New Gonow Recreational Vehicles (805) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 14.9% YoY to RMB473.0m as RV deliveries increased 10.3% to 1,508 units; profit for the period fell 72.8% to RMB8.4m.

• Margin pressure, investment losses and higher retail-network costs weighed on earnings; operating cash flow turned positive at RMB9.6m.

Financial highlights

• RV sales revenue rose 15.9% to RMB426.0m; pre-owned RV revenue was RMB34.9m versus RMB35.4m.

• Gross profit increased 14.0% to RMB138.7m, while gross margin slipped to 29.3% from 29.5%, reflecting promotional pricing for new models.

• Operating profit fell 60.1% to RMB17.4m; profit before tax declined 75.2% to RMB9.3m and net profit fell 72.8% to RMB8.4m.

• Profit attributable to equity shareholders was RMB6.6m versus RMB30.7m; basic and diluted EPS was RMB0.01 versus RMB0.03.

• Other loss was RMB3.9m versus income of RMB17.6m, including a RMB10.7m multi-asset fund loss; selling costs rose 26.5% to RMB66.7m.

Outlook and guidance

• Europe prototypes and certification are targeted for completion in H2 2026, followed by exhibitions, bulk orders and end-to-end sales channels; five-year expansion aims for major-market breakthroughs.

• Canada expansion began with designs for two regulation-compliant prototypes, certification research, brand registration and initial distributor contacts.

• H2 plans include eight model launches, one discontinuation and upgrades to 16 models, subject to demand and operating conditions.

• Near-term priorities include growing motorhome sales in Australasia; longer-term plans build on dealer, supply-chain and service networks.