来源：新浪证券-红岸工作室 12月30日，浙江正特跌0.60%，成交额1151.40万元，换手率0.22%，总市值54.90亿元。 异动分析 宠物经济+跨境电商+共同富裕示范区+露营经济+人民币贬值受益 1、公司生产的主要产品有宠物屋、宠物围栏、笼子。 2、公司2022年10月11日互动易回复：公司产品主要销往欧美市场，销售渠道包括大型连锁超市、品牌 商、电商平台等。凭借研发设计能力和产品品质优势，公司进入了沃尔玛、好市多等大型连锁超市的供 应商体系。公司自主品牌"Abba Patio"、"Sorara"的相关产品自2014年以来陆续采用跨境电商模式，通过 各大互联网电商平台如Amazon、Wayfair、BOL等在北美、欧洲等地区开展销售。 3、公司注册地址为临海市，主要从事户外休闲家具及用品的设计研发、生产和销售。产品主要有户外 休闲家具、遮阳伞、帐篷等三大系列，用于家庭庭院和露台、户外休闲场所（餐馆、酒吧、海滩、公 园）及酒店等场所，公司拥有自营进出口权，产品主要销往欧美等发达国家和地区。 4、公司现拥有遮阳制品、户外休闲家具两大产品系列，其中遮阳制品主要包括遮阳篷和遮阳伞，户外 休闲家具主要包括宠物屋 ...

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].

来源：新浪证券-红岸工作室 12月16日，浙江正特跌1.23%，成交额1117.87万元，换手率0.22%，总市值54.22亿元。 异动分析 宠物经济+露营经济+跨境电商+人民币贬值受益+共同富裕示范区 1、公司生产的主要产品有宠物屋、宠物围栏、笼子。 2、公司现拥有遮阳制品、户外休闲家具两大产品系列，其中遮阳制品主要包括遮阳篷和遮阳伞，户外 休闲家具主要包括宠物屋、户外家具和晾晒用具。公司产品被广泛应用在户外休闲场所、酒店、个人庭 院等领域，是国内户外休闲家具及用品领域产品种类较为齐全的生产企业之一。 3、公司2022年10月11日互动易回复：公司产品主要销往欧美市场，销售渠道包括大型连锁超市、品牌 商、电商平台等。凭借研发设计能力和产品品质优势，公司进入了沃尔玛、好市多等大型连锁超市的供 应商体系。公司自主品牌"Abba Patio"、"Sorara"的相关产品自2014年以来陆续采用跨境电商模式，通过 各大互联网电商平台如Amazon、Wayfair、BOL等在北美、欧洲等地区开展销售。 4、根据2024年年报，公司海外营收占比为92.75%，受益于人民币贬值。 5、公司注册地址为临海市，主要从事户外休 ...

Core Viewpoint - Zhejiang Zhengte is positioned to benefit from the pet economy, camping economy, cross-border e-commerce, and the depreciation of the RMB, with a significant portion of its revenue coming from overseas markets [2][3]. Company Overview - Zhejiang Zhengte Co., Ltd. is located in Linhai City, Zhejiang Province, and was established on September 12, 1996. The company went public on September 19, 2022. Its main business involves the research, development, production, and sales of outdoor leisure furniture and products [7]. - The company's main revenue sources are: shading products (86.83%), leisure furniture (6.64%), and others (6.54%) [7]. - As of November 28, the number of shareholders is 4,220, a decrease of 4.20% from the previous period, with an average of 24,565 circulating shares per person, an increase of 4.38% [7]. Financial Performance - For the period from January to September 2025, Zhejiang Zhengte achieved operating revenue of 1.299 billion yuan, a year-on-year increase of 32.29%. The net profit attributable to the parent company was 45.51 million yuan, up 43.92% year-on-year [7]. - The company has distributed a total of 18.7 million yuan in dividends since its A-share listing [8]. Market Position and Products - The company produces a variety of products, including pet houses, pet fences, and cages, and has two main product lines: shading products (including awnings and umbrellas) and outdoor leisure furniture [2][3]. - The products are widely used in outdoor leisure venues, hotels, and personal gardens, making the company one of the more comprehensive manufacturers in the domestic outdoor leisure furniture and supplies sector [2][3]. Sales and Distribution - The majority of the company's products are sold to the European and American markets, utilizing sales channels such as large chain supermarkets, brand merchants, and e-commerce platforms [2][3]. - The company has entered the supplier system of major chain supermarkets like Walmart and Costco, leveraging its research and design capabilities and product quality [2][3]. International Revenue - According to the 2024 annual report, overseas revenue accounts for 92.75% of the company's total revenue, benefiting from the depreciation of the RMB [3].

