Financial Performance - The company achieved revenue of approximately RMB 662.5 million for the fiscal year ending December 31, 2025, representing an increase of about 15.5% compared to 2024[4] - The total sales cost for the period was approximately RMB 476.3 million, up about 13.2% from 2024[4] - The gross profit recorded was approximately RMB 186.2 million, reflecting a growth of about 22.0% year-over-year[4] - The gross profit margin improved to approximately 28.1%, an increase of 1.5 percentage points compared to 2024[4] - The company's profit for the period was approximately RMB 73.9 million, which is an increase of about 24.4% from the previous year[4] - The company's total revenue for 2025 reached RMB 662,471,000, an increase of 15.6% from RMB 573,463,000 in 2024[19] - The net profit attributable to ordinary shareholders for 2025 was RMB 73,871,000, representing a 32.5% increase from RMB 55,741,000 in 2024[25] - Basic earnings per share for 2025 were RMB 0.74, compared to RMB 0.56 in 2024, reflecting a growth of 32.1%[25] - The company recorded a gross profit of approximately RMB 186.2 million, representing a year-on-year increase of 22.0% from RMB 152.7 million in fiscal year 2024[58] - The net profit margin for fiscal year 2025 was 11.2%, up from 10.4% in fiscal year 2024, indicating improved profitability[73] Sales and Revenue Breakdown - Revenue from chairs and other accessories was RMB 324,529,000 in 2025, up 11.6% from RMB 290,743,000 in 2024[19] - The revenue from product sales was distributed as follows: chairs and accessories accounted for 49.0%, bags for 27.2%, and tents for 23.1% in 2025[53] - The revenue from bags increased by approximately 25.1% from 2024 to 2025, attributed to rising demand from core customers and successful new customer acquisition[55] - The European market accounted for 76.6% of total revenue in 2025, up from 73.3% in 2024, driven by deepening cooperation with core customers[54][56] Business Operations and Strategy - The company primarily engages in the production and sale of fishing-related equipment[10] - The company has developed over 10,000 SKUs of fishing equipment, with more than 1,700 new products delivered during the reporting period, most of which achieved order conversion within the same year[41] - The company successfully expanded its customer base by developing 23 new strategic customers in 2025, with significant growth potential in new markets such as South America[39] - The company's OBM business saw a 30.5% increase in sales performance in the European market compared to 2024, validating the effectiveness of its localized sales strategy[38] - The company aims to enhance its OBM business and expand its own brand portfolio to strengthen consumer reach[48] - The company plans to achieve a multi-brand sales model by 2030, focusing on a product matrix that covers various categories and fishing methods[46] Investments and Assets - The company invested in 41 new pieces of equipment in 2025, enhancing safety, efficiency, and quality across its production processes[42] - The company's total assets less current liabilities amounted to RMB 29.3 million, improving from a negative RMB 44.0 million in 2024[8] - The company's manufacturing area increased from 51,375.71 square meters at the end of 2024 to 63,804.12 square meters at the end of 2025, adding 12,428.41 square meters[42] Expenses and Costs - Selling and distribution expenses rose by approximately 36.1% to RMB 23.0 million in fiscal year 2025, compared to RMB 16.9 million in fiscal year 2024, driven by increased marketing efforts and personnel adjustments[60] - Administrative expenses increased by approximately 10.4% to RMB 56.5 million in fiscal year 2025, up from RMB 51.2 million in fiscal year 2024, mainly due to the hiring of external professionals and increased overall salary expenses[62] - Research and development costs surged by approximately 50.2% to RMB 5.3 million in fiscal year 2025, compared to RMB 3.5 million in fiscal year 2024, driven by product expansion and increased investment in ODM[64] Financial Position and Ratios - As of December 31, 2025, the company's cash and cash equivalents totaled RMB 55.7 million, a decrease of approximately 15.2% from RMB 65.7 million as of December 31, 2024, primarily due to increased cash outflows from financing activities[69] - The company's financial cost for fiscal year 2025 was approximately RMB 5.1 million, a significant increase of 526.3% from RMB 0.8 million in fiscal year 2024, mainly due to increased bank loans[66] - As of December 31, 2025, the company's current ratio is relatively low due to a high total current liabilities resulting from increased trade and other payables[2] - The quick ratio is also relatively low as of December 31, 2025, for the same reason of high total current liabilities[3] Corporate Governance and Compliance - The audit committee has reviewed the audited consolidated financial statements for the fiscal year and found them to comply with applicable accounting standards and regulations[87] - The company has adopted the corporate governance code as a basis for its governance practices, although it was not applicable until the listing date[82] - The company did not purchase, sell, or redeem any of its listed securities during the fiscal year 2025[84] Future Outlook - The company plans to continue expanding its product matrix by integrating new materials and technology elements to enhance user experience[36] - There were no significant investments or acquisitions planned for the fiscal year 2025, but the company will continue to seek strategic investment and acquisition opportunities for long-term growth[80] - No major acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the reporting period[81] - The annual performance announcement and annual report for the fiscal year ending December 31, 2025, will be published on the company's website and the stock exchange website[89]

