services | ~8-12% |
| Modular Substations | ~8-12% |
| Photovoltaic EPC | ~5-10% |
| Finance Leasing & Solid Heat Storage | ~3-8% |
- Scale of installed charging points - higher throughput (kWh) improves utilization and gross margin on station operations.
- Software and platform monetization - recurring SaaS-like fees reduce revenue cyclicality.
- Value-added services (fast maintenance, SLA uptime, energy management) command premium pricing.
- Integrated project delivery (EPC + operation) retains margin across project lifecycle.
Qingdao TGOOD Electric Co., Ltd. (300001.SZ): How It Makes Money
Qingdao TGOOD Electric Co., Ltd. (300001.SZ) generates revenue primarily from manufacturing and delivering smart power equipment, EV charging infrastructure, and integrated energy solutions for utility, commercial and industrial customers. Its business model combines product sales, project contracting, recurring services, and software/operations revenue tied to energy management and charging networks.- Core product sales: transformers, substations (including mobile high-voltage substations), switchgear and related grid equipment sold to utilities and large industrial clients.
- EV charging business: charging piles, fast chargers, turnkey charging station projects, plus platform services and O&M for charging networks.
- Engineering, procurement and construction (EPC) contracts: large-scale grid modernization and integrated energy projects delivered under contract.
- After-sales services & software: maintenance, platform subscriptions, energy management systems and charging operations (recurring revenue).
- Export & international projects: direct sales and contracted projects (e.g., Saudi National Grid mobile substation).
| Metric | Value | Period / Note |
|---|---|---|
| Market Capitalization | 26.34 billion CNY | As of 2025-12-17 |
| Trailing P/E | 22.80 | As of 2025-12-17 |
| Revenue (TTM) | 16.31 billion CNY | TTM ending 2025-09-30; +33.85% YoY |
| Net Profit (YTD) | 686 million CNY | First 3 quarters 2025; +53.55% YoY |
| Major Contract | 700 million CNY | Saudi National Grid high-voltage mobile substation, Jan 2025 |
| EV Market Share | ~26% (market share); 24% charging volume | End of 2024 |
- Expanding charging network installations and increasing recurring O&M/platform fees.
- Pursuing large EPC and equipment export contracts to diversify geographic revenue.
- Leveraging smart grid product mix to capture utility modernization spend.
- Cross-selling integrated energy solutions to commercial and industrial customers.
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