“共享按摩椅第一股”，突然暴跌40%！其在影院、高铁站等投放53万台按摩椅，注册会员超4000万，年入8亿元

Core Viewpoint - LeMo Technology, known as the "first stock of shared massage chairs," experienced a significant drop in its stock price shortly after its IPO, with a decline of nearly 50% at one point, closing down 39.77% on February 5, 2023, with a market capitalization of HKD 1.2 billion [1][2]. Company Performance - LeMo Technology was listed on the Hong Kong Stock Exchange on December 3, 2022, and saw a strong initial performance, with a 60% increase on its first trading day and a peak price of over HKD 80 shortly after [3][4]. - The company has deployed over 533,000 massage chair devices across more than 48,000 locations in over 300 cities in China, achieving a compound annual growth rate of 45.49% [4]. - In terms of market share, LeMo Technology holds a leading position in the Chinese machine massage service market, with a market share of 42.9% by transaction volume and over 50% by revenue in 2024 [4]. Financial Data - The total transaction volume for LeMo Technology's massage equipment reached HKD 1.162 billion in 2024, nearly doubling from HKD 0.555 billion in 2022 [4]. - Revenue increased from HKD 0.33 billion in 2022 to HKD 0.798 billion in 2024 [4]. Market Sentiment and Concerns - Despite high interest during the IPO, with a subscription rate of 7324.29 times for the public offering and 6.78 times for the international offering, there are concerns regarding the lack of cornerstone investors and the absence of an over-allotment option (green shoe mechanism) [6]. - The company is facing challenges as its revenue is growing but net profit is declining, with a 13.9% revenue increase in the first eight months of 2025, while net profit fell by 5.68% year-on-year, indicating potential growth bottlenecks [6].