乐摩吧再战IPO：突击分红、场景错配，53.5万张按摩椅增收难增利

Core Viewpoint - LeMo IoT Technology Co., Ltd. is attempting to relist on the Hong Kong Stock Exchange after its previous IPO attempt failed, highlighting its strong desire for capital market support despite facing significant operational challenges and uncertainties [1][3]. Company Overview - LeMo IoT, a leading player in the shared massage industry in China, has seen its market share exceed 50% as of 2024, ranking first in the machine massage market [3]. - The company has experienced rapid revenue growth, with projected revenues of RMB 3.30 billion, RMB 5.87 billion, and RMB 7.98 billion for 2022, 2023, and 2024 respectively [11]. - As of March 31, 2025, LeMo has over 48,000 service outlets and more than 535,000 smart massage devices deployed across 339 cities in China [11]. Financial Performance - Despite significant revenue growth, LeMo has struggled with profitability, reporting adjusted net profits of RMB 853.4 million, RMB 9.46 million, and RMB 1.02 billion for the years 2022, 2023, and 2024 respectively [11]. - The company has faced cash flow challenges, with cash and cash equivalents decreasing from RMB 43.21 million in 2022 to RMB 27.80 million by September 2024 [14]. Shareholder Actions - Prior to the IPO, LeMo's shareholders engaged in significant cash-out activities, including large dividend distributions totaling RMB 43.75 million, raising concerns about the company's liquidity [14][15]. - The company repurchased shares from a key investor for RMB 62.1 million due to not meeting IPO deadlines, indicating potential governance issues [14]. Business Model and Challenges - LeMo's revenue is heavily reliant on its smart massage services, which accounted for 98.11% of total revenue by 2024 [18]. - The company operates through both direct and partner models, with direct operations contributing higher revenue but facing greater cost pressures, resulting in lower profit margins compared to the partner model [18][20]. - The company has seen a decline in the number of city partners, from 68 to 45, indicating potential issues in its partner-based business model [20]. Market Context - The overall market for smart massage services has shown limited growth, with a compound annual growth rate of only 1.1% from 2019 to 2023 [22]. - LeMo's plans for fundraising are challenged by the small market size and low growth potential in the industry, making it difficult to attract capital [22].