Core Viewpoint - LeMo Technology, a leader in the machine massage industry, is in the final stages of its IPO process in Hong Kong, having passed the listing hearing and initiated its global offering with a share price range of HKD 27-40 [1][2]. Market Position - LeMo Technology ranks first in the Chinese machine massage service market for three consecutive years from 2022 to 2024, with a market share exceeding 50% based on revenue [1][3]. - In 2024, LeMo is projected to achieve a transaction volume of RMB 12 billion, capturing 42.9% of the market, significantly ahead of its competitors [3][5]. Financial Performance - Revenue for LeMo Technology from 2022 to 2024 is forecasted to grow from RMB 330 million to RMB 798 million, while adjusted net profit is expected to rise from RMB 8.53 million to RMB 102 million, with a modest growth rate of 7.85% in 2024 [1][2]. - In the first eight months of 2025, revenue reached RMB 630 million, a year-on-year increase of 13.72%, but adjusted net profit only grew by 0.92% to RMB 99.19 million, indicating a slowdown in profit growth [2][10]. Business Model and Expansion - LeMo employs a "direct sales + city partner" business model, allowing for effective nationwide coverage while minimizing capital investment [5][6]. - As of November 25, 2025, LeMo has established over 48,000 service points and deployed more than 533,000 massage machines across 31 provinces and 337 cities in China [5][6]. Challenges and Strategic Focus - Despite leading market share, LeMo faces challenges with profit growth due to rising operational costs and declining gross margins, which fell to 36.07% in 2024 [9][11]. - The company plans to use funds from its IPO to enhance penetration in established markets and expand into new consumer scenarios, while also considering international markets [13].
53.3万张机器按摩设备撑起8亿营收，乐摩科技扩张压力侵蚀利润端