CWH vs YJ

CWH Material

Annual filing released 2025-02-28 · GPT 6 Luna

RV and Outdoor Retail Our RV and Outdoor Retail segment consists of all aspects of our RV dealership operations, which includes selling new and used RVs, assisting with the financing of new and used RVs, selling protection and insurance related services and plans for RVs, servicing and repairing new and used RVs, installing RV parts and accessories, and selling RV and outdoor related products, parts and accessories. Within our RV and Outdoor Retail business, we also operate the Good Sam Club, which we believe is the largest membership-based RV organization in the world, with approximately 1.8 million members as of December 31, 2024, excluding the free basic tier members.

We offer and sell a variety of protection plans and services to the purchasers of our RVs as part of the delivery process, as well as gap, tire and wheel, roof, extended service, and paint and fabric protection plans. These products are primarily underwritten and administered by independent third parties, and we are primarily compensated on a commission basis. • Repair and Maintenance. We offer RV repair and maintenance services at the majority of our store locations. With over 2,800 RV service bays across our national footprint, we are equipped to offer comprehensive repair and maintenance services for most RV components. We also offer our Good Sam RV ProCare mobile RV service. • RV parts, accessories and installation services. We offer a wide range of RV parts, equipment, supplies and accessories at our store locations and through our e-commerce business.

YJ Material

Annual filing released 2025-04-24 · GPT 6 Luna

We are extremely focused on the quality and pricing of our products under both the merchandise sale business and the marketplace business. We have been intentionally maintaining a balance between expanding the product category coverage to meet our users’ evolving demand and controlling the number of SPUs in each category to ensure that we only offer curated products with high value and quality to our users. We currently generate revenues mainly by selling products directly on our platform to users, including both members and non-members, and earning commissions on the sales of products by third-party merchants on our platform. Our total revenues were RMB1,154.1 million, RMB640.2 million and RMB417.7 million (US$57.2 million) in 2022, 2023 and 2024, respectively.

Revenues generated from sales of most products on our platform are recorded as revenues from sale of merchandise, net of discounts, coupons, referral incentives provided to members, return allowances and VAT. We acquire products from suppliers and sell them to users. For our private label products, we acquire products from suppliers and sell them to users both on our platform and through external channels. We expect revenues generated from sale of merchandise will continue to account for a majority of our total revenues. In the first quarter of 2019, we launched our marketplace business, allowing third-party merchants to sell their products on the platform and pay commissions on their sales to us. The revenues from the marketplace business are recognized on a net basis.

CWH Material

Annual filing released 2025-02-28 · GPT 6 Luna

Cardholders receive enhanced rewards points, which are referred to as Good Sam Rewards, for money spent at our retail locations, on our e-commerce platforms, at gas stations and at campgrounds across the U.S. and Canada. As of December 31, 2024, we had approximately 168,000 issued and open co-branded credit card accounts. • RV Rentals. We facilitate an RV rental platform that connects travelers with RV owners, allowing for a flexible and personal RV experience.

YJ Material

Annual filing released 2025-04-24 · GPT 6 Luna

To complement our existing merchandise sales business under which we acquire products from suppliers and sell them directly to customers, we launched our marketplace business in the first quarter of 2019 whereby third-party merchants can sell products on our platform and pay us commissions on their sales. We attract and select third-party merchants to offer high quality products at attractive prices to our users through our marketplace business and monitor the third-party merchants’ performance and activities on our platform closely to ensure that they meet our requirements for authentic products and high-quality logistics and customer service.

RMB % RMB % RMB US$ % (in thousands, except for percentages) Revenues: Sale of merchandise, net 965,796 83.7 500,651 78.2 330,535 45,283 79.1 Marketplace revenue 170,561 14.8 130,188 20.3 79,466 10,887 19.0 Other revenues(1) 17,757 1.5 9,370 1.5 7,650 1,048 1.8 Total 1,154,114 100.0 640,209 100.0 417,651 57,218 100.0 Notes: (1) Starting from 2021, revenue from membership program is combined into other revenues and is no longer a separate revenue line. Revenue breakdown for previous years presented in this annual report have been adjusted to be presented in the same manner.

CWH Material

Annual filing released 2025-02-28 · GPT 6 Luna

Our goal is that every call to one of our call centers or to a store will be answered promptly by a live person. Our call center specialists are extensively trained to assist customers with complex orders and provide a level of service that leads to an exceptional customer experience and long-term customer relationships. In 2024, our call centers handled approximately 2.4 million calls and responded to approximately 400,000 emails and social media communications. Leverage Our Resources and Synergies. Our unique and comprehensive assortment of RV products and services, our national network of RV dealerships and service centers, our network of customer service and contact centers, and our online and e-commerce platforms all work together to service our customers and make RVing fun and easy.

