乐摩科技每手100股，一手入场费4040.4港元。乐摩科技预期将于12月3日挂牌买卖，中信建投国际、申 万宏源香港为联席保荐人。 来源：智通财经网 乐摩科技于2016年推出"乐摩吧"品牌，致力于在商业综合体、影院、交通枢纽场所(包括机场、高铁站 等)等消费场景为消费者提供机器按摩服务。于2025年11月15日，集团已为机器按摩服务设立超过 48,000个服务网点，投放超过533,000张机器按摩设备，覆盖中国31个省级行政区及337个城市。 共享按摩设备商乐摩科技(02539)于11月25日至28日中午招股，拟全球发售555.56万股股份，招股价27港 元至40港元。市场资料显示，截至周五(28日)上午10时，乐摩科技获券商借出约1314亿港元孖展，以公 开发售额2222万港元计，超购约5912.8倍。 乐摩科技的服务网点由2022年12 月31日的21,727个服务网点扩展至2024年12月31日的45,993个服务网 点，CAGR约为 45.49%。在消费者覆盖方面，集团拥有稳固的市场地位，于2025年11月15日，累计可 识别服务消费者总数超过1.74亿，注册会员人数超过4,000万名。 乐摩科技不设强 ...

乐摩科技于2016年推出"乐摩吧"品牌，致力于在商业综合体、影院、交通枢纽场所(包括机场、高铁站 等)等消费场景为消费者提供机器按摩服务。于2025年11月15日，集团已为机器按摩服务设立超过 48,000个服务网点，投放超过533,000张机器按摩设备，覆盖中国31个省级行政区及337个城市。 乐摩科技的服务网点由2022年12 月31日的21,727个服务网点扩展至2024年12月31日的45,993个服务网 点，CAGR约为 45.49%。在消费者覆盖方面，集团拥有稳固的市场地位，于2025年11月15日，累计可 识别服务消费者总数超过1.74亿，注册会员人数超过4,000万名。 乐摩科技不设强制回补机制，发售1成于作公开发售，整体协调人可重新分配至最多15%。乐摩科技未 有引入基石投资者。 招股书显示，乐摩科技通过位于中国各地人流密集的公共场所的各服务网点的机器按摩设备提供按摩服 务。根据弗若斯特沙利文的资料，于2022年至2024年的三个连续年度，按交易额计，集团在中国所有机 器按摩服务提供商中排名第一，相应年度的市场份额分别为33.9%、37.3%及42.9%。按收入计，于2024 年，集团亦于中 ...

相关报告：智研咨询发布的《2025-2031年中国共享经济行业市场研究分析及投资前景预测报告》 根据国家统计局公布的数据，2025年第三季度国内生产总值当季值为35.45万亿元，同比增长6.5%；当 季值不变价为34.13万亿元，同比增长7.5%；国内生产总值累计值不变价为97.14万亿元，同比增长 7.9%。 2018-2025年国内生产总值Q3当季值与年度累计值统计图 2018-2025年Q3国内生产总值当季值不变价及国内生产总值指数当季值统计图 数据来源：国家统计局 数据来源：国家统计局 2018-2025年Q3国内生产总值指数当季值与累计值统计图 数据来源：国家统计局 2018-2025年Q3国内生产总值当季值与累计值不变价统计图 数据来源：国家统计局 ...

Core Viewpoint - LeMo Technology, known for its shared electric massage chairs, is set to go public on the Hong Kong Stock Exchange, aiming to raise approximately HKD 222 million through the issuance of 5.56 million shares at HKD 40 each, with the listing expected on December 3 [1] Company Overview - LeMo Technology is recognized as the leading provider in the machine massage service market in China, holding a market share of 33.9%, 37.3%, and 42.9% from 2022 to 2024 based on transaction volume, and over 50% based on revenue [1] - The company operates under the brand "LeMo Bar," providing services in various public locations such as shopping malls, cinemas, high-speed rail stations, and airports [1] Growth and Expansion - From 2022 to 2024, LeMo Technology is in a rapid growth phase, expanding its service points from 21,727 at the end of 2022 to 45,993 by the end of 2024, with over 53,300 massage machines deployed across 337 cities [2] - Revenue projections for the company are expected to grow from CNY 330 million in 2022 to CNY 798 million in 2024, representing an increase of approximately 150% over three years [2] Financial Performance - In the first eight months of 2023, LeMo Technology reported revenue of CNY 631 million, a year-on-year increase of 13.8% from CNY 554 million in the same period last year, indicating a slowdown compared to previous growth rates [2][3] - Profit figures show a significant increase from CNY 6.48 million in 2022 to CNY 87.34 million in 2023, but a slight decline is projected for 2024, with profits expected to decrease by 1.76% to CNY 85.81 million [3] Profitability and Margins - The gross profit margin for machine massage services was 24.66% in 2022 and increased to 41.47% in 2023, but is projected to decline to 36.16% in 2024, reflecting a drop of over 5 percentage points [3] - Despite a slight recovery in gross margin to 36.61% in the first eight months of 2023, it remains below the 41.32% recorded in the same period last year, indicating challenges in maintaining profitability [3] Market Challenges and Future Outlook - LeMo Technology acknowledges challenges in expanding its market share and penetration, including increased service point usage fees, rising equipment costs, and higher operational expenses associated with a direct sales model [4] - The overall market for machine massage services in China is projected to reach CNY 2.7 billion by the end of 2024, with expectations of growth to CNY 5.6 billion by 2029, suggesting that even as a market leader, LeMo Technology may face limitations in scaling [4] - The company plans to accelerate its overseas market expansion by increasing the number of massage machines sold to international partners, but faces challenges such as differing consumer preferences, higher labor costs, and difficulties in securing ideal service locations [4]

