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 ...

大成中证360互联网+指数A（002236）成立日期2016年2月3日，最新规模7.88亿。今年以来收益 39.52%，同类排名688/4206；近一年收益40.8%，同类排名613/3986；成立以来收益229.06%。 11月26日，融捷健康涨6.13%，截至发稿，报5.02元/股，成交6511.74万元，换手率1.66%，总市值40.36 亿元。 资料显示，融捷健康科技股份有限公司位于安徽省合肥市高新区合欢路34号，成立日期1995年4月21 日，上市日期2011年7月29日，公司主营业务涉及公司以健康产品的产销为主营业务,主要产品有远红外 桑拿房、空气净化器、健身器材、按摩椅以及一些健康小产品。另外投资参股了健康服务及医药产业, 具体为诱导多能干细胞药品研发、远程诊断、健康体检项目。主营业务收入构成为：远红外理疗桑拿房 77.30%，其他13.66%，便携式桑拿产品4.91%，空气净化器4.13%。 从融捷健康十大流通股东角度 数据显示，大成基金旗下1只基金位居融捷健康十大流通股东。大成中证360互联网+指数A（002236） 三季度新进十大流通股东，持有股数364.93万股，占流通股的比例为0.45 ...

Core Viewpoint - Rongtai Health experienced a decline of 5.01% on November 5, with a stock price of 27.14 CNY per share and a total market capitalization of 5.519 billion CNY [1] Company Overview - Shanghai Rongtai Health Technology Co., Ltd. was established on November 15, 2002, and listed on January 11, 2017. The company specializes in the design, research and development, production, and sales of massage equipment [1] - The revenue composition of the company includes: massage chairs 96.12%, small massage appliances 2.59%, other (supplementary) 1.00%, and experiential massage services 0.29% [1] Fund Holdings - One fund under Shangyin Fund holds a significant position in Rongtai Health. The Shangyin Advanced Manufacturing Mixed Initiation A Fund (023158) held 12,700 shares in the third quarter, accounting for 3.42% of the fund's net value, making it the eighth largest holding [2] - The estimated floating loss for the fund today is approximately 18,200 CNY [2] Fund Manager Performance - The fund manager Huang Huang has been in position for 1 year and 349 days, with a total asset scale of 95.6537 million CNY and a best fund return of 24.52% during his tenure [3] - The other fund manager, Zheng Zhong, has been in position for 1 year and 344 days, managing assets of 12.7935 million CNY, with a best fund return of 4.1% and a worst return of -10.47% during his tenure [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 1.148 billion yuan for the first three quarters of 2025, a year-on-year decline of 1.39%. The net profit attributable to the parent company was 111 million yuan, down 22.24% year-on-year, and the net profit after deducting non-recurring gains and losses was 66 million yuan, down 48.28% year-on-year. In Q3 alone, the revenue was 338 million yuan, a decline of 0.43% year-on-year, with a net profit of 25 million yuan, down 18.25% year-on-year, and a net profit after deducting non-recurring gains and losses of 10 million yuan, down 62.32% year-on-year [2][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.148 billion yuan, with a year-on-year decline of 1.39%. The net profit attributable to the parent company was 111 million yuan, down 22.24% year-on-year, and the net profit after deducting non-recurring gains and losses was 66 million yuan, down 48.28% year-on-year. In Q3, the revenue was 338 million yuan, a decline of 0.43% year-on-year, with a net profit of 25 million yuan, down 18.25% year-on-year, and a net profit after deducting non-recurring gains and losses of 10 million yuan, down 62.32% year-on-year [2][5] Market Trends - The revenue decline in Q3 showed a narrowing trend compared to previous quarters, with expectations of growth in domestic and South Korean markets, while the US and Russian markets experienced significant declines. The company has entered a strategic partnership with Meituan for a therapy robot project, aiming to leverage both parties' strengths in health technology and local services [10] Cost and Profitability - The gross margin for Q3 was 31.11%, an increase of 0.69 percentage points year-on-year. However, various expense ratios increased significantly, with sales, management, R&D, and financial expense ratios reaching 14.58%, 6.21%, 7.73%, and 1.34%, respectively, all showing year-on-year increases. The net profit margin attributable to the parent company was 7.54%, down 1.64 percentage points year-on-year [10]

