Camping World (NYSE:CWH) Q4 2025 Earnings call February 25, 2026 08:30 AM ET Company ParticipantsBrett Andrus - SVP and Investor RelationsLindsey Christen - Chief Administrative and Legal OfficerMatthew Wagner - CEO and PresidentPatrick Buckley - Assistant Vice PresidentTom Kirn - CFOTristan Thomas-Martin - Equity Research AssociateConference Call ParticipantsBrandon Rolle - AnalystCraig Kennison - Senior Research AnalystJack Weisenberg - Research AnalystJames Chartier - Director, Leisure, and Travel Analys ...

Core Insights - The Shanghai car rental market is experiencing significant growth during the Spring Festival, driven by both local and inbound travel demand, with a notable increase in rental orders and vehicle availability [3][5][11] Market Overview - Shanghai serves as a central hub for the Yangtze River Delta car rental market, featuring major platforms like Shenzhou Car Rental, Ehi Car Services, and Hello Car Rental, alongside numerous local enterprises [3] - The market offers a diverse range of vehicles, including economy, compact, mid-to-high-end fuel vehicles, and an increasing supply of new energy vehicles from brands like BYD, Geely, and Li Auto [5][6] Demand Trends - During the Spring Festival, the demand for car rentals in Shanghai aligns with national trends, showing steady growth, particularly in on-the-ground rentals, intercity rentals, and family travel [5][11] - The user demographic is diverse, including local residents, domestic tourists, and international visitors, with families and younger users being the primary drivers of rental activity [10][11] Pricing Dynamics - Rental prices during the Spring Festival have increased compared to regular days, following typical holiday pricing patterns, with significant variations based on vehicle type, rental duration, and platform [7][8] - Head rental platforms have achieved price transparency, clearly displaying all fees during the booking process, while some smaller companies still engage in hidden charges [8][9] Regulatory Environment - The Shanghai Road Transport Management Bureau has intensified oversight of the car rental industry, focusing on price violations, hidden fees, and vehicle safety to ensure orderly market operations [12] - Complaints during the Spring Festival primarily stem from smaller rental companies, highlighting issues such as hidden fees, deposit refund delays, and vehicle condition problems [12] Industry Outlook - Overall, the Shanghai car rental industry is showing steady development, with leading platforms dominating the market through standardized services and improved offerings, particularly in new energy vehicles [13] - The necessity for regulatory compliance and self-discipline within the industry is emphasized to ensure sustainable growth and consumer protection [13]

Group 1 - The automotive rental market is experiencing a peak in bookings as the Spring Festival approaches, driven by family reunions and travel needs [1] - The RV rental market is particularly popular this year, with six-seat, five-bed models being the most favored choice among families [5][3] - Many families are planning trips lasting between 5 to 10 days, primarily to local and nearby destinations [5] Group 2 - RV rental orders have increased by nearly 140% year-on-year, while rental prices remain stable [7] - Traditional car rental services are also seeing significant growth, with total orders up over 40% compared to last year [11] - Economy cars continue to be the preferred choice for most customers, with daily rental prices ranging from 200 to 300 yuan during the holiday period [13]

Core Insights - In 2025, various segments of the cultural tourism industry successfully accessed capital markets, with 8 companies raising over 14 billion RMB, while 4 others are awaiting listings in Hong Kong [1] - The A-share market saw a breakthrough with Shaanxi Tourism becoming the only tourism company listed in the A-share market in the past five years [5] - The Hong Kong market remains a primary channel for companies to go public, with a trend towards multi-market listings becoming the norm [1] Group 1: Company Listings - Shaanxi Tourism's successful listing was supported by its core assets, including the performance of the "Chang Hen Ge" show and the Huashan West Peak cableway, contributing over 90% of its revenue [6] - Impression Dahongpao listed in Hong Kong, raising approximately 1.48 billion HKD, but faced a significant drop in share price on its first day, closing down 35.28% [7][8] - Meiya Technology became the first tourism company to pass the review at the Beijing Stock Exchange, aiming to raise 200 million RMB [11] Group 2: Market Trends and Challenges - Despite the influx of companies into the Hong Kong market, many smaller tourism stocks face liquidity issues and low valuations, with most trading in a "仙股化" state [2] - The listing of Impression Dahongpao and others highlights the challenges of maintaining value recognition and liquidity in the market, especially for companies pursuing H-share listings [2] - The automatic driving sector saw significant activity with companies like WeRide and Pony.ai listing in Hong Kong, although they also face substantial losses [19][20] Group 3: Financial Performance - Shaanxi Tourism reported revenues of 1.244 billion RMB and a net profit of 503 million RMB in 2024, with a significant portion of income derived from tourism performances and cableway operations [6] - Impression Dahongpao's revenue from its main performance exceeded 91% of total income from 2022 to 2024, indicating a strong reliance on its core product [7] - Meiya Technology's revenue fluctuated from 457 million RMB in 2022 to 401 million RMB in 2024, with a net profit of 78 million RMB in 2024, reflecting a stabilization in its business model [12]