Core Viewpoint - LeMo Technology is preparing for an IPO despite slowing revenue growth and a projected decline in net profit for 2024, raising concerns about its business model and market positioning [1][2]. Financial Performance - Revenue from 2022 to 2024 was 330 million, 587 million, and 798 million CNY, with a significant drop in year-on-year growth from 77.75% to 35.98% [2]. - In the first eight months of 2025, revenue was 631 million CNY, showing a further slowdown to 13.8% year-on-year growth [2]. - Net profit for the same period was 6.481 million, 87.34 million, and 85.81 million CNY, with a negative growth of 1.76% in 2024 and a decline of 5.68% in the first eight months of 2025, totaling 88.55 million CNY [2]. Business Model - The company operates primarily through direct sales and partner models, with 71.19% of service points using the direct model, contributing 83.49% of revenue but maintaining a low gross margin of 30.38% [3]. - The partner model, which has a higher gross margin of over 70%, has seen a decline in revenue contribution from 21.49% in 2022 to 13.92% in 2025 [3]. Market Expansion and Challenges - The number of massage devices increased from 167,100 in 2022 to 536,400 by the first eight months of 2025, with over 80% of devices placed in cinemas [5]. - Despite the significant investment in cinema locations, revenue from this segment only accounted for 26.28% of total income, indicating a low return on investment [5]. - Daily transaction volume per device in cinemas has decreased from 0.17 to 0.11, highlighting inefficiencies in the business model [5]. Industry Context - The overall market for machine massage services in China is limited, with a projected size of only 2.7 billion CNY in 2024, representing about 0.5% of the total massage market [7]. - The demand for machine massage services is characterized as non-essential, making it difficult to achieve consistent growth [7]. - Competition from traditional massage services, which offer more personalized experiences, poses additional challenges for the company [8]. Strategic Direction - The company plans to raise approximately 147 million HKD through its IPO, with 60% allocated to expanding service network coverage [9]. - Despite the challenges, the company continues to pursue aggressive expansion, raising questions about the sustainability of its growth strategy in a market with evident limitations [9].

Core Insights - The Ministry of Industry and Information Technology, along with five other departments, has issued a plan to enhance the adaptability of supply and demand in consumer goods, aiming for significant optimization of the supply structure by 2027 and a high-quality development pattern by 2030 [1][2] Group 1: Consumption Supply and Demand - The plan aims to create three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, focusing on high-quality consumer goods with cultural significance [1] - The initiative emphasizes the importance of new demand leading to new supply and vice versa, as highlighted in the recent Fourth Plenary Session of the 20th Central Committee [1][2] Group 2: Low-altitude Consumption - The plan encourages the expansion of low-altitude consumption supply, including areas such as low-altitude tourism, private flying, and consumer-grade drones, while ensuring safety [2] - Cities like Wuhan and Nanjing are already developing low-altitude consumption infrastructure, with Wuhan establishing over 220 low-altitude takeoff and landing points [3] Group 3: New Consumption Scenarios - The plan promotes the establishment of flagship stores and new concept stores, as well as the hosting of product launches and exhibitions to cultivate new consumption scenarios [4] - It also encourages the development of platform consumption, including live e-commerce and instant retail, leveraging digital technologies to enhance consumer experiences [4][5] Group 4: Financial and Policy Support - The plan emphasizes the need for financial support to enhance the quality of consumer goods, including policies for equipment upgrades and trade-in programs [6] - It highlights the importance of digital technology in empowering new consumption models, advocating for user-friendly implementations to facilitate broader adoption [6]

