During the 2026 National Day holiday, highway service areas witnessed a surge in electric vehicle (EV) charging demand, with some popular locations experiencing wait times exceeding five hours. Despite the steady rise in new energy vehicle sales and charging needs, operators like Tgood are grappling with profitability issues. By the end of February 2026, the total number of charging facilities across the country had surpassed 21.01 million, marking a 47.8% year-on-year increase. Nevertheless, the utilization rate of public charging stations remains low, with certain regions seeing an oversupply of charging points relative to demand. This imbalance has led to a decline in operator revenues. Tgood's 2025 financial report reveals that its charging network segment generated only RMB 4.966 billion in revenue, with a meager growth rate of 1.56%. The net profit attributable to the parent company stood at RMB 237 million, accounting for less than 20% of the group's total profit. The key factors constraining the profitability of charging operators include an uneven supply-demand structure within the industry, low utilization rates of charging stations, a capital-intensive operational model, and challenges in monetizing technological advancements.