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乐摩吧,共享按摩椅领域的机遇与挑战
Sou Hu Cai Jing· 2025-09-14 01:34
编辑 | 余溯 出品 | 潮起网「加盟指南」 在繁华的商场、熙攘的影院、忙碌的机场和火车站,我们常常能看到一排排列整齐的共享按摩椅,而乐摩吧便是其中颇具影响力的品牌之一。作为福建乐摩 物联科技股份有限公司旗下的明星项目,乐摩吧在共享按摩椅赛道上一路疾驰,试图在港股IPO的舞台上绽放光芒。 我们将深入剖析乐摩吧这一加盟项目,全面梳理其优势与劣势,为有意向加盟的投资者提供详细参考。 乐摩吧的历史 乐摩吧诞生于共享经济蓬勃发展的2016年,创始人谢忠惠有着丰富的商业经验,曾执掌真彩文具销售体系。他与按摩椅行业资深人士韩道虎携手,将目光投 向了当时尚属蓝海的共享按摩椅领域,推出"乐摩吧"品牌。 历经多年发展,乐摩吧已在全国构建起庞大的服务网络。截至2025年7月,其服务网点超过4.8万个,投放按摩设备突破53.5万张,业务覆盖中国大陆31个省 级行政区的339个城市,累计服务可识别用户超1.65亿,注册会员达3200万名。在市场份额方面,按交易额计算,乐摩吧在2021-2023年连续三年稳居中国大 陆智能按摩服务提供商榜首,市场份额从29.4%攀升至37.3%。 乐摩吧的显著优势 经过多年的市场深耕与运营,乐摩吧在消 ...
“才融一轮,就要IPO了”
Sou Hu Cai Jing· 2025-08-03 00:57
Core Viewpoint - LeMo IoT has emerged as a profitable example in the generally loss-making shared economy sector, as it continues to push forward with its IPO plans despite previous setbacks [2][11]. Company Overview - LeMo IoT, originally founded as Fuzhou Zhangchuang Information Technology Co., Ltd. in May 2014, transitioned into the shared massage chair market in 2016 with the launch of its brand "LeMo Bar" [4]. - The company has only undergone one round of financing, raising 50 million yuan in December 2017, which valued it at 400 million yuan, and has since relied on self-generated revenue for expansion [4]. Financial Performance - LeMo IoT reported revenues of 330 million yuan, 587 million yuan, 798 million yuan, 187 million yuan, and 221 million yuan for the years ending December 31, 2022, 2023, 2024, and the first three months of 2024 and 2025, respectively [6]. - The company achieved record highs in revenue and net profit in 2024, with Q1 2025 revenue surpassing the total for 2022 [6]. Market Position - According to Frost & Sullivan, LeMo IoT holds a 42.9% market share in China's machine massage market by transaction value, maintaining the top position for four consecutive years [6]. - The overall machine massage market in China is valued at 2.7 billion yuan, representing only 0.5% of the total massage market, which is worth 536.2 billion yuan, indicating significant growth potential for LeMo IoT [6]. Business Model - The company employs a "direct sales + partner" dual-driven model, allowing for a "light" operational approach under heavy asset conditions [8]. - Directly operated stores account for 71% of total outlets and contribute approximately 84% of revenue, while the partner model involves city partners managing site rental and daily operations, with LeMo IoT providing equipment and systems [10]. - The gross profit margin for the partner model is reported at 74.44% [10]. Operational Footprint - LeMo IoT's operational layout includes three main segments: large commercial complexes with a penetration rate of 69%, cinemas with a ticket revenue exceeding 5 million yuan at 55% penetration, and airports with over 10 million annual visitors at 58% penetration [10].