Core Viewpoint - Zhejiang Zhengte is a company engaged in the design, research, production, and sales of outdoor leisure furniture and products, benefiting from trends in the pet economy, camping economy, cross-border e-commerce, and the depreciation of the RMB. Company Overview - Zhejiang Zhengte Co., Ltd. is located in Linhai City, Zhejiang Province, and was established on September 12, 1996. The company went public on September 19, 2022. Its main business involves outdoor leisure furniture and products, with revenue composition as follows: shading products 86.83%, leisure furniture 6.64%, and others 6.54% [7]. - The company has two main product series: shading products (including awnings and umbrellas) and outdoor leisure furniture (including pet houses, outdoor furniture, and drying equipment). Its products are widely used in outdoor leisure venues, hotels, and personal gardens, making it one of the more comprehensive manufacturers in the domestic outdoor leisure furniture and supplies sector [2][3]. Financial Performance - For the period from January to September 2025, Zhejiang Zhengte achieved operating revenue of 1.299 billion yuan, representing a year-on-year growth of 32.29%. The net profit attributable to the parent company was 45.51 million yuan, up 43.92% year-on-year [7]. - As of November 28, the number of shareholders was 4,220, a decrease of 4.20% from the previous period, while the average circulating shares per person increased by 4.38% to 24,565 shares [7]. Market Position and Sales Channels - The company primarily sells its products to the European and American markets through various sales channels, including large chain supermarkets, brand merchants, and e-commerce platforms. It has entered the supplier systems of major chains like Walmart and Costco due to its research and design capabilities and product quality [2][3]. - The company's self-owned brands "Abba Patio" and "Sorara" have been sold through cross-border e-commerce models on platforms such as Amazon, Wayfair, and BOL since 2014, targeting regions in North America and Europe [2][3]. Recent Market Activity - On December 4, Zhejiang Zhengte's stock fell by 1.24%, with a trading volume of 14.6421 million yuan and a turnover rate of 0.28%. The total market capitalization stood at 5.583 billion yuan [1]. - The company has experienced a net outflow of 566,400 yuan from major funds today, with a ranking of 14 out of 22 in its industry. This marks three consecutive days of reduction in major fund positions [4][5].

Core Viewpoint - Zhejiang Zhengte's stock experienced a decline of 1.31% on November 4, with a trading volume of 22.92 million yuan and a market capitalization of 5.441 billion yuan [1] Company Overview - Zhejiang Zhengte Co., Ltd. is located in Linhai City, Zhejiang Province, and was established on September 12, 1996. The company went public on September 19, 2022. Its main business involves the research, development, production, and sales of outdoor leisure furniture and products [7] - The company's main revenue sources are: shading products (86.83%), leisure furniture (6.64%), and others (6.54%) [7] - As of October 31, the number of shareholders is 3,806, a decrease of 0.94% from the previous period, with an average of 27,237 circulating shares per person, an increase of 0.95% [7] Product and Market - The company produces major products including pet houses, pet fences, and cages. It has two main product lines: shading products (including awnings and umbrellas) and outdoor leisure furniture (including pet houses, outdoor furniture, and drying equipment) [2] - The products are widely used in outdoor leisure venues, hotels, and personal gardens, making the company one of the more comprehensive manufacturers in the domestic outdoor leisure furniture and supplies sector [2] - The company primarily sells its products to the European and American markets through various channels, including large chain supermarkets, brand merchants, and e-commerce platforms [2][3] - The company has entered the supply chain of major retailers like Walmart and Costco, leveraging its research and design capabilities and product quality [2] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.299 billion yuan, representing a year-on-year growth of 32.29%. The net profit attributable to the parent company was 45.51 million yuan, with a year-on-year increase of 43.92% [7] - As of the 2024 annual report, overseas revenue accounted for 92.75% of total revenue, benefiting from the depreciation of the RMB [3] Investment and Trading Analysis - The stock has seen a net outflow of 1.1336 million yuan today, with a market ranking of 7 out of 22 in its industry. The stock currently shows no clear trend in major capital movements [4][5] - The average trading cost of the stock is 46.95 yuan, with recent accumulation activity noted, although the strength of this accumulation is weak. The current stock price is near a support level of 49.10 yuan, which should be monitored for potential rebounds [6]

