破局起点 绿联的故事要从21世纪初珠三角的"代工狂欢"说起。那时的珠三角，是全球电子配件的"世界工厂"，但 这种模式的脆弱性显而易见：一根出厂价8元的数据线，品牌方贴标后能卖50元，代工企业却只能分到 微薄利润；更要命的是，订单全看品牌方脸色。 绿联创始人张清森恰恰看透了代工模式的死穴，2012年绿联成立时，他没急着"allin"自有品牌，而是走 了一步"稳棋"，一边继续接代工订单维持现金流，一边悄悄打磨自有品牌"uGreen"。 这个时机很快就来了，两次行业转折，成了绿联破局的关键。 消费电子配件赛道，从来都是"用户头疼、企业难活"的典型，用户面对五花八门的接口、协议，选根数 据线都要查半天参数，怕不兼容、怕伤设备。 但偏偏有这么一家企业，从一根数据线起家，不仅让用户养成了"买配件先看它"的习惯，还在2024年7 月26日敲开了创业板的大门。 上市首日，绿联科技（股票代码：301606）的收盘价达45.55元/股，涨幅114.76%，总市值直逼189亿 元，2023年，它更是交出了48.03亿元营收、3.88亿元净利润的成绩单。 在消费电子配件的"双难困局"里，绿联到底找到了什么破局密码？它的成长路径，又能 ...

Core Insights - The global fishing market has exceeded $100 billion, with significant growth in regions like North America and Europe, where fishing is a popular outdoor activity [4][8] - In China, the fishing population exceeds 150 million, with younger demographics increasingly participating in the sport [4] - The leading fishing tackle brand globally is Shimano, which reported revenue of 5.22 billion yuan from fishing gear last year [4] Company Overview - Lexin Outdoor International Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange for a second time, aiming to transform from an OEM manufacturer to a brand owner [4] - Lexin Outdoor's performance has declined for three consecutive years, with revenues of 818 million yuan in 2022, 463 million yuan in 2023, and projected 573 million yuan in 2024 [6][11] - The company's net profit decreased from 114 million yuan to 59 million yuan during the same period, indicating a nearly 50% reduction [6] Market Dynamics - The fishing equipment market is projected to reach $160.1 billion in 2024 and grow to $165.8 billion in 2025, with an average growth rate of 3.6% from 2025 to 2033 [8] - Lexin Outdoor's primary business involves fishing chairs, tents, and bags, while the core fishing market is dominated by fishing tackle, which presents a larger market opportunity [10] Competitive Landscape - Lexin Outdoor relies heavily on OEM/ODM business, with over 90% of its revenue coming from this model, making it vulnerable to the loss of major clients [10][17] - The company's revenue from the North American market has plummeted from 18.8% in 2022 to just 3.4% in 2024, highlighting its limited competitiveness in a key market [11] Strategic Initiatives - Lexin Outdoor has attempted to diversify by acquiring brands, such as the UK fishing brand Solar, but self-owned brand revenue remains low, increasing from 35.5 million yuan to 40.6 million yuan from 2022 to 2024 [14] - The company plans to expand its OBM (Original Brand Manufacturer) business by introducing new fishing gear categories and collaborating with more retailers [15] Financial Considerations - Lexin Outdoor's reliance on OEM/ODM revenue is significant, with percentages of 94.1%, 90.2%, 92.3%, and 92.9% for the years 2022 to 2025 [17] - The company distributed a cash dividend of 65 million yuan to its controlling shareholder shortly before its IPO, raising concerns about its financial health given its net profit was below 60 million yuan [20] Future Outlook - The company's ability to become the "first fishing stock" remains uncertain, as it faces numerous challenges, including declining performance and heavy reliance on OEM business [21]