New stock news | Lexin Outdoor submits listing application to the Hong Kong Stock Exchange for the third time, focusing on the manufacturing of fishing-related equipment.

According to the disclosure on Hong Kong Stock Exchange on December 29th, 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 sole sponsor. This is the company's third submission to the Hong Kong Stock Exchange. Company Profile The prospectus shows that Lexin Outdoor focuses on fishing equipment and has established a comprehensive and diversified product portfolio, mainly including beds, chairs and other accessories, such as fishing chairs, fishing beds, rod holders, fishing carts, and fishing boxes; bags, such as shoulder bags, fishing bags, and rod bags; and tents, such as fishing shelters, social shelters, and sunshades. The company's products are suitable for various fishing scenes, such as carp fishing, competition fishing, lure fishing, fly fishing, and ice fishing. According to Frost & Sullivan data, based on revenue in 2024, Lexin Outdoor is the world's largest fishing equipment manufacturer with a market share of 23.1%. Based on revenue in 2024, the company's market share in the global fishing tackle manufacturing market is 1.3%. The company operates a dual business model, combining OEM/ODM manufacturing capabilities with a growing OBM business to meet diverse market demands. During the historical period, the company's revenue mainly came from the OEM/ODM model, accounting for 94.1%, 90.2%, 92.3%, and 93.1% of the company's total revenue in 2022, 2023, 2024, and the eight-month period ended August 31, 2025, respectively. In addition, the company strategically expanded into its own brand business by acquiring the well-known carp fishing brand Solar in 2017. The company's products are sold in over 40 countries, including mature markets with rich fishing traditions such as the UK and the US, as well as rapidly growing markets such as China and Southeast Asia. In the fishing equipment manufacturing industry in China, the company's market share has steadily increased from 23.4% in 2022 to 28.4% in 2024. The company operates three factories in Deqing County, Zhejiang Province, China, with a total building area of 63,637.7 square meters and a total capacity of 6.2 million pieces. The utilization rates of the company's factories were 86.0%, 78.9%, 80.2%, and 78.3% in 2022, 2023, 2024, and the eight-month period ended August 31, 2025, respectively. Financial Data Revenue For the fiscal years 2022, 2023, 2024, and the eight-month period ended August 31, 2025, the company achieved revenues of approximately RMB 818 million, RMB 463 million, RMB 573 million, and RMB 460 million respectively. Net Profit For the fiscal years 2022, 2023, 2024, and the eight-month period ended August 31, 2025, the company recorded net profits of approximately RMB 114 million, RMB 49.01 million, RMB 59.405 million, and RMB 56.241 million, respectively. Gross Margin The company's gross margins were 23.2%, 26.6%, 26.6%, and 27.7% for the fiscal years 2022, 2023, 2024, and the eight-month period ended August 31, 2025, respectively. Industry Overview Global Outdoor Equipment Industry According to Frost & Sullivan data and public information from authoritative institutions, the market size of the global outdoor equipment industry increased from RMB 524.3 billion in 2019 to RMB 645.8 billion in 2024, with a compound annual growth rate of 4.3%. Fishing is a popular outdoor activity, and in 2024, the global fishing tackle market accounted for approximately 21.8% of the global outdoor equipment market in terms of retail sales. Global Fishing Tackle Industry Market Size According to Frost & Sullivan data, the market size of the global fishing tackle industry increased from RMB 120.4 billion in 2019 to RMB 140.9 billion in 2024, with a compound annual growth rate of 3.2%. With the rise of fishing activities, fishing tackle is expected to become a major growth area. Among various fishing equipment products, tents, sunshades, chairs, beds, and fishing bags are the main equipment products required by consumers. It is estimated that the global fishing tackle market will continue to maintain a compound annual growth rate of 7.1% from 2025 to 2029, and by 2029, the market size is expected to reach RMB 194.1 billion in terms of retail sales. North America, East Asia, Europe, and Southeast Asia are the main consumer markets for fishing tackle. North America is the largest fishing tackle market globally, with the largest market share of 31.8% in terms of retail sales in 2024. East Asia, represented by China, accounted for 29.9% of the market share in 2024, while Europe accounted for 21.7%. Southeast Asia, with its proximity to the ocean, has seen a growing popularity of fishing activities, making it one of the regions with rapid growth in fishing tackle consumption. Chinese Fishing Tackle Industry Market Size According to Frost & Sullivan data, the market size of the Chinese fishing tackle industry increased from RMB 24.9 billion in 2019 to RMB 32.9 billion in 2024, with a compound annual growth rate of 5.7%. It is expected that the market size of the Chinese fishing tackle industry will continue to grow at a compound annual growth rate of 7.9% from 2025 to 2029. China is the largest fishing tackle manufacturing country globally, and in 2024, China's share of the global fishing tackle manufacturing industry exceeded 70% based on revenue in that year. According to Frost & Sullivan data, the company is the world's largest fishing tackle manufacturer with a market share of 23.1% based on revenue in 2024. The global fishing tackle manufacturing industry is relatively concentrated, with the top five fishing tackle manufacturers accounting for 34.7% of the market share based on revenue in 2024. Based on the same source, the Chinese fishing tackle manufacturing industry is also relatively concentrated, with the top five fishing tackle manufacturers accounting for 39.4% of the market share based on revenue in 2024. The company is the largest fishing tackle manufacturer in China based on revenue in 2024, with a market share of 28.4%. Board of Directors Information The company's board of directors consists of 7 directors, including 2 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Equity Structure As of December 22, 2025, Mr. Yang owns 100% equity of GreatCast (a limited company registered under the laws of the British Virgin Islands). Therefore, under the Securities and Futures Ordinance, Mr. Yang is considered to have an interest in the shares held by GreatCast, representing 88.06% of the company's shares. Intermediary Team Sole Sponsor: China International Finance Hong Kong Securities Limited. Company Legal Advisor: Regarding Hong Kong and US laws: Gallant Y.T. Ho & Company; Regarding Chinese laws: Guohao Law Firm (Hangzhou); Regarding laws of the Cayman Islands: Carey Olsen Law Firm. Legal Advisor for Sole Sponsor: Regarding Hong Kong and US laws: Haaskuk Limited Liability Partnership; Regarding Chinese laws: Shenzhen Tongshang Law Firm. Reporting Accountant: KPMG Certified Public Accountants. Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch. Compliance Advisor: Guotai Junan Finance Limited.