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 is that Lexin Outdoor International Limited has submitted its listing application to the Hong Kong Stock Exchange for the third time, with CICC as its sole sponsor [1] - Lexin Outdoor focuses on fishing equipment and has established a comprehensive and diversified product portfolio, including beds, chairs, accessories, bags, and tents [1] - According to Frost & Sullivan, Lexin Outdoor is the largest fishing equipment manufacturer globally, with a market share of 23.1% based on 2024 revenue [1] Group 2 - The company holds a 1.3% market share in the global fishing tackle manufacturing market, based on 2024 revenue [1]

Group 1 - The core viewpoint of the article is that Lexin Outdoor International Limited has submitted its listing application to the Hong Kong Stock Exchange for the third time, with CICC as its sole sponsor [1] - Lexin Outdoor focuses on fishing equipment and has established a comprehensive and diversified product portfolio, including beds, chairs, accessories, bags, and tents [1] - According to Frost & Sullivan, Lexin Outdoor is the largest fishing equipment manufacturer globally by revenue, holding a market share of 23.1% for 2024 [1] - The company has a market share of 1.3% in the global fishing tackle manufacturing market, based on revenue projections for 2024 [1]

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]

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]

Core Viewpoint - Le Xin Outdoor International Limited has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor [1] Company Overview - Le Xin Outdoor is the largest fishing equipment manufacturer globally, holding a market share of 23.1% based on projected 2024 revenue [5] - The company focuses on fishing gear and has developed a diverse product portfolio, including fishing chairs, beds, rod holders, carts, bags, and tents suitable for various fishing scenarios [5] - The company operates a dual business model, combining OEM/ODM manufacturing capabilities with a growing OBM business to meet diverse market demands [5] Financial Performance - Revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 818.4 million, RMB 463.3 million, and RMB 573.5 million, respectively [7] - Net profit for the same periods was approximately RMB 114 million, RMB 49 million, and RMB 59.4 million, respectively [7] - The revenue from the OEM/ODM model accounted for 94.1%, 90.2%, 92.3%, and 92.9% of total revenue for the years 2022, 2023, 2024, and the four months ending April 30, 2025 [5][7] Business Expansion - The company strategically expanded into its own brand business, acquiring the UK-based carp fishing brand Solar in 2017, which has seen sales grow to approximately three times its 2018 level by 2024 [6] - The experience gained from Solar has provided a standardized framework for brand management, product development, and efficient marketing strategies under the OBM model [6]