钓鱼装备制造商乐欣户外三度递表港交所：海外市场收入占比超八成

Core Viewpoint - Lexin Outdoor International Co., Ltd., a fishing gear manufacturer from Zhejiang, has submitted its third application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor. The previous applications submitted in November 2024 and June 2025 have expired [1]. Company Overview - Lexin Outdoor specializes in the research and manufacturing of fishing gear, tracing its origins back to 1993 when founder Yang Baoqing began engaging in outdoor leisure products. The company was established in June 2022 to focus on fishing gear business [1]. - According to Frost & Sullivan, Lexin Outdoor is the largest fishing gear manufacturer globally, with a market share of 23.1% and the largest in China with a market share of 28.4% as of 2024 [1]. Product Portfolio - As of August 31, 2025, Lexin Outdoor has developed a comprehensive product portfolio with over 10,000 SKUs, including fishing chairs, beds, rod holders, boxes, carts, tents, umbrellas, bags, and nets [2]. Financial Performance - Lexin Outdoor's revenue has shown a significant decline from 818 million RMB in 2022 to 463 million RMB in 2023, with a slight recovery to 573 million RMB in 2024. For the first eight months of 2025, revenue was 460 million RMB [2][3]. - Profit figures for the years 2022 to 2024 were 114 million RMB, 49 million RMB, and 59 million RMB, respectively, with a profit of 56 million RMB for the first eight months of 2025. The gross profit margin has steadily increased from 23.2% in 2022 to 27.7% in 2025 [3]. Client Network - Lexin Outdoor has established a client network that includes well-known outdoor retailers like Decathlon and fishing brands such as Rapala VMC and Pure Fishing. The partnerships with Decathlon and others have lasted over ten years [4]. Manufacturing Capacity - The company operates three specialized factories in Deqing, Zhejiang, with a total area of 63,637.7 square meters and a production capacity of 6.2 million pieces. The factory utilization rates from 2022 to the first eight months of 2025 were 86.0%, 78.9%, 80.2%, and 78.3% respectively [5]. Business Model - Lexin Outdoor employs a dual business model of OEM/ODM and OBM, with OEM/ODM accounting for over 90% of its revenue from 2022 to the first eight months of 2025 [5][6]. Revenue Dependency - The company faces a risk of dependency on major clients, with revenue from the top five clients accounting for over 54% in recent years. The largest client's revenue contribution ranged from 15.4% to 17.9% during the same period [7]. Market Presence - Lexin Outdoor's products are sold in over 40 countries, with international sales accounting for more than 80% of total revenue from 2022 to the first eight months of 2025. The overseas revenue figures were 715 million RMB, 384 million RMB, 486 million RMB, and 390 million RMB respectively [8]. Financial Health - The company has experienced fluctuations in net current assets, with net current liabilities reported in 2024 and 2025. As of August 31, 2025, the net asset value was 10.7 million RMB [9]. Fundraising Purpose - The funds raised from the listing will primarily be used for brand development, product design, establishing a global fishing gear innovation center, upgrading production facilities, and enhancing digital capabilities [10].