Core Viewpoint - Company is seeking to list on the Hong Kong Stock Exchange for the third time, focusing on the fishing equipment industry, which is highly competitive [1][4] Group 1: Company Overview - Company specializes in fishing equipment, offering a diverse product range including fishing chairs, beds, rod holders, carts, and boxes [1] - According to Frost & Sullivan, the company is the largest fishing equipment manufacturer globally, holding a market share of 23.1% based on 2024 revenue [2] Group 2: Financial Performance - Company reported revenues of approximately 818 million, 463 million, 573 million, and 460 million for the years 2022, 2023, 2024, and the first eight months of 2025, respectively [2] - Net profits for the same periods were approximately 114 million, 49.01 million, 59.41 million, and 56.24 million [2] - Revenue primarily comes from OEM/ODM models, accounting for 94.1%, 90.2%, 92.3%, and 93.1% of total revenue for the respective years [2] Group 3: Production and Supply Chain - Factory utilization rates were 86%, 78.9%, 80.2%, and 78.3% for the years 2022, 2023, 2024, and the first eight months of 2025 [3] - Company relies on a few major suppliers, with procurement from the top five suppliers amounting to approximately 181 million, 72 million, 136 million, and 94 million for the respective years, representing 30.9%, 27.2%, 31.7%, and 34.9% of total procurement [4] - Raw material costs were approximately 379 million, 203 million, 252 million, and 193 million for the respective years, constituting 60.4%, 59.6%, 60%, and 58.1% of total sales costs [4] Group 4: Strategic Focus - Company aims to use the raised funds for brand development and promotion, product design and development, establishing a global fishing gear innovation center, upgrading production facilities, and enhancing digital capabilities [3] - Maintaining strong relationships with major clients is crucial for long-term success, with revenues from the top five clients being approximately 471 million, 265 million, 331 million, and 253 million, representing 57.5%, 57.2%, 57.7%, and 54.9% of total revenue [5] - The company's success hinges on its ability to design, develop, and produce high-quality products that meet customer needs [5]