Core Viewpoint - Lexin Outdoor International Limited (乐欣户外) has successfully listed on the Hong Kong Stock Exchange, closing at HKD 24.78, a 102.29% increase from its final offering price of HKD 12.25, indicating strong market interest and investor confidence in the company [1][6]. Group 1: IPO Details - The total number of shares offered globally was 28,205,000, with 2,820,500 shares available for public sale in Hong Kong and 25,384,500 shares for international sale [2]. - The total proceeds from the offering amounted to HKD 345.5 million, with net proceeds after estimated listing expenses of HKD 60.4 million being HKD 285.2 million [7]. - Key cornerstone investors include Horizon Venture Capital Management Limited and Huangshan Dejun Enterprise Management Limited, which collectively acquired 37.62% of the offered shares [4][5]. Group 2: Financial Performance - The company reported revenues of RMB 818.4 million, RMB 463.3 million, RMB 573.5 million, RMB 391.0 million, and RMB 460.3 million for the years ending December 31 from 2022 to 2025, with net profits of RMB 113.9 million, RMB 49.0 million, RMB 59.4 million, RMB 46.7 million, and RMB 56.2 million respectively [8][9]. - In 2023, the company experienced a significant decline in revenue by 43.40% and a net profit decrease of 56.98% compared to the previous year [9]. Group 3: Market Position and Strategy - Lexin Outdoor is recognized as a global leader in the fishing equipment industry, holding a market share of 28.4% in China as of 2024, significantly higher than other domestic competitors [7]. - The company plans to utilize the proceeds from the IPO for brand development, product design, establishing a global fishing tackle innovation center, upgrading production facilities, and enhancing digital capabilities [7]. - The company has maintained over 90% of its revenue from the OEM/ODM model, with major clients including Decathlon and well-known fishing brands like Rapala VMC and Pure Fishing, indicating a strong reliance on international brand partnerships [10][12]. Group 4: Risks and Concerns - The company faces significant customer concentration risk, with approximately 55% of its revenue coming from its top five clients, and the largest single client contributing 17.7% of revenue in the first eight months of 2025 [12]. - Transactions with related party Taipson Group raise concerns regarding pricing fairness, as Taipson is both a major customer and a core supplier, leading to potential conflicts of interest [12]. - The overall gross margin for Lexin Outdoor has been reported at 23.2%, 26.6%, 26.6%, and 27.7% from 2022 to 2025, while the gross margin for products sold to Taipson Group was significantly lower, indicating potential profitability issues [12].
乐欣户外港股募3.5亿港元首日涨102% 九成收入靠代工