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]

Group 1 - The core viewpoint of the article highlights that Lexin Outdoor International Limited submitted its Hong Kong IPO prospectus on June 27, which became invalid after six months on December 27, with CICC serving as the sole sponsor during the application process [1] Group 2 - According to the prospectus, Lexin Outdoor is the largest fishing equipment manufacturer globally, with a market share of 23.1% based on projected 2024 revenue [2] - The company holds a 1.3% market share in the global fishing tackle manufacturing market, as per Frost & Sullivan data for 2024 [2] - Lexin Outdoor focuses on fishing gear and has developed a comprehensive and diverse product portfolio, including items such as fishing chairs, beds, rod holders, fishing carts, and fishing boxes [2] - The product range also includes bags like shoulder bags, fishing bags, and rod bags, as well as tents such as fishing shelters, social tents, and sunshades [2] - The products are meticulously manufactured to suit various fishing scenarios, including carp fishing, competition fishing, lure fishing, fly fishing, and ice fishing [2]

Core Viewpoint - Lexin Outdoor International Limited has received approval from the China Securities Regulatory Commission for its overseas listing, aiming to issue up to 38.33 million shares on the Hong Kong Stock Exchange, positioning itself as the "first fishing stock" in the capital market [1] Company Overview - Lexin Outdoor is recognized as the world's largest fishing equipment manufacturer, holding a 23.1% market share in the global fishing gear market as of 2024 [1] - The company's revenue for 2022, 2023, and 2024 is projected to be RMB 818.41 million, RMB 463.25 million, and RMB 573.46 million respectively, indicating a recovery in 2024 but still below 2022 levels [2][3] Financial Performance - The net profit for the same years is expected to be RMB 113.85 million, RMB 49.00 million, and RMB 59.41 million, showing a similar trend of recovery yet remaining significantly lower than 2022 [2][3] - The company has a high dependency on its top five customers, which accounted for over 55% of total revenue from 2022 to 2024, posing a significant operational risk [3] Business Model and Challenges - Lexin Outdoor primarily operates on an OEM/ODM business model, which constitutes over 90% of its total revenue, limiting its profit margins and brand strength [4] - The company is attempting to shift towards its own brand (OBM) business, with revenue contributions of 4.1%, 8.5%, and 7.2% from 2022 to 2024, indicating slow progress in establishing a strong growth engine [4] Market Context - The Chinese fishing tackle market is rapidly growing, with the market size expected to increase from RMB 31.8 billion in 2023 to RMB 33.8 billion in 2024 [1] - The industry is characterized by low entry barriers and increasing competition, with the number of registered fishing-related companies in China reaching 532,000 in 2023 [5] Strategic Initiatives - The company plans to use the funds raised from its IPO for brand building, research and development upgrades, and production expansion, aiming to address its reliance on major customers and enhance corporate governance [5] - A notable concern is the special dividend of RMB 65 million distributed to its former controlling shareholder before the IPO, raising questions about the company's financial management [5]

2025年12月19日，红杉中国宣布将收购全球新锐时尚领导品牌Golden Goose集团（Golden Goose Group S.p.A．）的控股股权，淡马锡及其全资持有的资产管理公司淡明资本旗下基金将作为少数股东共同参 投。原股东 Permira仍将保留少数股权，继续支持集团未来发展。此轮投资后，红杉中国将帮助Golden Goose继续传承意大利匠心品牌基因，并且进一步加速其全球扩张。 Golden Goose是一家融合奢华格调、生活美学与运动风格的全球新锐时尚品牌。自2020年以来，集团营 收从2.66亿欧元增长至2024财年的6.55亿欧元，业绩持续盈利，且维持稳健、强劲的增长势头。近年 来，Golden Goose大力推进直营零售（DTC）渠道布局，推出Forward Store概念店，丰富产品矩阵，并 在共创（Co-Creation）体验项目上持续投入，与全球消费者建立更深的情感联结。2019年以来，Golden Goose全球直营门店数量从97家增长至227家，且2025年的前9个月，得益于直营渠道21%的增长以及门 店网络的持续扩张，集团在全球各区域均实现两位数增长，营收同比增长13%。 ...

2025年12月19日（欧洲时间），红杉中国宣布将收购全球新锐时尚领导品牌Golden Goose集团（Golden Goose Group S.p.A.）的控股股权，淡马锡及其全资持有的 资产管理公司淡明资本旗下基金将作为少数股东共同参投。原股东Permira仍将保留少数股权，继续支持集团未来发展。此轮投资后， 红杉中国将帮助Golden Goose继续传承意大利匠心品牌基因，并且进一步加速其全球扩张 。 Golden Goose是一家融合奢华格调、生活美学与运动风格的全球新锐 时尚品牌 。自2020年以来，集团营收从2.66亿欧元增长至2024财年的6.55亿欧元，业绩持续盈 利，且维持稳健、强劲的增长势头。近年来，Golden Goose大力推进直营零售（DTC）渠道布局，推出Forward Store概念店，丰富产品矩阵，并在共创（Co- Creation）体验项目上持续投入，与全球消费者建立更深的情感联结。2019年以来，Golden Goose全球直营门店数量从97家增长至227家，且2025年的前9个月，得 益于直营渠道21%的增长以及门店网络的持续扩张，集团在全球各区域均实现两位数增长，营收同 ...

