" 萧昂在安克待过十年，最高管理安克超过四成营收的业务。 " 作者丨 姚单 编辑丨余快 2021年，萧昂从深圳自驾去西藏，到了纳木错湖边上，在房车里住了一晚，第二天醒来便拍到了人生最好 看的一个视频。 那次难忘的经历，便在萧昂心中埋下了一颗种子。 3年后，萧昂追随内心的热爱，投身于海外房车赛道创业，正式成立松鼠动力。 雷峰网：这一轮融资是什么时候完成？ 萧昂： 9月份已经全部close。在松鼠动力的外部股东里，产业方是两家在海外市场表现最出色的中国消 费电子公司的创始人们，包括安克的两位创始人。这是来自于有过创业和经营公司到上市的经历，以及对 消费电子出海全球化有深刻理解的创业者的认可。 雷峰网：融到钱后要做什么？ 萧昂： 现在我们已经融到了第一款产品量产所需的资金，后续融资压力已经不大了。所以当前的主要精力 是集中在产品后续开发和量产。接下来在技术上的投入，智能化是其中非常核心的环节。汽车可以视为最 大的或至少是首个具身机器人，那么房车为何不能是呢？区别在于，汽车用于驾驶，房车用于居住；就居 住属性而言，房车同样能够提供有价值的具身能力。 作为安克首位产品经理，萧昂在职十年间每年负责不同项目、新业务，也参与 ...

Core Viewpoint - The 2025 Hainan Automotive Ecological Camping Expo and Haikou Island Camping Life Carnival successfully showcased a new model of integrated industry exhibition, cultural exchange, leisure tourism, and investment promotion, attracting significant attention and participation from various sectors [1][3]. Group 1: Event Overview - The expo spanned 9 days and covered an area of approximately 300,000 square meters, featuring over 400 renowned domestic and international brands, including major automotive manufacturers like Audi, BYD, and Toyota [3][4]. - The event adopted an innovative "sea, land, and air" three-dimensional display format, providing immersive experiences for attendees interested in automotive ecological tourism and camping [5][7]. Group 2: Attendance and Engagement - The event attracted a total of 124,543 visitors from across the country, indicating strong public interest and engagement in the activities offered [7]. - Various activities, including the 2025 China Classic Car Rally and New Energy Vehicle Gathering, were held concurrently, enhancing the overall experience for participants [13][16]. Group 3: Diverse Offerings - The expo featured a comprehensive range of vehicle categories, including RVs, camping cars, new energy vehicles, and classic cars, showcasing nearly 1,000 RVs organized by various clubs [13][18]. - A variety of thematic zones were established, such as the low-altitude economy zone and cross-border e-commerce zone, highlighting the event's diverse offerings [23][27]. Group 4: Cultural and Culinary Experiences - The event included a fishing competition and various cultural activities aimed at exploring and preserving traditional Chinese culture, showcasing non-material cultural heritage from Jilin Province [21][41]. - A food experience area featured culinary delights from across China, enhancing the cultural richness of the event and providing attendees with a taste of regional specialties [38]. Group 5: Industry Collaboration and Future Prospects - The expo hosted several industry conferences, including the 2025 Automotive Brand Conference and the 6th RV Tourism Conference, focusing on the development paths of automotive brands in the new economic landscape [43][44]. - The event's promotional efforts resulted in approximately 120 million exposures across various media platforms, indicating strong industry interest and potential for future growth [46].

Core Viewpoint - New Giao RV (00805) has reported a decline in revenue and profit for the first half of 2025, primarily due to a decrease in RV sales [1] Financial Performance - Revenue for the first half of 2025 is approximately HKD 412 million, representing a year-on-year decrease of 2.4% [1] - Gross profit is around HKD 122 million, down 9.9% compared to the previous year [1] - Profit attributable to equity shareholders is HKD 30.7 million, a decline of 22.34% year-on-year [1] - Earnings per share stand at HKD 0.03 [1] Shareholder Activity - On October 17, shareholders of New Giao RV deposited shares worth HKD 100 million into First Shanghai Securities, accounting for 9.52% of the total market value [1]

Core Viewpoint - New Giao RV (00805) has seen a decline in its financial performance for the first half of 2025, primarily due to a decrease in RV sales, with shareholders depositing stocks valued at HKD 100 million into First Shanghai Securities [1] Financial Performance Summary - Revenue for the first half of 2025 was approximately HKD 412 million, representing a year-on-year decrease of 2.4% [1] - Gross profit was around HKD 122 million, down 9.9% compared to the previous year [1] - Profit attributable to equity shareholders was HKD 30.7 million, a decline of 22.34% year-on-year, with earnings per share at HKD 0.03 [1] Shareholder Activity Summary - On October 17, shareholders of New Giao RV deposited stocks into First Shanghai Securities, with a market value of HKD 100 million, accounting for 9.52% of the total shares [1]

