SDICSI 2026 年 2 月 4 日 乐欣户外(2720.HK) 乐欣户外 2720.HK-IPO 点评 公司概览 乐欣户外（下称"公司"）是钓鱼装备行业的全球引领者，根据弗若斯特沙利 文，按2024年收入计，公司在全球钓鱼装备行业中排名第一，市占率为23.1%。 公司的产品主要包括：床椅及其他配件（钓鱼椅、钓鱼床、鱼竿支架、钓鱼推 车及钓鱼箱）、包袋（单肩包、钓鱼渔包及鱼竿包）、帐篷（渔具篷、社交篷及 遮阳篷），产品适合多种钓鱼场景，如鲤鱼钓、比赛钓、路亚钓、飞钓及冰钓。 公司为户外装备品牌提供OEM/ODM服务，主要收入也是来自OEM/ODM，占收入比 超9成。此外，公司也在战略性扩展自有品牌业务，于2017年收购乐英国知名 鲤鱼钓品牌Solar。公司的主要客户包括全球知名户外用品零售商（如迪卡侬）、 全球知名钓鱼品牌（如Rapala VMC及Pure Fishing）、英国知名钓鱼品牌（如 Fox、Nash、Trakker及Preston），以及美国知名户外用品公司（如Ardisam）。 公司的产品向40多个国家销售，包括英国和美国等具有丰富钓鱼传统的成熟市 场，以及中国和东南亚等增长迅速的市场。 ...

据公司公告，乐欣户外(02720)于2026年1月31日-2026年2月5日招股，公司拟全球发售2820.5万股股份，香港公开发售占10%(可予重新分配)，国际发售占 90%(可予重新分配)。每股发售股份11.25-12.25港元，每手500股，独家保荐人为中金公司，预期股份将于2026年2月10日(星期二)上午九时正在联交所开始 买卖。 乐欣户外已与地平线创业投资管理有限公司、黄山德钧企业管理有限公司订立基石投资协议，据此，基石投资者已同意在符合若干条件的前提下，按发售 价认购或促使其指定实体认购可购买的发售股份数量，总金额为1.3亿港元。 综合 | 公司公告 招股书 编辑 | Arti 本文仅为信息交流之用，不构成任何交易建议 根据弗若斯特沙利文的资料，按2024年收入计，乐欣户外是全球最大的钓鱼装备制造商，市场份额为23.1%。钓鱼装备市场为钓鱼用具市场（包括钓具市 场）的一个子行业。根据弗若斯特沙利文的资料，以2024年零售额计，钓鱼装备市场占全球钓鱼用具市场约5.2%。 根据弗若斯特沙利文的资料，按2024年收入计，公司于全球钓鱼用具制造市场的市场份额为1.3%。钓鱼用具包括钓具及钓鱼装备。 钓具是 ...