九个月净赚1亿却遭IPO搁浅:乐摩物联40家分公司注销背后的共享按摩椅困局
Xin Lang Zheng Quan· 2025-07-23 03:25
Core Insights - The core issue is the failure of LeMo IoT's IPO application due to underlying operational and strategic challenges despite claiming a leading market position in China's smart massage service sector with a market share of 37.3% in 2023 [1][2] Financial Performance - LeMo IoT reported a net profit exceeding 100 million yuan in the first three quarters of 2024, a significant increase from 6.48 million yuan in 2022 [2] - The company operates a vast network with 45,000 service points and 500,000 devices across 339 cities [2] Operational Challenges - There has been a drastic reduction in the number of subsidiaries, with 40 out of 56 companies being quietly deregistered, indicating management issues and operational inefficiencies [2] - The revenue structure is heavily reliant on smart massage services, which accounted for 98.22% of total revenue in the first three quarters of 2024, raising concerns about the company's risk exposure [3] Market Dynamics - The smart massage service market has shown stagnation, with a slight increase in market size from 2.34 billion yuan in 2019 to 2.44 billion yuan in 2023, reflecting a compound annual growth rate of only 1.1% [3] - The company's growth in market share is primarily at the expense of competitors rather than from overall market expansion [3] Business Model Issues - The direct operation model contributes 84% of revenue but has a low gross margin of 34.22%, while the partner model, which accounts for only 14% of revenue, boasts a much higher gross margin of 74.44% [3] - High fixed costs associated with direct operations, particularly rent and maintenance, have led to significant pressure on profitability [3] Regulatory and Strategic Context - The company faces scrutiny from regulators due to its financial practices, including substantial dividends paid out despite dwindling cash reserves, which contradicts its stated intentions for IPO fundraising [4] - The tightening of IPO regulations by the Hong Kong Stock Exchange has made it difficult for the company to demonstrate long-term investment value [4] Future Considerations - The failure of the IPO does not end the company's prospects but necessitates a strategic reevaluation, including a shift towards a more profitable partner model and improved cost management [7] - The company must also address governance issues and clarify the rationale behind its subsidiary closures and dividend distributions [7] - Exploring new markets such as corporate health services or home massage equipment may be essential for future growth [7]
共享按摩椅乐摩吧逆势增长之谜:设备数量存疑 订单均价虚高 利益深度绑定
Core Viewpoint - The article discusses the unusual growth of LeMoBa in the shared massage chair market despite a general decline in demand since 2021, raising questions about its business practices and financial disclosures [1][2][3]. Industry Overview - The shared massage chair market in China has seen a significant decline since 2020, with major players like Rongtai Health and Aojiahua experiencing substantial drops in revenue from shared massage services [4][5]. - LeMoBa, however, has reportedly doubled its service points and nearly tripled its equipment count within two years, achieving over 900 million yuan in transaction volume by Q3 2024 [1][6]. Company Background - LeMoBa was founded in late 2016, initially sourcing commercial massage chairs from Honor Health, whose chairman, Wu Jinghua, is the actual founder of LeMoBa [5][6]. - Wu Jinghua transferred his shares to others to avoid conflicts of interest, but he still retained a significant stake in the company [5]. Financial Discrepancies - Investigations revealed discrepancies between LeMoBa's reported equipment deployment and actual observations, with many service points having non-sequential equipment IDs, suggesting potential inflation of numbers [7][8]. - For example, the "Yuanqi Egg" series of massage chairs was reported to have a theoretical deployment of over 32,000 units, but only 531 were found in reality, indicating a significant gap [9]. Revenue Model - LeMoBa's revenue primarily comes from two models: direct sales to consumers and a partner model where local partners manage operations [15]. - The company has implemented a stock incentive plan to bind the interests of city partners closely to its business, raising concerns about the authenticity of reported performance [16][15]. Cost Structure - The company faces high operational costs, including equipment depreciation set at three years, which is aggressive compared to industry standards [26][27]. - The average transaction value per massage chair is insufficient to cover the high costs of rent and equipment maintenance, leading to a financially unsustainable model [24][27]. Market Challenges - The shared massage chair business is under pressure due to declining consumer demand and high operational costs, leading to a situation where revenue does not cover expenses [23][27]. - Despite the initial success and capital interest, the ongoing challenges in the market have led to capital withdrawal and forced buybacks, raising questions about the company's financial health [22][23].