RIDGE OUTDOOR INTERNATIONAL LIMITED 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 樂欣戶外國際有限公司（「本公司」，及其附屬公司統稱「本集團」）董事會（「董 事會」）茲通告，本公司謹定於2026年3月26日（星期四）舉行董事會會議，以（其 中包括）考慮及通過本集團截至2025年12月31日止年度的年度業績及其刊發， 考慮派發末期股息（如有），以及處理其他事項。 樂欣戶外國際有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 承董事會命 樂欣戶外國際有限公司 執行董事 LEI YANG 香港，2026年3月12日 （股份代號 : 2720） 董事會會議召開日期 於本公告日期，董事會包括：(i)執行董事LEI YANG女士及吳桂華先生；(ii)非執行董事楊寶 慶先生及溫美霞女士；及(iii)獨立非執行董事丁鋒先生、韓洪靈先生及舒元超先生。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 樂欣戶外國際有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02720 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0005 | USD | | 500,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0005 | USD | | 500,000 | FF301 II. ...

Core Viewpoint - Lexin Outdoor (02720) has seen a significant stock increase of nearly 20%, reflecting strong market performance and growth potential in the fishing equipment industry [1] Company Performance - Lexin Outdoor holds a leading position in the global fishing equipment market with a market share of 23.1% in 2024, maintaining its status as the number one manufacturer [1] - For the period from January to August 2025, the company achieved a revenue of 460 million yuan, representing an 18% year-on-year growth, and a net profit of 56.24 million yuan, which is a 20% increase compared to the previous year [1] Industry Position - The company is recognized for its strong market presence and has expanded into Original Brand Manufacturing (OBM), which is expected to enhance its ability to seize market opportunities [1] - Lexin Outdoor has established long-term and stable partnerships with well-known outdoor equipment brands, contributing to its competitive advantage [1] - The company offers a diverse product portfolio that caters to various fishing scenarios, showcasing its commitment to meeting customer needs [1] - The core management team possesses extensive industry experience, having been deeply involved in the sector for many years [1]

Core Viewpoint - Lexin Outdoor (02720) has seen a significant stock increase of nearly 20%, currently trading at 30.04 HKD with a transaction volume of 8.9977 million HKD, indicating strong market interest and confidence in the company [1] Company Overview - Lexin Outdoor is recognized as the global leader in fishing equipment manufacturing, holding a 23.1% market share in 2024, which secures its position as the number one in the industry [1] - For the period from January to August 2025, the company reported a revenue of 460 million RMB, reflecting an 18% year-on-year growth, and a net profit of 56.24 million RMB, which is a 20% increase compared to the previous year [1] Industry Position - According to Guotou Securities International, Lexin Outdoor maintains a leading position in the industry, and its expansion into Original Brand Manufacturing (OBM) is expected to further capitalize on market opportunities [1] - The company has established long-term and stable partnerships with well-known outdoor equipment brands, enhancing its market presence and credibility [1] - Lexin Outdoor offers a diverse product portfolio that caters to various fishing scenarios, demonstrating its commitment to meeting customer needs [1] - The core management team possesses extensive industry experience, having been deeply involved in the sector for many years, which contributes to the company's strategic advantages [1]

Core Insights - Le Xin Outdoor Products Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first publicly traded company in the fishing equipment sector and the first sports industry listed company in Huzhou [1][3] - The company is a subsidiary of Taipusen Group and is recognized as the largest fishing equipment manufacturer globally, holding a market share of 23.1% [1] Company Overview - Established in 1993, Le Xin Outdoor focuses on the research and manufacturing of fishing gear, aiming to provide high-quality one-stop professional services for fishing enthusiasts worldwide [3] - The company has developed a comprehensive product range with over 10,000 SKUs, catering to diverse fishing scenarios such as carp fishing, lure fishing, fly fishing, ice fishing, and Taiwan fishing, and exports to over 40 countries and regions [3] Industry Context - The fishing sport is gaining popularity globally, leading to an increasing demand for fishing equipment characterized by diversification, specialization, and refinement, which presents significant growth opportunities for Le Xin Outdoor [3] - The listing of Le Xin Outdoor is seen as a milestone for the company's development and is expected to inject new momentum into the industrial transformation and upgrading of Huzhou [3]

