樂摩科技服務股份有限公司 董事會薪酬與考核委員會實施細則 第一章 總則 第一條 為進一步建立健全樂摩科技服務股份有限公司（下稱「公司」）薪酬與 考核管理制度，完善公司治理結構，根據《中華人民共和國公司法》（下稱「公司 法」）、《中華人民共和國證券法》、《香港聯合交易所有限公司證券上市規則》（下 稱「上市規則」）、上市規則附錄C1（下稱「企業管治守則」）及公司股票上市地證券 監管機構和證券交易所的相關監管規則等有關法律法規以及《樂摩科技服務股份 有限公司章程》（下稱「公司章程」），公司特設立董事會薪酬與考核委員會（下稱 「薪酬與考核委員會」），並制定《樂摩科技服務股份有限公司董事會薪酬與考核委 員會實施細則》（下稱「本細則」）。 第二條 薪酬與考核委員會是董事會下設的專門工作機構，主要負責制定公 司董事、監事及高級管理人員的考核標準並進行考核；負責制定、審查公司董 事、監事及高級管理人員的薪酬政策與方案，對董事會負責。 第三條 本細則所稱董事是指包括獨立非執行董事在內的由股東會選舉產生 的全體董事；高級管理人員（高管人員）是指董事會聘任的總經理、副總經理、董 事會秘書、財務負責人、法律法規、公司股票上市地證券監 ...

樂摩科技服務股份有限公司 董事會審計委員會實施細則 第一章 總則 第一條 為強化樂摩科技服務股份有限公司（下稱「公司」）董事會決策功能， 持續完善公司內控體系建設，確保董事會對經理層的有效監督管理，不斷完善公 司治理結構，根據《中華人民共和國公司法》（下稱「公司法」）、《中華人民共和國 證券法》、《香港聯合交易所有限公司證券上市規則》（下稱「上市規則」）、上市規 則附錄C1（下稱「企業管治守則」）及公司股票上市地證券監管機構和證券交易所 的相關監管規則等有關法律法規以及《樂摩科技服務股份有限公司章程》（下稱「公 司章程」），公司特設立董事會審計委員會（下稱「審計委員會」），並制定《樂摩科 技服務股份有限公司董事審計委員會實施細則》（下稱「本細則」）。 第二條 審計委員會是董事會下設的工作機構，對董事會負責並報告工作， 負責審核公司財務信息及其披露、監督及評估內外部審計工作和內部控制。 第三條 本細則所稱董事是指包括獨立非執行董事在內的由股東會選舉產生 的全體董事；高級管理人員（高管人員）是指董事會聘任的總經理、副總經理、董 事會秘書、財務負責人、法律法規、公司股票上市地證券監管機構和證券交易所 的相關監管規則 ...

樂摩科技服務股份有限公司 章程（草案） （H股發行上市後適用） 1 | 目錄 | | --- | | 第一章 | 總則 | 3 | | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | 4 | | 第三章 | 股份 | 5 | | 第一節 | 股份發行 | 5 | | 第二節 | 股份增減和回購 | 7 | | 第三節 | 股份轉讓 | 9 | | 第四章 | 股東和股東會 | 10 | | 第一節 | 股東 | 10 | | 第二節 | 股東會的一般規定 | 14 | | 第三節 | 股東會的召集 | 17 | | 第四節 | 股東會的提案與通知 | 18 | | 第五節 | 股東會的召開 | 20 | | 第六節 | 股東會的表決和決議 | 24 | | 第五章 | 董事會 | 29 | | 第一節 | 董事 | 29 | | 第二節 | 董事會 | 33 | | 第六章 | 總經理及其他高級管理人員 | 42 | | 第七章 | 監事會 | 44 | | 第一節 | 監事 | 44 | | 第二節 | 監事會 | 44 | | 第八章 | 財務會計制度、利潤分配和審計 | 46 | ...

