乐欣户外三闯港交所：收入“坐上过山车” 业务高度依赖欧洲市场

Core Viewpoint - The company, Loxin Outdoor International Co., is facing challenges in its IPO prospects due to performance volatility, reliance on OEM/ODM models, and risks associated with related party transactions, despite holding a 23.1% share of the global fishing equipment market [1][7]. Performance Volatility - Loxin Outdoor's revenue has shown significant fluctuations, dropping from 818 million yuan in 2022 to 463 million yuan in 2023, before rebounding to 573 million yuan in 2024. Net profit decreased from 114 million yuan to 59.4 million yuan during the same period [2][8]. - In the first eight months of 2025, the company reported revenue of 460 million yuan, which is close to the total for 2023 but represents a 20% decline compared to the same period in 2022, indicating unstable recovery momentum [2][8]. - The gross margin improved from 23.2% in 2022 to 27.7% in the first eight months of 2025, primarily due to raw material cost control and increased self-manufacturing ratio, rather than enhanced brand premium capability [2][8]. Dependence on OEM/ODM - Over 90% of Loxin Outdoor's revenue comes from OEM/ODM models, leading to high customer concentration risk. The top five customers contributed more than 54% of revenue from 2022 to the first eight months of 2025 [3][9]. - The company has struggled to transition to its own brand (OBM) business, with OBM revenue share only increasing from 4.1% in 2022 to 7.2% in 2024, and then declining to 6.6% in the first eight months of 2025 [3][9]. Related Party Transactions - Loxin Outdoor has complex related party transactions with Taipusen Group, which is both a major customer and supplier. In the first eight months of 2025, sales to Taipusen accounted for 11.8% of revenue, while purchases from them made up 7.8% [4][10]. - The terms of transactions appear unbalanced, with a sales payment term of only 30 days compared to an industry average of 60 days, and a procurement payment term of 90 days, raising concerns about potential profit transfer [4][10]. Industry Competition and Regional Risks - The fishing equipment industry has a promising outlook, with the global market expected to reach 181.9 billion yuan by 2028. However, Loxin Outdoor's heavy reliance on the European market (75.5% of revenue in the first eight months of 2025) exposes it to geopolitical and economic fluctuations [5][11]. - Revenue from Europe decreased by 40.9% from 2022 to 2024, while growth in the Chinese market has been slow, with local revenue accounting for only 15.2% and declining by 1.8 percentage points [5][11]. IPO Prospects - Loxin Outdoor plans to use the funds raised for brand building, R&D innovation, and capacity upgrades. The success of its IPO will depend on three key breakthroughs: reducing related party transaction ratios, accelerating OBM business growth, and optimizing regional structure to capture growth in the Asian market [6][12]. - If the company fails to demonstrate substantial progress in its transformation post-IPO, investor patience may quickly diminish [6][12].