Group 1: Industry Overview - The global fishing market has surpassed $100 billion, with the U.S. being the second-largest outdoor activity after hiking, and Europe spending €10.5 billion annually on fishing activities and related equipment [1] - In China, there are over 150 million fishing enthusiasts, with younger generations becoming the main demographic [1] - The global fishing tackle market is dominated by Shimano, which reported revenue of ¥5.22 billion from fishing tackle last year [1] Group 2: Company Performance - Lexin Outdoor International Co., Ltd. has experienced declining performance, with revenues dropping from ¥818 million in 2022 to ¥463 million in 2023, and net profit halving from ¥114 million to ¥59 million [2][8] - Despite a 27.8% year-on-year revenue increase in the first four months of 2025, overall performance has not returned to pre-pandemic levels [2] - The company's production capacity has significantly decreased, with actual output dropping from 7.93 million units in 2022 to 4.17 million units in 2024 [2] Group 3: Market Dynamics - The global fishing tackle market is projected to grow from $160.1 billion in 2024 to $165.8 billion in 2025, with an average growth rate of 3.6% from 2025 to 2033 [3] - There are approximately 785,000 fishing-related enterprises in China, with over 245,000 new registrations in the first half of 2023, a 109.8% increase compared to the same period in 2022 [3] Group 4: Business Model and Challenges - Lexin Outdoor primarily focuses on fishing chairs, tents, and bags, while the core fishing market is dominated by fishing tackle, which has a retail value of ¥131 billion compared to ¥6.8 billion for fishing equipment [4] - The company relies heavily on OEM/ODM business, with over 90% of its revenue coming from this model, making it vulnerable to the loss of major clients [4][8] - Lexin Outdoor's revenue from North America has plummeted from 18.8% in 2022 to 3.4% in 2024, indicating limited competitiveness in the largest fishing market [6] Group 5: Strategic Initiatives - Lexin Outdoor has attempted to diversify by acquiring brands, such as the British fishing brand Solar, but this has not significantly impacted overall revenue, which remains heavily reliant on OEM [7] - The company plans to expand the Solar brand and its product line, aiming to increase its original brand manufacturing (OBM) business [7] - Despite having over 9,000 SKUs, Lexin Outdoor's patent portfolio is limited, raising concerns about its commitment to product development and future competitiveness [9]
主打钓鱼却碰不到核心品类，全球最大的钓鱼装备商冲IPO ｜IPO观察
3 6 Ke·2025-07-18 02:23