截至2025年11月，公司已在全国31个省级行政区、337座城市设有超48000个服务网点，投放按摩设备超 过533000张。2022年底至2024年底，服务网点数量由21727个增至45993个，年复合增长率约45.49%。 累计可识别服务消费者逾1.74亿人，注册会员超4000万。覆盖约70.4%的大型商业综合体、35%的高票 房影院、60%的高人流机场。 2024年中国机器按摩服务市场规模为27亿元，约占整体按摩市场0.5%；乐摩科技在整体按摩市场中份 额为0.2%。 乐摩科技通过港交所主板上市聆讯，由中信建投（601066）国际和申万宏源香港担任联席保荐人。公司 以"乐摩吧"品牌运营，主营在中国各地公共场所（如商业综合体、影院、交通枢纽）投放按摩椅提供服 务。 2022至2024年，按交易额计，乐摩科技在中国机器按摩服务市场连续三年排名第一，2024年市场份额达 42.9%；按收入计，2024年市场份额超50%。 ...

来源：新浪港股-好仓工作室 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 附招股书链接：[招股书链接将在正式刊发后提供] 公司介绍 乐摩科技成立于2014年，是中国领先的机器按摩服务提供商，通过"乐摩吧"品牌在商业综合体、影院、 交通枢纽（机场、高铁站等）等人流密集场所提供便捷的机器按摩服务。公司采用"直营+合伙人"双轨 经营模式，截至最后实际可行日期，已在全国31个省級行政区及337个城市建立超48,000个服务网点， 投放超533,000台机器按摩设备，累计服务消费者超1.74亿人次，注册会员人数超4,000万名。其自主开 发的LMB Links平台整合了消费者运营、设备运维及业务管理系统，通过数字化技术实现服务网点高 ...

Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing applications for five companies, all of which are seeking to list in Hong Kong [1] Group 1: Company Summaries - **Lemo**: Plans to issue up to 19,166,700 ordinary shares for overseas listing on the Hong Kong Stock Exchange. Lemo is a machine massage service provider with over 48,000 service points and more than 535,000 massage machines deployed as of July 18, 2025. Revenue for 2022 to 2024 is projected at 330 million, 587 million, and 798 million CNY, with corresponding net profits of 6.48 million, 87.34 million, and 85.81 million CNY [3][5] - **Dipu**: Plans to issue up to 115,000,000 ordinary shares for overseas listing on the Hong Kong Stock Exchange. Dipu focuses on providing AI solutions, including big data analysis and enterprise-level model applications, across various sectors. Revenue for 2022 to 2024 is projected at 100 million, 129 million, and 243 million CNY, with corresponding net losses of 655 million, 503 million, and 1.255 billion CNY [5][7] - **Red Star Cold Chain**: Plans to issue up to 26,752,000 ordinary shares for overseas listing on the Hong Kong Stock Exchange. Red Star Cold Chain operates a platform for frozen food trading and storage services. Revenue for 2022 to 2024 is projected at 237 million, 202 million, and 234 million CNY, with corresponding net profits of 79 million, 75 million, and 83 million CNY [7][9] - **Sailis**: Plans to issue up to 331,477,235 ordinary shares for overseas listing on the Hong Kong Stock Exchange. Sailis is a technology-driven automotive company focused on electric vehicles, having launched several models. Revenue for 2022 to 2024 is projected at 34.1 billion, 35.8 billion, and 145.1 billion CNY, with corresponding net losses of 5.2 billion, 4.2 billion, and a net profit of 4.7 billion CNY [9][11] - **Yiteng Pharmaceutical**: Plans to achieve a listing on the Hong Kong Stock Exchange through a merger with Genor Biopharma Holdings Limited, which will issue up to 1,883,972,094 ordinary shares. Yiteng focuses on the R&D, production, and commercialization of biopharmaceutical products across various therapeutic areas. Revenue for 2022 to 2024 is projected at 2.073 billion, 2.304 billion, and 2.546 billion CNY, with corresponding net profits of 306 million, 308 million, and 388 million CNY [11]

Core Insights - The China Securities Regulatory Commission has approved LeMo Technology Service Co., Ltd. for overseas issuance and listing, allowing the company to issue up to 19.17 million shares for listing on the Hong Kong Stock Exchange [1] - The company aims to convert a total of 17,670,420 shares held by 16 shareholders from unlisted domestic shares to overseas listed shares [1] Company Overview - LeMo Technology Service Co., Ltd. provides massage services through machine-operated equipment located in high-traffic public areas across China [3] - Established in 2014, the company launched the "LeMo Bar" brand in 2016, offering consumers the ability to pay via QR code for massage services in commercial complexes, cinemas, and transportation hubs [3] Market Position - According to Frost & Sullivan, LeMo ranks first among all machine massage service providers in China by transaction volume, with market shares of 33.9%, 37.3%, and 42.9% for the years 2022 to 2024 respectively [3] - By revenue, LeMo is also projected to hold over 50% market share in the Chinese machine massage market by 2024 [3] Shareholder Information - A detailed list of shareholders and the number of shares they are converting to full circulation is provided, with the largest shareholder, Xie Zhonghui, holding 1,048,777 shares [4]

Core Insights - The China Securities Regulatory Commission has approved LeMo Technology Service Co., Ltd. to issue up to 19.17 million overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] - The company aims to convert a total of 17,670,420 shares held by 16 shareholders from unlisted domestic shares to overseas listed shares [1] Company Overview - LeMo Technology Service Co., Ltd. provides massage services through machine-operated massage equipment located in high-traffic public areas across China [3] - Established in 2014, the company launched the "LeMo Bar" brand in 2016, offering consumers machine massage services in commercial complexes, cinemas, and transportation hubs such as airports and high-speed rail stations [3] - The company ranks first among all 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] Shareholder Information - A detailed list of shareholders and the number of shares they are applying to convert to full circulation is provided, with the largest shareholder, Xie Zhonghui, holding 1,048,777 shares [4] - The total number of shares applied for full circulation by all shareholders amounts to 17,670,420 shares [4]

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]