Core Viewpoint - LeMo Technology is launching an IPO with a global offering of 5.5556 million shares priced between HKD 27 and HKD 40, indicating strong market interest with an oversubscription of approximately 5912.8 times [1] Group 1: Company Overview - LeMo Technology provides machine massage services through its network of service points located in high-traffic public areas across China [1] - The company has established over 48,000 service points and deployed more than 533,000 massage machines, covering all 31 provincial-level administrative regions and 337 cities in China by November 2025 [2] - The company has achieved a compound annual growth rate (CAGR) of approximately 45.49% in expanding its service points from 21,727 in December 2022 to 45,993 by December 2024 [2] Group 2: Market Position - According to Frost & Sullivan, LeMo Technology ranks first among all machine massage service providers in China by transaction volume, with market shares of 33.9%, 37.3%, and 42.9% for the years 2022, 2023, and 2024 respectively [1] - By 2024, the company is expected to hold over 50% market share in terms of revenue within the Chinese machine massage market [1] Group 3: Financial Performance - The company reported revenues of approximately RMB 330 million, RMB 587 million, RMB 798 million, and RMB 631 million for the fiscal years 2022, 2023, 2024, and the eight months ending August 31, 2025, respectively [2] - The net profit and total comprehensive income for the same periods were RMB 6.481 million, RMB 87.34 million, RMB 85.807 million, and RMB 88.55 million [2]

Core Viewpoint - LeMo Technology is launching an IPO with a global offering of 5.5556 million shares priced between HKD 27 and HKD 40, indicating strong market interest with an oversubscription of approximately 5912.8 times [1] Group 1: Company Overview - LeMo Technology provides machine massage services through its network of service points located in high-traffic public areas across China [1] - The company has established over 48,000 service points and deployed more than 533,000 massage machines, covering all 31 provincial-level administrative regions and 337 cities in China by November 2025 [2] - The company has a strong market position, ranking first among machine massage service providers in China by transaction volume, with market shares of 33.9%, 37.3%, and 42.9% for the years 2022, 2023, and 2024 respectively [1][2] Group 2: Financial Performance - LeMo Technology's revenue for the fiscal years 2022, 2023, 2024, and the eight months ending August 31, 2025, were approximately RMB 330 million, RMB 587 million, RMB 798 million, and RMB 631 million respectively [2] - The company's net profit and total comprehensive income for the same periods were RMB 6.481 million, RMB 87.34 million, RMB 85.807 million, and RMB 88.55 million respectively [2] Group 3: Market Expansion - The number of service points increased from 21,727 as of December 31, 2022, to 45,993 by December 31, 2024, reflecting a compound annual growth rate (CAGR) of approximately 45.49% [2] - By November 15, 2025, the company had identified over 174 million consumers and registered more than 40 million members [2]

Core Insights - LeMo Technology (02539) is conducting an IPO from November 25 to 28, aiming to issue 5.5556 million shares at a price range of HKD 27 to HKD 40, with a significant oversubscription of approximately 5912.8 times as of November 28 [1][2] Company Overview - LeMo Technology launched the "LeMo Bar" brand in 2016, focusing on providing machine massage services in commercial complexes, cinemas, and transportation hubs across China [2] - As of November 15, 2025, the company has established over 48,000 service points and deployed more than 533,000 massage machines, covering all 31 provincial-level administrative regions and 337 cities in China [2] Market Position - According to Frost & Sullivan, LeMo Technology ranks first among all machine massage service providers in China by transaction volume, with market shares of 33.9%, 37.3%, and 42.9% for the years 2022, 2023, and 2024 respectively [1] - By 2024, the company is expected to hold over 50% market share in terms of revenue within the Chinese machine massage market [1] Financial Performance - The company reported revenues of approximately RMB 330 million, RMB 587 million, RMB 798 million, and RMB 631 million for the fiscal years 2022, 2023, 2024, and the eight months ending August 31, 2025, respectively [2] - Net profit and total comprehensive income for the same periods were RMB 6.481 million, RMB 87.34 million, RMB 85.807 million, and RMB 88.55 million [2] Growth Metrics - The number of service points expanded from 21,727 as of December 31, 2022, to 45,993 by December 31, 2024, reflecting a compound annual growth rate (CAGR) of approximately 45.49% [2] - The company has a strong consumer base, with over 174 million identifiable service consumers and more than 40 million registered members as of November 15, 2025 [2]

