年入5.7亿！“钓鱼第一股”获上市备案

Core Viewpoint - Lexin Outdoor International Limited has received approval from the China Securities Regulatory Commission for its overseas listing, aiming to issue up to 38.33 million shares on the Hong Kong Stock Exchange, positioning itself as the "first fishing stock" in the capital market [1] Company Overview - Lexin Outdoor is recognized as the world's largest fishing equipment manufacturer, holding a 23.1% market share in the global fishing gear market as of 2024 [1] - The company's revenue for 2022, 2023, and 2024 is projected to be RMB 818.41 million, RMB 463.25 million, and RMB 573.46 million respectively, indicating a recovery in 2024 but still below 2022 levels [2][3] Financial Performance - The net profit for the same years is expected to be RMB 113.85 million, RMB 49.00 million, and RMB 59.41 million, showing a similar trend of recovery yet remaining significantly lower than 2022 [2][3] - The company has a high dependency on its top five customers, which accounted for over 55% of total revenue from 2022 to 2024, posing a significant operational risk [3] Business Model and Challenges - Lexin Outdoor primarily operates on an OEM/ODM business model, which constitutes over 90% of its total revenue, limiting its profit margins and brand strength [4] - The company is attempting to shift towards its own brand (OBM) business, with revenue contributions of 4.1%, 8.5%, and 7.2% from 2022 to 2024, indicating slow progress in establishing a strong growth engine [4] Market Context - The Chinese fishing tackle market is rapidly growing, with the market size expected to increase from RMB 31.8 billion in 2023 to RMB 33.8 billion in 2024 [1] - The industry is characterized by low entry barriers and increasing competition, with the number of registered fishing-related companies in China reaching 532,000 in 2023 [5] Strategic Initiatives - The company plans to use the funds raised from its IPO for brand building, research and development upgrades, and production expansion, aiming to address its reliance on major customers and enhance corporate governance [5] - A notable concern is the special dividend of RMB 65 million distributed to its former controlling shareholder before the IPO, raising questions about the company's financial management [5]