近日，来自浙江的钓鱼装备制造商乐欣户外国际有限公司向港交所递交上市申请，中金公司担任独家保 荐人。这是该公司第三次冲击港股上市，此前分别于2024年11月、2025年6月递交的申请材料均已失 效。 公开信息显示，乐欣户外是一家专注于垂钓装备研发与智造的公司，其最早可追溯至1993年。彼时创始 人杨宝庆开始从事户外休闲用品业务，其创立的浙江泰普森控股集团以户外用品的研发、制造及销售为 核心，同时衍生了文化创意产业园、产业金融、文化旅游等业务板块。为促进业务专业化及提升市场关 注度，2022年6月成立浙江乐欣户外，承接钓鱼装备业务。 乐欣户外引用弗若斯特沙利文数据显示，按2024年收入计算，乐欣户外是全球最大的钓鱼装备制造商， 市场份额达23.1%；以及中国最大的钓鱼装备制造商，市场份额为28.4%。 与迪卡侬等合作已超10年 申请文件显示，乐欣户外已构建全面、多功能的钓鱼装备及其他产品组合，截至2025年8月31日，其产 品组合包含超过10000个SKU的钓鱼装备，涵盖钓鱼椅、钓鱼床、鱼竿支架、钓鱼箱、钓鱼推车、渔具 篷、全围伞、钓鱼包及抄网等。 从业绩表现来看，乐欣户外的收入在2023年出现明显下滑。数据显示 ...

【财经网讯】浙江永强集团股份有限公司（证券代码：002489 证券简称：浙江永强）于2025年12月25 日发布公告称，公司第七届董事会第五次会议审议通过了《关于审议注销子公司的议案》，同意注销全 资子公司河南永浩户外用品有限公司。 公告显示，本次董事会会议于2025年12月25日以通讯表决方式召开，应参与表决董事9人，实际参与表 决董事9人，会议的召集、召开程序符合《公司法》及《公司章程》的相关规定。会议以9票同意、0票 反对、0票弃权的表决结果通过了上述注销议案，并授权公司管理层负责办理该子公司的清算、注销等 相关工作。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 浙江永强表示，本次清算注销河南永 ...

天眼查App显示，近日，广州美道户外用品有限公司成立，注册资本10万人民币，经营范围为货物进出 口;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;信息技术咨询服务;企业管理咨 询;企业管理;互联网销售（除销售需要许可的商品）;皮革制品制造;箱包制造;日用百货销售;体育用品及 器材零售;体育用品及器材批发;橡胶制品销售;五金产品零售;五金产品批发;日用品批发;日用品销售;户外 用品销售;合成材料销售;汽车装饰用品销售;日用玻璃制品销售;合成纤维销售;服装辅料销售;国内贸易代 理;劳动保护用品销售;特种劳动防护用品销售;鞋帽零售;鞋帽批发;羽毛(绒)及制品销售;皮革销售;皮革制 品销售;箱包销售;。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In the first three quarters of 2025, the company achieved a revenue of 820 million yuan, representing a year-on-year increase of 3.5%. The net profit attributable to the parent company was 180 million yuan, up 12.1% year-on-year, while the net profit excluding non-recurring items was 140 million yuan, down 6.2% year-on-year. In Q3 alone, revenue was 130 million yuan, down 30.4% year-on-year, with a net profit of 40 million yuan, down 40.6% year-on-year, and a net profit excluding non-recurring items of 8.435 million yuan, down 68.2% year-on-year [2][4]. Summary by Sections Financial Performance - The company reported total revenue of 820 million yuan for the first three quarters of 2025, with a year-on-year growth of 3.5%. The net profit attributable to the parent company was 180 million yuan, reflecting a year-on-year increase of 12.1%. However, the net profit excluding non-recurring items decreased by 6.2% to 140 million yuan. In Q3, the company faced significant challenges, with revenue dropping to 130 million yuan, a decline of 30.4% year-on-year, and net profit falling to 40 million yuan, down 40.6% year-on-year [2][4]. Market Outlook - Short-term order disruptions are expected due to reduced customer orders influenced by tariffs and weak domestic replenishment. This has led to a decrease in capacity utilization and a decline in gross margin by 1.1 percentage points year-on-year. The sales and management expense ratios increased by 2.4 percentage points and 5.7 percentage points year-on-year, respectively. The net profit margin excluding non-recurring items fell by 7.6 percentage points to 6.4%, indicating significant pressure on financial metrics due to weak order performance [10]. Future Projections - Looking ahead, it is anticipated that new business year clients will continue to place orders, with expectations for better growth in Q4 2025 and H1 2026. In the medium to long term, as tariffs stabilize, orders are expected to gradually recover. The company is also expected to ramp up production capacity and see new business lines, such as insulated bags and water sports products, begin to contribute to revenue. The projected net profits for 2025, 2026, and 2027 are estimated at 210 million yuan, 240 million yuan, and 270 million yuan, respectively, with corresponding valuations of 17X, 15X, and 13X [10].

