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New Gonow is a diversified automotive group originating from Taizhou, Zhejiang, China, established by Miao Xuezhong, the "Young Commander of Geely", in July 2016. The group's businesses cover two main pillars: new energy commercial vehicles and towable recreational vehicles (RVs). It also owns multiple RV sub-brands and the new energy commercial vehicle brand "New Gonow Automotive". The group headquarters is located in Pudong New Area, Shanghai, with production bases set up in Tongxiang, Zhejiang, Taizhou, Shiyan, Hubei, Shangqiu, Henan, Dalian, Liaoning, etc., while deeply cultivating overseas markets such as Australia and New Zealand. In 2020, Zhejiang New Gonow Automotive was recognized as the first enterprise in Zhejiang Province and the fifth in the nation to obtain "dual qualifications" for new energy commercial vehicles.
New Gonow's history is rooted in China's automotive industry. Founder Miao Xuezhong joined Geely at the age of 17, was appointed as the General Manager of Geely Hongqing Automobile in 1999, becoming the youngest automobile company CEO in China at the time, and was promoted to President of Zhejiang Geely Automobile Co., Ltd. in 2001. In 2002, Miao Xuezhong left Geely and returned to Taizhou, founding Gonow Automotive in 2003. Gonow Automotive mainly focused on the SUV and pickup truck market, becoming the first independent Chinese automobile brand to export. In 2005, Gonow Automotive exported 3,500 vehicles; in 2007, it entered the top three in China's economy SUV market. In 2010, Gonow Automotive reached a deep strategic cooperation with GAC Group. Miao Xuezhong handed over 51% of equity, pioneering the mixed-ownership system between state-owned and private enterprises. In 2016, after GAC Group acquired the remaining 49% equity, Gonow Automotive became one of the predecessors of GAC Trumpchi, and Miao Xuezhong officially withdrew.
Miao Xuezhong's entrepreneurial journey did not stop. As early as 2014, he acquired the Australian RV brand Regent, which has over 30 years of history, officially entering the Australian RV market. In 2015, the group launched the mid-range RV brand Snowy River. In 2016, Miao Xuezhong officially established New Gonow Group, fully entering the two sub-sectors of towable RVs and new energy commercial vehicles. In the RV field, through the innovative "overseas mature market research + domestic and foreign collaborative R&D + efficient domestic manufacturing" operation model, the group built a full supply chain system from design to after-sales service. In the new energy commercial vehicle field, Zhejiang New Gonow Automotive continued to invest in new energy vehicle R&D. In 2020, it obtained "dual qualifications" for new energy commercial vehicles, gradually establishing a modern whole-vehicle production base covering about 600 mu and encompassing four major processes, as well as setting up a provincial new energy vehicle research institute and a national CNAS-recognized experimental production center. On January 13, 2025, New Gonow RV Co., Ltd. listed on the Hong Kong Stock Exchange, stock code 00805.HK, becoming China's "First RV Stock".
New Gonow Group is driven by two wheels: the "RV Living Ecosystem" and the "Green Smart Logistics Ecosystem", possessing a complete system of RV and new energy commercial vehicle products.
The RV sector operates three brands: the mid-range best-selling brand Snowy River, which contributes the largest revenue source; the luxury brand Regent, positioned in the high-end custom market; and the semi-off-road brand NEWGEN, covering semi-off-road and hybrid power emerging categories. As of June 2024, New Gonow has successfully mass-produced 49 models of RVs. In 2023, the revenue ratio of the three brands was Snowy River 76.4%, Regent 11.7%, and NEWGEN 10.6%. Products are mainly exported to Australia and New Zealand. Calculated by 2023 revenue and sales volume, New Gonow ranks second in market share in the Australian new RV industry.
