Core Viewpoint - Lemo Technology is in the final stages of its IPO process in Hong Kong, having passed the listing hearing and initiated the global offering of 5.5556 million shares, with a price range of HKD 27-40 per share [1][2] Company Overview - Lemo Technology ranked first in the Chinese machine massage service market from 2022 to 2024 based on transaction volume, with a projected market share exceeding 50% in 2024 [1][3] - The company has established over 48,000 service points and deployed more than 533,000 massage devices across 31 provincial-level regions in China [4][5] Financial Performance - Revenue for Lemo Technology from 2022 to 2024 is projected to be RMB 330 million, RMB 587 million, and RMB 798 million, respectively, with adjusted net profits of RMB 8.534 million, RMB 94.578 million, and RMB 102 million [1][6] - In the first eight months of 2025, revenue reached RMB 630 million, a year-on-year increase of 13.72%, while adjusted net profit was RMB 99.187 million, growing only 0.92% [2][9] Market Dynamics - The shared massage market has experienced a cycle from rapid expansion to rational adjustment, with significant growth in registered companies from 2017 to 2018 [2][3] - The industry faced challenges post-2019, including low usage rates and safety concerns, leading to a significant reduction in market activity [3] Business Model - Lemo Technology employs a "direct operation + city partner" model, allowing for reduced capital investment while expanding its business coverage [4][5] - The company focuses on high-traffic areas such as shopping malls, cinemas, and transportation hubs, with a significant portion of its service points located in large commercial complexes [5][6] Profitability Challenges - Despite leading market share, Lemo Technology's profit growth has slowed, with a notable decline in gross margin from 41.47% in 2023 to 36.07% in 2024 due to rising operational costs [6][7] - The company's direct operation model incurs high costs, including rent and equipment depreciation, which negatively impacts overall profitability [9][10] Future Outlook - Lemo Technology plans to use funds from its IPO to enhance penetration in established markets and expand into new consumer scenarios, including overseas markets [11] - The company faces the challenge of balancing expansion speed with profit release, as well as the need to diversify revenue streams beyond its current reliance on shared massage services [11]
新股解读|53.3万张机器按摩设备撑起8亿营收，乐摩科技（02539）扩张压力侵蚀利润端