New stock news | Lexin Outdoor submits application to Hong Kong Stock Exchange Main Board as the world's largest fishing gear manufacturer.

According to the disclosure of the Hong Kong Stock Exchange on November 15th, LeXin Outdoor International Limited (referred to as LeXin Outdoor) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. The prospectus shows that LeXin Outdoor is a global leader in the outdoor fishing equipment industry. The company believes that fishing is not just an outdoor activity, but also a way to explore the world, enjoy life, and connect with oneself and nature. The company aims to continuously introduce high-quality fishing equipment that suits different fishing scenes around the world, enhancing the fishing experience and allowing more people worldwide to enjoy the unique fun brought by fishing activities. According to Frost & Sullivan data, based on revenue calculations for 2023, LeXin Outdoor is the world's largest fishing equipment manufacturer with a market share of 20.4%. The company currently focuses on fishing equipment and has established a comprehensive and diverse product portfolio, mainly including hardware and accessories, bags and tents. The company's products are carefully manufactured to suit various fishing scenes such as carp fishing, competitive fishing, lure fishing, fly fishing, and ice fishing. With a wide product range, advanced product design and innovation, flexible supply chain, and stringent quality control, the company provides one-stop OEM/ODM solutions covering product design to manufacturing for outdoor equipment brands. The company has become a global leader in innovation-driven fishing equipment OEM/ODM solutions. In addition, leveraging its rich experience in fishing equipment design and manufacturing, the company strategically expanded into its own brand business. In 2017, it acquired the well-known carp fishing brand Solar in the UK, and the OBM business has steadily developed since then. With continuous resource investment and industry-leading supply chain, Solar's sales in the 2024 fiscal year have tripled compared to the 2018 fiscal year. With the competitive advantage accumulated over many years of experience, the company's profitability has significantly improved. In China's fishing equipment manufacturing industry, LeXin Outdoor's market share has steadily increased from 23.4% in 2022 to 25.4% in 2023, consolidating its position as a market leader with continuous growth potential. During the historical period, the company's gross profit margin increased from 19.2% in the 2022 fiscal year to 27.5% in the 2024 fiscal year. In terms of customers, the company's OEM/ODM customers mainly include outdoor equipment brands and retailers. The revenue from the top five customers in each fiscal year during the historical period accounted for 60.8%, 57.8%, and 58.1% of the total revenue, respectively. According to historical records, the revenue from the largest customer in each fiscal year accounted for 15.1%, 19.6%, and 16.3% of the total revenue, respectively. The company's success depends on strong relationships with several key customers. Any interruption or deterioration in cooperation with the company's major customers could have an adverse impact on its business, financial condition, and operating performance. In terms of finances, as of the fiscal years 2022, 2023, and 2024, LeXin Outdoor's revenue was approximately 908 million, 622 million, and 512 million Yuan, respectively. During the same period, the company achieved gross profits of 102 million, 79.25 million, and 61.74 million Yuan, respectively.