New stock news | Lexin Outdoors submits application to Hong Kong Stock Exchange as a manufacturer of fishing gear. The company's main revenue comes from the OEM/ODM model.

According to the Hong Kong Stock Exchange disclosure on June 27, 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 the sole sponsor. According to the prospectus, based on data from Frost & Sullivan, LEXIN Outdoor is the world's largest fishing gear manufacturer, with a market share of 23.1% based on revenue in 2024. According to Frost & Sullivan, the company's market share in the global fishing tackle manufacturing market is 1.3% based on revenue in 2024. The company has always focused on fishing equipment and has established a comprehensive and diversified product portfolio, mainly including bed chairs and other accessories such as fishing chairs, fishing beds, rod holders, fishing carts, and tackle boxes; bags such as shoulder bags, fishing tackle bags, and rod bags; and tents such as fishing shelters, social tents, and sun shelters. The company's products are carefully manufactured and suitable for various fishing scenes, such as carp fishing, match fishing, lure fishing, fly fishing, and ice fishing. The company operates a dual business model, combining OEM/ODM manufacturing capabilities with a growing OBM business to meet diverse market needs. With its extensive product portfolio, advanced product design and innovation, flexible supply chain, and strict quality control, the company provides OEM/ODM solutions covering the entire product design to manufacturing process for outdoor fishing gear brands. In the previous periods, the company's revenue mainly came from the OEM/ODM model, accounting for 94.1%, 90.2%, 92.3%, and 92.9% of the total revenue in 2022, 2023, 2024, and the four months ended April 30, 2025, respectively. Furthermore, leveraging its rich experience in fishing gear design and manufacturing, the company strategically expanded into its own brand business. The company acquired the well-known carp fishing brand Solar in 2017, and since then, the OBM business has steadily grown. With continued investment in resources and an industry-leading supply chain, Solar's sales in 2024 have tripled compared to 2018. The experience in Solar provides the company with a standardized process framework for brand management, product development, and efficient marketing strategies under the OBM model. Based on this, the company is ready to expand its OBM work by introducing or acquiring additional fishing tackle brands. In terms of finances, the revenue of LEXIN Outdoor was approximately RMB 818 million, RMB 463 million, and RMB 573 million in the fiscal years of 2022, 2023, and 2024, respectively; with profits of approximately RMB 114 million, RMB 49.01 million, and RMB 59.05 million for the respective years.