乐欣户外(02720)于2026年1月31日-2026年2月5日招股，公司拟全球发售2820.5万股股份，香港公开发售 占10%(可予重新分配)，国际发售占90%(可予重新分配)。每股发售股份11.25-12.25港元，每手500股， 预期股份将于2026年2月10日(星期二)上午九时正在联交所开始买卖。 根据弗若斯特沙利文的资料，按2024年收入计，该公司于2024年在全球钓鱼装备行业中排名第一，市场 份额为23.1%。钓鱼装备市场为钓鱼用具市场(包括钓具市场)的一个子行业。根据弗若斯特沙利文的资 料，以2024年零售额计，钓鱼装备市场占全球钓鱼用具市场约5.2%。根据弗若斯特沙利文的资料，按 2024年收入计，公司于全球钓鱼用具制造市场的市场份额为1.3%。 公司运营双重业务模式，将OEM/ODM制造能力与不断增长的OBM业务相结合，以满足多样化的市场 需求。凭借公司的产品组合、产品设计及开发、供应链及质量控制，公司为户外钓鱼装备品牌提供涵盖 产品设计至制造全流程的OEM/ODM解决方案。公司已成为钓鱼装备OEM/ODM解决方案的全球领导 者。于往绩记录期间，公司的收入主要来自OEM/ODM模式，分别占公 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴該等內容而引 致的任何損失承擔任何責任。 Ridge Outdoor International Limited 樂欣戶外國際有限公司 （於開曼群島註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向樂欣戶外國際有限公司（「本公司」）、本公司的保薦人、整體協調人、顧問及包銷團成 員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，不 會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依 據於香港公司註冊處處長註冊的本公司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士刊 發。 (a) 本文件僅向香港公 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25][27] Core Views - The company is a leading domestic enterprise in surface active agents and oil chemical products, with stable progress in OEM/ODM projects. The annual production capacity for surface active agents has exceeded 1.2 million tons, and for oil chemical products, it has surpassed 1 million tons. The OEM/ODM processing service capacity for personal care products has reached 1.1 million tons [1][9] - The company's revenue for the first half of 2025 reached 6.553 billion yuan, a year-on-year increase of 41.71%. The net profit attributable to shareholders was 97 million yuan, up 6.35% year-on-year, while the net profit after deducting non-recurring gains and losses was 83 million yuan, an increase of 25.79% year-on-year. The rapid revenue growth was primarily driven by increased sales volume and higher prices due to rising raw material costs [2][10] - The company's core profitability is driven by its Indonesian subsidiary, Dukuda, which benefits from Indonesia's palm oil export tax policy, providing significant cost advantages. In the first half of 2025, Dukuda achieved a net profit of 102 million yuan, a year-on-year increase of 48%. The expansion project is progressing smoothly and is expected to enhance the company's profitability and scale starting in the second half of 2025 [3][19] - The company has initiated a share repurchase plan, reflecting management's confidence in the company's long-term development. The total amount for the repurchase is between 100 million and 200 million yuan, with 3.5825 million shares repurchased as of August 31, 2025, accounting for 0.76% of the total shares [4][24] Summary by Sections Company Overview - The company is a leading player in the domestic oil chemical and surface active agent sectors, with significant production capacities in both areas. The establishment of large-scale comprehensive daily chemical parks in various locations supports its OEM/ODM business [1][9] Financial Performance - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by higher sales volumes and prices. The performance of different business segments shows a strong growth trajectory, particularly in daily chemical products [2][10] Profitability Drivers - The profitability of the company is significantly influenced by its Indonesian subsidiary, which is expected to contribute positively to the overall financial performance as new capacities come online [3][19] Shareholder Engagement - The ongoing share repurchase plan is a strategic move to enhance shareholder value and reflects the management's confidence in the company's future prospects [4][24]

Core Viewpoint - The article emphasizes the importance of transparency in the Chinese baking market and highlights the emergence of a cold chain baking company, Tengxing Food, as a reliable partner for many baking brands, focusing on market trends and product competitiveness [1][4][6]. Group 1: Company Overview - Tengxing Food, established in 2021, specializes in cold chain baking and integrates R&D, production, and sales [8][10]. - The company is located in Zhangzhou, Fujian Province, covering an area of 140 acres with an investment of 600 million yuan to create an intelligent manufacturing complex [12]. - Tengxing Food has developed a diverse product range, including cheese desserts, Swiss rolls, mousse cakes, whole grain snacks, and savory baked goods, and has established long-term partnerships with major supermarkets and restaurant chains [10][12]. Group 2: Product Development and Innovation - The company focuses on product innovation, with a strong emphasis on health-conscious and convenient options, responding to market demands for reduced sugar and flavor innovation [4][6]. - Tengxing Food has a dedicated R&D center of 3,000 square meters, employing experienced baking engineers to develop high-quality products based on market insights [12][66]. - The company has received national high-tech enterprise recognition and plans to expand its global footprint by establishing overseas branches in Hong Kong and Singapore [14][18]. Group 3: Production and Quality Control - Tengxing Food adheres to GMP standards, operating a 100,000-level clean workshop and utilizing advanced production technologies to ensure high-quality output [59][62]. - The company has implemented a comprehensive quality control system, ensuring that every production stage meets the highest safety standards, supported by certifications such as FSSC22000 and BRC [62][64]. - The cold chain technology employed allows for rapid freezing and storage, maintaining product freshness and quality during transportation [64][76]. Group 4: Market Position and Partnerships - Tengxing Food has established collaborations with over 100 well-known domestic and international brands, including Nestlé, Walmart, and Sam's Club, enhancing its market presence [80]. - The company offers customized services and has a diverse product portfolio that caters to various consumer needs, including high-end restaurants and new-style tea shops [75][78]. - The operational model emphasizes low investment in equipment and high-profit margins, reducing inventory risks through long shelf life of frozen products [75][76].