Core Insights - The 8th China International Import Expo (CIIE) has set new records with participation from 155 countries and regions, featuring 4,108 overseas enterprises and an exhibition area exceeding 430,000 square meters, highlighting the event's growing significance in global trade [1] Group 1: Economic Cooperation and Market Access - Malaysian enterprises have utilized CIIE as a platform to access the Chinese market, with over 180 companies participating and more than 700 visiting in the past seven years, showcasing products like the "Durian Express" for rapid delivery [2] - Nigeria has seen increased production and job creation due to participation in CIIE, with local companies gaining insights into the Chinese market and establishing connections with global business partners [2] - Canada has signed agreements worth over 1.6 billion CAD at CIIE, emphasizing the event as a crucial platform for Canadian companies to explore opportunities in the Chinese market [3] Group 2: Innovation and Product Launches - CIIE serves as a launchpad for new products and technologies, with companies like Danone introducing innovative health solutions tailored for the Chinese market, including specialized nutrition products for cancer patients and the elderly [9][10] - OSIM has showcased its latest ergonomic massage chair, integrating AI technology for personalized health management, reflecting the growing trend of health-focused consumer products [12][11] - Fonterra has introduced localized products for the Chinese market, such as cheese and cream tailored to local tastes, demonstrating the importance of market-specific innovation [13] Group 3: Long-term Commitment and Strategic Growth - Companies like Danone and Sanofi have expressed their long-term commitment to the Chinese market, leveraging CIIE to enhance their operational strategies and product offerings [9][14] - The continuous participation of firms like L'Oréal and Fonterra at CIIE illustrates their strategic focus on expanding their presence and adapting to the evolving consumer landscape in China [8][13] - The event has become a vital platform for companies to engage with local consumers and understand market dynamics, fostering a collaborative environment for innovation and growth [5][8]

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]

Core Points - Rongtai Health experienced a decline of 5.02% on November 4, with a stock price of 28.38 yuan per share and a trading volume of 120 million yuan, resulting in a total market capitalization of 5.771 billion yuan [1] - The company, established on November 15, 2002, and listed on January 11, 2017, specializes in the design, research and development, production, and sales of massage equipment [1] - The revenue composition of Rongtai Health includes 96.12% from massage chairs, 2.59% from small massage appliances, 1.00% from other supplementary products, and 0.29% from experiential massage services [1] Fund Holdings - According to data, one fund under China Europe Fund holds a significant position in Rongtai Health, specifically the China Europe Shengshi Growth Mixed Fund (LOF) A (166011), which held 707,100 shares, accounting for 3.59% of the fund's net value, ranking as the tenth largest holding [2] - The fund has reported a floating loss of approximately 1.0606 million yuan as of the latest update [2] - The China Europe Shengshi Growth Mixed Fund (LOF) A was established on March 30, 2015, with a current scale of 583 million yuan, and has achieved a year-to-date return of 24.54%, ranking 3802 out of 8150 in its category [2]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 37.05 CNY for the next 6 months [6]. Core Views - The company has shown signs of recovery in domestic sales due to the old-for-new subsidy policy, while its export sales faced pressure from tariff policies. The expansion into automotive massage seats and rehabilitation robots is expected to drive future growth [2][3][5]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1.15 billion CNY, a year-over-year decrease of 1.4%, and a net profit attributable to shareholders of 110 million CNY, down 22.2% year-over-year. In Q3 alone, revenue was 340 million CNY, a slight decline of 0.4% year-over-year, with a net profit of 30 million CNY, down 18.3% year-over-year [2][4]. - The gross margin for Q3 improved to 31.1%, an increase of 0.7 percentage points year-over-year, attributed to a higher proportion of domestic business. However, the net profit margin decreased to 7.5%, down 1.6 percentage points year-over-year due to increased operating expenses [4]. - The company reported a slight net outflow of operating cash flow in Q3, amounting to -20 million CNY, compared to a positive cash flow of 30 million CNY in the same period last year [4]. Business Development Summary - The domestic sales have shown a significant recovery, with online sales for the company's brands increasing by 82.0% year-over-year in Q3. The company is also focusing on expanding its overseas market, which is expected to rebound [3][5]. - The introduction of the 4D mechanical massage seat in the new Zhiji LS9 model is a notable development, indicating the company's commitment to innovation in the automotive sector [3]. - The company is actively investing in research and development for its automotive massage seat and rehabilitation robot businesses, which are anticipated to create new growth trajectories [5].