Core Insights - The 2025 Second Yangzhou RV Camping Exhibition was held from October 11 to 13, showcasing over 30 well-known RV brands and nearly 100 models and camping equipment, creating an immersive experience platform for RV enthusiasts and local residents [1] - The exhibition highlighted the latest technological achievements in the RV manufacturing sector and established a "sales + experience + cultural tourism" integrated model [1][3] Industry Overview - Chenji Town, recognized as a significant RV manufacturing base in China, has developed a complete industry chain encompassing R&D, manufacturing, supporting services, and sales, featuring notable companies like Saide, Weihang, and Romantes [2] - The RV market is witnessing a trend towards lightweight and compact models, with multifunctional small RVs being introduced that combine accommodation, cooking, and storage within a length of 4-5 meters, enhancing maneuverability and flexibility [2] Sales Performance - During the three-day exhibition, a total of 41 RVs were sold, generating approximately 18 million yuan in sales [3] - In 2024, Chenji Town's RV sales are projected to exceed 1,200 units, capturing 10% of the national market share, with total invoiced sales reaching 681 million yuan, of which 577 million yuan comes from RV manufacturing [3] Market Trends - The RV camping industry in Chenji Town has established a full industry chain model from R&D and manufacturing to cultural tourism services, serving as a benchmark for the nation [3] - The RV industry in China is transitioning from a niche hobby to a mainstream choice, with domestic RV sales expected to grow over 25% year-on-year in 2024, and the number of camping sites surpassing 30,000 [3] Future Outlook - The RV industry is becoming a crucial economic growth point for Yizheng and Yangzhou, with plans to transform from a manufacturing base to an "industry brain," aiming to set standards, models, and lifestyles for the RV sector [4] - Chenji Town is anticipated to emerge as the heart of China's RV industry, facilitating connections between urban and rural areas and enhancing the overall industry chain [4]

Core Insights - Thor Industries reported strong fourth-quarter financial results, with earnings per share of $2.36, surpassing the analyst consensus estimate of $1.27 [1] - Quarterly sales reached $2.523 billion, a slight decrease of 0.4% year over year, but exceeded the expected $2.333 billion [1] North American Towable RVs - The North American Towable RV segment experienced a 4.6% decrease in net sales, totaling $888.7 million for the quarter, with unit shipments down 10.1% [3] - Despite the decline in sales and shipments, the segment's gross profit margin improved to 13.3%, a 70 basis point increase [4] - The backlog for this segment as of July 31, 2025, was $525 million [4] North American Motorized RVs - The North American Motorized RV segment saw a 7.8% increase in net sales to $557.4 million, driven by a 15.9% increase in unit shipments [5] - The gross profit margin for this segment declined by 150 basis points to 11.3%, primarily due to a prior-year LIFO adjustment and increased promotional activities [5] - The backlog for this segment was $1 billion, an increase of 29.3% [5] European RVs - The European RV segment reported a 2.2% decrease in net sales for the quarter, reaching $923.1 million, with unit shipments down 14.1% [6] - The gross profit margin percentage decreased by 310 basis points to 15.6% [6] - The segment's backlog as of July 31, 2025, was $1.5 billion, a 21.8% decrease [6] Financial Performance - Gross profit in the quarter fell 7.6% year over year to $370.88 million, while gross margin decreased by 110 basis points to 14.7% [8] - Quarterly adjusted EBITDA fell 4.1% to $209.506 million [8] - The company generated an operating cash flow of $258.67 million for the fourth quarter and exited the quarter with cash and equivalents worth $586.596 million [8] Management Insights - CEO Bob Martin highlighted the annual Open House event as an opportunity to connect with customers and showcase new products [7] - The CEO expressed confidence in the strength of relationships developed with independent dealers over the past three months [7]

Core Viewpoint - New Giao RV (00805) has experienced a shareholder transfer and reported a decline in financial performance for the first half of 2025 [1] Group 1: Shareholder Activity - On September 23, New Giao RV's shares were transferred from First Shanghai Securities to Shengheng Financial Holdings, with a market value of HKD 61.0351 million, representing 5.34% of the total shares [1] Group 2: Financial Performance - For the first half of 2025, New Giao RV reported revenue of approximately HKD 412 million, a year-on-year decrease of 2.4% [1] - The gross profit was approximately HKD 122 million, reflecting a year-on-year decline of 9.9% [1] - The profit attributable to equity shareholders was HKD 30.7 million, down 22.34% year-on-year, with earnings per share of HKD 0.03 [1]