The new energy commercial vehicle sector is operated by Zhejiang New Gonow Automobile Co., Ltd., covering green logistics, buses, sanitation, and other fields. Major vehicle series include: pure electric micro-vans Gonow Shuailing, Gonow Shuaibao, Gonow Ruzheng and Ruzheng L, Gonow Shuaijian, etc., with a price range of about 140,000 yuan to 200,000 yuan, and a range of 190 km to 301 km; pure electric light commercial logistics vehicles Gonow Aoteng and Aoteng Pro, offering battery choices from multiple brands such as CATL, Gotion High-tech, and CALB; and extended-range new energy light commercial vehicles HM series, EB series, and other customized products facing the overseas light passenger market. In addition, the group is also arranging for unmanned logistics vehicle products, achieving the implementation of L4 level autonomous driving technology.
New Gonow's market performance presents a differentiated pattern of "stable RVs, pressured commercial vehicles".
The RV business is the growth engine of the group. In 2023, New Gonow RV ranked second in the market in both the Australian and New Zealand RV industries. In 2024, New Gonow RV's global delivery volume grew steadily, with revenue reaching 422 million RMB in the first half of the year, net profit 40.43 million RMB, with revenue growing 36.13% year-on-year. In 2025, New Gonow RV achieved revenue of 871.4 million RMB, delivering 2,884 RVs, a year-on-year increase of 2.9%. Snowy River brand sales volume grew 11.9% year-on-year, but the luxury brand Regent is in a reshaping stage, with sales volume dropping significantly. In 2025, the group's total revenue was 864 million yuan, a 19.97% year-on-year increase, but due to the slowdown in macroeconomic growth and the impact of new product R&D investment, profit attributable to shareholders of the company decreased by 45.83% to 43.33 million RMB.
The new energy commercial vehicle business faced severe challenges in 2025. According to data from the China Association of Automobile Manufacturers, Zhejiang New Gonow Automobile's vehicle production in 2025 was only 1,100 units, a decrease of 83.85% year-on-year; sales volume was 1,400 units, a decrease of 83.54% year-on-year. Among them, new energy vehicle production was 1,073 units, and sales volume was 1,387 units. Despite intensifying overseas expansion at the sales end, the overall shipment volume dropped significantly due to intensified domestic market competition and shrinking demand.
New Gonow's core technology layout covers multiple fields such as new energy power systems, intelligent driving, lightweight materials, and RV-specific technologies.
In the new energy commercial vehicle field, New Gonow possesses a provincial automotive research institute and a CNAS national-level laboratory, with cumulative core patents breaking through 240 items, and continuously recognized as a national high-tech enterprise. The company continues to invest in R&D in lightweight, extended-range, and intelligent driving fields, and multiple products have passed EU certification (WVTA) and South Korean KMVSS certification. In the unmanned driving field, New Gonow has established deep cooperation with industry leading enterprises such as Youjia Innovation, launching L4 level unmanned logistics vehicles. Relying on multi-sensor fusion and intelligent algorithms, the product can navigate autonomously, avoid obstacles intelligently, and achieve 7x24 hour automated delivery, having achieved scaled applications in city delivery, industrial parks, smart construction, and other scenarios. In November 2025, Youjia Innovation, New Gonow Automotive, and Bingying Huodi signed a strategic cooperation agreement to jointly complete the design, production, and delivery of 800 units of unmanned logistics vehicles meeting automotive-grade standards.
In the RV field, New Gonow insists on independent research and development of core technologies. The Hybrid series integrates off-road performance and living functions, launching the 48V whole-vehicle circuit system for the first time. The body innovation adopts riveted aviation aluminum alloy bodies, combined with tower flexible connection technology, greatly improving overall anti-twist stiffness and durability while achieving lightweight. In addition, New Gonow successfully broke the dilemma of "monoculture" in RV chassis, carrying out deep strategic cooperation with European automotive giant Stellantis Group, leveraging global resources to provide RV chassis solutions more suitable for complex road conditions for Chinese users.
