九个月净赚1亿却遭IPO搁浅：乐摩物联40家分公司注销背后的共享按摩椅困局

Core Insights - The core issue is the failure of LeMo IoT's IPO application due to underlying operational and strategic challenges despite claiming a leading market position in China's smart massage service sector with a market share of 37.3% in 2023 [1][2] Financial Performance - LeMo IoT reported a net profit exceeding 100 million yuan in the first three quarters of 2024, a significant increase from 6.48 million yuan in 2022 [2] - The company operates a vast network with 45,000 service points and 500,000 devices across 339 cities [2] Operational Challenges - There has been a drastic reduction in the number of subsidiaries, with 40 out of 56 companies being quietly deregistered, indicating management issues and operational inefficiencies [2] - The revenue structure is heavily reliant on smart massage services, which accounted for 98.22% of total revenue in the first three quarters of 2024, raising concerns about the company's risk exposure [3] Market Dynamics - The smart massage service market has shown stagnation, with a slight increase in market size from 2.34 billion yuan in 2019 to 2.44 billion yuan in 2023, reflecting a compound annual growth rate of only 1.1% [3] - The company's growth in market share is primarily at the expense of competitors rather than from overall market expansion [3] Business Model Issues - The direct operation model contributes 84% of revenue but has a low gross margin of 34.22%, while the partner model, which accounts for only 14% of revenue, boasts a much higher gross margin of 74.44% [3] - High fixed costs associated with direct operations, particularly rent and maintenance, have led to significant pressure on profitability [3] Regulatory and Strategic Context - The company faces scrutiny from regulators due to its financial practices, including substantial dividends paid out despite dwindling cash reserves, which contradicts its stated intentions for IPO fundraising [4] - The tightening of IPO regulations by the Hong Kong Stock Exchange has made it difficult for the company to demonstrate long-term investment value [4] Future Considerations - The failure of the IPO does not end the company's prospects but necessitates a strategic reevaluation, including a shift towards a more profitable partner model and improved cost management [7] - The company must also address governance issues and clarify the rationale behind its subsidiary closures and dividend distributions [7] - Exploring new markets such as corporate health services or home massage equipment may be essential for future growth [7]