三闯港交所的乐欣户外，突击分红6500万元IPO募资补流

Core Viewpoint - Zhejiang Lexin Outdoor Products Co., Ltd. aims to become the "first stock of fishing gear in Hong Kong" by submitting its prospectus for the third time to the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor [1] Group 1: Company Overview - According to Frost & Sullivan data, Lexin Outdoor is the largest fishing gear manufacturer globally, holding a market share of 23.1% based on 2024 revenue [2] - The company combines OEM/ODM manufacturing capabilities with a growing OBM business, with OEM/ODM revenue accounting for over 90% from 2022 to 2025 [2] - Lexin Outdoor has established long-term partnerships with renowned outdoor brands such as Decathlon and Pure Fishing, distributing products to over 40 countries and regions [2] Group 2: Financial Performance - Lexin Outdoor's revenue experienced significant fluctuations, dropping from RMB 818.4 million in 2022 to RMB 463.3 million in 2023, a decline of 43.4%, before recovering to RMB 573.5 million in 2024 [3][5] - The company's net profit fell from RMB 114 million in 2022 to RMB 49 million in 2023, with a slight increase to RMB 59.4 million in 2024, resulting in a net profit margin decrease from 13.9% to 10.4% [4][5] - The company's financial data shows a divergence between net profit and operating cash flow, with operating cash flow being 1.84 times net profit in 2023, but dropping significantly in 2024 [9][10] Group 3: Market Dynamics - The fishing tackle manufacturing industry in China is highly fragmented, with the top five manufacturers holding only 10.4% of the market share, and Lexin Outdoor ranking second with a mere 1.8% [3] - The European fishing tackle market, which accounts for 73.3% of Lexin Outdoor's revenue in 2024, has a low compound annual growth rate (CAGR) of 2.8% from 2019 to 2024, limiting the company's growth potential [7] Group 4: Business Strategy and Challenges - Lexin Outdoor's reliance on OEM/ODM business has led to a lack of growth in its OBM segment, with OBM revenue only increasing from 4.1% in 2022 to 7.2% in 2024, and then declining to 6.6% by August 2025 [3] - The company’s strategy to acquire the UK fishing brand Solar in 2017 to enhance its OBM business has seen slow progress, indicating challenges in transitioning from a manufacturing-focused model to a brand-driven approach [3] - The company's financial health is questioned due to a sudden dividend payout of RMB 65 million in 2024, exceeding its net profit for that year, raising concerns about its capital allocation strategy [11]