At the traditional whole vehicle manufacturing level, New Gonow established a modern four major process production line covering stamping, welding, painting, and assembly at its Taizhou base. It has independent new energy vehicle research institutes and CNAS-recognized national-level laboratories, forming a technical capability from R&D, verification to mass production.
Overseas markets are the core strategic direction established for New Gonow since its inception.
The RV business achieved a breakthrough in globalization through the reverse path of "outside first, then inside". New Gonow did not start from developing markets but directly entered the heights with the most mature global RV culture and strictest standards—the Australian and New Zealand markets. After acquiring the Australian local brand Regent in 2014, the group did not simply engage in "OEM branding" but carried out deep "genetic recombination": on the R&D end, Chinese new energy technology was used to upgrade traditional Australian RVs; on the market end, it persisted in complete localization, hiring local senior executives for operations, forming a unique model of "Chinese Smart Core + Australian Local Face". As of the end of 2025, New Gonow RV has firmly held second place in the Australia-New Zealand market, with Snowy River brand sales volume continuing to grow. In 2025, New Gonow delivered customized RVs to Canada, successfully breaking into the North American market. In the same year, the group officially established a dedicated working group to promote European market expansion, completed sample vehicle manufacturing and market testing, and plans to form the first batch of demonstration sales cases in 2026.
In the new energy commercial vehicle field, New Gonow Automotive has obtained export qualifications for the full range of products (passenger cars, cargo trucks, medium-large buses), exporting to more than a dozen countries and regions including South Korea, Italy, Southeast Asia, Africa, and North America. From January to April 2025, New Gonow successfully delivered more than 320 whole vehicles overseas, with an export value exceeding 36 million RMB. The light commercial vehicle market added Southeast Asia, North America, and Africa markets in 2025. In product R&D, the company has multiple products passing EU certification and South Korean KMVSS certification, and has launched customized products for different market demands. The company also dispatches technical personnel to provide on-site services and sets up spare parts warehouses at multiple locations to solve overseas maintenance difficulties.
Looking forward, New Gonow will continue to advance under the "RV Living Ecosystem" and "Green Smart Logistics Ecosystem" two-wheel drive strategy.
In terms of the RV business, New Gonow is based on the Australian and New Zealand markets, accelerating the expansion into European and North American markets, aiming to advance from a regional leading brand to a global RV leader. Among the funds raised from listing, 185 million HKD will be used to build new production bases in Zhejiang and upgrade existing factories to increase high-end RV production capacity. New Gonow will continue to rely on the Tongxiang intelligent manufacturing base, deepen cooperation with international giants such as Stellantis, and promote the strategic vision of "World RV Made in China" to land.
In terms of new energy commercial vehicles and intelligent logistics business, New Gonow is accelerating the strategic leap from traditional manufacturing to intelligent connected unmanned vehicle R&D. Gonow Automotive will continue to deepen cultivation in the new energy commercial vehicle field, leveraging the lead advantage and scaled delivery experience of L4 level unmanned logistics vehicles to further expand the electrification and intelligence needs of the global logistics market. In May 2026, New Gonow showcased its latest achievements in Level 4 unmanned logistics vehicles at the Taizhou City Intelligent Construction Observation Meeting, with future plans to promote unmanned logistics technology from smart construction, industrial parks, and other scenarios to the broader city logistics field.
New Gonow also faces multiple challenges: the continuous shrinkage of the domestic new energy commercial vehicle market led to a significant drop in 2025 production, and the structural dilemma of the commercial vehicle main business needs to be broken through as soon as possible; the dependency of the RV business on the two major Australian and New Zealand markets remains high; and the questioning of heavy marketing and light R&D also accompanied its listing process. Whether the group can effectively copy the success experience of RV exports to new energy commercial vehicles and unmanned driving fields, and whether it can maintain technical leadership and supply chain advantages in the global layout, will be the key to determining whether this enterprise, which has been innovating and transforming for more than twenty years, can truly realize the leap from an invisible champion in niche markets to a global diversified platform for mobility.
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