Core Viewpoint - The recent approval of the national standard for recreational vehicles (RV) in China aims to enhance safety during RV travel, addressing various safety concerns associated with the growing popularity of RV travel and live streaming experiences [3][5][25]. Group 1: Safety Regulations - The new national standard, effective from March 1, 2026, focuses on three main areas: driving, living, and fire safety [3][5]. - A key regulation prohibits sleeping in RV beds while the vehicle is in motion, requiring a "No Sleeping While Driving" sign to be placed next to the bed [8][9]. - Bathing in an RV while in motion is also prohibited, with a "No Bathing While Driving" sign mandated at the bathroom entrance [12][13]. Group 2: Fire Safety Measures - The standard includes specific requirements for marking the locations of fire safety equipment, such as fire extinguishers and smoke detectors, to ensure they are easily identifiable in emergencies [15][16]. - Fire safety signs must be clearly visible, with specifications for size and placement to facilitate quick access during critical situations [17]. Group 3: Additional Safety Features - The regulations introduce various warning signs to enhance overall safety, including "Electric Shock Prevention" signs near power connections and "Height Limit" signs in the driver's cabin to prevent accidents related to vehicle height [18][19]. - Other signs include "Carbon Monoxide Alarm" indicators and reminders for proper waste disposal to prevent environmental pollution [20][22]. Group 4: Industry Implications - The introduction of these standards reflects a necessary step towards standardization in the RV industry, aiming to balance the appeal of freedom in RV travel with essential safety measures [25][27]. - While some may view these regulations as overly restrictive, they are designed to protect consumers and enhance the overall safety of RV travel [25][27].

Core Viewpoint - The National Market Supervision Administration has established a national standard for recreational vehicles (RVs) to enhance safety and usability, effective from March 1, 2026, which includes clear warning signs to help users avoid risks [1][2]. Group 1: Safety Standards - The new standard mandates the installation of prominent warning signs in key areas of RVs, such as "No sleeping while driving" next to beds and "No showering while driving" at bathroom doors, to prevent dangerous behaviors [1][2]. - The standard specifies technical requirements for the shape, color, size, and arrangement of safety signs, covering aspects like driving safety, daily living, and fire safety [2]. Group 2: Market Growth - The RV market in China is experiencing rapid growth, with total registrations reaching 9,167 units in the first half of 2025, a 29.6% increase from 7,075 units in the same period of 2024 [4]. - Government policies encouraging RV camping and related activities are further driving industry growth, with initiatives aimed at promoting orderly development in the automotive aftermarket [4]. Group 3: Industry Potential - Compared to Western countries, China's RV market, although starting later, shows significant growth potential, with a development model that allows for simultaneous growth and standardization [5]. - The establishment of safety standards is expected to compel companies to improve product quality and service levels, promoting a more regulated, safe, and sustainable RV industry [5].

Core Viewpoint - The National Market Supervision Administration has established a national standard for recreational vehicles, effective from March 1, 2026, aimed at enhancing safety and usability through clear warning signs and information symbols [1][2][3]. Group 1: Safety Standards - The new standard mandates the placement of prominent warning signs in key areas of recreational vehicles to help users avoid risks, such as prohibiting sleeping while the vehicle is in motion and showering during travel [2][3]. - The standard specifies technical requirements for the shape, color, size, and arrangement of safety signs, covering various aspects including driving safety and living conditions [2][3]. - The introduction of these standards addresses the current lack of uniformity in safety signs across different brands, which has led to high user learning costs and varying design capabilities among companies [3]. Group 2: Market Growth - The recreational vehicle market in China is experiencing rapid growth, with total registrations reaching 9,167 units in the first half of 2025, a significant increase of 29.6% compared to 7,075 units in the same period of 2024 [5]. - Government policies encouraging the development of recreational vehicle camping have further propelled the industry, with multiple departments promoting orderly growth in related sectors [5]. - Local governments in regions such as Shanghai, Hainan, and Guangdong have implemented policies to accelerate the development of recreational vehicle camping ecosystems [5]. Group 3: Industry Potential - Despite starting later than Western countries, China's recreational vehicle market shows strong growth momentum and significant market potential [6]. - The development model of progressing alongside standardization allows for the identification of safety issues through market practices, enabling timely responses and updates to standards [6]. - This approach is expected to compel companies to enhance product quality and service standards, promoting a more regulated, safe, and sustainable development of the recreational vehicle industry [6].