2025年12月29日，全球最大的钓鱼装备制造商乐欣户外国际有限公司第三次向港交所递交主板上市申 请，此前其于2024年11月及2025年6月提交的申请均已失效。尽管该公司以23.1%的全球市场份额稳居 行业龙头，但招股书暴露的业绩波动、代工依赖症及关联交易风险，为其IPO前景蒙上阴影。 业绩过山车：高增长叙事下的盈利隐忧 IPO前景：转型决心与资本耐心的博弈 乐欣户外的营收轨迹呈现明显波动。2022年至2024年，其收入从8.18亿元骤降至4.63亿元后反弹至5.73 亿元，净利润同期从1.14亿元缩水至5940万元。这一波动与疫情期间户外活动需求激增后回落密切相 关。更值得关注的是，2025年前8个月公司营收4.6亿元，虽接近2023年全年水平，但较2022年同期仍下 滑约20%，显示其复苏动能尚不稳固。 盈利质量亦存隐患。公司毛利率虽从2022年的23.2%提升至2025年前8个月的27.7%，但主要依赖原材料 成本控制及自产比例提升，而非品牌溢价能力增强。相比之下，其自有品牌（OBM）业务毛利率仅 28.7%，远低于行业头部品牌40%以上的水平，折射出代工模式在价值链中的弱势地位。 代工依赖症：客户集 ...

Core Viewpoint - Wolong Electric Drive has submitted its prospectus to the Hong Kong Stock Exchange for a dual listing, aiming to capitalize on its recent stock price surge and significant market presence [2][14]. Group 1: Company Background - Wolong Electric Drive, founded by Chen Jiancheng in 1984, has grown from a small factory in Shaoxing, Zhejiang, to a leading domestic electric motor manufacturer, achieving a market capitalization of approximately 50.1 billion RMB [3][6]. - The company underwent a transformation from a collective enterprise to a private company and successfully went public on the Shanghai Stock Exchange in 2002 [7]. - Chen Jiancheng's daughter, Chen Yanni, joined the company in 2007 after gaining experience in international finance, and she has since taken on significant leadership roles within the company [4][13]. Group 2: Financial Performance - Wolong Electric Drive's revenue for 2022, 2023, and 2024 is projected to be 14.27 billion RMB, 15.57 billion RMB, and 16.25 billion RMB, respectively, with corresponding profits of 839 million RMB, 553 million RMB, and 832 million RMB [17][20]. - The company has seen its stock price double in the current year, reflecting strong market confidence [14]. - The core business segments, including explosion-proof, industrial, and HVAC electric drive systems, account for nearly 90% of the company's revenue, although growth in these areas has shown signs of slowing down [18][19]. Group 3: Strategic Initiatives - Wolong Electric Drive is expanding into the robotics sector, with revenue from its robotics components business projected to grow from 355 million RMB in 2022 to 451 million RMB in 2024 [21]. - The company has made strategic investments in emerging fields, particularly in electric aviation and robotics, indicating a focus on diversifying its revenue streams [22]. - Wolong Electric Drive has also engaged in acquisitions of international brands and companies to enhance its market position and technological capabilities [12].

Core Insights - The global fishing market has exceeded $100 billion, with significant growth in regions like North America and Europe, where fishing is a popular outdoor activity [4][8] - In China, the fishing population exceeds 150 million, with younger demographics increasingly participating in the sport [4] - The leading fishing tackle brand globally is Shimano, which reported revenue of 5.22 billion yuan from fishing gear last year [4] Company Overview - Lexin Outdoor International Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange for a second time, aiming to transform from an OEM manufacturer to a brand owner [4] - Lexin Outdoor's performance has declined for three consecutive years, with revenues of 818 million yuan in 2022, 463 million yuan in 2023, and projected 573 million yuan in 2024 [6][11] - The company's net profit decreased from 114 million yuan to 59 million yuan during the same period, indicating a nearly 50% reduction [6] Market Dynamics - The fishing equipment market is projected to reach $160.1 billion in 2024 and grow to $165.8 billion in 2025, with an average growth rate of 3.6% from 2025 to 2033 [8] - Lexin Outdoor's primary business involves fishing chairs, tents, and bags, while the core fishing market is dominated by fishing tackle, which presents a larger market opportunity [10] Competitive Landscape - Lexin Outdoor relies heavily on OEM/ODM business, with over 90% of its revenue coming from this model, making it vulnerable to the loss of major clients [10][17] - The company's revenue from the North American market has plummeted from 18.8% in 2022 to just 3.4% in 2024, highlighting its limited competitiveness in a key market [11] Strategic Initiatives - Lexin Outdoor has attempted to diversify by acquiring brands, such as the UK fishing brand Solar, but self-owned brand revenue remains low, increasing from 35.5 million yuan to 40.6 million yuan from 2022 to 2024 [14] - The company plans to expand its OBM (Original Brand Manufacturer) business by introducing new fishing gear categories and collaborating with more retailers [15] Financial Considerations - Lexin Outdoor's reliance on OEM/ODM revenue is significant, with percentages of 94.1%, 90.2%, 92.3%, and 92.9% for the years 2022 to 2025 [17] - The company distributed a cash dividend of 65 million yuan to its controlling shareholder shortly before its IPO, raising concerns about its financial health given its net profit was below 60 million yuan [20] Future Outlook - The company's ability to become the "first fishing stock" remains uncertain, as it faces numerous challenges, including declining performance and heavy reliance on OEM business [21]