9月25日，中国证监会国际合作司发布《关于乐摩科技服务股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书》，公司拟发行不超过1916.67 万股境外上市普通股并在香港联合交易所上市。公司16名股东拟将所持合计17,670,420股境内未上市股份转为境外上市股份，并在香港联合交易所上市流 通。资料显示，乐摩科技服务股份有限公司曾更改名称，递表时用名为福建乐摩物联科技股份有限公司(简称：乐摩物联)。 据招股书，乐摩物联透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。公司成立于2014年，并于2016年推出"乐摩吧"品 牌，致力于为消费者在商业综合体、影院、交通枢纽场所(包括机场、高铁站等)等消费场景提供机器按摩服务，即消费者扫码付费便可以享受数十分钟的按 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，按交易额计算，该公司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%。以收入计，于2024年，该公司亦于中国机器按摩市场排名第一，市场份额超过50%。 | 序号 | 股东名称 | 申请全流通股数(股) ...

智通财经APP获悉，9月25日，中国证监会国际合作司发布《关于乐摩科技服务股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书》，公司 拟发行不超过1916.67万股境外上市普通股并在香港联合交易所上市。公司16名股东拟将所持合计17,670,420股境内未上市股份转为境外上市股份，并在香港 联合交易所上市流通。资料显示，乐摩科技服务股份有限公司曾更改名称，递表时用名为福建乐摩物联科技股份有限公司(简称：乐摩物联)。 据招股书，乐摩物联透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。公司成立于2014年，并于2016年推出"乐摩吧"品 牌，致力于为消费者在商业综合体、影院、交通枢纽场所(包括机场、高铁站等)等消费场景提供机器按摩服务，即消费者扫码付费便可以享受数十分钟的按 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，按交易额计算，该公司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%。以收入计，于2024年，该公司亦于中国机器按摩市场排名第一，市场份额超过50%。 | 序号 | 股东名称 | ...

Core Viewpoint - LeMoBar is attempting to relist on the Hong Kong Stock Exchange after a six-month hiatus, with plans to use the raised funds for network expansion, technology upgrades, brand awareness, and operational capital [1] Company Performance - LeMoBar's market share in the domestic massage service sector reached 42.9% by transaction volume in 2024, significantly higher than the second-place competitor at 16.6% [2] - Revenue growth slowed from 77.8% in 2022 to 36.0% in 2024, while profit growth plummeted from 1247.6% to -1.8% during the same period [2] - In Q1 2025, total revenue was 221 million yuan, an 18.4% year-on-year increase, but net profit fell by 11.5% to 23.34 million yuan compared to the same period in 2024 [2] Business Model and Challenges - The cinema segment is the primary market for LeMoBar, with 83.4% of its nearly 520,000 massage devices located in cinemas [3] - The average daily transaction volume per device in cinemas was only 0.07 in Q1 2025, compared to 2-3 times in other commercial settings [3] - Despite low profitability in cinemas, LeMoBar increased the number of devices in this segment, adding 47,300 units by mid-2025 [5] Operational Costs and Profitability - The direct operation model has led to rising costs, with service site usage and maintenance costs comprising 88.4% to 91.1% of sales costs from 2022 to Q1 2025, resulting in a decline in gross margin from 34.5% to 28.9% [6] - The partner model, while transferring operational risks, has seen a net decrease of 30 partners since 2022, with only 41 remaining as of Q1 2025 [6][7] Market Outlook - The domestic massage service market is projected to grow at a compound annual growth rate of 15.9% from 2025 to 2029, but certain segments like cinemas and commercial complexes are experiencing a decline [8] - Regulatory pressures may limit the number of massage devices in high-traffic areas, posing potential challenges for LeMoBar's growth strategy [11] Financial Health - LeMoBar has only completed one round of equity financing, with a significant portion of its cash flow tied to short-term borrowings, totaling approximately 45.36 million yuan [12][13] - Despite financial strain, the company distributed dividends totaling 43.75 million yuan from 2023 to 2024, which accounted for 25.3% of net profits during that period [14]

