影院按摩椅每台每天只赚1毛1，已登陆港交所的乐摩科技有多焦虑？

Core Viewpoint - LeMo Technology (2539.HK) debuted on the Hong Kong stock market at an issue price of HKD 40 per share, experiencing a significant first-day increase of 36.25% to close at HKD 54.5, despite a generally unfavorable market environment for new listings [2][22]. Company Overview - LeMo Technology has deployed 535,000 massage chairs across cinemas, shopping malls, and transportation hubs, establishing itself as the industry leader [2][22]. - The company plans to allocate 60% of the net proceeds from its fundraising (HKD 1.82 billion) towards expanding its service network, emphasizing a scale-first approach [2][22]. Financial Performance - The company has faced a "revenue without profit" dilemma, with revenue growth slowing and profit margins contracting, indicating a mismatch between scale expansion and profitability [6][28]. - Revenue increased from RMB 330.15 million in 2022 to RMB 797.99 million in 2024, reflecting a compound annual growth rate of 55.5%, but growth rates have shown a clear downward trend [29][30]. - In 2023, revenue surged by 77.75% due to domestic consumption recovery, but growth is expected to drop to 35.98% in 2024 and further slow to 13.8% in the first eight months of 2025 [30][31]. Cost Structure - Sales costs have risen sharply, with 2022 costs at RMB 244.82 million, increasing to RMB 510.19 million in 2024, outpacing revenue growth for the first time [9][31]. - The total number of massage devices increased from 167,100 in 2022 to 536,400 by 2025, but this expansion has not translated into improved profitability, leading to lower per-device revenue [10][32]. Profitability Issues - Operating profit has shown a decline, with 2023 profits at RMB 87.34 million, slightly decreasing to RMB 85.81 million in 2024, and further dropping to RMB 88.55 million in the first eight months of 2025 [34][33]. - The gross profit margin has fluctuated, peaking at 41.47% in 2023 but falling to 36.16% in 2024, indicating challenges in maintaining profitability amid rising costs [36][14]. Market Challenges - The massage service market in China is projected to be only RMB 2.7 billion in 2024, representing just 0.5% of the overall massage market, limiting the potential for large-scale expansion [41]. - The company faces scrutiny regarding the authenticity of its reported device numbers, with investigations revealing discrepancies in device ID distributions [41][39]. Consumer Experience and Controversies - LeMo Technology has encountered consumer safety issues, including incidents where users have been injured while using their massage chairs, leading to negative public perception [37][15]. - The company's app has received low ratings due to complaints about refund processes and customer service, which may impact user experience and retention [39][17]. Future Outlook - The company acknowledges the challenges of sustaining growth and profitability, with its founder expressing concerns about reaching a revenue ceiling without significant strategic changes [23][20]. - The upcoming years will be critical for LeMo Technology as it navigates market pressures and seeks to establish a more sustainable business model [42][20].