Core Viewpoint - Lexin Outdoor International Limited is seeking to go public on the Hong Kong Stock Exchange for the third time, having previously submitted applications that expired in November 2024 and June 2025. The company is the largest fishing equipment manufacturer globally, with a market share of 23.1% based on projected 2024 revenue [1]. Financial Performance - Revenue for Lexin Outdoor from 2022 to the first half of 2025 is reported as follows: CNY 818.41 million in 2022, CNY 463.25 million in 2023, CNY 573.46 million in 2024, and CNY 560.27 million for the first half of 2025. Corresponding profits were CNY 113.85 million, CNY 49.00 million, CNY 59.41 million, and CNY 56.24 million [2][3]. Market Position - According to Frost & Sullivan, Lexin Outdoor holds a 1.3% market share in the global fishing tackle manufacturing market, with the fishing equipment market accounting for approximately 5.2% of the global fishing tackle market [1]. Product Portfolio - The company focuses on fishing equipment, offering a diverse product range that includes fishing chairs, beds, rod holders, fishing carts, bags, and tents. These products are designed for various fishing scenarios such as carp fishing, competitive fishing, lure fishing, fly fishing, and ice fishing [1]. Revenue Sources - A significant portion of Lexin Outdoor's revenue comes from overseas markets, with Europe accounting for 65.7% to 75.5% of total revenue during the reporting periods from 2022 to 2025 [3]. Business Model - Lexin Outdoor's business model is heavily reliant on OEM/ODM, with over 90% of its revenue derived from this model. The company aims to strengthen its OBM (Own Brand Manufacturing) business, although OBM revenue has remained below 10% of total revenue during the reporting periods [4][5]. Client Relationships - The company has a close relationship with Taipusen Group, which is a major supplier and customer. Taipusen Group has been the largest supplier for Lexin Outdoor during the reporting periods, providing various production services and renting properties to the company [6][7]. Management Overlap - There is notable management overlap between Lexin Outdoor and Taipusen Group, with several executives having held positions in both companies. However, Lexin Outdoor asserts that its operations are distinct from those of Taipusen Group [8].

Core Insights - The "Qixing Mountain Camel Cup" extreme wilderness survival challenge has become a phenomenon, attracting over 5 billion clicks online and generating significant commercial interest [3][5] - The event has led to a 30% year-on-year increase in tourism revenue for Zhangjiajie, with the sponsor Camel Clothing achieving over 30 million in sales [6][19] Event Overview - The event is hosted by Zhangjiajie Qixing Mountain Scenic Area and organized by Lao Liu Wilderness, with exclusive sponsorship from Camel Clothing [5][6] - The competition has garnered massive attention, with participants gaining popularity and being sought after by MCN agencies [3][14] Commercial Impact - The event has significantly boosted ticket sales for the scenic area, although specific growth figures have not been disclosed [4][5] - Camel Clothing's products, particularly the "Wangzhe Kaijia ICON" jacket, have been prominently featured, leading to increased brand exposure and sales [6][19] Social Media and Audience Engagement - The event has resulted in a dramatic increase in followers for the organizing account, with a 770% growth in just eight months [5] - Participants have leveraged their newfound fame on social media, with some amassing tens of thousands of followers [15][17] Long-term Viability - Analysts suggest that while the event has created a temporary surge in interest, sustaining this momentum will require ongoing engagement and innovation [7][18] - The potential for participants to become long-term influencers remains uncertain, as many may only achieve short-lived fame [18] Strategic Marketing - Camel Clothing has established a dedicated product category for "Wilderness Survival" items to capitalize on the event's traffic [9][11] - The brand's marketing strategy has been closely aligned with the event, enhancing its visibility during major sales events like Double Eleven [12][19]