致：香港交易及結算所有限公司 公司名稱: 樂摩科技服務股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02539 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 23,226,020 | RMB | | 1 RMB | | 23,226,020 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 23,226,020 | RMB | | 1 RMB | | 23,226,020 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | ...

Core Insights - The demand for muscle relaxation and fatigue relief is increasing among residents, leading to a growing acceptance of machine massage services, particularly among white-collar workers and business travelers [1][4] - The market size of China's machine massage service industry is projected to reach 2.707 billion yuan in 2024, with a year-on-year growth of 10.8% [1][4] Industry Overview - Machine massage services are defined as services that provide muscle relaxation and fatigue relief through automated devices, differentiating them from traditional manual massage services [2] - The industry has evolved through four stages: nascent, expansion, adjustment, and upgrade, reflecting changes in consumer demand and technological advancements [3] Industry Chain - The upstream of the machine massage service industry includes suppliers of raw materials like aluminum, stainless steel, and textiles, as well as component suppliers for motors and sensors [3] - The midstream consists of machine massage equipment manufacturing and service operations, while the downstream includes commercial complexes, cinemas, and transportation hubs as distribution channels [3] Market Distribution - In 2024, commercial complexes are expected to account for over 40% of the distribution channels, followed by train stations and airports at 22.32% and 18.95%, respectively [4] Competitive Landscape - The machine massage service market in China is characterized by high concentration, with the top five companies holding a market share of 86.8% in 2024, driven by the exit of smaller players during the pandemic [5] - LeMo Technology is the market leader with over 40% market share, showcasing significant head effects in the industry [5] Company Analysis - LeMo Technology, established in 2014, has integrated IoT technology with its massage services, achieving a revenue of 221 million yuan in Q1 2025 with a gross profit margin of 34.86% [7] - Shanghai Rongtai Health Technology focuses on the design and production of massage devices, reporting a revenue of 810 million yuan in the first half of 2025, with massage chairs making up 96.12% of sales [7] Development Trends - The industry is shifting from standardized massage services to personalized intelligent services, utilizing advanced technologies for real-time user data collection [8] - Machine massage services are expanding beyond traditional venues to include diverse environments like esports arenas and fitness centers, aiming for comprehensive market coverage [9] - Growth is expected to shift from first and second-tier cities to third and fourth-tier cities, with strategies tailored to local consumer capabilities [10] - The industry is moving towards a holistic model that integrates massage services with health management, creating a value-added ecosystem [11]

Group 1 - LeMo Technology (02539.HK) experienced a significant decline of nearly 10% in the afternoon trading session, reaching a low of 46 HKD, marking a new all-time low since its listing [2] - As of the time of reporting, LeMo Technology's stock was down 9.8%, priced at 46 HKD, with a trading volume of 14.137 million HKD [2]

Core Viewpoint - LeMo Technology (02539) experienced a significant decline in stock price, dropping nearly 10% to a new low of 46 HKD, with a trading volume of 14.137 million HKD [1] Company Overview - LeMo Technology is a provider of machine massage services, launching the "LeMo Bar" brand in 2016, offering services in commercial complexes, cinemas, and transportation hubs such as airports and high-speed rail stations [1] - According to Frost & Sullivan, LeMo Technology ranked first among all machine massage service providers in mainland China by transaction value for three consecutive years from 2022 to 2024, with market shares of 33.9%, 37.3%, and 42.9% respectively [1] - By revenue, the company is also projected to hold the top position in the mainland machine massage market in 2024, with a market share exceeding 50% [1] Operational Metrics - The average daily transaction volume per massage device decreased from 2.95 in 2023 to 2.04 in 2024 [1] - The company attributed this decline to a significant increase in the number of massage devices, which rose by approximately 90% from 2023 to 2024, leading to a dilution of transaction volume per device [1] - Newly installed devices require a ramp-up period to reach normal utilization rates, contributing to the reduced transaction volume [1]

Core Viewpoint - LeMo Technology (02539) experienced a significant decline in stock price, dropping nearly 10% to a new low of 46 HKD, with a trading volume of 14.137 million HKD [1] Company Overview - LeMo Technology is a provider of machine massage services, launching the "LeMo Bar" brand in 2016, offering services in commercial complexes, cinemas, and transportation hubs such as airports and high-speed rail stations [1] - According to Frost & Sullivan, LeMo Technology ranked first among all machine massage service providers in mainland China by transaction value for three consecutive years from 2022 to 2024, with market shares of 33.9%, 37.3%, and 42.9% respectively [1] - By revenue, the company is also projected to rank first in the mainland machine massage market in 2024, with a market share exceeding 50% [1] Operational Metrics - The average daily transaction volume per massage device decreased from 2.95 in 2023 to 2.04 in 2024 [1] - The company attributed this decline to a significant increase of approximately 90% in the number of massage devices in 2024 compared to 2023, which diluted the transaction volume per device [1] - Newly installed devices require a ramp-up period to reach normal utilization levels, contributing to the reduced transaction volume [1]

