Hong Kong – New Gonow Recreational Vehicles Inc. (New Gonow RV) released audited results for the year ended 31 December 2025.

Revenue and Profitability • Revenue edged up 0.8% year on year to RMB 871.37 million. • Gross profit declined 11.7% to RMB 237.20 million; gross margin narrowed to 27.2% from 31.1%, mainly due to industry downturn and lower initial margins from the new hybrid product line. • Net profit attributable to shareholders dropped 29.0% to RMB 30.82 million, while group profit fell 29.4% to RMB 32.11 million. • Basic earnings per share were RMB 0.03 versus RMB 0.06 a year earlier.

Cost and Expense Dynamics • Cost of sales rose 6.5% to RMB 634.17 million, tracking higher unit volumes. • Selling and distribution expenses surged 39.4% to RMB 117.12 million on intensified marketing and dealer-network expansion. • Administrative expenses decreased 5.5% to RMB 75.51 million after one-off listing costs in 2024. • R&D spending nearly doubled to RMB 26.92 million, reflecting development of eight new Snowy River models and work on electric towable RVs.

Operational Highlights • Deliveries reached 2,884 units, up 2.9%. Snowy River volumes rose 11.9% to 2,694 units; NEWGEN declined 35.9% to 166 units; Regent deliveries fell during brand repositioning. • Order backlog expanded to 1,751 units (A$103.11 million), up from 1,370 units (A$76.55 million) a year earlier. • Hybrid towable RV line (SRH-Hybrid 2025) launched with six models targeting off-road demand.

Balance Sheet and Liquidity • Cash and cash equivalents climbed to RMB 247.65 million (2024: RMB 29.26 million), aided by IPO proceeds. • Net current assets improved to RMB 286.03 million from a RMB 5.97 million deficit. • Loans and borrowings totaled RMB 115.65 million (2024: RMB 89.40 million); gearing ratio stood at 38.2%. • Capital expenditure for the year was RMB 11.40 million.

Regional & Strategic Developments • Australasia remained the core market, supported by four joint-venture stores, nine third-party dealers and four self-operated outlets. • European expansion advanced to product validation stage with two prototype “Urban Camper” vehicles produced for 2026 exhibitions. • North American entry began with shipment of two prototype units to Canada for market testing. • The group plans further dealer additions in New Zealand and higher motorised RV output in 2026.

Capital Market & Compliance • No dividend declared for FY 2025. • HK$253.40 million net IPO proceeds remain largely unspent; HK$236.50 million earmarked for production, network expansion, R&D and working capital within three years of listing. • Two February 2025 investments in a bond-linked note and a multi-asset fund were subsequently redeemed or are pending redemption; both were classified as discloseable transactions. • Trading in the company’s shares will resume on 24 April 2026 following publication of these results.

Headcount Total employees numbered 777 at year-end 2025, with 540 in China and 237 in Australia.

No post-year-end events other than the renewal of the Green RV dealership agreement (effective to January 2027) were reported.