Core Viewpoint - Lexin Outdoor International Limited has submitted its third listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as its sole sponsor [1] Company Overview - Lexin Outdoor focuses on fishing equipment and has a diverse product portfolio, including fishing chairs, beds, rod holders, fishing carts, bags, and tents [2] - The company's products cater to various fishing scenarios, such as carp fishing, competitive fishing, lure fishing, fly fishing, and ice fishing [3] Market Position - According to Frost & Sullivan, Lexin Outdoor is the largest fishing equipment manufacturer globally, with a market share of 23.1% based on 2024 revenue [3][12] - The company operates a dual business model combining OEM/ODM manufacturing capabilities with a growing OBM business to meet diverse market demands [3] - In the Chinese fishing equipment manufacturing industry, Lexin's market share has increased from 23.4% in 2022 to 28.4% in 2024 [4][12] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the eight months ending August 31, 2025, were approximately RMB 818 million, RMB 463 million, RMB 573 million, and RMB 460 million, respectively [5] - The net profit for the same periods was approximately RMB 114 million, RMB 49.01 million, RMB 59.41 million, and RMB 56.24 million [6] - The gross profit margins for these years were 23.2%, 26.6%, 26.6%, and 27.7% respectively [7] Industry Overview - The global outdoor equipment market is projected to grow from RMB 524.3 billion in 2019 to RMB 645.8 billion in 2024, with a compound annual growth rate (CAGR) of 4.3% [8] - Fishing is a popular outdoor activity, and the global fishing tackle market is expected to account for approximately 21.8% of the global outdoor equipment market by 2024 [9] - The global fishing tackle market size is anticipated to grow from RMB 120.4 billion in 2019 to RMB 140.9 billion in 2024, with a CAGR of 3.2% [10] - The Chinese fishing tackle market is expected to grow from RMB 24.9 billion in 2019 to RMB 32.9 billion in 2024, with a CAGR of 5.7% [11]

Company Overview - Le Xin Outdoor International Limited has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor. This marks the company's third attempt to list [1] - The company focuses on fishing equipment and has developed a comprehensive and diverse product portfolio, including beds and accessories, bags, and tents [4] Market Position - According to Frost & Sullivan, Le Xin Outdoor is the largest fishing equipment manufacturer globally, holding a market share of 23.1% based on 2024 revenue. The company's share in the global fishing tackle manufacturing market is 1.3% [5][24] - The company has strategically expanded into its own brand business, acquiring the well-known UK carp fishing brand Solar in 2017. Its products are sold in over 40 countries, including mature markets like the UK and the US, as well as rapidly growing markets in China and Southeast Asia [8] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the eight months ending August 31, 2025, were approximately RMB 818.4 million, RMB 463.3 million, RMB 573.5 million, and RMB 460.3 million, respectively [9] - The net profit for the same periods was approximately RMB 114 million, RMB 49 million, RMB 59 million, and RMB 56 million [10] Profitability Metrics - The company's gross profit margins for the fiscal years 2022, 2023, 2024, and the eight months ending August 31, 2025, were 23.2%, 26.6%, 26.6%, and 27.7%, respectively [12][13] Industry Overview - The global outdoor equipment market is projected to grow from RMB 524.3 billion in 2019 to RMB 645.8 billion in 2024, with a compound annual growth rate (CAGR) of 4.3% [14] - The global fishing tackle market is expected to grow from RMB 120.4 billion in 2019 to RMB 140.9 billion in 2024, with a CAGR of 3.2% [16] - China is the largest fishing tackle manufacturing country, accounting for over 70% of the global fishing tackle manufacturing industry by revenue in 2024 [24] Market Share in China - In the Chinese fishing tackle manufacturing industry, Le Xin Outdoor's market share has increased from 23.4% in 2022 to 28.4% in 2024 [8][24] - The market size of the Chinese fishing tackle industry is projected to grow from RMB 24.9 billion in 2019 to RMB 32.9 billion in 2024, with a CAGR of 5.7% [22]