We offer and sell a variety of protection plans and services to the purchasers of our RVs as part of the delivery process, as well as gap, tire and wheel, roof, extended service, and paint and fabric protection plans. These products are primarily underwritten and administered by independent third parties, and we are primarily compensated on a commission basis. • Repair and Maintenance. We offer RV repair and maintenance services at the majority of our store locations. With over 2,800 RV service bays across our national footprint, we are equipped to offer comprehensive repair and maintenance services for most RV components. We also offer our Good Sam RV ProCare mobile RV service. • RV parts, accessories and installation services. We offer a wide range of RV parts, equipment, supplies and accessories at our store locations and through our e-commerce business.

YJ Core

Annual filing released 2025-04-24 · GPT 6 Luna

We recorded net loss of RMB138.4 million in 2022, net loss of RMB165.1 million in 2023, and net loss of RMB123.1 million (US$16.9 million) in 2024. Our Business Model We operate a social e-commerce platform in China using a unique, membership-based model that leverages the power of social interaction. We offer high-quality products at attractive prices and incentivize our members to promote our platform and share our products with their social contacts. We operate on our platform both our merchandise sales business, under which we acquire products from suppliers and sell them directly to customers, and our marketplace business that launched in the first quarter of 2019, under which third-party merchants can sell products on our platform and pay us commissions on their sales.

We operate a social e-commerce platform in China using a membership-based model that leverages the power of social interaction. We offer high-quality products at attractive prices and incentivize our members to promote our platform and share our products with their social contacts. We generate our revenues mainly by selling the products on our platform to users, including members and non-member users, and earning commissions on the sales of products by third-party merchants on our platform under our marketplace business that launched in the first quarter of 2019. Our total revenues were RMB1,154.1 million, RMB640.2 million and RMB417.7 million (US$57.2 million) in 2022, 2023 and 2024, respectively. We recorded net loss of RMB138.4 million in 2022, net loss of RMB165.1 million in 2023, and net loss of RMB123.1 million (US$16.9 million) in 2024.

CWH Material

Annual filing released 2025-02-28 · GPT 6 Luna

Good Sam Services and Plans Our Good Sam Services and Plans segment consists of programs, plans and services that are geared towards protecting, insuring and promoting the RV & travel lifestyles, and include services such as extended vehicle service contracts, vehicle roadside assistance, property and casualty insurance, travel protection, travel planning and directories, and publications. Because our Good Sam protection plans and programs are often purchased to cover a multiple-year period and are renewable, this area of our business tends to generate high-margin, recurring revenue that is driven both by new and used RV purchases, the installed base of RV owners in the United States, and, more broadly, travelers across any vehicle type.

• Vehicle financing. Through arrangements with third-party lenders we are able to facilitate financing for most of the new and used RVs we sell through our store locations. Generally, our financing transactions are structured through long-term retail installment sales contracts with terms of up to 20 years, which we enter into with our customers on behalf of our third-party lenders. The retail installment sales contracts are then assigned on a non-recourse basis, with the third-party lender assuming underwriting and credit risk. In 2024, we facilitated financing transactions for approximately 80.9% of our total new units sold and 71.7% of our total used units sold for which we earn a commission from the third-party lender. • Protection Plans.

YJ Material

Annual filing released 2025-04-24 · GPT 6 Luna

The Group offers loans to qualified customers, including the merchants, and charges an interest based on the principal through factoring arrangements. The Group extends loans to merchants for their expected orders in addition to the loans to the same merchants who factored their accounts receivable generated from their transactions completed on Yunji App with recourse. The Group also extends loans to unrelated customers who factored their accounts receivable derived from their own business with recourse. The Group records factoring receivables, which is included in accounts receivable, when the cash is advanced to its customers (Note 2.12). The interests are recognized over the term of loans, normally one year or less.

As of December 31, 2024, there were two unsecured loans provided to two companies. One loan with principal amount of RMB 30,700 has an interest rate of 8% per annum. The Group recorded RMB 10,000, which was the portion due after twelve months, in the other non-current assets (Note 11). The other loan with principal amount of RMB 51,044 has an annual interest rate of 4.35%. The Group recorded RMB 30,000, which was the portion due after twelve months, in the other non-current assets (Note 11). As of December 31, 2024, total allowance for credit losses of unsecured loan receivables was RMB 41,200.

