New Gonow Recreational Vehicles (805) H2 2025 earnings summary

Executive summary

• Revenue remained broadly stable at RMB871.4 million in FY2025, while profit fell to RMB32.1 million from RMB45.5 million as gross margin compressed and selling costs rose.

• Delivered RVs increased 2.9% to 2,884 units; direct-sales revenue rose while dealer-sales revenue declined, and backlog units expanded year over year.

Financial highlights

• Revenue was RMB871.4 million versus RMB864.2 million in 2024; RV sales revenue declined 1.9% to RMB784.3 million, while pre-owned RV revenue rose to RMB71.2 million.

• Gross profit fell 11.7% to RMB237.2 million; gross margin declined 3.9 percentage points to 27.2%, reflecting market weakness and hybrid-model launch pricing.

• Operating profit decreased to RMB48.0 million from RMB73.9 million; profit for the year fell to RMB32.1 million from RMB45.5 million.

• Other income was RMB31.9 million versus an other loss of RMB15.4 million in 2024, including RMB18.5 million in foreign-exchange gains and RMB4.7 million unrealized fund gains.

Outlook and guidance

• European expansion is focused on urban campers, EU certification, customer development and potential acquisitions; two prototype vehicles were built for 2026 exhibition and validation.

• Two prototypes were shipped to Canada for demonstration and market testing; the next 3–5 years target a single-brand positioning and a direct-sales plus key-dealer channel model.

• Australasia is expected to remain a stable revenue base; plans include deeper hybrid-model penetration, a New Zealand dealership in Q2 2026 and increased motorhome production.