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NEW GONOW RV (00805.HK) — Recent News Roundup
Conclusion: The news flow is predominantly negative , with today's mid-term results confirming a sharp profit contraction. The sole bright spot is revenue growth driven by higher RV sales volume.
Negative News
1. H1 2026 Profit Plunged ~78%
Today (Aug 31), the company released its interim results: revenue of RMB 473 million, +14.9% YoY , but shareholders' profit was just RMB 6.609 million, down 78.47% YoY (from ~RMB 31 million in H1 2025)
This was within the range flagged in the Aug 14 profit warning.
2. No Interim Dividend
The board does not recommend any interim dividend for H1 2026
This follows a pattern — no dividends were paid for FY2025 final or H1 2025 either
3. Three Profit Headwinds (per the profit warning)
New model margin compression — strategic promotional pricing, especially on the hybrid off-road caravan series, to grab market share.
Higher operating expenses — retail network expansion and self-operated stores (opened since Q2 2025) drove up SG&A costs
Investment loss — from the sale of financial assets during the period
4. Termination of Pre-IPO Share Option Scheme
On Aug 14, the company terminated its pre-IPO share option scheme, with ~5.95 million outstanding options being waived
5. Stock Under Pressure
The stock fell 5.2% today to around HK$9.48, and has seen multiple sell-offs in August: -5.47% on Aug 11, -5.09% on Aug 10, -3.78% on Aug 19
6. FY2025 Full-Year Profit Also Declined
FY2025 net profit was RMB 31-40 million, down 12-32% from FY2024's RMB 45.49 million
Positive News
1. Revenue Still Growing
Despite the profit collapse, H1 2026 revenue grew +14.9% YoY to RMB 473 million, driven by higher RV unit sales
Gross margin held relatively steady at 29.3% (vs. 29.5% a year ago).
2. Long-Term Capacity Locked In
The company signed a 20-year factory lease and doubled R&D investment, securing long-term production capacity.
3. International Expansion in Pipeline
Plans for H2 2026 include completing prototype production, certification, and offline promotion to expand brand presence in the Canadian market.
4. Major Shareholder Increased Stake
On July 23, a shareholder deposited ~49.67 million shares into First Shanghai Securities, increasing their stake by 5.18% (market value ~HK$308 million).
Key Risk Note
The profit decline is largely self-inflicted — the company is deliberately sacrificing margins via promotional pricing to gain market share in new segments, while simultaneously absorbing higher costs from retail expansion. Whether this strategy translates into sustainable revenue growth and eventual margin recovery in H2 2026 remains the critical question. The 52-week range is extremely wide (HK$0.92 - HK$10.26), reflecting high volatility and a low-float structure.
Information is for reference only
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