Core Viewpoint - Ridge Outdoor International Limited (乐欣户外) has received approval from the China Securities Regulatory Commission for its overseas IPO, planning to issue up to 38,332,500 shares on the Hong Kong Stock Exchange [2] Company Overview - Ridge Outdoor is the largest fishing equipment manufacturer globally, holding a market share of 23.1% based on projected 2024 revenue [2] - The company has a 1.3% market share in the global fishing tackle manufacturing market according to Frost & Sullivan [2] Product Portfolio - The company focuses on fishing gear and has developed a comprehensive and diverse product range, including: - Chairs and accessories such as fishing chairs, fishing beds, rod holders, fishing carts, and tackle boxes - Bags including shoulder bags, fishing bags, and rod bags - Tents like fishing shelters, social tents, and sunshades [2]

（原标题：Burberry2026新禧贺岁，广告大片礼赞马年新春） Burberry 发布 2026 新禧贺岁系列，并以一支广告片开启对马年新春的想象。品牌代言人陈坤、汤唯、 吴磊以及品牌大使张婧仪出镜演绎，他们穿梭于城市街巷，提着年货奔赴重逢的时刻，在为家人准备团 圆饭、细心包装礼物中，迎接新年的到来。骏马意象悄然穿行其间，作为线索串联起等待、回归与团聚 的片段，让节日的期待在不经意中展开。 新禧贺岁系列围绕品牌经典的马术骑士徽标展开再创作。骑士形象以水彩、水墨笔触重新描绘，并通过 金属刺绣、十字绣与贴花徽章等工艺，呈现于外套、围巾、包袋与小皮具之上。祥瑞红调与特别推出的 红色 Burberry 格纹贯穿整个系列，在延续品牌经典美学的同时，亦融入中国传统新春的美好寓意，让 经典在当代语境中焕发新的生命力。 ...

年底了，奢侈品行业掀起了"开店潮"。 在上海，CHANEL恒隆广场精品店焕新开业，宝诗龙旗舰店落户上海新天地。在北京三里屯太古里，路易威登、迪奥、Tiffany&co.筹备多时的新门店拆掉 围挡露出真容，迪奥标志性的花瓣造型一亮相就成为三里屯潮人们打卡目标，新店未开先火。有网友调侃到："奢侈品行业已经很久没看到这种经济上行 时期的美了"。 宝诗龙上海新天地旗舰店图源：微博 奢侈品行业的复苏真的来了？业绩确实在好转： 然而，各大集团高管仍相当谨慎。开云集团CEO Luca de Meo强调"保持谦逊"，Prada集团CEO Andrea Guerra则表示现在只是"度过了最糟糕的阶段"。 谨慎的表态背后，是行业的一系列不确定性因素：从核心业务的变动到重点市场的起伏，再到渠道、营销策略的重构……留给奢侈品行业的问题还有很 多。 收复失地：亚太回暖，中日分化 头部奢侈品集团业绩回暖，亚太市场功不可没。但中、日两大核心市场的走势分化，让人不敢掉以轻心。 自上世纪80年代以来，爱马仕就坚持对日"长期投资"策略，不断加强渠道建设，建立本土人才队伍。爱马仕执行主席兼CEO Axel Dumas透露，"日本顾客 一直忠于品牌 ...

Core Viewpoint - The company, Kairun Co., Ltd., is experiencing growth in its business segments, particularly in the fitness equipment sector and cross-border e-commerce, benefiting from the depreciation of the RMB and collaborations with various IPs and Xiaomi [2][3]. Group 1: Business Expansion - The company has entered the fitness equipment market, launching its first product, a treadmill, which has received positive feedback [2]. - The brand "90 Points" is expanding its global presence through online cross-border e-commerce and offline distribution channels, having established a presence on Amazon in the U.S. [2]. - The company has collaborated with various IPs, including Marvel and the "Tomb Raider" series, to launch unique products under its brand [2]. Group 2: Financial Performance - For the period from January to September 2025, the company reported revenue of 3.719 billion yuan, a year-on-year increase of 22.94%, while net profit attributable to shareholders decreased by 13.38% to 278 million yuan [8]. - The company's overseas revenue accounted for 75.61% of total revenue, benefiting from the depreciation of the RMB [3]. Group 3: Shareholder and Market Activity - As of November 20, 2025, the number of shareholders increased by 4.63% to 7,842, while the average circulating shares per person decreased by 4.42% to 17,816 shares [7]. - The stock has a current market capitalization of 5.769 billion yuan, with a trading volume of 32.7719 million yuan and a turnover rate of 0.97% [1].