靠钓鱼佬年入5亿元，“钓鱼第一股”上市2天股价暴涨200%！创始人家族4年分红4亿元，“95后”加拿大籍女儿任总经理

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 publicly traded company in the fishing equipment sector. The stock price surged by over 200% in the first two days of trading, reaching a market capitalization of HKD 48.72 billion [1][4]. Company Overview - Lexin Outdoor is headquartered in Deqing County, Huzhou, Zhejiang Province, and focuses on the design, research, and manufacturing of fishing equipment. It was established in 1993 and became an independent entity after a restructuring in 2024 [4]. - According to Frost & Sullivan, Lexin Outdoor holds a 23.1% market share in the global fishing equipment market, ranking first among the top five manufacturers. Its market share in China increased from 23.4% in 2022 to 28.4% in 2024 [4]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first eight months of 2025 was reported as RMB 818.41 million, RMB 463.25 million, RMB 573.46 million, and RMB 391.04 million, respectively. The net profit for the same periods was RMB 113.85 million, RMB 49.00 million, RMB 59.41 million, and RMB 46.71 million [5]. - In 2023, the company experienced a significant revenue decline of 43.4% and a net profit drop of 57%, attributed to a decrease in demand for fishing equipment as consumers returned to other leisure activities post-pandemic [4][6]. Business Model - Lexin Outdoor operates under a dual strategy of OEM/ODM and OBM. Over 90% of its revenue comes from OEM/ODM, with income contributions of 94.1%, 90.2%, 92.3%, and 93.1% during the reporting periods [6]. - The company has made efforts to develop its own brand, Solar, which saw sales triple from 2018 to 2024, but still contributes less than 10% to overall revenue [6]. Customer Concentration and Risks - The company faces high customer concentration risk, with its top five clients accounting for approximately 55% of total revenue. The largest client, Ardisam, contributes 17.7% of revenue [6][7]. - Lexin Outdoor has significant ties to its parent company, Zhejiang Taipusen Industrial Group, which plays a dual role as both a major supplier and customer [7]. Management and Ownership - The core management team of Lexin Outdoor is primarily composed of individuals from the Taipusen Group. The founder's daughter, born in 1995, serves as the general manager [8]. - Prior to the IPO, the founder and his family held 94.77% of the company's shares, demonstrating strong control over the company. The family received substantial dividends, totaling RMB 4 billion over four years [9].