Summary of Lexin Outdoor Conference Call Company Overview - Lexin Outdoor is a leading manufacturer of fishing equipment globally and in China, with a market share of 23% globally and 28% in China as of 2024, significantly surpassing competitors and establishing a market leadership position [2][4] Financial Performance - In 2024, Lexin Outdoor reported revenues of 570 million RMB, a year-on-year increase of 24%, and a net profit of approximately 60 million RMB, up 21% year-on-year [2][6] - For the first eight months of 2025, revenue grew by 18% to about 500 million RMB, with a net profit margin increasing to 12% [2][6] - The company is undergoing a transformation towards high-value product structures, steadily improving operational quality [6][16] Business Model and Client Relationships - Lexin Outdoor employs a dual model of OEM and proprietary brands, with OEM accounting for over 90% of total revenue [2][11] - The top five clients contribute 55%-60% of revenue, indicating a high customer concentration, but the company maintains long-term relationships with 85 clients for over five years, showcasing strong customer loyalty [2][11] Market Dynamics - The global fishing tackle market is substantial, projected to reach approximately 140 billion RMB by the end of 2024, with an expected growth rate of 7% over the next five years, nearing 200 billion RMB [2][17] - The fishing equipment segment is anticipated to grow faster than fishing tackle, presenting growth opportunities for Lexin Outdoor [2][17] Strategic Initiatives - Lexin Outdoor plans to raise funds through an IPO to focus on expanding its fishing tackle business, including R&D and brand acquisitions, targeting markets in the US, Europe, China, South Korea, and Japan [5][20] - Approximately 50% of the raised funds will be allocated to brand development, with 10% specifically for enhancing the Solar brand, which has been underperforming [20][21] - The company aims to invest 25% of the funds in acquiring potential fishing tackle brands and 15% to enrich its product portfolio, including the launch of new fishing rod products [20][21] Competitive Advantages - Lexin Outdoor has established a comprehensive product design, development, supply chain management, and customer relationship maintenance capability, which forms a significant competitive moat [18][19] - The company has nearly 90 patents and a flexible supply chain system that enhances production efficiency and responsiveness to market demands [19] Regional Sales Performance - Sales are primarily focused on three core regions: Europe, mainland China, and North America, with Europe contributing over 70% of revenue [2][13] - The mainland China market has rapidly developed since 2023, accounting for about 15% of total revenue, while North America has been significantly impacted by tariffs [2][13] Future Outlook - The Chinese fishing tackle market is expected to grow at an annual rate of 8% over the next five years, indicating substantial growth potential compared to mature markets in Europe and North America [3][17] - Lexin Outdoor's strategic focus on high-value products and market expansion is expected to drive steady revenue growth and improve operational quality in the coming years [20][21]

Core Viewpoint - The recent IPO of Lexin Outdoor (02720.HK) has created a significant buzz in the Hong Kong stock market, showcasing a stark contrast between the company's operational realities and the capital market's enthusiasm [1][2]. Group 1: IPO Performance - Lexin Outdoor's IPO saw a global offering of 28.205 million shares at an issue price of HKD 12.25, with a staggering 3654.23 times oversubscription in the Hong Kong public offering [2]. - On its first trading day, the stock opened at HKD 24.02, reaching a peak of HKD 29.4, resulting in a market capitalization exceeding HKD 3 billion [2]. Group 2: Revenue and Business Model - Over 90% of Lexin Outdoor's revenue is derived from OEM/ODM manufacturing, with figures showing 94.1% in 2022 and 90.2% in 2023, indicating a heavy reliance on contract manufacturing [6][11]. - The company's self-branded products accounted for only 6.6% of revenue in the first eight months of 2025, highlighting the challenges in transitioning to a brand-focused model [6][11]. Group 3: Financial Health and Cash Flow - In 2024, Lexin Outdoor reported a net profit of RMB 59.405 million but distributed RMB 65 million in dividends, raising concerns about its financial sustainability [5][7]. - The company's liquidity ratios fell below industry safety lines following significant cash distributions, indicating potential financial distress [5]. Group 4: Market Dependency and Risks - Lexin Outdoor's revenue is heavily dependent on international markets, with only 15.2% of income coming from domestic sales, exposing the company to risks associated with European economic cycles and trade policies [8]. - Complaints regarding product quality and customer service have surfaced, undermining the company's positioning as a global leader in fishing equipment [8]. Group 5: Industry Insights - The challenges faced by Lexin Outdoor reflect broader issues within the Chinese manufacturing sector, where many companies struggle to transition from OEM models to brand ownership and innovation [10][12]. - The case of Lexin Outdoor serves as a cautionary tale for other manufacturers, emphasizing the need for investment in R&D and brand development to achieve long-term success [12].

