Core Insights - New GIAO RV demonstrates strong resilience and strategic determination in the face of global economic uncertainty, showcasing impressive financial results for FY2024 and outlining a clear path for long-term value growth [1] Financial Performance - New GIAO RV achieved a revenue of 864 million RMB, reflecting a 20% year-on-year growth, with direct sales from self-operated and joint venture stores contributing significantly, increasing by 215 million RMB [2] - The company delivered 2,804 units, marking a 4% increase year-on-year, while gross profit surged by 48.3% to 269 million RMB, with gross margin rising by 6 percentage points to 31.1% [2] - Adjusted net profit reached 87.93 million RMB, a 36% increase from the previous year, despite a decline in reported net profit due to one-time listing expenses and currency fluctuations [2] Channel Development - New GIAO RV has established a comprehensive sales network consisting of 13 dealerships, 2 self-operated stores, and 4 joint ventures, complemented by an official online platform, enhancing user proximity and delivery speed [3] - The company is deepening its presence in the Australian and New Zealand markets through joint ventures and plans to accelerate entry into the European and American RV markets via acquisitions [3] Product Innovation - In 2024, New GIAO RV launched 29 new models, addressing various market needs, including a groundbreaking electric trailer RV in collaboration with a new energy company [4] - The company is transitioning from a manufacturing advantage to a dual-driven model of technology and brand, enhancing its competitive edge [4] Strategic Vision - New GIAO RV is leveraging its Hong Kong listing for capital operations to support overseas acquisitions and technology investments, positioning itself competitively with a valuation of approximately 10 times earnings [5] - The company has outlined a three-step strategy to increase market share in Australia and New Zealand by 2027, establish a foothold in Europe and America by 2030, and aim for global optimization by 2035 [5] Conclusion - New GIAO RV's 2024 report reflects not only its growth amidst challenges but also its potential as a significant player in the global RV market, supported by its strategic depth, technological advancements, and capital strength [6]