Core Viewpoint - Le Xin Outdoor International Limited has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor [1] Company Overview - Le Xin Outdoor is the largest fishing equipment manufacturer globally, holding a market share of 23.1% based on projected 2024 revenue [5] - The company focuses on fishing gear and has developed a diverse product portfolio, including fishing chairs, beds, rod holders, carts, bags, and tents suitable for various fishing scenarios [5] - The company operates a dual business model, combining OEM/ODM manufacturing capabilities with a growing OBM business to meet diverse market demands [5] Financial Performance - Revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 818.4 million, RMB 463.3 million, and RMB 573.5 million, respectively [7] - Net profit for the same periods was approximately RMB 114 million, RMB 49 million, and RMB 59.4 million, respectively [7] - The revenue from the OEM/ODM model accounted for 94.1%, 90.2%, 92.3%, and 92.9% of total revenue for the years 2022, 2023, 2024, and the four months ending April 30, 2025 [5][7] Business Expansion - The company strategically expanded into its own brand business, acquiring the UK-based carp fishing brand Solar in 2017, which has seen sales grow to approximately three times its 2018 level by 2024 [6] - The experience gained from Solar has provided a standardized framework for brand management, product development, and efficient marketing strategies under the OBM model [6]

Core Insights - The manufacturing landscape is evolving from OEM/ODM models to vertical integration due to increasing supply chain uncertainties and rapid market changes [1][4][5] Group 1: OEM/ODM Models - OEM and ODM models have been widely adopted in the context of globalization, allowing manufacturers to outsource production to specialized suppliers, thus optimizing efficiency [1] - These models have led to significant cost savings by establishing production bases in low-labor-cost countries, particularly after China's entry into the WTO [1] - However, the reliance on outsourcing has exposed vulnerabilities, such as quality control issues and instability due to production delays and geopolitical tensions [4] Group 2: Vertical Integration - Companies like Tesla and SpaceX have shifted towards vertical integration, controlling key supply chain elements to enhance quality, accelerate innovation, and scale production without external constraints [2] - Apple transitioned from relying on Intel for processors to producing its own M-series chips, gaining unprecedented control over hardware and software integration [3] - Amazon has invested heavily in building its logistics and distribution infrastructure, moving away from third-party carriers to create a self-sufficient network [3] Group 3: Industry Trends - The trend towards vertical integration is evident across various sectors, including traditional manufacturing, where companies like BYD and major automakers are developing their own critical components [3] - The COVID-19 pandemic highlighted the importance of supply chain security, leading to a fragmented global trade environment that further exposed the weaknesses of the OEM/ODM model [4] - The semiconductor shortage during the pandemic resulted in over 10 million vehicles being cut from production in the automotive industry, illustrating the risks associated with over-reliance on external suppliers [4] Group 4: Future Outlook - Vertical integration, while requiring significant investment and management capabilities, positions companies to thrive in competitive markets by ensuring quality and fostering innovation [5] - The shift from OEM/ODM to vertical integration is seen as a necessary evolution in response to market demands for speed, precision, and supply chain stability [5] - Embracing vertical integration is viewed as a key strategy for companies aiming to lead their industries in the future [5]