高铁站和飞机场里的按摩椅，怎么做成了能上市的生意？

Core Viewpoint - The company LeMo Technology, which operates shared massage chairs under the brand LeMo Bar, successfully went public on the Hong Kong Stock Exchange in 2025, despite facing skepticism about the cleanliness and utility of its services. The business model shows potential with a transaction volume of 1.162 billion RMB in 2024 and a customer repurchase rate of nearly 40%, yet the stock performance has been disappointing, dropping from 64.8 HKD to around 20 HKD post-IPO [1][25]. Financial Performance - In 2024, LeMo Bar's total transaction volume reached 1.162 billion RMB, with an average customer spending of 14.41 RMB per session, indicating over 80.63 million users utilized the service throughout the year [1][4]. - The company reported a gross margin of 40%, but the stock market has not responded positively, raising questions about the sustainability of its business model [1][25]. Business Model and Operations - LeMo Bar operates 490,564 massage devices as of December 2024, with massage mats making up 80% of the total, primarily located in cinemas. However, the average daily transaction volume in cinemas is only 0.11, suggesting that most devices are underutilized [3][4]. - The company has a high dependency on location, with rental costs constituting a significant portion of operational expenses, reaching 352.37 million RMB in 2024, which is 69.08% of total sales costs [27][28]. Market Dynamics - The majority of revenue comes from a small number of locations, particularly commercial complexes and airports, which contribute significantly to the overall transaction volume. For instance, airport locations generate an annual revenue of 31,500 RMB per device, nearly 3.5 times that of commercial locations [6][20]. - The cinema locations have become a liability for revenue generation, as the existing seating already meets consumer needs for comfort, leading to low usage of massage chairs in these venues [6][9]. Consumer Insights - The primary appeal of LeMo Bar's services lies not in the massage experience but in providing a quick and low-cost solution for urban dwellers seeking a moment of rest in busy public spaces. This need for a "charging" experience is more pronounced in commercial areas and transport hubs than in cinemas [10][20]. - The company has adapted its product offerings to better meet consumer needs, introducing innovative designs like the "Energy Egg" to enhance privacy and comfort in public settings [23][24]. Challenges and Risks - Despite high gross margins and user engagement, the company faces significant challenges, including high rental costs, heavy asset depreciation, and a lack of competitive barriers in the shared massage chair market. These factors contribute to a lack of confidence from investors [25][27][29][31]. - The company has yet to establish a strong brand identity, which is crucial for customer loyalty in a market where users often choose based on convenience rather than brand preference [32].