Core Viewpoint - Company is seeking to list on the Hong Kong Stock Exchange for the third time, focusing on the fishing equipment industry, which is highly competitive [1][4] Group 1: Company Overview - Company specializes in fishing equipment, offering a diverse product range including fishing chairs, beds, rod holders, carts, and boxes [1] - According to Frost & Sullivan, the company is the largest fishing equipment manufacturer globally, holding a market share of 23.1% based on 2024 revenue [2] Group 2: Financial Performance - Company reported revenues of approximately 818 million, 463 million, 573 million, and 460 million for the years 2022, 2023, 2024, and the first eight months of 2025, respectively [2] - Net profits for the same periods were approximately 114 million, 49.01 million, 59.41 million, and 56.24 million [2] - Revenue primarily comes from OEM/ODM models, accounting for 94.1%, 90.2%, 92.3%, and 93.1% of total revenue for the respective years [2] Group 3: Production and Supply Chain - Factory utilization rates were 86%, 78.9%, 80.2%, and 78.3% for the years 2022, 2023, 2024, and the first eight months of 2025 [3] - Company relies on a few major suppliers, with procurement from the top five suppliers amounting to approximately 181 million, 72 million, 136 million, and 94 million for the respective years, representing 30.9%, 27.2%, 31.7%, and 34.9% of total procurement [4] - Raw material costs were approximately 379 million, 203 million, 252 million, and 193 million for the respective years, constituting 60.4%, 59.6%, 60%, and 58.1% of total sales costs [4] Group 4: Strategic Focus - Company aims to use the raised funds for brand development and promotion, product design and development, establishing a global fishing gear innovation center, upgrading production facilities, and enhancing digital capabilities [3] - Maintaining strong relationships with major clients is crucial for long-term success, with revenues from the top five clients being approximately 471 million, 265 million, 331 million, and 253 million, representing 57.5%, 57.2%, 57.7%, and 54.9% of total revenue [5] - The company's success hinges on its ability to design, develop, and produce high-quality products that meet customer needs [5]

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].