近日，来自浙江的钓鱼装备制造商乐欣户外国际有限公司向港交所递交上市申请，中金公司担任独家保 荐人。这是该公司第三次冲击港股上市，此前分别于2024年11月、2025年6月递交的申请材料均已失 效。 公开信息显示，乐欣户外是一家专注于垂钓装备研发与智造的公司，其最早可追溯至1993年。彼时创始 人杨宝庆开始从事户外休闲用品业务，其创立的浙江泰普森控股集团以户外用品的研发、制造及销售为 核心，同时衍生了文化创意产业园、产业金融、文化旅游等业务板块。为促进业务专业化及提升市场关 注度，2022年6月成立浙江乐欣户外，承接钓鱼装备业务。 乐欣户外引用弗若斯特沙利文数据显示，按2024年收入计算，乐欣户外是全球最大的钓鱼装备制造商， 市场份额达23.1%；以及中国最大的钓鱼装备制造商，市场份额为28.4%。 与迪卡侬等合作已超10年 申请文件显示，乐欣户外已构建全面、多功能的钓鱼装备及其他产品组合，截至2025年8月31日，其产 品组合包含超过10000个SKU的钓鱼装备，涵盖钓鱼椅、钓鱼床、鱼竿支架、钓鱼箱、钓鱼推车、渔具 篷、全围伞、钓鱼包及抄网等。 从业绩表现来看，乐欣户外的收入在2023年出现明显下滑。数据显示 ...

Core Viewpoint - Lexin Outdoor International Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, facing challenges due to its close operational ties with related parties and fluctuating performance post-pandemic [2][9]. Group 1: Company Performance - In 2022, Lexin Outdoor achieved a revenue peak of 818 million yuan and a net profit of 114 million yuan, but experienced a significant decline in 2023 [3]. - For the first eight months of 2025, the company reported a revenue of 460 million yuan, a year-on-year increase of 17.7%, and a net profit of 56.24 million yuan, up 20.4% [3]. - The company's main products include fishing chairs, beds, and rod holders, with 48.7% of revenue coming from these categories in the first eight months of 2025 [3]. Group 2: Market Position - Lexin Outdoor is the largest fishing equipment manufacturer globally, holding a market share of 23.1% based on 2024 revenue [3]. - Europe is the largest revenue region for the company, accounting for 75.5% of revenue in the first eight months of 2025, while mainland China contributed 15.2% [3]. Group 3: Sales Model and Client Dependency - The company's revenue primarily comes from the OEM/ODM model, with over 90% of income derived from this method from 2022 to August 2025 [4]. - Lexin Outdoor has a significant reliance on major clients, with the top five clients contributing 55% of total revenue, and the largest client accounting for 17.7% of revenue in the first eight months of 2025 [5]. Group 4: Brand Development Challenges - Despite efforts to develop its own brand, Solar, the OBM (Own Brand Manufacturing) business has not achieved significant scale, contributing only 6.6% of total revenue as of the first eight months of 2025 [6]. - The company plans to enhance the Solar brand through an online sales platform and increased marketing efforts, with the platform expected to launch by the end of 2025 [6]. Group 5: Related Party Transactions - Lexin Outdoor has a close operational relationship with Taipusen Group, which is both a major customer and supplier, raising concerns about the company's business independence [9]. - In the first eight months of 2025, revenue from Taipusen Group was 54.41 million yuan, accounting for 11.8% of total revenue, while the gross margin on sales to Taipusen was lower than the overall company margin [9].

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 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].