中国充电生态系统-月度数据追踪

China (PRC) | Alternative EnergyEquity ResearchMay 25, 2025 Kelly Zou *  | Equity Analyst852 3767 1116 | kelly.zou@jefferies.comJohnson Wan *  | Equity Analyst852 3743 8083 | johnson.wan@jefferies.comChina Charging Ecosystem – Monthly DataTrackerKey observations: 1) total charging pile population in China at the end of Apr'25 grew 46% YoY and was 10% above the end-Dec 2024 level; 2) the EV-to-charging pile ratio at the end of Apr '25 was up 0.1x MoM to 2.6x; 3) publiccharging volume in 4M25 grew steadily at 51% YoY, accounting for 0.75%of electricity consumption in China (0.57% in 2024); and 4) m/s of the top 5charging operators by charging volume grew 0.3ppt YoY to 77.3% in 4M25.China charging infra development updateAccording to the EVCIPA, the total charging pile population in China reached 14.1mn units bythe end of Ap '25, up 46% YoY and 10% above the level at the end of Dec '24. On our estimates,China’s EV population amounted to 35.9mn units by Apr '25; thus, we calculate the EV-t