Group 1: IPO Market Highlights - The IPO market has seen significant activity from July 28 to August 1, with the first case of the new Sci-Tech Innovation Board IPO standard being particularly noteworthy [2] - Regulatory bodies continue to advance the review and listing processes for various companies, with several firms submitting applications to the Hong Kong Stock Exchange [2] Group 2: Companies Approved for IPO - Changjiang Energy Technology Co., Ltd. received approval for its IPO application from the Beijing Stock Exchange on July 28, focusing on energy and chemical equipment [3][4] - Delijia Transmission Technology Co., Ltd. was approved for its main board IPO application by the Shanghai Stock Exchange on July 31, specializing in high-speed heavy-duty precision gear transmission products [5] Group 3: Newly Listed Companies - Hanguo Group officially listed on the Shenzhen Stock Exchange on July 30, with an IPO price of 15.43 yuan per share and a market capitalization of 22 billion yuan, showing a strong opening performance [6] Group 4: Companies Submitting IPO Applications - Xinwangda submitted an application for H-share listing on the Hong Kong Stock Exchange on July 30, focusing on lithium battery technology and integrated solutions [7] - Binhua Group announced plans for an H-share issuance and listing on the Hong Kong Stock Exchange on July 29, with a focus on organic and inorganic chemical products [8][9] - Linglong Tire submitted a prospectus for an "A+H" listing, reporting revenues of 170.06 billion yuan in 2022, with a projected increase in subsequent years [12][13] - AIWB Inc., a U.S.-based AI technology company, submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its business in the Asia-Pacific region [14] - Jinyan High-tech submitted an IPO application to the Hong Kong Stock Exchange, focusing on kaolin materials [15] - Lemo IoT applied for a listing on the Hong Kong Stock Exchange, specializing in machine massage services [16] - Shengruan Technology submitted an application for a Hong Kong listing, having previously listed on the New Third Board [17][18] - Zhonghui Biotechnology applied for a listing on the Hong Kong Stock Exchange, focusing on innovative vaccines [19][20] Group 5: Market Dynamics - On July 31, the Shanghai Stock Exchange accepted the IPO application of Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd., marking the first successful acceptance under the new fifth set of listing standards for the Sci-Tech Innovation Board [21]

Core Viewpoint - Fujian Lemo IoT Technology Co., Ltd. (Lemo) has submitted its listing application to the Hong Kong Stock Exchange for the second time this year, with CITIC Securities International and Shenwan Hongyuan Hong Kong as joint sponsors [1] Company Overview - Lemo provides massage services through machine massage equipment located in densely populated public areas across China [3] - The company ranks first among machine massage service providers in China by transaction volume, with market shares of 33.9%, 37.3%, and 42.9% for the years 2022, 2023, and 2024 respectively [3] - By revenue, Lemo is also projected to hold over 50% market share in the Chinese machine massage market in 2024 [3] Market Size and Growth - The machine massage service market in China is expected to reach RMB 2.7 billion in 2024, representing approximately 0.5% of the overall massage market, which is projected to be RMB 536.2 billion [3] - Lemo's market share in the overall massage market is estimated to be around 0.2% in 2024 [3] Service Network Expansion - As of July 18, 2025, Lemo has established over 48,000 service points and deployed more than 535,000 machine massage devices across 31 provincial-level administrative regions and 339 cities in China [4] - The number of service points increased from 21,727 on December 31, 2022, to 45,993 by December 31, 2024, reflecting a compound annual growth rate (CAGR) of approximately 45.49% [4] Consumer Reach - Lemo has a strong market position with over 165 million identifiable service users and more than 32 million registered members as of July 18, 2025 [4] Business Strategy - The company has effectively implemented a business expansion strategy, systematically increasing its service points across various consumer scenarios, including commercial complexes, cinemas, and transportation hubs [6] - Lemo has achieved significant coverage milestones, including 5,132 service points in commercial complexes over 30,000 square meters, 1,237 cinemas with annual box office revenues exceeding RMB 5 million, and 23 airports with annual passenger traffic over 10 million [6] Financial Performance - Lemo's revenue for the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2025, were approximately RMB 330.15 million, RMB 586.84 million, RMB 798.00 million, and RMB 221.07 million respectively [7] - The net profit and total comprehensive income for the same periods were RMB 6.48 million, RMB 87.34 million, RMB 85.81 million, and RMB 23.34 million respectively [7]