ZHESHANG Development Group

Name

ZHESHANG Development Group

Legal name

浙商中拓集团股份有限公司

Website

https://zmd.com.cn

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Supply Chain Integration Services

NAICS

Metal Service Centers and Other Metal Merchant Wholesalers (423510)

SIC

Wholesale-Lumber & Other Construction Materials (5030)

akta.pro primary industry

Non-Ferrous Base Metals Trading (Aluminum, Copper, Zinc, Lead, Tin, Nickel) (IMAKAJAC)

akta.pro secondary industries

Concentrates & Intermediate Feedstocks Marketing (Concentrates, Cathodes, Anodes, Alumina) (IMAKAJAJ), Building Materials & Home Improvement Distribution Centers (TLALAEAH)

Keywords

• Supply chain integration
• Bulk commodity trading
• Logistics services
• Metals distribution
• Industrial finance services

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Supply Chain Integration Services: Core revenue stream from providing integrated supply chain services including procurement, sales, warehousing, transportation, processing, price management, and digital services across commodity supply chains. The company serves both infrastructure and manufacturing customers with one-stop integrated management.
2. Commodity Trading (Metals and Fuel Oil): Trading of metals (ferrous and non-ferrous), fuel oil, and expanding into crude oil. The company operates a '4+X' model covering ferrous metals, energy chemicals, new energy, non-ferrous metals, and agricultural products.
3. New Energy (Photovoltaic and Storage): Revenue from PV components, energy storage products, residential PV installations (中拓光盈 brand), and battery-swap services (中拓芯享). Services include sales, design, EPC contracting, and smart operations & maintenance.
4. Industrial Finance / Supply Chain Finance: Services including supply chain finance, logistics finance, and warehousing financial services. '产融一体' (integration of industry and finance) is one of three core integration strategies. '千仓千亿' program launched in September 2019.
5. Renewable Resources and Agricultural Products: Trading of renewable resources (scrap steel, recycled lead, recycled stainless steel, waste paper, waste plastics) and agricultural products (vegetable oils, protein meals, grains, oilseeds).

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

ZHESHANG Development Group provides end-to-end supply chain integration services across a '4+X' commodity platform covering ferrous metals, energy chemicals, new energy, and non-ferrous metals, plus renewable resources and agricultural products. The company delivers one-stop integrated management — procurement, sales, warehousing, transportation, processing, industrial finance, price/risk management, and digital services — to infrastructure customers (transportation, real estate, PV power stations) and manufacturing customers (automobiles, home appliances, machinery, ships, energy storage, PV). Complementary productized offerings include the Zhongtou Guangying residential PV brand, the Zhongtou Xinxiang battery-swap service, the Zhongtou Xieneng energy storage factory, and the Zhongtou New Materials specialty steel wire processing facility, supported by an in-house digital supply chain operations platform and customs AEO Senior certification.