Core Viewpoint - The company Lexin Outdoor, the world's largest fishing equipment manufacturer, officially listed on the Hong Kong Stock Exchange, marking its entry as the "first stock of fishing equipment" with a significant increase in share price post-listing [2][4]. Company Overview - Lexin Outdoor, headquartered in Deqing County, Huzhou, Zhejiang Province, focuses on the design, research, and manufacturing of fishing equipment, with a market share of 23.1% globally and 28.4% in China by 2024 [4]. - The company has over 10,000 SKUs covering various fishing-related products [5]. Financial Performance - Revenue for the years 2022, 2023, 2024, and the first eight months of 2025 was reported as 818.41 million, 463.25 million, 573.46 million, and 460.27 million RMB respectively, with a notable decline in 2023 due to reduced demand post-pandemic [5][6]. - The net profit figures for the same periods were 113.85 million, 49.00 million, 59.41 million, and 56.24 million RMB, indicating a significant drop in 2023 [6]. Business Model - Lexin Outdoor operates on an OEM/ODM and OBM dual strategy, with over 90% of its revenue derived from OEM/ODM production for international brands [7]. - The company has a high dependency on a concentrated customer base, with the top five clients contributing approximately 55% of total revenue [7][8]. Management and Ownership - The core management team primarily comes from the parent company, Taipusen Group, with the founder's daughter, born in 1995, serving as the general manager [9]. - The founder's family holds a significant control over the company, owning 94.77% of the shares prior to the IPO [10]. IPO Details - Lexin Outdoor's IPO raised approximately 285 million HKD, with a subscription rate of 3654.23 times for public offerings [10].

Core Viewpoint - The company Lexin Outdoor, the world's largest fishing equipment manufacturer, officially listed on the Hong Kong Stock Exchange on February 10, 2024, becoming the first publicly traded company in the fishing equipment sector. The stock price surged by over 200% in the first two days of trading, reaching a market capitalization of HKD 4.872 billion [2][4]. Company Overview - Lexin Outdoor is headquartered in Deqing County, Huzhou, Zhejiang Province, and focuses on the design, research, and manufacturing of fishing equipment. It was established in 1993 and became an independent entity after a restructuring in 2024. According to Frost & Sullivan, Lexin holds a 23.1% market share in the global fishing equipment market, ranking first among the top five manufacturers [4]. - The company has a product line with over 10,000 SKUs, including fishing chairs, beds, and rod holders [5]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first eight months of 2025 was RMB 818.41 million, RMB 463.25 million, RMB 573.46 million, and RMB 391.04 million, respectively. The net profit for the same periods was RMB 113.85 million, RMB 49 million, RMB 59.41 million, and RMB 46.71 million. Notably, revenue in 2023 saw a significant decline of 43.4% year-on-year, with net profit dropping by 57% due to a decrease in demand for fishing equipment as consumers returned to other leisure activities post-pandemic [5][7]. Business Model - Lexin Outdoor operates on a dual business model of OEM/ODM and OBM. Over 90% of its revenue comes from OEM/ODM production for international brands such as Decathlon and Pure Fishing. The revenue contribution from its own brand, Solar, remains below 10% despite significant growth since its acquisition in 2017 [8][9]. Customer Concentration and Risks - The company faces high customer concentration risk, with its top five clients accounting for approximately 55% of total revenue. The largest client, Ardisam, contributes 17.7% of revenue, followed by Decathlon and other major fishing brands [9][10]. Ownership and Management - The founder's family maintains significant control over Lexin Outdoor, holding 94.77% of the shares prior to the IPO. The company has distributed substantial dividends, totaling RMB 3.79 billion over the past three years, with a recent dividend of RMB 65 million exceeding the annual net profit [11][12].