Core Viewpoint - The shared massage chair industry is experiencing stable market share after initial rapid expansion and subsequent market consolidation, with Fujian Lemo IoT Technology Co., Ltd. (Lemo) applying for a second time for an IPO in Hong Kong, indicating potential growth concerns for the future [1] Group 1: Company Overview - Lemo was established in 2014 and launched the "Lemo Bar" brand in 2016, providing machine massage services in commercial complexes, cinemas, and transportation hubs [2] - The company has over 48,000 service points and more than 535,000 massage machines deployed across 31 provinces and 339 cities in mainland China, with a compound annual growth rate (CAGR) of approximately 45.49% in service points from 2022 to 2024 [2] - As of the last feasible date, Lemo has served over 165 million identifiable users and has over 32 million registered members [2] Group 2: Financial Performance - Lemo's revenue from machine massage services and other sources has shown significant growth, with revenues of 330 million yuan, 587 million yuan, and 798 million yuan for the years 2022, 2023, and 2024 respectively, achieving a doubling of revenue over three years [2] - The company recorded a 77.7% year-on-year revenue increase in 2023, but the growth rate is expected to slow to approximately 36% in 2024 [2] - The net profit surged from 6.48 million yuan in 2022 to 87.34 million yuan in 2023, with a slight decline of 1.8% expected in 2024 [5] Group 3: Revenue Sources and Business Model - By 2024, 98.11% of Lemo's revenue will come from machine massage services, with the remaining revenue from home massage equipment and digital advertising services [3] - The company operates primarily through a direct sales model, which accounts for over 80% of its revenue, while the partner model contributes only 14.31% [4] Group 4: Market Position and Industry Trends - Lemo ranks first among all smart massage service providers in mainland China, with market shares of 33.9%, 37.3%, and 42.9% from 2022 to 2024 [10] - The smart massage service market in China is projected to grow from 1.721 billion yuan in 2020 to 2.707 billion yuan in 2024, with a CAGR of 12.0% [8] - The company’s revenue from commercial complexes, cinemas, airports, and high-speed rail stations accounted for 60.82%, 26.14%, 9.71%, and 1.52% of total revenue respectively by 2024 [10] Group 5: Operational Challenges and Future Outlook - The company faces challenges such as high rental costs, rapid growth in sales costs, and increasing marketing and administrative expenses, which have led to a decline in cash reserves [6][12] - The industry is shifting towards refined operational strategies, with a focus on hygiene, maintenance, and profitability, while long-term growth will depend on technological innovation and cost control [13] - Lemo plans to use the funds raised from the IPO to expand service coverage, enhance technology, and support working capital, aiming to solidify its leading position in the market [13]

Core Viewpoint - The shared massage chair industry is experiencing stable market share after initial rapid expansion and subsequent market consolidation, with Fujian Lemo IoT Technology Co., Ltd. (Lemo) seeking to go public for the second time, indicating potential growth concerns for the future [1][2]. Group 1: Company Overview - Lemo was established in 2014 and launched the "Lemo Bar" brand in 2016, providing machine massage services in various public venues [2]. - The company has over 48,000 service points and more than 535,000 massage machines deployed across 339 cities in China, achieving a compound annual growth rate (CAGR) of approximately 45.49% in service points from 2022 to 2024 [2][9]. - As of the last feasible date, Lemo has served over 165 million identifiable users and has over 32 million registered members [2]. Group 2: Financial Performance - Lemo's revenue from machine massage services is projected to grow from 330 million RMB in 2022 to 798 million RMB in 2024, with a significant increase of 77.7% in 2023 [2][5]. - The company reported a net profit of 648.1 million RMB in 2022, which surged to 87.34 million RMB in 2023, but is expected to slightly decline to 85.81 million RMB in 2024 [5][6]. - The gross profit margin improved from 25.8% in 2022 to 41.8% in 2023, while the net profit margin increased from 2.0% to 14.9% during the same period [6]. Group 3: Market Position - Lemo ranked first among all smart massage service providers in mainland China from 2022 to 2024, with market shares of 33.9%, 37.3%, and 42.9% respectively [9]. - The company holds over 50% market share in the machine massage market as of 2024, indicating strong competitive positioning [9]. Group 4: Operational Insights - Lemo's revenue is primarily derived from machine massage services, accounting for 98.11% of total business by 2024, with the remaining revenue from home massage equipment and digital advertising [3]. - The company operates under two business models: direct operation (71% of service points) and partner model (29%), with the direct model contributing over 80% of revenue [4]. Group 5: Industry Trends and Challenges - The smart massage service market in China is expected to grow from 1.721 billion RMB in 2020 to 2.707 billion RMB in 2024, with a CAGR of 12.0% [7]. - The industry faces challenges such as high rental costs, intense competition for prime locations, and the need to cultivate consumer habits, as over 70% of users engage in occasional use [12]. - The focus is shifting towards refined operational strategies, with an emphasis on hygiene, maintenance, and profitability, while long-term growth will depend on technological innovation and cost control [12].