Group 1: Sports Consumption Initiatives - Fuzhou is revitalizing vacant venues to increase sports consumption spaces, including the establishment of a new basketball court in a residential area [2][3] - The newly built basketball court is a 3,000 square meter facility with two full-size and one half-size basketball courts, accommodating around 200 visitors daily and an annual footfall of 60,000 [3] - Fuzhou is encouraging the use of idle land and old facilities for sports development, aiming to create urban sports complexes that integrate various activities such as sports, dining, and shopping [4] Group 2: Cultural and Entertainment Events - Wuhan has seen a surge in the concert market, with over 40,000 performances approved last year, marking an 18.92% increase in commercial performances [7] - The city has implemented a fast-track approval process for large-scale performances, enhancing the efficiency of event organization and boosting related tourism and consumption [7] - Concerts in Wuhan attract significant tourist activity, with visitors staying an average of 36-48 hours, positively impacting local attractions and businesses [6] Group 3: Outdoor and Camping Experiences - Chongqing is promoting RV camping as a new leisure activity, with the establishment of the first five-star RV camping park, featuring over 800 parking spaces and various amenities [8][9] - The park is designed to cater to diverse age groups, offering facilities for both relaxation and social activities, enhancing the overall camping experience [8][10] - The city has identified 235 urban parks and 356 open shared points to increase public space availability and stimulate consumer activity [10]

Group 1: Sports Consumption Growth - Fuzhou is revitalizing vacant venues to increase sports consumption spaces, including the establishment of a new basketball court in a residential area, which has become popular among local residents [2][3] - The newly built basketball venue covers approximately 3,000 square meters and includes two full-size basketball courts, one half-court, and 114 parking spaces, attracting around 200 visitors daily and an annual footfall of 60,000 [3] - Fuzhou is encouraging the use of idle land and old facilities for sports development, aiming to create urban sports complexes that integrate various services such as sports, dining, and shopping [4] Group 2: Cultural and Entertainment Events - Wuhan's concert market is thriving, with large-scale events attracting significant audiences and boosting related sectors like tourism and accommodation [5][6] - The city has implemented efficient approval processes for performances, resulting in over 40,000 approved events last year, marking an 18.92% increase in domestic performances [7] - The concert events have been shown to extend visitor stays in the city, with tourists spending 36-48 hours in Wuhan during concert weekends [6] Group 3: Outdoor and Camping Experiences - Chongqing is promoting RV camping as a new leisure activity, with the establishment of the first five-star RV camping site, which features over 800 parking spaces and various amenities [8][9] - The RV industry is evolving with advancements in manufacturing and improved services at camping sites, enhancing the overall experience for visitors [9] - The city has identified 235 urban parks and 356 open shared points to boost public space availability and stimulate consumer activity [10]

Core Insights - Wuhan's GDP is projected to grow by approximately 6% by 2025, marking the highest growth rate in four years, with retail sales expected to exceed 900 billion yuan, moving closer to the goal of a trillion yuan in consumption [1][2] - The city is positioning itself as a competitive player in the race for a trillion-yuan consumption market alongside Hangzhou and Nanjing, with a focus on enhancing its consumer market dynamics [2][3] Economic Growth and Consumption - Wuhan's retail sales of consumer goods rebounded to 700 billion yuan in 2023, with expectations to reach 793.19 billion yuan in 2024 and surpass 900 billion yuan in 2025 [1][2] - The city aims for a retail sales target of over 1.07 trillion yuan by 2027 as part of its action plan to establish itself as an international consumption center [1] Emerging Trends and Cultural Impact - The rise of "internet celebrity" products, such as the "garlic bird" plush toy, has highlighted Wuhan's potential for viral consumer trends, achieving over 1 million yuan in sales in its first month [2][3] - The cherry blossom season in 2025 saw over 1 million visitors, with a significant portion being from outside the city, indicating a growing trend in attracting external tourism [3][7] Tourism and Visitor Engagement - In 2025, Wuhan received 34.63 million tourists during the National Day and Mid-Autumn Festival, achieving a tourism revenue of 21.70 billion yuan, reflecting a year-on-year growth of 12.06% and 16.35% respectively [7][8] - The city is leveraging its geographical advantages as a transportation hub to attract visitors from surrounding provinces, enhancing its tourism appeal [9] Retail and E-commerce Growth - Wuhan's online retail sales grew by 9.51% to 268.06 billion yuan in the first eight months of 2025, with live-streaming e-commerce also showing significant growth [10] - Traditional retail models in areas like Hanzheng Street are evolving, with over 100 live-streaming teams contributing to a revenue increase in the clothing sector [10] Challenges and Opportunities - Despite strong performance, Wuhan's per capita tourism spending remains lower than that of Nanjing and Hangzhou, indicating room for growth in local consumer spending [11][13] - The city is focusing on enhancing local consumption through innovative products and experiences, such as camping and RV-related offerings, to attract more visitors and boost spending [12][14] Future Prospects - Wuhan is positioning itself to capitalize on emerging industries like new energy vehicles and technology sectors, which could drive future consumer trends and economic growth [14][15] - The city's ability to attract high-value consumers and innovate in product offerings will be crucial for its competitive edge in the evolving market landscape [15]

