Financial Performance - Revenue for the year ended December 31, 2025, was RMB 906,778,000, representing a year-on-year increase of 13.63% compared to RMB 797,991,000 in 2024[4] - Gross profit for the same period was RMB 305,349,000, up 6.10% from RMB 287,799,000 in 2024[4] - Profit attributable to equity shareholders for the year was RMB 93,731,000, reflecting a 9.23% increase from RMB 85,807,000 in 2024[4] - Adjusted net profit was RMB 112,354,000, a 10.07% increase compared to RMB 102,075,000 in 2024[4] - The number of massage devices sold increased to 539,443 units, a growth of 9.96% from 490,564 units in 2024[4] - The number of service points expanded to 49,877, an increase of 8.44% from 45,993 in 2024[4] - Basic and diluted earnings per share for 2025 were RMB 1.86, compared to RMB 1.72 in 2024[5] - The company reported a pre-tax profit of RMB 112,063,000 for 2025, up from RMB 102,304,000 in 2024, reflecting a growth of 9.7%[21] - The gross profit for the reportable segments totaled RMB 305,349,000, which is a 6.1% increase from RMB 287,799,000 in 2024[21] - Adjusted net profit rose by 10.07% from RMB 102.08 million in 2024 to RMB 112.35 million in 2025, mainly due to increased revenue from expanded business and equipment investments[63] Revenue Breakdown - Revenue from machine massage services under the direct operation model was RMB 748,398,000, up 11.9% from RMB 668,750,000 in the previous year[20] - The partner model generated revenue of RMB 128,028,000, an increase of 12.1% compared to RMB 114,176,000 in 2024[20] - Revenue from machine massage services reached RMB 876.43 million, marking an 11.94% increase compared to the previous year[44] - The direct-operated model accounted for approximately 82.53% of total revenue from machine massage services, generating RMB 748.40 million, an increase of 11.91% year-on-year[51] - The partner model generated RMB 128.03 million in revenue, a 12.13% increase from the previous year, contributing 14.12% to total revenue from machine massage services[52] - Revenue from digital advertising services increased to RMB 2,143,000 in 2025, up from RMB 1,712,000 in 2024, marking a growth of 25.2%[16] - The total revenue from the sale of home massage equipment and small massage items decreased to RMB 6,133,000 in 2025 from RMB 8,560,000 in 2024, a decline of 28.4%[16] Assets and Liabilities - Total assets less current liabilities amounted to RMB 506,058,000, up from RMB 254,340,000 in 2024[9] - Net assets increased to RMB 500,053,000, compared to RMB 240,023,000 in 2024[9] - Cash and cash equivalents rose significantly to RMB 243,868,000 from RMB 19,684,000 in 2024[8] - Trade receivables as of December 31, 2025, amount to RMB 86,170,000, an increase from RMB 75,463,000 in 2024, showing a growth of approximately 14.5%[34] - The company’s trade payables decreased to RMB 45,595,000 in 2025 from RMB 74,812,000 in 2024, indicating a reduction of approximately 39%[36] Expenses - The marketing expenses increased to RMB 117,278,000 in 2025 from RMB 113,867,000 in 2024, indicating a rise of 3.4%[21] - The company's total sales cost increased from RMB 510.19 million in 2024 to RMB 601.43 million in 2025, primarily due to increased venue and equipment costs, as well as a rise in employee numbers[54] - Gross profit rose by 6.10% from RMB 287.80 million in 2024 to RMB 305.35 million in 2025, attributed to increased service site and equipment investments, and growth in transaction orders[56] - The gross margin decreased from 36.07% in 2024 to 33.67% in 2025, mainly due to higher service site usage fees and new equipment costs, along with increased operational and maintenance personnel expenses[56] - Administrative expenses rose by 9.02% from RMB 46.07 million in 2024 to RMB 50.22 million in 2025, primarily due to increased listing costs and administrative personnel salaries[58] - Research and development expenses increased by 8.76% from RMB 21.50 million in 2024 to RMB 23.38 million in 2025, due to a rise in R&D projects and personnel costs[59] - Financial costs decreased by 46.67% from RMB 3.38 million in 2024 to RMB 1.80 million in 2025, attributed to a reduction in interest expenses due to lower national loan rates[60] Taxation - The total tax expense for 2025 is RMB 18,332,000, up from RMB 16,497,000 in 2024, reflecting an increase of approximately 11.1%[29] - Income tax expenses increased by 11.12% from RMB 16.50 million in 2024 to RMB 18.33 million in 2025, driven by expanded business operations and increased revenue from new markets[62] - The company benefits from a preferential tax rate of 15% for certain subsidiaries in China, which is applicable until December 31, 2025[28] - The company’s eligible R&D expenses can be deducted