Core Viewpoint - The stock of LeMo Technology (2539.HK) surged on its debut, reaching a peak increase of 80.75% to HKD 72.3, following an IPO pricing of HKD 40, indicating strong market interest and demand for the company's shares [1] Company Overview - LeMo Technology is primarily engaged in the research and development of Internet of Things (IoT) technology, operation of shared massage chairs, and internet sales [1] - The company achieved a subscription rate of 7,324.29 times for its public offering and 6.78 times for international placement, reflecting significant investor interest [1] Market Position - According to Frost & Sullivan, LeMo Technology ranks first among all machine massage service providers in China by transaction volume for three consecutive years from 2022 to 2024, with market shares of 33.9%, 37.3%, and 42.9% respectively [1] - By revenue, LeMo Technology is also projected to hold the top position in the Chinese machine massage market in 2024, with a market share exceeding 50% [1] Industry Context - As of December 31, 2024, there are over 10,000 massage service providers in China, with more than 50 being machine massage service providers, indicating a competitive landscape [1]

Core Insights - Shandong Moyang Le Industrial Co., Ltd. has established itself as a benchmark in the shared services sector with 170,000 shared devices nationwide, driven by its corporate culture of "innovation, altruism, responsibility, and win-win" [1][2] - The company initially entered the shared massage chair industry in 2012, capitalizing on the rapid development of high-speed rail in China, and has since evolved its business model to adapt to market demands [1][2] Group 1 - The company has diversified its offerings by entering the shared shopping cart market in 2024, addressing pain points for elderly shoppers and parents with children [1] - Moyang Le has also developed shared electric vehicles for scenic areas, enhancing the visitor experience in over 200 A-level tourist attractions across the country [1][2] Group 2 - In 2025, the shared economy is shifting from "land grabbing" to "refined operations," with Moyang Le focusing on technology, achieving a 92% penetration rate of the Internet of Things (IoT) [2] - The company has 130,000 shared massage chairs serving over 2.3 users daily per chair, 30,000 shared shopping carts in major retail chains, and 10,000 scenic electric vehicles, showcasing its extensive reach [2] - A total investment of 1.3 billion yuan has seen 42% allocated to technology research and development, establishing an IoT intelligent ecosystem [2]

Core Viewpoint - The increasing use of home massage devices and therapy instruments has led to a rise in injuries, particularly among the elderly, highlighting the need for proper usage and precautions [1][6][8] Group 1: Incidents of Injury - A 67-year-old woman suffered five rib fractures after using a massage bed incorrectly, demonstrating the risks associated with improper use of such devices [3][5] - Another elderly man exacerbated his "tennis elbow" condition by using a fascia gun incorrectly, leading to increased pain and swelling [3][4] Group 2: Expert Recommendations - Medical professionals recommend that individuals aged 65 and above should undergo bone density tests before using pressure-based devices, as a significant percentage of this demographic suffers from osteoporosis [6][8] - It is advised to avoid high-pressure devices and instead opt for gentler alternatives, such as low-intensity muscle relaxation instruments [6][8] Group 3: Safety Precautions - Users should be cautious with home therapy devices like infrared lamps and traction belts, as improper use can lead to skin burns or joint instability [5][6] - Shared massage chairs in public places also pose risks due to their design, which can exert excessive pressure on vulnerable areas of the body [5][6] Group 4: Misconceptions - There is a prevalent misconception that "the more pain, the better the effect," which can lead to serious injuries; pain should be seen as a warning sign [6][8] - Home massage devices are intended for relief and should not replace professional medical treatment for underlying conditions [8]

Group 1 - The article discusses the phenomenon of rising fees in various sectors, highlighting a shift from free services to paid ones, which is causing financial strain on consumers [1][16][20] - Schools are increasingly charging for services that were previously free, such as air conditioning and nap areas, leading to concerns about accessibility for students [3][5] - Public spaces are also adapting to this trend, with amenities like massage chairs replacing regular seating in high-traffic areas, generating significant profits for operators [7][9] Group 2 - Tourist attractions are implementing fees for viewing natural sights, effectively monetizing access to scenic locations, which raises questions about the commercialization of public spaces [12][14] - Public transportation is experiencing reduced discounts and increased fees, reflecting a broader trend of cost-cutting measures impacting everyday commuters [14][16] - The article emphasizes that the era of free services is fading, as companies shift towards charging for previously complimentary offerings, often without clear communication to consumers [16][18]

Core Viewpoint - The article discusses the unusual growth of LeMoBa in the shared massage chair market despite a general decline in demand since 2021, raising questions about its business practices and financial disclosures [1][2][3]. Industry Overview - The shared massage chair market in China has seen a significant decline since 2020, with major players like Rongtai Health and Aojiahua experiencing substantial drops in revenue from shared massage services [4][5]. - LeMoBa, however, has reportedly doubled its service points and nearly tripled its equipment count within two years, achieving over 900 million yuan in transaction volume by Q3 2024 [1][6]. Company Background - LeMoBa was founded in late 2016, initially sourcing commercial massage chairs from Honor Health, whose chairman, Wu Jinghua, is the actual founder of LeMoBa [5][6]. - Wu Jinghua transferred his shares to others to avoid conflicts of interest, but he still retained a significant stake in the company [5]. Financial Discrepancies - Investigations revealed discrepancies between LeMoBa's reported equipment deployment and actual observations, with many service points having non-sequential equipment IDs, suggesting potential inflation of numbers [7][8]. - For example, the "Yuanqi Egg" series of massage chairs was reported to have a theoretical deployment of over 32,000 units, but only 531 were found in reality, indicating a significant gap [9]. Revenue Model - LeMoBa's revenue primarily comes from two models: direct sales to consumers and a partner model where local partners manage operations [15]. - The company has implemented a stock incentive plan to bind the interests of city partners closely to its business, raising concerns about the authenticity of reported performance [16][15]. Cost Structure - The company faces high operational costs, including equipment depreciation set at three years, which is aggressive compared to industry standards [26][27]. - The average transaction value per massage chair is insufficient to cover the high costs of rent and equipment maintenance, leading to a financially unsustainable model [24][27]. Market Challenges - The shared massage chair business is under pressure due to declining consumer demand and high operational costs, leading to a situation where revenue does not cover expenses [23][27]. - Despite the initial success and capital interest, the ongoing challenges in the market have led to capital withdrawal and forced buybacks, raising questions about the company's financial health [22][23].