Core Viewpoint - LeMo Technology (2539.HK) debuted on the Hong Kong stock market at an issue price of HKD 40 per share, experiencing a significant first-day increase of 36.25% to close at HKD 54.5, despite a generally unfavorable market environment for new listings [2][22]. Company Overview - LeMo Technology has deployed 535,000 massage chairs across cinemas, shopping malls, and transportation hubs, establishing itself as the industry leader [2][22]. - The company plans to allocate 60% of the net proceeds from its fundraising (HKD 1.82 billion) towards expanding its service network, emphasizing a scale-first approach [2][22]. Financial Performance - The company has faced a "revenue without profit" dilemma, with revenue growth slowing and profit margins contracting, indicating a mismatch between scale expansion and profitability [6][28]. - Revenue increased from RMB 330.15 million in 2022 to RMB 797.99 million in 2024, reflecting a compound annual growth rate of 55.5%, but growth rates have shown a clear downward trend [29][30]. - In 2023, revenue surged by 77.75% due to domestic consumption recovery, but growth is expected to drop to 35.98% in 2024 and further slow to 13.8% in the first eight months of 2025 [30][31]. Cost Structure - Sales costs have risen sharply, with 2022 costs at RMB 244.82 million, increasing to RMB 510.19 million in 2024, outpacing revenue growth for the first time [9][31]. - The total number of massage devices increased from 167,100 in 2022 to 536,400 by 2025, but this expansion has not translated into improved profitability, leading to lower per-device revenue [10][32]. Profitability Issues - Operating profit has shown a decline, with 2023 profits at RMB 87.34 million, slightly decreasing to RMB 85.81 million in 2024, and further dropping to RMB 88.55 million in the first eight months of 2025 [34][33]. - The gross profit margin has fluctuated, peaking at 41.47% in 2023 but falling to 36.16% in 2024, indicating challenges in maintaining profitability amid rising costs [36][14]. Market Challenges - The massage service market in China is projected to be only RMB 2.7 billion in 2024, representing just 0.5% of the overall massage market, limiting the potential for large-scale expansion [41]. - The company faces scrutiny regarding the authenticity of its reported device numbers, with investigations revealing discrepancies in device ID distributions [41][39]. Consumer Experience and Controversies - LeMo Technology has encountered consumer safety issues, including incidents where users have been injured while using their massage chairs, leading to negative public perception [37][15]. - The company's app has received low ratings due to complaints about refund processes and customer service, which may impact user experience and retention [39][17]. Future Outlook - The company acknowledges the challenges of sustaining growth and profitability, with its founder expressing concerns about reaching a revenue ceiling without significant strategic changes [23][20]. - The upcoming years will be critical for LeMo Technology as it navigates market pressures and seeks to establish a more sustainable business model [42][20].

Core Viewpoint - The stock of LeMo Technology (02539) has experienced significant volatility, with a surge in price following its IPO, revealing the dynamics of major capital movements and the underlying reasons for the reluctance to sell shares [1][2]. Group 1: Company Overview - LeMo Technology is a leading provider of shared massage equipment, achieving an oversubscription of 5912.8 times during its IPO, indicating strong investor interest [2]. - The company has maintained a dominant position in the massage chair market, ranking first in China by transaction value from 2022 to 2024, with a projected market share exceeding 50% in 2024 [10][11]. Group 2: Financial Performance - The company's revenue growth is showing signs of slowing down, with a compound annual growth rate (CAGR) of 55.5% from 2022 to 2024, but a decrease to 35.9% in 2024 and further down to 13.72% in the first eight months of 2025 [10]. - Profitability metrics indicate a net profit margin of 2.58%, 16.12%, 12.78%, and 15.75% over the same period, influenced by a fluctuating gross margin [10]. Group 3: Business Model and Strategy - LeMo Technology operates under a dual business model of "direct sales + city partners," focusing on high-traffic areas such as shopping malls and transportation hubs, with over 48,000 service points established [11]. - The company has faced challenges with profitability due to rapid expansion, leading to underutilization of massage chairs, as evidenced by a 90% increase in equipment quantity but a 31% decrease in daily transaction volume per chair [11]. Group 4: Market Dynamics - The Chinese massage service market is relatively small, projected to grow from 2.707 billion yuan in 2024 to 5.606 billion yuan by 2029, with a CAGR of 15.9% [12]. - LeMo Technology's core market is commercial complexes, but the growth potential appears limited given the overall market size and competition [12]. Group 5: Stock Performance and Investor Sentiment - The stock price of LeMo Technology has increased by over 58% from its IPO price, despite experiencing a 25.2% pullback after initial gains, indicating strong holding sentiment among investors [1][3]. - Major institutional investors, such as Futu Securities, have shown a tendency to hold their positions, suggesting confidence in the stock's future performance [5].

