New Stock News | Qingdao TGOOD Electric(300001.SZ) Submits Application to Hong Kong Stock Exchange as the World's Largest Manufacturer of High-Voltage Prefabricated Substation

According to the Hong Kong Stock Exchange disclosed on February 26, Qingdao TGOOD Electric Co., Ltd. (300001.SZ) has submitted its listing application to the Hong Kong Stock Exchange main board, with China Galaxy International and GF SEC as its joint sponsors. According to the prospectus, Qingdao TGOOD Electric is the world's largest manufacturer of high-voltage prefabricated substation and China's largest manufacturer of electric vehicle charging equipment and charging network operator. Business Overview The prospectus mentions that Qingdao TGOOD Electric's business covers research and development, manufacturing, sales of high-voltage and medium-voltage prefabricated substations, transformers, switchgear, and electric vehicle charging equipment, as well as construction and operation of electric vehicle charging networks. According to Zuo Shi Consulting, based on sales revenue of prefabricated substations in 2023 and 2024, Qingdao TGOOD Electric is the world's largest provider of prefabricated substations, as well as the largest provider of high-voltage prefabricated substations in China. During the past performance period, Qingdao TGOOD Electric has sold a total of 1,242 sets of high-voltage prefabricated substations. According to Zuo Shi Consulting, based on revenue in 2023 and 2024, public charging terminal quantity, total annual charging volume, and total charging power indicator calculations, Qingdao TGOOD Electric is China's largest manufacturer of electric vehicle charging equipment and charging network operator. Qingdao TGOOD Electric is deeply involved in the construction process of China's new power system, with independent R&D and manufacturing capabilities in the entire chain of high-voltage prefabricated substation equipment and electric vehicle charging fields. The company's modular and highly integrated high-voltage prefabricated substations have advantages of reliability, flexibility in configuration, quick installation, cost savings, space savings, and high environmental friendliness, serving as efficient core equipment for boosting or reducing voltage at voltages below 400kV. In terms of electric vehicle charging, Qingdao TGOOD Electric's intelligent electric vehicle charging equipment integrates efficient energy supplement and bidirectional energy interactive functions in a digital terminal. The company not only provides charging equipment but also provides safe and convenient charging services for electric vehicles through self-developed charging safety protection technology, big data platform, energy management system, and Virtual Power Plant (VPP) dispatch technology, enabling intelligent aggregation and coordination interaction of distributed terminals on a massive scale, transforming electric vehicles into dispatchable mobile energy storage resources, assisting the grid in peak-shifting and grid reinforcement, and enhancing green energy absorption capability. Regarding internationalization, Qingdao TGOOD Electric's independently developed and manufactured power equipment has been sold to over 60 countries and regions worldwide, widely used in industries such as renewable energy, power grids, data centers, and mines. The company is gradually building an international marketing and service network system with regions such as the Middle East, Southeast Asia, Central Asia, Europe, and Africa as the core and global coverage. Qingdao TGOOD Electric is constructing an overseas headquarters base for the intelligent manufacturing of high-voltage prefabricated substations in the Qingdao Qianwan Comprehensive Free Trade Zone, continuously enhancing the international competitiveness of its products by aligning with international production standards and technical parameters. Additionally, Qingdao TGOOD Electric has established long-term stable cooperation relationships with leading global power equipment companies such as Siemens, ABB, and Schneider. Financial Information Revenue For the ten months ending on October 31 in 2023, 2024, and 2025, the company achieved revenues of approximately RMB 12.91 billion, RMB 15.37 billion, and RMB 11.32 billion, respectively. Net Profit for the Year/Period For the ten months ending on October 31 in 2023, 2024, and 2025, the company realized net profits for the year/period of RMB 527 million, RMB 939 million, and RMB 835 million, respectively. Gross Profit Margin For the ten months ending on October 31 in 2023, 2024, and 2025, the company's gross profit margins were 26.2%, 25.9%, and 26.8%, respectively. Industry Overview According to Zuo Shi Consulting, the global prefabricated substation market size was RMB 31 billion in 2020, expected to grow to RMB 81.5 billion by 2024, with a compound annual growth rate of 27.3%. It is estimated that by 2030, the global prefabricated substation market size will reach RMB 179.7 billion, with a compound annual growth rate of 14.1% from 2024 to 2030. In addition, high-voltage prefabricated substations, as key equipment supporting the construction of high-voltage nodes, had a market size of RMB 5.6 billion in 2024, expected to reach RMB 52.6 billion by 2030, with a compound annual growth rate of 45.2% from 2024 to 2030. With the continuous increase in the penetration rate of electric vehicles, the mainland Chinese electric vehicle charging network market is rapidly expanding. According to Zuo Shi Consulting, the mainland Chinese charging network market size was RMB 40.4 billion in 2024, expected to reach approximately RMB 203.4 billion by 2030, with a compound annual growth rate of 30.9% from 2024 to 2030. The mainland Chinese charging network operational services market size is expected to increase from RMB 17.3 billion in 2024 to approximately RMB 106.5 billion by 2030, with a compound annual growth rate of approximately 35.4% from 2024 to 2030. In 2024, the total public charging volume in mainland China reached 55,750 GWh, with 3.6 million operating public charging terminals, including 1.6 million DC charging terminals. Board Information The board consists of six executive directors and three independent non-executive directors. The directors have a term of three years and can be re-elected after the term expires. According to relevant Chinese laws and regulations, independent non-executive directors are not allowed to serve for more than six consecutive years. Equity Structure As of the last practicable date, Deli Investments and Mr. Yude Xiang respectively held approximately 31.58% and 1.24% of the company's issued shares. Mr. Yude owns 69.27% equity in Deli Investments. Apart from Mr. Yude, all other shareholders of Deli Investments are minority investors and have little to no more than a 10% equity in Deli Investments. Mr. Yude and Deli Investments collectively constitute the largest single shareholder group of the company, holding approximately 32.82% of the company's issued shares as of the last practicable date. Intermediary Team Joint Sponsors: China Galaxy International Securities (Hong Kong) Co., Ltd., GF Financing (Hong Kong) Co., Ltd. Company's Legal Advisors: King & Wood Mallesons for Hong Kong laws and U.S. laws, Beijing King & Wood Mallesons for Chinese laws Legal Advisors for Joint Sponsors: Haiwen & Partners for Beijing laws Auditor and Reporting Accountant: Zhonghui Anda Certified Public Accountants Co., Ltd. Industry Consultant: Zuo Shi Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Advisor: SOMERLEY CAP Limited.