Group 1 - A new company named Gu'an Hongshanhua Outdoor Products Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Li Hong [1] - The business scope includes manufacturing, wholesale, and retail of sports goods and equipment, as well as various other outdoor and fishing-related products [1] Group 2 - The company is involved in the production and sale of textile products, metal structures, hardware products, and leather goods [1] - It also offers internet sales and various technical services, including development, consulting, and promotion [1] - The company operates under the principle of conducting business activities independently with its business license, except for projects that require approval [1]

Core Insights - A new company named Wenan County Shangyu Outdoor Products Co., Ltd. has been established with a registered capital of 300,000 RMB [1] - The legal representative of the company is Li Xin [1] Company Overview - The company operates in various sectors including the manufacturing of sports equipment, knitted or crocheted products, metal structures, and household items [1] - It also engages in the production of furniture and its accessories, hardware products, and outdoor goods [1] - The company is involved in the sales of textiles, daily necessities, office supplies, and internet sales, excluding items that require special licenses [1]

Group 1 - A new company named Heshan Hongtu Outdoor Products Co., Ltd. has been established with a registered capital of 200,000 RMB [1] - The legal representative of the company is Mao Yongqiang [1] - The business scope includes manufacturing and sales of industrial textile products, outdoor products, plastic products, daily miscellaneous goods, bags, leather products, home textile products, and hardware products, among others [1]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - In the first half of 2025, the company achieved a revenue of 690 million yuan, representing a year-on-year increase of 14.2%, and a net profit attributable to the parent company of 150 million yuan, up 44.5% year-on-year. In Q2 alone, the revenue was 330 million yuan, with a slight year-on-year increase of 0.7%, while the net profit attributable to the parent company decreased by 20.1% to 50 million yuan [2][4]. Summary by Sections Financial Performance - The company reported a total revenue of 690 million yuan for 2025H1, with a year-on-year growth of 14.2%. The net profit attributable to the parent company was 150 million yuan, reflecting a year-on-year increase of 44.5%. For Q2, the revenue was 330 million yuan, showing a modest growth of 0.7%, while the net profit decreased by 20.1% to 50 million yuan [2][4]. Future Outlook - The company anticipates a gradual recovery in its mattress business as the impact of tariffs diminishes. New business segments, including insulated boxes and water sports products, are expected to regain strong growth as production capacity in Vietnam and Cambodia is released. The company has set ambitious targets for 2025, requiring a year-on-year increase of 75% in revenue and 200% in net profit attributable to the parent company for the second half of the year [10]. Projections for net profit attributable to the parent company for 2025-2027 are 250 million, 320 million, and 380 million yuan, respectively, with corresponding valuations of 15X, 12X, and 10X [10].