CWH Core

Annual filing released 2025-02-28 · GPT 6 Luna

PART I ITEM 1. BUSINESS Overview Camping World Holdings, Inc. (together with its subsidiaries) is the world’s largest retailer of RVs and related products and services. Through our Camping World and Good Sam brands, our vision is to build a business that makes RVing and other outdoor activities fun and easy. We strive to build long-term value for our customers, employees, and stockholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly-trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate.

Many of our offerings, including our Good Sam services and plans, our private label RVs, our digital retail experience through RVs.com, our RV manufacturer exclusive dealership locations, and our private label accessories, are unique to us and have been developed in collaboration with leading industry suppliers and RV enthusiasts. We believe our size and scale allow us to deliver exceptional value to our customers. Operate a National Network of RV Dealerships and Service Centers. As of December 31, 2024, we operated a national network of 206 RV dealerships and/or service centers. The majority of these RV dealerships and service centers are conveniently located off major interstates and highways in key RV markets, staffed with knowledgeable local team members offering expert advice and a comprehensive assortment of RV-related products and services.

YJ Core

Annual filing released 2025-04-24 · GPT 6 Luna

We are extremely focused on the quality and pricing of our products under both the merchandise sale business and the marketplace business. We have been intentionally maintaining a balance between expanding the product category coverage to meet our users’ evolving demand and controlling the number of SPUs in each category to ensure that we only offer curated products with high value and quality to our users. We currently generate revenues mainly by selling products directly on our platform to users, including both members and non-members, and earning commissions on the sales of products by third-party merchants on our platform. Our total revenues were RMB1,154.1 million, RMB640.2 million and RMB417.7 million (US$57.2 million) in 2022, 2023 and 2024, respectively.

We operate a social e-commerce platform in China using a membership-based model that leverages the power of social interaction. We offer high-quality products at attractive prices and incentivize our members to promote our platform and share our products with their social contacts. We generate our revenues mainly by selling the products on our platform to users, including members and non-member users, and earning commissions on the sales of products by third-party merchants on our platform under our marketplace business that launched in the first quarter of 2019. Our total revenues were RMB1,154.1 million, RMB640.2 million and RMB417.7 million (US$57.2 million) in 2022, 2023 and 2024, respectively. We recorded net loss of RMB138.4 million in 2022, net loss of RMB165.1 million in 2023, and net loss of RMB123.1 million (US$16.9 million) in 2024.

CWH Material

Annual filing released 2025-02-28 · GPT 6 Luna

RV and Outdoor Retail Our RV and Outdoor Retail segment consists of all aspects of our RV dealership operations, which includes selling new and used RVs, assisting with the financing of new and used RVs, selling protection and insurance related services and plans for RVs, servicing and repairing new and used RVs, installing RV parts and accessories, and selling RV and outdoor related products, parts and accessories. Within our RV and Outdoor Retail business, we also operate the Good Sam Club, which we believe is the largest membership-based RV organization in the world, with approximately 1.8 million members as of December 31, 2024, excluding the free basic tier members.

RV and Outdoor Retail segment offerings include: ● New and Used Vehicles. A wide selection of new and used RVs across a range of price points, classes and floor plans. The table below contains a breakdown of our new RV unit sales and average selling price by RV class for 2024. Sales of new vehicles represented 46.3%, 41.4% and 46.3% of total revenue for 2024, 2023 and 2022, respectively. Sales of used vehicles represented 26.5%, 31.8% and 26.9% of total revenue for 2024, 2023, and 2022, respectively.

YJ Not tagged

Annual filing released 2025-04-24 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

CWH Material

Annual filing released 2025-02-28 · GPT 6 Luna

Good Sam Services and Plans Our Good Sam Services and Plans segment consists of programs, plans and services that are geared towards protecting, insuring and promoting the RV & travel lifestyles, and include services such as extended vehicle service contracts, vehicle roadside assistance, property and casualty insurance, travel protection, travel planning and directories, and publications. Because our Good Sam protection plans and programs are often purchased to cover a multiple-year period and are renewable, this area of our business tends to generate high-margin, recurring revenue that is driven both by new and used RV purchases, the installed base of RV owners in the United States, and, more broadly, travelers across any vehicle type.

Campgrounds & Destinations Dedicated to enhancing the RV and outdoor experience by providing access to an extensive network of campgrounds and unique destinations. Good Sam Campgrounds Offers access to North America's largest network of campgrounds and RV parks, promoting a community-driven travel experience. Coast to Coast Resorts Provides exclusive access to a selection of premium resort destinations, catering to diverse traveler preferences.

