“才融一轮，就要IPO了”

Core Viewpoint - LeMo IoT has emerged as a profitable example in the generally loss-making shared economy sector, as it continues to push forward with its IPO plans despite previous setbacks [2][11]. Company Overview - LeMo IoT, originally founded as Fuzhou Zhangchuang Information Technology Co., Ltd. in May 2014, transitioned into the shared massage chair market in 2016 with the launch of its brand "LeMo Bar" [4]. - The company has only undergone one round of financing, raising 50 million yuan in December 2017, which valued it at 400 million yuan, and has since relied on self-generated revenue for expansion [4]. Financial Performance - LeMo IoT reported revenues of 330 million yuan, 587 million yuan, 798 million yuan, 187 million yuan, and 221 million yuan for the years ending December 31, 2022, 2023, 2024, and the first three months of 2024 and 2025, respectively [6]. - The company achieved record highs in revenue and net profit in 2024, with Q1 2025 revenue surpassing the total for 2022 [6]. Market Position - According to Frost & Sullivan, LeMo IoT holds a 42.9% market share in China's machine massage market by transaction value, maintaining the top position for four consecutive years [6]. - The overall machine massage market in China is valued at 2.7 billion yuan, representing only 0.5% of the total massage market, which is worth 536.2 billion yuan, indicating significant growth potential for LeMo IoT [6]. Business Model - The company employs a "direct sales + partner" dual-driven model, allowing for a "light" operational approach under heavy asset conditions [8]. - Directly operated stores account for 71% of total outlets and contribute approximately 84% of revenue, while the partner model involves city partners managing site rental and daily operations, with LeMo IoT providing equipment and systems [10]. - The gross profit margin for the partner model is reported at 74.44% [10]. Operational Footprint - LeMo IoT's operational layout includes three main segments: large commercial complexes with a penetration rate of 69%, cinemas with a ticket revenue exceeding 5 million yuan at 55% penetration, and airports with over 10 million annual visitors at 58% penetration [10].