Core Viewpoint - The company has shown significant revenue and net profit growth in the first half of 2025, primarily driven by the successful entry of its flagship product, the "Starry Canopy," into multiple Costco stores in North America [1][3]. Financial Performance - In the first half of 2025, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were CNY 1.042 billion, CNY 71 million, and CNY 69 million, respectively, representing year-on-year growth of 38.63%, 56.03%, and 31.40% [1]. - For Q2 2025, the revenue, net profit attributable to the parent, and net profit excluding non-recurring items were CNY 535 million, CNY 30 million, and CNY 30 million, showing year-on-year growth of 35.85%, 25.13%, and 24.74% [1]. Product and Market Analysis - The "Starry Canopy" has successfully penetrated Costco's North American stores, contributing to a significant increase in both online and offline sales [3]. - Revenue from sunshade products, leisure furniture, and other categories reached CNY 905 million, CNY 69 million, and CNY 68 million, with year-on-year growth rates of 36.80%, 88.07%, and 27.34%, respectively [3]. - Domestic and international sales were CNY 68 million and CNY 975 million, reflecting year-on-year growth of 28.85% and 39.36% [3]. Cost and Margin Analysis - The gross margin for the first half of 2025 was 27.09%, a decrease of 0.78 percentage points year-on-year, with specific margins for sunshade products, leisure furniture, and others at 28.47%, 30.55%, and 5.23% [4]. - The net profit margin attributable to the parent for the first half of 2025 was 6.76%, an increase of 0.75 percentage points year-on-year [4]. Inventory and Cash Flow - The company's inventory increased to CNY 430 million, a year-on-year rise of 24.27%, with inventory turnover days decreasing to 104 days [5]. - Accounts receivable amounted to CNY 289 million, up 11.57% year-on-year, with turnover days reduced to 37 days [5]. Future Outlook - The company anticipates a recovery in orders for 2025, with the "Starry Canopy" expected to maintain rapid growth [7]. - New product trials have received positive feedback, indicating potential for additional revenue streams [7]. - The company has revised its revenue forecasts for 2025-2027, projecting CNY 1.537 billion, CNY 1.837 billion, and CNY 2.141 billion, respectively [7].

Economic Overview - In the first half of the year, six major economic provinces in China contributed over 29.4 trillion yuan to the national economy, accounting for 44.6% of the total [1] - Guangdong's GDP reached 68,725 billion yuan, with a year-on-year growth of 4.2%, and the manufacturing sector grew by 4.5%, accelerating from the first quarter [1] Manufacturing Sector Performance - Guangdong's computer, communication, and other electronic equipment manufacturing increased by 7.3%, while electrical machinery and equipment manufacturing grew by 7.8%, and automobile manufacturing rose by 7.2% [5] - The production of wind power generators, civilian drones, industrial robots, and service robots all maintained growth rates exceeding 20% [5] Technological Integration in Agriculture - A significant agricultural enterprise in Shenzhen has integrated smart devices and digital agriculture applications, achieving an annual revenue exceeding 220 billion yuan [7] - Farmers are utilizing automated systems for planting and harvesting, with one farmer reporting a 30% increase in efficiency due to an automatic driving system for tractors [9] Innovations in Production Processes - A vertical production line in Guangdong is designed for producing high-voltage submarine cables, enhancing efficiency by over 15% with an investment of 40 million yuan [22] - The production of large offshore wind turbine blades has been optimized, reducing the manufacturing time to 58 hours for a 126-meter blade, with expectations to produce 12 sets of blades monthly [26] Regional Economic Development - The integration of various industries is evident in the rapid development of industrial parks in regions like Meizhou, which are attracting significant investments and projects [31] - The economic growth rates in Meizhou, Shanwei, Zhanjiang, Chaozhou, and Qingyuan have surpassed the provincial average, indicating a shift in economic dynamics [36] Strategic Goals and Future Outlook - Guangdong aims to stabilize the national economy while pursuing high-quality development, focusing on the themes of integration, advancement, and catching up [36]