YJ Not tagged

Annual filing released 2025-04-24 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

CWH Material

Annual filing released 2025-02-28 · GPT 6 Luna

Good Sam Services and Plans Our Good Sam Services and Plans segment consists of programs, plans and services that are geared towards protecting, insuring and promoting the RV & travel lifestyles, and include services such as extended vehicle service contracts, vehicle roadside assistance, property and casualty insurance, travel protection, travel planning and directories, and publications. Because our Good Sam protection plans and programs are often purchased to cover a multiple-year period and are renewable, this area of our business tends to generate high-margin, recurring revenue that is driven both by new and used RV purchases, the installed base of RV owners in the United States, and, more broadly, travelers across any vehicle type.

Emergency Programs Provide immediate aid in critical situations, including Roadside Assistance and Tire Rescue for on-the-road issues and TravelAssist for medical emergencies during travel. Financial Protection Programs Offer financial security against unexpected events, encompassing Extended Service Plans for RV maintenance, Good Sam Insurance Agency for tailored insurance solutions, GAP Insurance, Windshield Protection, and Product Protection Plans for various assets. Tire & Maintenance Programs Focus on preventative maintenance and tire care, featuring Paint & Fab to maintain the visual aesthetic and Tire & Wheel Protection to safeguard against tire-related mishaps and tire sales for replacement needs. 9 Table of Contents

YJ Not tagged

Annual filing released 2025-04-24 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

CWH Material

Annual filing released 2025-02-28 · GPT 6 Luna

We offer and sell a variety of protection plans and services to the purchasers of our RVs as part of the delivery process, as well as gap, tire and wheel, roof, extended service, and paint and fabric protection plans. These products are primarily underwritten and administered by independent third parties, and we are primarily compensated on a commission basis. • Repair and Maintenance. We offer RV repair and maintenance services at the majority of our store locations. With over 2,800 RV service bays across our national footprint, we are equipped to offer comprehensive repair and maintenance services for most RV components. We also offer our Good Sam RV ProCare mobile RV service. • RV parts, accessories and installation services. We offer a wide range of RV parts, equipment, supplies and accessories at our store locations and through our e-commerce business.

These products include towing and hitching products, satellite and GPS systems, electrical and lighting products, appliances and furniture, and other products for inside the RV, at the campsite, and around the campground. Our full-service repair facilities enable us to install all parts and accessories that we sell in our store locations. We believe our ability to both sell and install parts and accessories affords us a competitive advantage over online and big box retailers that do not have service centers designed to accommodate RVs, and over RV dealerships that do not offer a comprehensive selection of parts and accessories. While we do continue to offer some non-RV 11 Table of Contents

YJ Not tagged

Annual filing released 2025-04-24 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

CWH Material

Annual filing released 2025-02-28 · GPT 6 Luna

Good Sam Services and Plans Our Good Sam Services and Plans segment consists of programs, plans and services that are geared towards protecting, insuring and promoting the RV & travel lifestyles, and include services such as extended vehicle service contracts, vehicle roadside assistance, property and casualty insurance, travel protection, travel planning and directories, and publications. Because our Good Sam protection plans and programs are often purchased to cover a multiple-year period and are renewable, this area of our business tends to generate high-margin, recurring revenue that is driven both by new and used RV purchases, the installed base of RV owners in the United States, and, more broadly, travelers across any vehicle type.

The related estimate for cancellations on the marketing fees for multi-year finance and insurance products utilize actuarial analysis to estimate the exposure. Promotional expenses consist primarily of direct mail advertising expenses and renewal expenses and are expensed at the time related materials are mailed. Newsstand sales of publications and related expenses are recorded as variable consideration at the time of delivery, net of estimated returns. Subscription sales of publications are reflected in income over the lives of the subscriptions. The related selling expenses are expensed as incurred. Advertising revenues and related expenses are recorded at the time of delivery. 108 Table of Contents

YJ Not tagged

Annual filing released 2025-04-24 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

CWH Core

Annual filing released 2025-02-28 · GPT 6 Luna

PART I ITEM 1. BUSINESS Overview Camping World Holdings, Inc. (together with its subsidiaries) is the world’s largest retailer of RVs and related products and services. Through our Camping World and Good Sam brands, our vision is to build a business that makes RVing and other outdoor activities fun and easy. We strive to build long-term value for our customers, employees, and stockholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly-trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate.