at an additional 100% for tax purposes, enhancing its tax efficiency for the fiscal years ending December 31, 2024, and 2025[28] Dividends - The company has approved and paid dividends of RMB 25,000,000 for 2025, an increase from RMB 20,000,000 in 2024, representing a growth of 25%[39] - The proposed final dividend for the year ending December 31, 2025, is RMB 0.506 per share, totaling RMB 281.2 million, subject to shareholder approval at the annual general meeting[100] - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders listed in the H-share register[101] - The company will also withhold personal income tax at a rate of 10% for H-share individual shareholders from regions with tax agreements with China[102] Capital and Financing - The company issued a total of 5,555,600 new H-shares at a price of HKD 40.00 per share, raising approximately HKD 222.22 million[97] - The net proceeds from the global offering, after deducting underwriting fees and other expenses, amounted to approximately HKD 182.16 million[97] - 60% of the net proceeds (approximately HKD 109.29 million) will be used to expand the coverage and penetration of service outlets by December 31, 2026[97] - 35% of the net proceeds (approximately HKD 63.75 million) is allocated to further increase penetration in established consumer scenarios by December 31, 2026[97] - 15% of the net proceeds (approximately HKD 27.32 million) will be used to develop business in other consumer scenarios by December 31, 2026[97] - 10% of the net proceeds (approximately HKD 18.22 million) is designated for expanding into overseas markets, particularly in Thailand and other Southeast Asian cities by December 31, 2026[97] - 20% of the net proceeds (approximately HKD 36.43 million) will be allocated to continuously enhance and iterate technology by December 31, 2026[97] Corporate Governance - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[111] - The audit committee has reviewed and confirmed the financial statements for the year ending December 31, 2025, ensuring compliance with accounting principles[94] - The company adopted a share incentive plan on December 1, 2021, and another on September 8, 2023, to enhance employee motivation and retention[107] Business Strategy - The company plans to focus on six core areas for domestic market evolution over the next three years, enhancing its competitive advantages[80] - The company aims to initiate a comprehensive internationalization strategy, prioritizing the localization of its business model in Southeast Asia[80] - The company is in the early stages of exploring overseas service points in Thailand, Indonesia, and Hong Kong, with limited scale as of December 31, 2025[48] Operational Insights - The company operates a direct management model for its massage services, overseeing site selection, design, renovation, operation, and maintenance[107] - The company utilizes customized massage equipment, digital systems, IoT, and automation to enhance the massage experience, adapting to various consumer scenarios[108] - The company has established the "Lemo Co-Creation Platform" and "Lemo Win-Win Platform" as limited partnerships to support its business initiatives[108] - The company’s massage service operates under a partner model, where city partners are responsible for site selection and operation, while the company provides a complete mechanical massage service solution[109] Future Plans - The company plans to allocate 12.0% of the net proceeds from the global offering, amounting to HKD 21.86 million, for upgrading massage equipment and introducing more customized features by December 31, 2026[98] - 8.0% of the net proceeds, totaling HKD 14.57 million, will be used to upgrade IoT technology for LMB Links, particularly targeting overseas markets by December 31, 2026[98] - The company aims to enhance brand awareness with 10.0% of the net proceeds, which is HKD 18.22 million, through strategic investments in new media platforms by December 31, 2026[98] - A total of HKD 18.22 million (10.0%) will be allocated for working capital and other general corporate purposes by December 31, 2026[98] Reporting and Compliance - The company’s financial reporting adheres to the International Financial Reporting Standards[108] - The annual report for the year ending December 31, 2025, will be published on the company's website and the Hong Kong Stock Exchange website in April 2026[106] - The annual general meeting is scheduled for May 18, 2026, with a suspension of share transfer registration from May 13 to May 18, 2026[104] - The company will suspend share transfer registration from May 22 to May 28, 2026, to determine eligibility for the proposed final dividend[105]
乐摩科技(02539) - 2025 - 年度业绩