Product overview

ZHESHANG Development Group (浙商中拓集团股份有限公司, stock 000906) operates as a state-owned A-share listed supply chain integrated services provider under Zhejiang Communications Investment Group. The company has evolved from a single-commodity trader into a diversified '4+X' platform covering four core business segments — Ferrous Metals (黑色), Energy & Chemicals (能化), New Energy (新能源), and Non-ferrous Metals (有色), plus renewable resources and agricultural products (其他). Its portfolio includes both physical commodity trading and digital platforms: the proprietary 中拓数字化供应链运营平台 underpins operations, while specific customer-facing brands include 中拓光盈 (residential PV), 中拓芯享 (EV battery swapping), and 中拓协能 (energy storage manufacturing). The company operates industrial service complexes (晋南工业服务综合体 and others) and manufacturing entities (中拓新材料), providing integrated services from trade through logistics, processing, and financing to terminal project operations. The '数字中拓' digitalization strategy has produced AI-enabled tools including digital twin warehouse management and AI-powered integrated energy service platforms. As of 2023, the company ranked 69th in Fortune China 500 among listed companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Ferrous Metals Supply Chain Integration Services (黑色/钢铁业务板块) Supply chain integration services for ferrous metals (steel products), providing end-to-end procurement, warehousing, transportation, processing, distribution, and price-risk management for steel manufacturers, infrastructure projects, and downstream fabricators.
• Energy and Chemicals Supply Chain Integration Services (能化业务板块) Supply chain integration services for the energy chemicals sector covering coal, fuel oil, crude oil, rubber, and chemicals, including Thailand's first latex processing factory and trade-manufacturing integration activities across rubber upstream.
• New Energy Supply Chain Integration Services (新能源业务板块) Supply chain integration services for the new energy sector covering PV modules, inverters, mounts, industrial silicon, battery cells, and energy storage systems, along with downstream residential PV, urban EV battery-swap, and energy storage manufacturing operations.
• Non-ferrous Metals Supply Chain Integration Services (有色业务板块) Supply chain integration services for non-ferrous metals, including stainless steel supply chain (nickel ore, chromium ore, ferronickel, stainless steel, recycled stainless steel), non-ferrous metals (zinc, aluminum, silicon, fluorite), and alloy industry materials.
• Renewable Resources and Agricultural Products Supply Chain Services (其他/再生资源及农产品业务) Supply chain services for renewable resources (scrap steel, recycled lead, recycled stainless steel, waste paper, waste plastics) and agricultural products (vegetable oils, protein meals, grains, oilseeds).
• Zhongtou Guangying Residential PV Brand (中拓光盈) Residential rooftop photovoltaic solutions for households and small commercial operators, including system design, EPC contracting, AI-empowered smart operations and maintenance, and provincial-level distribution across 16 Chinese provinces.
• Zhongtou Xinxiang Battery-Swap Service (中拓芯享) Urban two-wheeled electric vehicle battery-swap service using a 'vehicle-battery separation' 'battery bank' model, deploying smart swap stations that allow users to swap depleted batteries in 1 minute without owning the battery; targets instant delivery riders and urban commuters.
• Zhongtou Xieneng Energy Storage Factory (中拓协能工厂) Energy storage product manufacturing facility representing the company's first entity-level project in the new energy segment, providing direct manufacturing exposure to the energy storage terminal market.
• Zhongtou New Materials Specialty Steel Wire Processing (中拓新材料 — 600,000 ton/year) Specialty steel precision wire manufacturing via a 600,000 ton/year processing facility in Haiyan, Zhejiang, representing the company's first trade-manufacturing integration project and an extension of the steel supply chain business into value-added processing.
• Zhongtou Xinxiang Battery-Swap Stations (中拓芯享换电站) — Deployment Network Physical network of smart battery-swap stations deployed across urban hotspot areas, enabling 1-minute swaps for two-wheeled EV users and powering the Zhongtou Xinxiang battery-swap subscription-based service.
• Industrial Service Complexes — One-Stop Integrated Service Facilities (工业服务综合体) Physical industrial service complexes that co-locate warehousing, shearing and processing, logistics, and digital-twin-monitored tenant operations to deliver one-stop integrated services to industrial customers in specific geographic regions.
• Zhongtou Logistics — Logistics and Warehousing Services (中拓物流) Wholly-owned logistics subsidiary providing warehouse management, transportation, logistics finance services, and digital-twin-enabled operations as a recognized Zhejiang Province Supply Chain Service Leading Enterprise.

Quantifiable outcome

• Revenue exceeded 100 billion RMB in H1 2025 (半年度营收首次突破千亿元), first time in company history
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Qingdao Port Group Co., Ltd. (青岛港集团有限公司)coreStrategic or Co-development Partner · 20 November 2025Qingdao Port Group is a key logistics hub partner. The company and Qingdao Port engage in '港口+供应链' (port plus supply chain) dual-engine cooperation. Both parties discussed port value-added services, logistics cost reduction, existing business cooperation, and coordinated 'going global' strategy. The port serves as a critical logistics node in the company's supply chain network.
• Jinchengxin Group (金诚信集团)coreStrategic or Co-development Partner · 23 October 2025Strategic cooperation agreement signed between Zhejiang Provincial Communications Investment Group and Jinchengxin Group, with Zheshang Development Group participating. Cooperation focuses on mining resources, international business, and supply chain services. Zheshang will contribute its global supply chain management expertise.
• Haiyan County People's Government (海盐县人民政府)minorStrategic or Co-development Partner · 10 October 2025Strategic cooperation memorandum signed alongside the launch ceremony of Zheshang New Materials Phase 2 project in Haiyan. Company is expanding its advanced materials manufacturing capacity in Haiyan County.
• Industrial and Commercial Bank of China (ICBC) Wulin Branch (工商银行武林支行)coreStrategic or Co-development Partner · 17 September 2025Strategic cooperation agreement signed for supply chain financial services. ICBC Wulin Branch will provide financial support and banking services supporting the company's supply chain finance and logistics finance operations under the '产融一体' strategy.
• Zhejiang Communications Investment Group Co., Ltd. (浙江省交通投资集团有限公司)coreOthersParent company (控股股东) of Zheshang Development Group, holding approximately 38.8% stake since January 2016. Provides strategic oversight and group-level coordination. The parent company organizes annual conferences, conducts leadership research visits, and supports the subsidiary's strategic initiatives including globalization and supply chain expansion.
• Qiantang River New District Construction Investment Group (钱塘新区建投集团)minorStrategic or Co-development PartnerExploring cooperation in non-ferrous metals international trade, particularly chromium ore, leveraging the BRICS countries' special economic zone cooperation platform. Potential collaboration in international logistics and supply chain finance.

