福建70后，靠共享按摩椅年入8亿，今日IPO

Core Viewpoint - LeMo Technology has successfully listed on the Hong Kong Stock Exchange, becoming the first publicly traded company in the shared massage chair service sector, with an IPO price of HKD 40 and raising approximately HKD 200 million, resulting in a market capitalization of around HKD 4.111 billion [2][3]. Company Overview - LeMo Technology operates under the brand "LeMo Bar," providing smart shared massage chairs in high-traffic locations such as shopping malls, cinemas, high-speed rail stations, and airports, utilizing a "scan to use, pay by the minute" service model [2][3]. - The company has established over 48,000 service points, deployed 533,000 devices, and has more than 40 million registered members [3]. Founders and Business Evolution - The company was founded by Xie Zhonghui and Han Daohu, who hold 30.9% and 17.6% of the shares, respectively [3]. - Xie Zhonghui's entrepreneurial journey began in 2008 when he entered the massage equipment industry, leading to the establishment of LeMo Technology in 2016, which was initially a restructured company with a focus on shared massage services [5][6]. Business Model and Market Position - LeMo Technology employs a dual operating model of "direct sales + partners," with 70.4% of service points operated directly to ensure quality, while 29.6% are managed by city partners for rapid expansion [12][14]. - The company has achieved a market share of 42.9% in the machine massage service market by transaction volume, significantly outpacing its nearest competitor [17]. Financial Performance - Revenue figures for LeMo Technology from 2022 to 2024 are projected to be CNY 330.154 million, CNY 586.836 million, and CNY 797.991 million, with net profits of CNY 6.48 million, CNY 87 million, and CNY 85.58 million, respectively [13][17]. - As of the first eight months of 2025, the company has generated revenue of CNY 631 million and a net profit of CNY 88.55 million, indicating a positive cash flow trend [17]. Market Trends and Future Outlook - The shared massage service market is expected to grow from CNY 27.6 billion in 2024 to CNY 56 billion by 2029, with a compound annual growth rate of approximately 15.7% [24]. - LeMo Technology plans to expand into Southeast Asia, targeting 2,000 service points and over 10,000 devices by 2026, leveraging its dual model experience [20][21]. Industry Dynamics - The market is consolidating, with leading companies capturing a larger share due to their scale and operational efficiencies, while smaller players are exiting due to financial pressures [22][25]. - Currently, there are over 50 participants in the shared massage service market, but only a few have national reach, with LeMo Technology being one of the top three players alongside Rongtai Health and OJIAHUA [22][24].