机器按摩龙头乐摩科技（02539）的赴港上市征程已进入了冲刺阶段。 11月18日，乐摩科技通过了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。而在11月25日，乐摩科技正式启动招股，拟全 球发售555.56万股股份，香港公开发售占10%，国际发售占90%。每股发售价27-40港元，每手100股，预期H股将于2025年12月3日(星期三)上午九时正开始 在联交所买卖。 据弗若斯特沙利文数据显示，若按交易额计算，乐摩科技于2022年至2024年连续三个年度在中国机器按摩服务市场中排名第一位。且若按收入计算，乐摩科 技2024年的市场份额位列国内第一名，市场份额超过50%，远超市场中的其他参与者。 但在市场份额行业领先的同时，乐摩科技利润端增长已显疲态。据招股书显示，2022至2024年，乐摩科技的收入分别为3.3亿(人民币，下同)、5.87亿、7.98 亿元，同期的经调整净利润分别为853.4万、9457.8万、1.02亿元，2024年的经调整净利润增速仅7.85%。 且至2025年前8个月，利润端增速的放缓更为明显。报告期内，乐摩科技的收入为6.3亿元，同比增长13.72%，经调 ...

Core Insights - The 138th China Import and Export Fair (Canton Fair) concluded with impressive results, attracting over 310,000 foreign buyers from 223 countries and regions, marking a 7.5% increase from the previous session, and achieving a record high [1] - The fair generated an intended export transaction volume of $25.65 billion, with over 60% of the transactions involving countries participating in the Belt and Road Initiative [1] - Major cities like Dongguan and Tianjin reported significant intended orders, with Dongguan's delegation achieving $530 million in intended transactions, a 15.2% increase from the last session [1][7] Trade Performance - The fair showcased a strong performance in foreign trade, with companies focusing on technological and brand innovation to adapt to changing market conditions [1] - Guangdong's trade data indicated that in the first three quarters of 2025, China's total import and export volume reached 33.61 trillion yuan, a 4% year-on-year increase, with exports growing by 7.1% [5] Market Trends - The demand for foreign trade is expected to stabilize as the fourth quarter approaches, aided by renewed dialogue on Sino-US trade issues, with projections of over 5% growth in China's total import and export volume for 2025 [2] - Companies are increasingly targeting new markets, with a focus on Southeast Asia and the Middle East, reflecting a diversification in global market strategies [8] Innovation and Product Development - Companies like Guangdong Lingdu Intelligent Technology successfully secured over $1 million in orders by leveraging unique technological advantages in high-risk operational scenarios [6] - The fair highlighted the importance of product innovation, with many exhibitors reporting strong interest in new product lines, such as smart health and wellness products [4][8] Future Outlook - Many companies anticipate stable revenue growth for the year, with expectations of maintaining overseas market revenue levels compared to the previous year, driven by new customer engagements from the fair [9][10] - The Canton Fair serves not only as a trading platform but also as a hub for information exchange, prompting companies to adjust their market strategies based on insights gained during the event [7]