Scale indicators8 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Wuchan Zhongda Group: Zhejiang-based state-owned supply chain integrated services provider (600704.SH) and the most direct comparable peer. Wuchan Zhongda was the former parent group of Zheshang Development before the 2016 transfer to Zhejiang Transportation Investment, and both operate commodity trading platforms with similar multi-commodity (metals, energy, chemicals) supply chain models under Zhejiang SOE ownership.
• Tongling Nonferrous Metals Group: Major Chinese non-ferrous metals producer and trader (000630.SZ) covering copper, zinc, and related metals. Relevant peer for ZSD's non-ferrous metals business segment, particularly given overlap in zinc, aluminum, and concentrate trading.
• Xiamen ITG Group: Fujian-based state-owned supply chain integrated services company (600755.SH) with very similar business model to Zheshang Development: bulk commodity trading across metals, energy, chemicals, and agricultural products, combined with supply chain finance and logistics services. Comparable scale and SOE-backed structure make it a direct benchmark for ZSD's operations.
• Xiamen C&D Inc. Xiamen-based state-owned supply chain management company (600153.SH) operating across metals, mining, agricultural products, and consumer goods with integrated trade, logistics, and finance services. Like ZSD, it serves as a one-stop supply chain integrator for B2B customers and has expanded into new energy and international markets.
• CITIC Metal Co., Ltd. Listed subsidiary (601061.SH) of CITIC Group focused on metals and minerals trading and investment. Directly competes with ZSD's ferrous and non-ferrous metals segments, particularly in iron ore and non-ferrous metal concentrate trading for downstream manufacturers.
• Xiamen Xiangyu Co., Ltd. Xiamen-based state-owned supply chain integrated services company (600057.SH) that operates a comparable bulk commodity supply chain model covering ferrous metals, non-ferrous metals, energy products, and agricultural products. Both companies compete for similar B2B supply chain customers in infrastructure and manufacturing, and have pursued similar digital transformation and global expansion strategies.

Others

• Eastern Air Logistics Co., Ltd. Major Chinese air freight logistics provider serving as an ecosystem partner for commodity trading supply chains. Comparable for the logistics and warehousing portions of ZSD's integrated supply chain service offering, though operates in a different transportation mode.

Broad incumbents

• Sinochem International Corporation: Major Chinese state-owned chemical and energy trader (600500.SH) under Sinochem Holdings. While larger and broader in chemical/energy scope, it competes with ZSD's energy chemicals segment and represents a benchmark for SOE-backed commodity trading scale in China.

Regional players

• COFCO Corporation: Largest Chinese state-owned agricultural products trader and processor. Relevant peer specifically for ZSD's agricultural products business segment (vegetable oils, protein meals, grains, oilseeds) where COFCO dominates. COFCO's global footprint and brand recognition provides a competitive benchmark for ZSD's smaller agricultural trading operations.

Emerging players

• Maike Metals International Co., Ltd. Privately-held Chinese non-ferrous metals trader focused on copper, aluminum, and zinc that directly competes with ZSD's non-ferrous metals segment. After restructuring challenges, now operates under restructured ownership but remains a relevant competitor in the Chinese non-ferrous trading space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/zheshang-development-group-co-ltd

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ZHESHANG Development Group