Core Viewpoint - LeMo Technology, known for its shared electric massage chairs, is set to go public on the Hong Kong Stock Exchange, aiming to raise approximately HKD 222 million through the issuance of 5.56 million shares at HKD 40 each, with the listing expected on December 3 [1] Company Overview - LeMo Technology is recognized as the leading provider in the machine massage service market in China, holding a market share of 33.9%, 37.3%, and 42.9% from 2022 to 2024 based on transaction volume, and over 50% based on revenue [1] - The company operates under the brand "LeMo Bar," providing services in various public locations such as shopping malls, cinemas, high-speed rail stations, and airports [1] Growth and Expansion - From 2022 to 2024, LeMo Technology is in a rapid growth phase, expanding its service points from 21,727 at the end of 2022 to 45,993 by the end of 2024, with over 53,300 massage machines deployed across 337 cities [2] - Revenue projections for the company are expected to grow from CNY 330 million in 2022 to CNY 798 million in 2024, representing an increase of approximately 150% over three years [2] Financial Performance - In the first eight months of 2023, LeMo Technology reported revenue of CNY 631 million, a year-on-year increase of 13.8% from CNY 554 million in the same period last year, indicating a slowdown compared to previous growth rates [2][3] - Profit figures show a significant increase from CNY 6.48 million in 2022 to CNY 87.34 million in 2023, but a slight decline is projected for 2024, with profits expected to decrease by 1.76% to CNY 85.81 million [3] Profitability and Margins - The gross profit margin for machine massage services was 24.66% in 2022 and increased to 41.47% in 2023, but is projected to decline to 36.16% in 2024, reflecting a drop of over 5 percentage points [3] - Despite a slight recovery in gross margin to 36.61% in the first eight months of 2023, it remains below the 41.32% recorded in the same period last year, indicating challenges in maintaining profitability [3] Market Challenges and Future Outlook - LeMo Technology acknowledges challenges in expanding its market share and penetration, including increased service point usage fees, rising equipment costs, and higher operational expenses associated with a direct sales model [4] - The overall market for machine massage services in China is projected to reach CNY 2.7 billion by the end of 2024, with expectations of growth to CNY 5.6 billion by 2029, suggesting that even as a market leader, LeMo Technology may face limitations in scaling [4] - The company plans to accelerate its overseas market expansion by increasing the number of massage machines sold to international partners, but faces challenges such as differing consumer preferences, higher labor costs, and difficulties in securing ideal service locations [4]

Core Viewpoint - LeMo Technology is preparing for an IPO despite slowing revenue growth and a projected decline in net profit for 2024, raising concerns about its business model and market positioning [1][2]. Financial Performance - Revenue from 2022 to 2024 was 330 million, 587 million, and 798 million CNY, with a significant drop in year-on-year growth from 77.75% to 35.98% [2]. - In the first eight months of 2025, revenue was 631 million CNY, showing a further slowdown to 13.8% year-on-year growth [2]. - Net profit for the same period was 6.481 million, 87.34 million, and 85.81 million CNY, with a negative growth of 1.76% in 2024 and a decline of 5.68% in the first eight months of 2025, totaling 88.55 million CNY [2]. Business Model - The company operates primarily through direct sales and partner models, with 71.19% of service points using the direct model, contributing 83.49% of revenue but maintaining a low gross margin of 30.38% [3]. - The partner model, which has a higher gross margin of over 70%, has seen a decline in revenue contribution from 21.49% in 2022 to 13.92% in 2025 [3]. Market Expansion and Challenges - The number of massage devices increased from 167,100 in 2022 to 536,400 by the first eight months of 2025, with over 80% of devices placed in cinemas [5]. - Despite the significant investment in cinema locations, revenue from this segment only accounted for 26.28% of total income, indicating a low return on investment [5]. - Daily transaction volume per device in cinemas has decreased from 0.17 to 0.11, highlighting inefficiencies in the business model [5]. Industry Context - The overall market for machine massage services in China is limited, with a projected size of only 2.7 billion CNY in 2024, representing about 0.5% of the total massage market [7]. - The demand for machine massage services is characterized as non-essential, making it difficult to achieve consistent growth [7]. - Competition from traditional massage services, which offer more personalized experiences, poses additional challenges for the company [8]. Strategic Direction - The company plans to raise approximately 147 million HKD through its IPO, with 60% allocated to expanding service network coverage [9]. - Despite the challenges, the company continues to pursue aggressive expansion, raising questions about the sustainability of its growth strategy in a market with evident limitations [9].

