Company Overview - Lexin Outdoor International Co., Ltd. is seeking to list on the Hong Kong Stock Exchange, aiming to become the "first fishing stock" in the market [2] - The company specializes in fishing equipment, including rods, reels, lines, baits, and various fishing accessories [2] - Lexin Outdoor is based in Hangzhou and is a subsidiary of Zhejiang Taipusen Holdings, the largest leisure manufacturing and export enterprise in China [2] Market Position - Lexin Outdoor is the largest fishing equipment manufacturer in China with a market share of 25.4% and the largest globally with a market share of 20.4% [3] - The company's revenue model is primarily based on OEM (Original Equipment Manufacturer), with over 90% of its revenue coming from clients like Decathlon and Pure Fishing [3][12] Financial Performance - Revenue figures for Lexin Outdoor from 2022 to the first four months of 2025 are as follows: RMB 818 million, RMB 463 million, RMB 573 million, and RMB 223 million, with a compound annual growth rate (CAGR) of -16.29% [3] - Gross profit for the same periods was approximately RMB 190 million, RMB 123 million, RMB 153 million, and RMB 47 million, with a CAGR of -10.39% [3] - Net profit figures were RMB 114 million, RMB 49 million, RMB 59 million, and RMB 20 million, with a CAGR of -27.77% [4] Industry Trends - The global fishing tackle market is projected to grow from RMB 137.8 billion in 2023 to RMB 181.9 billion by 2028, with a CAGR of 5.7% [9] - The number of fishing participants globally exceeds 200 million, with approximately 140 million in China [9] - The North American fishing tackle market is the largest, with an estimated sales figure of USD 8.78 billion in 2023 [9][10] Competitive Landscape - Shimano is the largest fishing tackle brand globally, with a market capitalization of JPY 1.8 trillion (approximately RMB 895 billion) and a revenue of JPY 105 billion (approximately RMB 52.2 billion) in 2024 [5] - Other notable competitors include Guangwei Composite Materials, which is recognized for its carbon fiber fishing rods and had a revenue of RMB 2.45 billion in 2024 [8]