靠“钓鱼佬”年收入数亿元！“钓鱼第一股”上市两天股价大涨！创始人“95后”女儿任总经理

Core Viewpoint - The company Lexin Outdoor, the world's largest fishing equipment manufacturer, officially listed on the Hong Kong Stock Exchange on February 10, 2024, becoming the "first stock of fishing equipment" with a significant initial price increase of 102.29% on its first trading day [1]. Group 1: Company Overview - Lexin Outdoor is headquartered in Deqing County, Huzhou, Zhejiang Province, focusing on the design, research, and manufacturing of fishing equipment, with a market share of 23.1% globally as of 2024, and an increase in its share in the Chinese market from 23.4% in 2022 to 28.4% in 2024 [5][7]. - The company has over 10,000 SKUs covering various fishing-related products, and its revenue for the years 2022, 2023, 2024, and the first eight months of 2025 were 818.41 million, 463.25 million, 573.46 million, and 460.27 million RMB respectively [7][8]. Group 2: Financial Performance - The company experienced a significant revenue decline of 43.4% in 2023 compared to the previous year, with net profit dropping by 57%, attributed to a decrease in demand for fishing equipment as consumers returned to other leisure activities post-pandemic [7][8]. - The revenue breakdown shows that the company heavily relies on OEM/ODM operations, with over 90% of its income coming from private label production for international brands like Decathlon and Pure Fishing [9][10]. Group 3: Business Model and Risks - Lexin Outdoor operates under a dual strategy of OEM/ODM and OBM, but its self-owned brand sales contribute less than 10% to total revenue, indicating a high dependency on external clients [10]. - The company faces risks related to customer concentration, with the top five clients accounting for approximately 55% of its revenue, and the largest client, Ardisam, contributing 17.7% [10][11]. Group 4: Management and Ownership - The management team primarily consists of individuals from the founding family and the previous parent company, Taipusen Group, which has a significant influence on the company's operations [14]. - The founder's family holds a dominant stake of 94.77% in Lexin Outdoor, showcasing strong control over the company, and the family has distributed substantial dividends, totaling 4 billion RMB over four years [14][15].