ShangdiTie Submits IPO Application for Hong Kong Stock Exchange, Revenues of 41.39 Billion Yuan in 2025
Miles Bennett
China's largest EV logistics-fleet manager Di Shangtie has filed for a Hong Kong main-board listing, with revenue nearly doubling to RMB 4.139 billion in two years as asset-light management fees overtake leasing as the profit engine.
What does this company actually do?
Di Shangtie (地上铁) doesn't make vehicles. It manages EV logistics fleets for courier and freight companies — charging, maintenance, and fleet ops — and collects a per-vehicle management fee.
By end-2025 it managed 224,500 vehicles across 3,246 service points in all 333 prefecture-level cities in China, serving over 7,500 corporate clients.
In plain terms = think of it as "the Beike of EV logistics vans" — it doesn't own most of the fleet, it earns from managing and servicing them.
How fast is it growing?
Revenue rose from RMB 2.35 billion to RMB 4.139 billion between 2023 and 2025, a 32.7% CAGR.
The real headline: adjusted EBITDA surged from RMB 651 million to RMB 1.83 billion, a 67.6% CAGR — profit growing twice as fast as revenue.
This means → the company isn't just scaling up; it's scaling profitably, and operating leverage is kicking in.
Where does the money come from — and how is the mix shifting?
Three segments in 2025: management services RMB 1.904 bn (46.0%), vehicle leasing RMB 1.894 bn (45.8%), vehicle sales RMB 340 mn (8.2%).
The key shift: management-service revenue share climbed from 34.6% in 2023 to 46.0%, while its gross margin rose from 17.4% to 28.3%.
This reflects a pivot from heavy-asset leasing to asset-light management — the highest-margin segment is becoming the largest, lifting overall earnings quality.
How much has operating efficiency improved?
Vehicles managed per employee jumped from 134 in 2023 to 320 in 2025 — the same headcount now handles 2.4× the fleet.
Per-vehicle operating cost (excluding vehicle sales) fell about 8% from 2024 to 2025.
Clients who have worked with Di Shangtie for over three years account for roughly 92% of the managed fleet; net cash retention hit 134.2% in 2025.
In plain terms = existing clients almost never leave — and they keep adding vehicles. That is the healthiest signal a SaaS-style business can show.
Who is backing it?
Shareholders include a BlackRock–Temasek joint fund, GIC, CATL (宁德时代), State Power Investment Corp, and Qiming Venture Partners, among others.
Di Shangtie is also the first Chinese company to receive an S&P "Dark Green" ESG rating.
This means → sovereign wealth funds and industrial capital are betting on the same horse — they see both a viable business model and strong policy tailwinds for EV logistics.
How big is the runway?
Frost & Sullivan estimates China's EV logistics-fleet management market will grow from RMB 140 billion in 2025 to RMB 662.3 billion by 2030, a 36.5% CAGR.
Di Shangtie's 2025 revenue of RMB 4.139 billion represents less than 3% of that RMB 140 billion market.
In plain terms = the sector is still very early-stage, the leader's share is tiny, and the growth headroom is enormous — but the competitive landscape is far from settled.
Content is for reference only, not financial advice.