Zhida loss widens as revenue slips into reverse
Electric vehicle (EV) charging pile maker Shanghai Zhida Technology Development Co. Ltd. (2650.HK) said on Friday it expects to report a loss of up to 120 million yuan ($17.8 million) for the first half of this year, widening from a 30 million yuan loss in the year-ago period.
The company blamed the growing loss on declines in both sales and gross margins, along with higher raw material prices and selling expenses due to intense competition. Zhida’s revenue rose 21% last year to 717 million yuan from 593 million yuan in 2024. Its loss for the year also narrowed to 164 million yuan from 239 million yuan a year earlier.
Zhida’s shares soared in their trading debut last October, nearly tripling from their split-adjusted IPO price of about HK$2.68 to close at HK$7.82 on their first trading day. They have continued to climb since then, and at Friday’s close of HK$12.13 now trade at more than four times their IPO price.
By Doug Young
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