「港股IPO观察」三冲港交所，乐欣户外IPO关键悬念：独立性成最大考验

Core Viewpoint - Lexin Outdoor International Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, facing challenges due to its close operational ties with related parties and fluctuating performance post-pandemic [2][9]. Group 1: Company Performance - In 2022, Lexin Outdoor achieved a revenue peak of 818 million yuan and a net profit of 114 million yuan, but experienced a significant decline in 2023 [3]. - For the first eight months of 2025, the company reported a revenue of 460 million yuan, a year-on-year increase of 17.7%, and a net profit of 56.24 million yuan, up 20.4% [3]. - The company's main products include fishing chairs, beds, and rod holders, with 48.7% of revenue coming from these categories in the first eight months of 2025 [3]. Group 2: Market Position - Lexin Outdoor is the largest fishing equipment manufacturer globally, holding a market share of 23.1% based on 2024 revenue [3]. - Europe is the largest revenue region for the company, accounting for 75.5% of revenue in the first eight months of 2025, while mainland China contributed 15.2% [3]. Group 3: Sales Model and Client Dependency - The company's revenue primarily comes from the OEM/ODM model, with over 90% of income derived from this method from 2022 to August 2025 [4]. - Lexin Outdoor has a significant reliance on major clients, with the top five clients contributing 55% of total revenue, and the largest client accounting for 17.7% of revenue in the first eight months of 2025 [5]. Group 4: Brand Development Challenges - Despite efforts to develop its own brand, Solar, the OBM (Own Brand Manufacturing) business has not achieved significant scale, contributing only 6.6% of total revenue as of the first eight months of 2025 [6]. - The company plans to enhance the Solar brand through an online sales platform and increased marketing efforts, with the platform expected to launch by the end of 2025 [6]. Group 5: Related Party Transactions - Lexin Outdoor has a close operational relationship with Taipusen Group, which is both a major customer and supplier, raising concerns about the company's business independence [9]. - In the first eight months of 2025, revenue from Taipusen Group was 54.41 million yuan, accounting for 11.8% of total revenue, while the gross margin on sales to Taipusen was lower than the overall company margin [9].