Core Viewpoint - Rongtai Health's stock price has experienced significant fluctuations, with a year-to-date increase of 108.42%, but recent declines in the short term raise concerns about its market performance [2]. Stock Performance - As of November 3, Rongtai Health's stock price was 29.50 CNY per share, down 2.03% during the trading session, with a total market capitalization of 5.999 billion CNY [1]. - The stock has seen a decline of 5.78% over the last five trading days, 15.38% over the last 20 days, and 12.07% over the last 60 days [2]. Trading Activity - The net inflow of main funds was 2.5068 million CNY, with large orders accounting for 19.26% of total buying and 16.63% of total selling [1]. - Rongtai Health has appeared on the trading leaderboard nine times this year, with the most recent instance on October 30, where it recorded a net buy of -37.1758 million CNY [2]. Company Overview - Rongtai Health, established on November 15, 2002, and listed on January 11, 2017, specializes in the design, research, production, and sales of massage equipment [2]. - The company's revenue composition includes 96.12% from massage chairs, 2.59% from small massage appliances, and 0.29% from experiential massage services [2]. Financial Performance - For the period from January to September 2025, Rongtai Health reported a revenue of 1.148 billion CNY, a year-on-year decrease of 1.39%, and a net profit attributable to shareholders of 111 million CNY, down 22.24% year-on-year [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 15.59% to 15,500, while the average circulating shares per person decreased by 0.82% [3]. - The company has distributed a total of 880 million CNY in dividends since its A-share listing, with 316 million CNY distributed over the past three years [4].

Summary of Rongtai Health Conference Call Industry and Company Overview - **Company**: Rongtai Health - **Industry**: Health and Wellness Equipment, specifically focusing on massage chairs and robotic applications Key Points and Arguments Domestic Market Performance - Despite the impact of the national subsidy policy withdrawal, online sales have maintained a growth rate of 4% to 50% [2][8] - The Double Eleven shopping festival has positively influenced sales, with high-end massage chair sales expected to turn positive [2][8] - The company remains confident in stable growth for the domestic market next year, assuming no new stimulus policies are introduced [9] Overseas Market Challenges and Strategies - Overall performance in overseas markets has been poor, particularly in the U.S. due to tariff impacts, while the Korean market has shown continuous growth [2][10] - A new factory in Thailand is set to commence production by the end of the year, and the company plans to launch a private brand in the U.S. to mitigate tariff risks [2][10][13] - The company anticipates a rebound in overseas markets next year if tariffs stabilize and the political environment remains favorable [10][13] Research and Development (R&D) Investments - R&D expenses have increased significantly, primarily for automotive seating and robotics, with a total increase of over 10 million yuan compared to last year [11] - The company plans to maintain a consistent proportion of R&D investment to ensure ongoing innovation, although large increases in investment ratios are not expected [11] Automotive Massage Seat Developments - Rongtai Health has partnered with leading companies in the automotive sector, with shipments expected to begin in October 2025 [6][7] - The first vehicle featuring the massage seat is anticipated to launch in November, with at least three new models expected next year [6][7] Robotics Application Progress - The single-arm massage robot product is maturing and has begun small-scale sales, with plans to open model stores in Shanghai in collaboration with Meituan by Q4 2025 [4][7] - The company is optimistic about the massage chair market's potential and aims to leverage acquisitions for growth in the robotics sector [4][7] Financial Performance Insights - In Q3 2025, overall revenue remained flat compared to the previous year, with increased operational costs leading to a noticeable decline in profits [3] - The U.S. market's performance was below expectations, with only a brief improvement during a restocking phase [3] Market Penetration and Brand Strategy - The U.S. massage chair market has significant potential due to low penetration rates, and the company has found local partners to address after-sales and warehousing issues [21] - A new brand will be registered for the U.S. market to better integrate into local culture, with operations expected to start in December 2026 [15] Future Outlook - The company is optimistic about achieving significant growth next year, driven by the potential of the massage chair market and new growth areas like automotive seating and robotics [23] - The strategy includes a focus on mergers and acquisitions to enhance performance and business growth [23] Additional Important Insights - The company has implemented self-subsidy measures for certain models to mitigate the impact of the subsidy withdrawal [22] - The overseas market's performance has been affected by economic conditions, particularly in Europe and Southeast Asia, where competition is intense [14][16][17]