Core Viewpoint - The stock of LeMo Technology (02539) has experienced significant volatility, with a 58% increase from its issue price over eight trading days, despite a recent adjustment phase. This reflects strong buying interest from major funds and a potential for further short-term gains [1][9]. Group 1: Company Overview - LeMo Technology is a leading player in the shared massage equipment market, achieving an oversubscription of 5912.8 times during its IPO, indicating high investor enthusiasm [1][2]. - The company employs a dual operating model of "direct sales + city partners," focusing on high-traffic areas such as shopping malls and transportation hubs, with over 48,000 service points established by November 2025 [10]. Group 2: Financial Performance - The company has shown a compound annual growth rate (CAGR) of 55.5% in revenue from 2022 to 2024, although growth is expected to slow to 35.9% in 2024 and further to 13.72% in the first eight months of 2025 [9][10]. - Profitability has also been inconsistent, with net profit margins projected at 2.58%, 16.12%, 12.78%, and 15.75% over the same period, influenced by fluctuating gross margins [9]. Group 3: Market Dynamics - The Chinese massage service market is relatively small, projected to grow from 2.707 billion yuan in 2024 to 5.606 billion yuan by 2029, with a CAGR of 15.9%. Commercial complexes and airports are expected to dominate this market [11]. - Despite being a market leader, LeMo Technology faces challenges due to its rapid expansion outpacing the utilization rate of its massage chairs, which has led to declining profitability [10][11]. Group 4: Trading Activity and Market Sentiment - The stock has undergone a three-phase trading process: accumulation of shares, a significant price increase, and a subsequent consolidation phase characterized by reduced trading volume [5][6]. - Major trading seats, particularly Futu Securities, have shown a strong buying interest, indicating a bullish sentiment among institutional investors [6][9].

Group 1 - The core viewpoint of the article highlights the significant stock price increase of LeMo Technology (02539), which rose over 17% to reach a new high of 67.8 HKD, representing an increase of over 60% from its IPO price of 40 HKD [1] - As of the report, the stock was trading at 67.1 HKD with a transaction volume of 14.01 million HKD [1] - LeMo Technology ranks first among all machine massage service providers in mainland China by transaction volume for three consecutive years from 2022 to 2024, with market shares of 33.9%, 37.3%, and 42.9% respectively [1] Group 2 - According to Everbright Securities International, the overall massage market is expected to grow at a CAGR of 14.6% from 2020 to 2024, reaching a market size of 676.9 billion RMB by 2029 [1] - The machine massage service market is projected to experience substantial growth, with an expected market size of 5.6 billion RMB by 2029 and a significant CAGR of 15.9% from 2025 to 2029 [1] - The rapid growth of the machine massage service market is attributed to increasing public health awareness, a growing focus on stress relief and relaxation among consumers, and the younger generation's acceptance of smart, automated, and self-service consumption models [1]

Group 1: Hong Kong Stocks - LeMo Technology (02539) surged nearly 17%, reaching a new high of 67.8 HKD, over 60% increase from the IPO price of 40 HKD [1] - Baixin An-B (02185) rose over 4% after announcing that its subsidiary completed the registration of the Iberis multi-polar renal artery radiofrequency ablation catheter system in New Zealand, the only product approved for both radial and femoral artery access for renal denervation [1] - Health Road (02587) increased over 2% as it announced plans to repurchase up to 100 million HKD of its shares in the open market, reflecting confidence in its business outlook [1] - Deutsche Bank Tianxia (02418) fell over 8% following a report that revealed 10 shareholders collectively held 98.9% of the company's issued H-shares, leaving only 1.1% for other investors [1] Group 2: Other Notable Stocks - Kailaiying (06821) rose nearly 2% as its Shanghai Fengxian commercial production base officially commenced operations, marking a significant upgrade in its biopharmaceutical CDMO capabilities [2] - Tianyu Semiconductor (02658) rebounded over 12% on its second day of trading, although still down 20% from its IPO price of 58 HKD [2] - Lithium stocks saw gains, with Ganfeng Lithium (01772) up 4.65%, Hongqiao Group (08137) up 2.15%, Tianqi Lithium (09696) up 3.29%, and CATL (03750) up 1.51% [2] - AAC Technologies (02018) rose nearly 2% after Alibaba launched its first self-developed flagship AI glasses, the Quark AI Glasses S1 [2] - Zhou Hei Ya (01458) increased over 5% as it announced the opening of its first overseas brand store in Malaysia on December 5, 2025 [2] Group 3: US Market Highlights - US mining stocks generally rose, with Albemarle (ALB.US) up 5.08% and MP Materials (MP.US) up 0.47%, amid reports of the US government planning to increase its stake in key mineral companies [5] - Paramount Skydance (PSKY.US) fell 9.82% after proposing a buyout of Warner Bros Discovery (WBD.US) at $30 per share, while Netflix (NFLX.US) offered $27.75 per share [5] - Intel (INTC.US) rose 2.25% after announcing it would retain its network and edge computing business, enhancing integration in AI and data center solutions [5] - Netflix (NFLX.US) dropped 2.89% while Warner Bros Discovery (WBD.US) rose 6.28% following Netflix's announcement of a $27.75 per share acquisition offer for Warner Bros [6] - Baidu (BIDU.US) increased by 5% as reports emerged that Kunlun Core is preparing for an IPO in Hong Kong, targeting early 2026 for its application [6]