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 established a comprehensive and diverse product portfolio, including beds and other accessories, bags, and tents [4]. - The company's products cater to various fishing scenarios, such as carp fishing, competition fishing, lure fishing, fly fishing, and ice fishing [5]. 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 [5][22]. - The company holds a 1.3% market share in the global fishing tackle manufacturing market [5]. Financial Performance - The company reported revenues of approximately RMB 818.4 million, RMB 463.3 million, RMB 573.5 million, and RMB 460.3 million for the fiscal years 2022, 2023, 2024, and the eight months ending August 31, 2025, 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 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% [14][15]. Regional Market Insights - North America is the largest fishing tackle market, accounting for 31.8% of the market share in 2024, followed by East Asia at 29.9% and Europe at 21.7% [16]. - The Chinese fishing tackle market is projected to grow from RMB 24.9 billion in 2019 to RMB 32.9 billion in 2024, with a CAGR of 5.7% [20].