Core Viewpoint - LeMo Technology is preparing for an IPO despite facing declining revenue growth and increasing net profit pressure, with a significant reliance on its direct sales model and a shrinking partner model [1][2][3] Financial Performance - Revenue from 2022 to 2024 was 330 million, 587 million, and 798 million CNY, with a decline in year-on-year growth from 77.75% to 35.98% [2] - In the first eight months of 2025, revenue was 631 million CNY, showing a further slowdown to 13.8% year-on-year growth [2] - Net profit for the same period was 6.481 million, 87.34 million, and 85.81 million CNY, with a negative growth of 1.76% in 2024 and a decline of 5.68% in the first eight months of 2025, totaling 88.55 million CNY [2][3] Business Model - The company operates primarily through direct sales (71.19% of service points) which contributes 83.49% of revenue but has a low gross margin of 30.38% [3] - The partner model, which has a higher gross margin above 70%, has seen a continuous decline in revenue contribution from 21.49% in 2022 to 13.92% in 2025 [3] Market Expansion and Challenges - The number of massage devices increased from 167,100 in 2022 to 536,400 by the first eight months of 2025, with over 80% deployed in cinemas [5] - Despite this expansion, cinema revenue contribution only rose from 23.55% to 26.28%, indicating a low return on investment [5][6] - Daily transaction volume per device in cinemas has decreased from 0.17 to 0.11, highlighting inefficiencies in the business model [5][6] Industry Context - The overall market for machine massage services in China is limited, projected at only 2.7 billion CNY in 2024, which is a small fraction of the total massage market [7] - The non-essential nature of machine massage services leads to challenges in consumer demand, as they are often viewed as secondary options in busy environments [7][8] - Competition from traditional massage services, which offer more personalized experiences, further pressures the market for shared massage chairs [8] Future Outlook - The company plans to raise approximately 147 million HKD through its IPO, with 60% allocated to expanding service network coverage [9] - The significant increase in device numbers has not translated into proportional revenue growth, raising concerns about the sustainability of its expansion strategy [9]

躺在商场电影院里的扫一扫按摩沙发们，也准备向IPO发起最后冲刺。近日，乐摩科技服务股份有限公 司（以下简称"乐摩科技"）在港交所正式招股。尽管近年来乐摩科技营收保持增长，但增速已明显放 缓，净利润在2024年转为负增长。其业务高度依赖直营模式，贡献八成以上收入，毛利率却仅为30%左 右，而毛利率较高的合伙人模式，规模持续收缩。 值得注意的是，乐摩科技设备数量自2022年的16.71万台快速扩张至2025年前8个月的53.64万台，其中影 院场景集中了80%以上的设备。然而，该场景同期仅贡献26.28%的收入，日均交易量亦持续下滑。在机 器按摩服务市场整体规模有限、需求增长放缓的行业背景下，乐摩科技此番争夺"共享按摩椅第一股"之 位，能否借助资本力量突破增长瓶颈，仍有待市场检验。 净利润承压，营收增速连降 乐摩科技成立于2014年，2016年推出"乐摩吧"品牌，在商业综合体、影院、交通枢纽场所（包括机场、 高铁站等）等消费场景为消费者提供机器按摩服务。目前，该公司已设立超过4.8万个服务网点，投放 设备超过53.3万台，覆盖全国31个省级行政区。 从财务表现来看，乐摩科技营收增长的疲态已现。2022年至2024 ...

机器按摩龙头乐摩科技（02539）的赴港上市征程已进入了冲刺阶段。 11月18日，乐摩科技通过了港交所主板上市聆讯，中信建投（601066）国际、申万宏源香港为其联席保荐人。而在11月25日，乐摩科技正式启动招股，拟全 球发售555.56万股股份，香港公开发售占10%，国际发售占90%。每股发售价27-40港元，每手100股，预期H股将于2025年12月3日(星期三)上午九时正开始 在联交所买卖。 据弗若斯特沙利文数据显示，若按交易额计算，乐摩科技于2022年至2024年连续三个年度在中国机器按摩服务市场中排名第一位。且若按收入计算，乐摩科 技2024年的市场份额位列国内第一名，市场份额超过50%，远超市场中的其他参与者。 但在市场份额行业领先的同时，乐摩科技利润端增长已显疲态。据招股书显示，2022至2024年，乐摩科技的收入分别为3.3亿(人民币，下同)、5.87亿、7.98 亿元，同期的经调整净利润分别为853.4万、9457.8万、1.02亿元，2024年的经调整净利润增速仅7.85%。 且至2025年前8个月，利润端增速的放缓更为明显。报告期内，乐摩科技的收入为6.3亿元，同比增长13.72%，经调 ...

机器按摩龙头乐摩科技(02539)的赴港上市征程已进入了冲刺阶段。 智通财经APP了解到，11月18日，乐摩科技通过了港交所主板上市聆讯，中信建投国际、申万宏源香港 为其联席保荐人。而在11月25日，乐摩科技正式启动招股，拟全球发售555.56万股股份，香港公开发售 占10%，国际发售占90%。每股发售价27-40港元，每手100股，预期H股将于2025年12月3日(星期三)上 午九时正开始在联交所买卖。 据弗若斯特沙利文数据显示，若按交易额计算，乐摩科技于2022年至2024年连续三个年度在中国机器按 摩服务市场中排名第一位。且若按收入计算，乐摩科技2024年的市场份额位列国内第一名，市场份额超 过50%，远超市场中的其他参与者。 但在市场份额行业领先的同时，乐摩科技利润端增长已显疲态。据招股书显示，2022至2024年，乐摩科 技的收入分别为3.3亿(人民币，下同)、5.87亿、7.98亿元，同期的经调整净利润分别为853.4万、9457.8 万、1.02亿元，2024年的经调整净利润增速仅7.85%。 且至2025年前8个月，利润端增速的放缓更为明显。报告期内，乐摩科技的收入为6.3亿元，同比增长 13 ...