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 ...

据港交所11月18日披露，乐摩科技服务股份有限公司(简称：乐摩科技)通过港交所主板上市聆讯，中信建投（601066）国 际、申万宏源香港为其联席保荐人。乐摩科技曾更改名称，此前递表时用名为福建乐摩物联科技股份有限公司。 招股书显示，乐摩科技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。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，集团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%。按收入计，于2024年，集团亦于中国机器按摩市场排名第一，市场份额超 过50%。 于2024年12月31日，中国有10,000余名按摩服务提供商，其中50余名为机器按摩服务提供商。根据弗若斯特沙利文的资 料，按交易额计，2024年中国机器按摩服务市场规模（即人民币27亿元）占2024年中国整体按摩市场（即人民币 5362亿 元）的约0.5%。按交易额及收入计，于2024年，集团在整体按摩市场的市场份额约为0.2%。 乐摩科技于2016年推出"乐摩吧"品牌，致力于在商业综合体、影院、交通枢纽场所（包括机场、高铁站等）等消 ...

智通财经APP获悉，据港交所11月18日披露，乐摩科技服务股份有限公司(简称：乐摩科技)通过港交所主板上市聆讯，中信 建投国际、申万宏源香港为其联席保荐人。乐摩科技曾更改名称，此前递表时用名为福建乐摩物联科技股份有限公司。 乐摩科技的服务网点由2022年12 月31日的21,727个服务网点扩展至2024年12月31日的45,993个服务网点，CAGR约为 45.49%。在消费者覆盖方面，集团拥有稳固的市场地位，于2025年11月15日，累计可识别服务消费者总数超过1.74亿，注 册会员人数超过4,000万名。 根据弗若斯特沙利文报告，于2025年11月15日，在乐摩科技的服务网点覆盖方面，集团已实现以下里程碑：5,318个GFA超 过30,000平方米的商业综合体，约占中国GFA超过30,000平方米商业综合体的70.4%； 904个年票房超过人民币五百万元的 影院，约占中国年票房超过人民币五百万元的影院的35.0%；及24个年人流量超过一千万的机场，约占中国年人流量超过 一千万的机场的60.0%。 财务方面，于2022年度、2023年度、2024年度及2025年截至8月31日止八个月，该公司实现收入分别约 ...

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 - 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]