Core Viewpoint - Zhejiang Zhengte is positioned to benefit from the pet economy, camping economy, cross-border e-commerce, and the depreciation of the RMB, with a significant portion of its revenue coming from overseas markets [2][3]. Company Overview - Zhejiang Zhengte Co., Ltd. is located in Linhai City, Zhejiang Province, and was established on September 12, 1996. The company went public on September 19, 2022. Its main business involves the research, development, production, and sales of outdoor leisure furniture and products [7]. - The company's revenue composition includes 86.83% from shading products, 6.64% from leisure furniture, and 6.54% from other sources [7]. - The company operates in the light industry manufacturing sector, specifically in entertainment products, and is involved in e-commerce, cross-border e-commerce, and the pet economy [7]. Product and Market - The main products include pet houses, pet fences, and cages, as well as shading products and outdoor leisure furniture. These products are widely used in outdoor leisure venues, hotels, and personal gardens [2][3]. - The company primarily sells its products to the European and American markets through various channels, including large chain supermarkets and e-commerce platforms. It has established itself as a supplier for major retailers like Walmart and Costco [2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 1.042 billion yuan, representing a year-on-year growth of 38.63%. The net profit attributable to the parent company was 70.51 million yuan, with a year-on-year increase of 56.03% [7]. - As of the 2024 annual report, overseas revenue accounted for 92.75% of total revenue, benefiting from the depreciation of the RMB [3]. Trading and Market Activity - On October 9, the stock price of Zhejiang Zhengte fell by 0.51%, with a trading volume of 20.574 million yuan and a turnover rate of 0.39%. The total market capitalization is 5.61 billion yuan [1]. - The stock has seen a net inflow of 1.5015 million yuan from major investors today, with a ranking of 6 out of 22 in its industry. However, the overall industry has experienced a net outflow of 150 million yuan over the same period [4][5].

Core Viewpoint - The company, Zhejiang Zhengte, is positioned to benefit from trends in the pet economy, camping economy, cross-border e-commerce, and the depreciation of the RMB, with a significant focus on outdoor leisure furniture and products [2][3]. Company Overview - Zhejiang Zhengte Co., Ltd. is located in Linhai City, Zhejiang Province, and was established on September 12, 1996. The company went public on September 19, 2022, and primarily engages in the research, development, production, and sales of outdoor leisure furniture and products [7]. - The main revenue composition includes 86.83% from shading products, 6.64% from leisure furniture, and 6.54% from other sources [7]. - The company has a self-operated import and export right, with products mainly sold to developed countries and regions such as Europe and North America [3][7]. Product and Market - The company's primary products include pet houses, pet fences, and cages, as well as shading products like awnings and umbrellas, and outdoor leisure furniture [2][3]. - The company has established a supplier relationship with major retail chains such as Walmart and Costco, leveraging its research and design capabilities [2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 1.042 billion yuan, representing a year-on-year growth of 38.63%, and a net profit attributable to shareholders of 70.51 million yuan, up 56.03% year-on-year [7]. - As of September 20, 2023, the company had 4,452 shareholders, with an average of 23,285 circulating shares per person [7]. Market Dynamics - The company benefits from a high overseas revenue ratio of 92.75%, largely due to the depreciation of the RMB [3]. - The stock has shown a net inflow of 374,400 yuan today, with a total market capitalization of 5.504 billion yuan [1][4].

Core Insights - The summer economy has surged in the Northern Hemisphere, significantly boosting demand for Chinese e-commerce products, particularly sun protection and cooling items [1] - From June to July, cross-border sales of summer products on the platform saw a dramatic increase, with portable fans, sunshades, and sunglasses becoming the top three items, achieving over one million total sales in just two months [1] Group 1: Consumer Trends - Global consumers are showing diverse demands for summer products, with Japanese consumers investing heavily in sunscreen, leading to strong sales of sunscreen products in Japan [1] - Southeast Asian markets, particularly Vietnam and Malaysia, are favoring portable fans due to their practicality, while Thai consumers prefer sunshades for outdoor activities [1] Group 2: E-commerce Strategy - The success in tapping into the overseas summer economy is attributed to the support provided by cross-border e-commerce platforms to merchants [1] - Since the launch of the "Taobao Tmall Overseas Growth Plan" in 2024, cross-border sales have become a new growth engine for merchants, allowing them to easily ship goods to official collection warehouses in mainland China, with logistics managed by the platform [1]

Group 1 - The core viewpoint of the article highlights a significant increase in cross-border sales of summer products on Taobao, particularly portable fans, sunshades, and sunglasses, which collectively surpassed one million units sold within two months [1] - A notable surge in merchant growth has been observed, exemplified by "Zhongpusite," a company specializing in portable cooling devices, which experienced over a 20-fold year-on-year increase in cross-border GMV after joining the "Taobao Tmall Overseas Growth Plan" [1] - Since the launch of the "Taobao Tmall Overseas Growth Plan" in 2024, cross-border sales have emerged as a new growth engine for Taobao merchants, allowing them to retain ownership and pricing rights without incurring additional operational costs [1] Group 2 - Merchants participating in the plan only need to send overseas orders to the official consolidation warehouse in mainland China, with the platform handling subsequent cross-border logistics, facilitating a "one-click global selling" experience [1]