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange reported that during the week of July 21 to July 27, a total of 9 companies submitted applications, 1 company passed the hearing, and 1 new stock was listed. Company Summaries - **GoerTek Inc.**: Submitted an application on July 21, focusing on smart sensing interaction solutions, particularly acoustic sensors. It is the fifth largest global provider in this sector with a market share of 2.2% and the largest in China. Revenue for 2022 to 2024 was approximately RMB 31.21 billion, RMB 30.01 billion, and RMB 45.36 billion respectively, with net profits of RMB 3.26 billion, RMB 2.89 billion, and RMB 3.09 billion [2][2]. - **Guangdong Tianyu Semiconductor Co., Ltd.**: Submitted an application on July 22, specializing in silicon carbide epitaxial wafers. It holds the top position in China's market with a revenue market share of 30.6%. Revenue for 2022 to 2024 was approximately RMB 4.37 billion, RMB 11.71 billion, and RMB 5.2 billion respectively, with net profits of RMB 281.4 million, RMB 95.88 million, and a loss of RMB 500 million [3][3]. - **Daheng Technology (Shenzhen) Co., Ltd.**: Submitted an application on July 22, known for its folding bicycles, holding a market share of 26.3% in volume and 36.5% in revenue in China. Revenue for 2022 to 2024 was approximately RMB 2.54 billion, RMB 3 billion, and RMB 4.51 billion respectively, with net profits of RMB 314.34 million, RMB 34.85 million, and RMB 52.29 million [4][4]. - **Juzhi Technology Development Co., Ltd.**: Submitted an application on July 23, focusing on baby monitoring products. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 3.48 billion, and RMB 4.62 billion respectively, with net profits of RMB 34.82 million, RMB 63.36 million, and RMB 94.69 million [5][6]. - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Submitted an application on July 24, specializing in vaccines. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [7][7]. - **Fujian Lemo IoT Technology Co., Ltd.**: Submitted an application on July 25, a leader in smart massage services in mainland China, with a market share of 33.9% to 42.9% from 2022 to 2024. Revenue for 2022 to 2024 was approximately RMB 3.30 billion, RMB 5.87 billion, and RMB 7.98 billion respectively, with net profits of RMB 6.48 million, RMB 87.34 million, and RMB 85.81 million [8][8]. - **Anhui Jinyan High Clay New Materials Co., Ltd.**: Submitted an application on July 25, specializing in kaolin materials with a market share of 19.1%. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 2.05 billion, and RMB 2.67 billion respectively, with net profits of RMB 24.42 million, RMB 43.61 million, and RMB 52.60 million [9][9]. - **Shandong Shengruan Technology Co., Ltd.**: Submitted an application on July 26, providing digital solutions for energy and manufacturing sectors. Revenue for 2022 to 2024 was approximately RMB 3.91 billion, RMB 5.02 billion, and RMB 5.25 billion respectively, with net profits of RMB 37.60 million, RMB 53.70 million, and RMB 59.30 million [10][10]. - **AIWB Inc.**: Submitted an application on July 25, focusing on smart building solutions in Texas. Revenue for 2022 to 2024 was approximately USD 103 million, USD 121 million, and USD 105 million respectively, with net losses of USD 347,000, USD 620,000, and USD 531,000 [11][11]. Company Hearing and IPO - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Passed the hearing on July 27, focusing on innovative vaccines with two core products. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [12][12]. - **Vili Zhibo-B (09887.HK)**: Launched an IPO from July 17 to July 22, with a subscription rate of 3494.78 times in the public offering. The stock began trading on July 25 at HKD 67.10, a 91.71% increase [13][14].

Group 1: Company Listings - LeMo IoT submitted its second listing application to the Hong Kong Stock Exchange (HKEX) on July 25, 2023, after a previous application lapsed in January 2025. The company is a leading provider of smart massage services in mainland China, with a market share of 33.9%, 37.3%, and 42.9% from 2022 to 2024 [1] - Jinyan High-Tech also submitted a listing application to HKEX on July 25, 2023, after a previous attempt in January 2025. The company specializes in coal-based kaolin and is the largest producer of precision casting materials in China, holding a market share of 19.1% as of 2024 [2] - Shengruan Technology submitted its second listing application to HKEX on July 25, 2023, following a lapsed application in January 2025. The company provides integrated digital solutions for large and medium-sized energy enterprises and public management institutions [3] - Shouchuang Securities announced its plan to issue H-shares and list on HKEX, aiming to become the 14th member of the "A+H" brokerage group. The company is currently listed on the A-share market and seeks to expand its financing channels through this move [4] Group 2: Market Context - The Hong Kong stock market is experiencing volatility, with the Hang Seng Index down by 1.09% to 25,388.35 points, the Hang Seng Tech Index down by 1.13% to 5,677.90 points, and the National Enterprises Index down by 1.16% to 9,150.49 points as of July 25, 2023 [6]

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 大行 港股｜递交招股书 据IPO早知道消息，大行科工(深圳)股份有限公司（以下简称"大行"）于2025年1月20日正式向港交 所递交招股说明书，拟主板挂牌上市，中信建投国际担任独家保荐人。 成立于1982年的大行现旗下产品组合已覆盖折叠自行车、公路自行车、登山自行车、儿童自行车、 电助力自行车等品类。截至2024年9月30日，大行提供超过70款自行车车型。 根据灼识咨询的资料，按2023年零售量计算，大行在中国内地及全球折叠自行车行业均排行第一， 市场份额分别为21.1%及5.6%。 2022年和2023年，大行的销量分别为148,956辆和156,877辆，增长率为5.3%；2024年前三季 度，大行的销量从2023年同期的115,670辆增加51.5%至175,218辆。 2022年和2023年，大行的营收分别为2.54亿元和3.00亿元，同比增长18.1%；2024年前三季 度，大行的营收从2023年同期的2.22亿元增加58.7%至3.52亿元。 2022年和2023年，大行的净利润分别为 ...

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