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 - 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 amid growth concerns [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 31 provinces and 339 cities in mainland China [2]. - Lemo's service points grew from 21,727 in 2022 to 45,993 by the end of 2024, representing a compound annual growth rate (CAGR) of approximately 45.49% [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, achieving a doubling of revenue over three years [2][3]. - The company reported a revenue increase of 77.7% in 2023, but the growth rate is expected to slow to approximately 36% in 2024 [2]. - Lemo's net profit surged from 6.48 million RMB in 2022 to 87.34 million RMB in 2023, with a slight decline to 85.81 million RMB in 2024 [3]. Group 3: Market Position - Lemo holds the largest market share in China's smart massage service sector, with market shares of 33.9%, 37.3%, and 42.9% from 2022 to 2024 [5]. - The company ranks first in the machine massage market with over 50% market share in 2024 [5]. - The smart massage service market in China is expected to grow from 17.21 billion RMB in 2020 to 27.07 billion RMB in 2024, with a CAGR of 12.0% [5]. Group 4: Operational Challenges - The company faces cost pressures, with sales costs increasing by 49.4% in 2024, outpacing revenue growth [4]. - Marketing expenses grew by 47.6% and administrative costs by 57.6% in 2024, indicating rapid expense growth [4]. - The cash and cash equivalents held by Lemo decreased to 19.68 million RMB by the end of 2024, highlighting a need for capital replenishment [4]. Group 5: Future Outlook - The company plans to use IPO proceeds to expand service point coverage, enhance technology, and support working capital [7]. - The industry is shifting towards refined operational strategies, with a focus on user experience and cost control as key challenges [7]. - Lemo's ability to maintain its leading position and explore transformation paths will be crucial for future growth [7].

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].

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]