此次合作，是三家企业在房车产业链上的深度整合与战略协同。南京依维柯作为商用车智能制 造领域的领军者，一直致力于为市场提供坚实可靠、技术领先的轻客产品。依维柯的非承载式 车身底盘技术，以及在多场景下验证的优异性能，早已成为众多房车厂商的首选。华铁蜂途房 车，作为国内领先的房车租赁服务平台，始终秉持着创新、品质、服务的理念，致力于为用户 提供多样化、高品质的自驾旅居方案。日照大驰汽车，则以其在房车研发制造领域的深厚积淀 和前沿技术，引领着行业的智能化发展潮流。三方携手，形成了从产品研发、制造到租赁服务 的完整产业链闭环，构筑起房车产业发展的"黄金三角"。 生态共建，引领行业未来趋势 新年肇启，万象焕新。2026年开篇之时，南京依维柯联合日照大驰汽车，在山东莒县向华铁 蜂途房车隆重举办了一场具有里程碑意义的交车盛典——以"三方聚力启新程 2026共驰山海 境"为主题的首批订单交车仪式圆满落幕。此举标志着三方战略合作从规划蓝图正式迈入实质 性推进阶段，共同开启了房车产业协同发展的崭新篇章，成为将战略构想转化为现实成果的关 键里程碑。 据悉，本次交付的300台房车将于今年5月前全部投放到国内房车租赁市场。 这一举措不仅 ...

住着移动的房子，推开窗就能看到沿途风景，栖居在美丽的地方……如今，越来越多的人喜欢房车 旅行。不久前，湖北襄阳的吕女士与朋友开着房车到黄山游玩了半个月，"山谷、溪流、稻田，边走边 看，哪里风景好就在哪里停下来住几天，随心又自由"。 一边是房车车主旅途中无处停车、常被驱赶，一边是房车停放给城市管理和居民生活带来不便。专 业人士认为，可根据地方发展规划和文旅资源分布情况建设专用房车露营基地，同时开展营地认证、车 主培训等，引导房车旅游业规范发展。 "车外是风景，车内是家"，房车游意味着不一样的出行体验。但记者采访了解到，房车旅行者也不 乏烦恼：旅途中有的停车场拒绝停放房车，加水充电也是较大的问题。与此同时，房车停放问题也给地 方管理带来难题，一些居民认为，外地房车挤占了本地人的停车空间，给生活带来不便。 近期，广西、云南等多地对房车停放问题进行治理，引导房车旅游业规范发展。 停车问题困扰车主和居民 广西北海、云南瑞丽等地对房车停放问题进行治理 为"说走就走"的旅行打造安心落脚点 2025年12月31日，瑞丽市发布的《关于规范瑞丽市辖区内旅居车管理的通告（试行）》也作出类似 规定。 房车旅游停车需求与管理矛盾如何化 ...

智通财经记者 钟煜豪 云南瑞丽、广西北海等地相继加强房车管理。 其中，2025年12月31日，瑞丽市综合行政执法局、瑞丽市文化和旅游局发布《关于规范瑞丽市辖区内旅 居车管理的通告（试行）》称，旅居车禁止占用非指定的市政公共停车泊位和高速公路服务区停车区泊 位，宿营过夜或长时间停放必须到指定房车停车区、营地或经营性停车场规范停放，严禁乱停乱放、一 车占用多位，严禁在边境管控缓冲区、口岸限定区域违规停放。瑞丽市辖区内原设置的旅居车（房车） 临时停放区在本通告发出之日起全部予以取消并禁停。 该通告所称旅居车又称房车，是指装备有睡具（可由桌椅转换而来）及其他必要的生活设施、用于旅行 宿营的汽车，包括自行改造或原装出厂的自行式房车及拖挂式房车。 上述通告称，旅居车进入瑞丽市辖区（含高速公路服务区、非指定地点）临时停靠不得超过6小时，临 时停靠期间，游客不得在公共绿地、停车场、边境村寨公共区域实施生火做饭、烧烤聚餐、摆设桌椅、 搭设雨蓬、天幕、帐篷、悬挂吊床、晾晒衣物等影响环境卫生、防火安全及边境管控的行为；禁止实施 损毁市政设施、随意倾倒废弃物、私接水电、翻越边境防护设施等破坏城市管理秩序和边境管控的行 为。携带宠物的 ...