Core Viewpoint - LeMo Technology is preparing for an IPO despite facing declining revenue growth and increasing net profit pressure, with a significant reliance on its direct sales model and a shrinking partner model [1][2][3] Financial Performance - Revenue from 2022 to 2024 was 330 million, 587 million, and 798 million CNY, with a decline in year-on-year growth from 77.75% to 35.98% [2] - In the first eight months of 2025, revenue was 631 million CNY, showing a further slowdown to 13.8% year-on-year growth [2] - Net profit for the same period was 6.481 million, 87.34 million, and 85.81 million CNY, with a negative growth of 1.76% in 2024 and a decline of 5.68% in the first eight months of 2025, totaling 88.55 million CNY [2][3] Business Model - The company operates primarily through direct sales (71.19% of service points) which contributes 83.49% of revenue but has a low gross margin of 30.38% [3] - The partner model, which has a higher gross margin above 70%, has seen a continuous decline in revenue contribution from 21.49% in 2022 to 13.92% in 2025 [3] Market Expansion and Challenges - The number of massage devices increased from 167,100 in 2022 to 536,400 by the first eight months of 2025, with over 80% deployed in cinemas [5] - Despite this expansion, cinema revenue contribution only rose from 23.55% to 26.28%, indicating a low return on investment [5][6] - Daily transaction volume per device in cinemas has decreased from 0.17 to 0.11, highlighting inefficiencies in the business model [5][6] Industry Context - The overall market for machine massage services in China is limited, projected at only 2.7 billion CNY in 2024, which is a small fraction of the total massage market [7] - The non-essential nature of machine massage services leads to challenges in consumer demand, as they are often viewed as secondary options in busy environments [7][8] - Competition from traditional massage services, which offer more personalized experiences, further pressures the market for shared massage chairs [8] Future Outlook - The company plans to raise approximately 147 million HKD through its IPO, with 60% allocated to expanding service network coverage [9] - The significant increase in device numbers has not translated into proportional revenue growth, raising concerns about the sustainability of its expansion strategy [9]

Core Viewpoint - LeMo Technology is preparing for an IPO despite slowing revenue growth and a projected decline in net profit for 2024, raising concerns about its business model and market positioning [1][4][12]. Financial Performance - Revenue increased from 330 million yuan in 2022 to 798 million yuan in 2024, but the year-on-year growth rate dropped from 77.75% to 35.98% [4]. - In the first eight months of 2025, revenue was 631 million yuan, with a further slowdown in growth to 13.8% [4]. - Net profit decreased from 6.48 million yuan in 2022 to a negative growth of 1.76% in 2024, with a 5.68% decline recorded in the first eight months of 2025 [4][5]. Business Model - The company operates primarily through direct sales (71.19% of service points) which contributes 83.49% of revenue but has a low gross margin of 30.38% due to high operational costs [5]. - The partner model, which has a gross margin above 70%, has seen a decline in both revenue contribution and the number of city partners, dropping from 68 to 41 [5]. Market Expansion and Challenges - LeMo Technology's equipment count surged from 167,100 in 2022 to 536,400 by the first eight months of 2025, with over 80% of devices placed in cinemas [7]. - Despite this expansion, cinema revenue only accounted for 26.28% of total income, indicating a low return on investment [7][8]. - Daily transaction volume per device in cinemas has decreased, highlighting inefficiencies in the business model [7][8]. Industry Context - The overall market for machine massage services in China is limited, projected at only 2.7 billion yuan in 2024, which is a small fraction of the total massage market [10]. - The non-essential nature of machine massage services leads to challenges in consumer demand, as these services are often secondary to primary activities like shopping or socializing [10][11]. - Competition from traditional massage services, which offer more personalized experiences, further pressures the market for shared massage chairs [11]. Future Outlook - The company plans to raise approximately 147 million HKD through its IPO, with 60% allocated to expanding service network coverage [12]. - The effectiveness of this expansion strategy remains uncertain, especially given the current financial pressures and market conditions [12].