New Gonow Recreational Vehicles Inc. reported mixed results for the six months ended 30 June 2026. Revenue advanced 14.9% year-on-year to RMB 472.98 million, driven by a 10.3% increase in deliveries to 1,508 recreational vehicles. Gross profit improved 14.0% to RMB 138.67 million; however, the gross margin edged down to 29.3% from 29.5% due to promotional pricing on new models.
Profitability weakened sharply. Operating profit fell 60.1% to RMB 17.44 million, weighed by a 26.5% rise in selling and distribution expenses and a 15.5% increase in administrative costs. Finance costs climbed 32.0% to RMB 8.11 million. An investment loss on a multi-asset growth fund and lower foreign-exchange gains pushed other income from a RMB 17.59 million gain to a RMB 3.93 million loss. Combined with a RMB 18.0 million provision related to a forthcoming LPG regulator recall, net profit dropped 72.8% to RMB 8.44 million.
Cash and cash equivalents rose to RMB 376.60 million from RMB 247.65 million at end-2025, supported by new bank borrowings of RMB 205.0 million. Total loans and borrowings nearly doubled to RMB 214.69 million, while net current assets slipped to RMB 273.59 million. The gearing ratio moderated to 32.9% versus 38.2% at year-end.
Operationally, the company expanded its product line to 54 models across nine series, including new SRM and SRV motorhomes, and launched the compact SRS towable range. Backlog reached 1,852 units (contract value about RMB 551.89 million) at 30 June 2026, led by 1,835 Snowy River units. The board confirmed continued focus on Australasia while accelerating market entry plans for Europe and Canada, targeting motorhomes and potential new-energy RVs.
Post-period, New Gonow RV initiated voluntary recalls. A gas regulator issue prompted an ACCC-registered recall; the group booked an RMB 18.0 million provision and recognised an equivalent reimbursement asset from the supplier. A suspension-arm recall covering certain hybrid models was announced on 10 September 2026, with rectification underway and related costs to be borne by another supplier under agreement.
The board declared no interim dividend. As of 30 June 2026, HK$178.8 million of listing proceeds remained unutilised, earmarked mainly for production expansion and dealership development within three years of listing.
No material acquisitions or disposals occurred during the period, though the group redeemed its multi-asset growth fund investment, recording a US$0.4 million loss and recognising a US$0.6 million audit holdback receivable.
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