RV and Outdoor Retail segment offerings include: ● New and Used Vehicles. A wide selection of new and used RVs across a range of price points, classes and floor plans. The table below contains a breakdown of our new RV unit sales and average selling price by RV class for 2024. Sales of new vehicles represented 46.3%, 41.4% and 46.3% of total revenue for 2024, 2023 and 2022, respectively. Sales of used vehicles represented 26.5%, 31.8% and 26.9% of total revenue for 2024, 2023, and 2022, respectively.

YJ Not tagged

Annual filing released 2025-04-24 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

CWH Not tagged

Annual filing released 2025-02-28 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

YJ Material

Annual filing released 2025-04-24 · GPT 6 Luna

Our top product categories that each contributed to more than 10% of our GMV are (i) beauty and personal care, food and fresh produce, apparel, bags and cases in 2022, (ii) beauty and personal care, food and fresh produce, apparel and shoes and bags, household goods in 2023, and (iii) beauty and personal care, food and fresh products, apparel and shoes and bags, and household goods in 2024, while each of the other product categories contributed less than 10% of our GMV in each of 2022, 2023 and 2024. Within each product category, we offer carefully curated items meeting the preferences of our users with attractive pricing. In December 2022, December 2023 and December 2024, we offered an average of 7,631, 5,785, and 3,679 SPUs for sale on our platform on a daily basis, respectively.

Revenues generated from sales of most products on our platform are recorded as revenues from sale of merchandise, net of discounts, coupons, referral incentives provided to members, return allowances and VAT. We acquire products from suppliers and sell them to users. For our private label products, we acquire products from suppliers and sell them to users both on our platform and through external channels. We expect revenues generated from sale of merchandise will continue to account for a majority of our total revenues. In the first quarter of 2019, we launched our marketplace business, allowing third-party merchants to sell their products on the platform and pay commissions on their sales to us. The revenues from the marketplace business are recognized on a net basis.

CWH Not tagged

Annual filing released 2025-02-28 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

YJ Material

Annual filing released 2025-04-24 · GPT 6 Luna

Our top product categories that each contributed to more than 10% of our GMV are (i) beauty and personal care, food and fresh produce, apparel, bags and cases in 2022, (ii) beauty and personal care, food and fresh produce, apparel and shoes and bags, household goods in 2023, and (iii) beauty and personal care, food and fresh products, apparel and shoes and bags, and household goods in 2024, while each of the other product categories contributed less than 10% of our GMV in each of 2022, 2023 and 2024. Within each product category, we offer carefully curated items meeting the preferences of our users with attractive pricing. In December 2022, December 2023 and December 2024, we offered an average of 7,631, 5,785, and 3,679 SPUs for sale on our platform on a daily basis, respectively.

In this way, we empower our manufacturer and brand partners with products improvement advices based on our understanding of market trends and insights on customer behavior and precise marketing and customer education through our active communities. Our suppliers and third-party merchants included merchants of mainstream brands and emerging brands and manufacturing partners we cooperate with. Our private labels include Suye, Qing Zi Yang, Yuan Sheng Huang, Unibeauty, P&S, Li Ba Tian, Bai Yue Shan and Pinzhi500, among others. In particular, in 2021, we launched several private label food brands to sell high-quality food products and strengthen our food category offerings. Some of the products under our private labels are also offered and sold on other third-party e-commerce platforms and live streaming platforms such as Tmall and Douyin.

CWH Not tagged

Annual filing released 2025-02-28 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

YJ Material

Annual filing released 2025-04-24 · GPT 6 Luna

Our top product categories that each contributed to more than 10% of our GMV are (i) beauty and personal care, food and fresh produce, apparel, bags and cases in 2022, (ii) beauty and personal care, food and fresh produce, apparel and shoes and bags, household goods in 2023, and (iii) beauty and personal care, food and fresh products, apparel and shoes and bags, and household goods in 2024, while each of the other product categories contributed less than 10% of our GMV in each of 2022, 2023 and 2024. Within each product category, we offer carefully curated items meeting the preferences of our users with attractive pricing. In December 2022, December 2023 and December 2024, we offered an average of 7,631, 5,785, and 3,679 SPUs for sale on our platform on a daily basis, respectively.

Revenues generated from sales of most products on our platform are recorded as revenues from sale of merchandise, net of discounts, coupons, referral incentives provided to members, return allowances and VAT. We acquire products from suppliers and sell them to users. For our private label products, we acquire products from suppliers and sell them to users both on our platform and through external channels. We expect revenues generated from sale of merchandise will continue to account for a majority of our total revenues. In the first quarter of 2019, we launched our marketplace business, allowing third-party merchants to sell their products on the platform and pay commissions on their sales to us. The revenues from the marketplace business are recognized on a net basis.