Core Viewpoint - Beisiqiong, a smart massage device company, has faced significant challenges since its debut on the STAR Market, including a loss in its first year of listing and an ongoing investigation for information disclosure violations involving its actual controller, Ma Xuejun [1][2]. Group 1: Financial Performance - In 2021, Beisiqiong was hailed as the "first stock of health smart hardware" upon its listing, but it recorded a loss of 124 million yuan in 2022, a decline of 235.46% year-on-year [4]. - The company continued to incur losses in 2023, amounting to 50.87 million yuan, but managed to turn a profit in 2024 with a net profit of 10.25 million yuan [4]. - In the first quarter of 2025, Beisiqiong reported a loss of 1.83 million yuan, which expanded to 36.11 million yuan by the end of the first half of the year [5]. - For the first three quarters of 2025, the company achieved a revenue of 552 million yuan, a year-on-year decline of 34.07%, with a net loss of 65.63 million yuan, a staggering drop of 600.98% [5]. Group 2: Regulatory Issues - Beisiqiong has received performance report inquiry letters from the exchange for four consecutive years, indicating ongoing issues with information disclosure related to its business operations, sales expenses, and internal controls [2]. - The 2024 annual report revealed instances of fund occupation and illegal guarantees, with the internal control audit report issued with an emphasis paragraph by the accounting firm [2]. - The company has acknowledged past occurrences of non-operating fund occupation and illegal guarantees, committing to improve internal management and controls [3]. Group 3: Shareholder Actions - Since June 2023, Beisiqiong's stock price has been on a downward trend, prompting several shareholders to announce share reductions [6]. - From June 17 to July 10, 2023, the employee shareholding platform, Ningbo Beisong Investment Co., Ltd., reduced its holdings by 1.43%, totaling 37.64 million yuan [6]. - On November 20, 2023, Ma Xuejun sold 2.97% of his shares for 64.71 million yuan, reducing his ownership from 40.48% to 37.51% [6].

Core Viewpoint - LeMo Technology (02539.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first publicly traded company in the machine massage service sector, with a strong market response reflected in oversubscription rates and a significant opening price increase [1][3]. Company Overview - LeMo Technology is the leading enterprise in China's machine massage service market, deploying smart massage devices in high-traffic locations such as commercial complexes, cinemas, and transportation hubs, establishing the largest service network in the country [3]. - As of the latest feasible date, the company has set up over 48,000 service points and deployed more than 533,000 massage devices across 31 provincial-level administrative regions and 337 cities [3]. Market Position - According to Frost & Sullivan, the company's market share by transaction value is projected to increase from 33.9% in 2022 to 42.9% in 2024, with expectations to surpass 50% in revenue market share by 2024, solidifying its position as the industry leader [3][4]. - The company has strategically penetrated three core scenarios: placing devices in open areas of commercial complexes, integrating massage mats into cinema seating, and creating dedicated service areas in airports and train stations [3]. Financial Performance - From fiscal year 2022 to 2024, the company's total revenue is expected to grow from 330 million yuan to 798 million yuan, reflecting a compound annual growth rate (CAGR) of 55.6% [4]. - Gross profit is projected to rise from 85.34 million yuan to 288 million yuan, while net profit is anticipated to increase from 6.48 million yuan to 85.81 million yuan [4]. - In the first eight months of 2025, the company has already achieved revenue of 631 million yuan and a net profit of 88.55 million yuan, indicating a continued robust growth trend [4]. Industry Landscape - The Chinese massage service market is highly concentrated, with over 10,000 existing service providers, of which only about 50 are machine massage service providers, with LeMo Technology leading by a significant margin [4]. - The overall market size for machine massage services in China is projected to reach 2.7 billion yuan by 2024, representing 0.5% of the total massage market valued at 536.2 billion yuan [4]. Strategic Initiatives - The company plans to allocate 60% of its IPO funds for network expansion and 20% for technology research and development, aiming to strengthen its technological barriers and market penetration [4]. - The introduction of strategic investors prior to the IPO, including notable institutions, signifies a recognition of the shared massage service model in the capital market [5]. - LeMo Technology is evolving from a service provider to a health lifestyle platform, reshaping the industry ecosystem as it expands its service network into lower-tier cities and develops home massage equipment [5].

从具体场景来看，在商业综合体场景中，乐摩吧通常将智能按摩设备放置在开放式经营区域；在电影 院场景中，乐摩吧通常将智能按摩设备放置在影厅内、影院等候区或售票厅区域；在交通枢纽场景 中，乐摩吧通常将智能按摩设备放置在到达或出发的等候休息区内。 截至2 025 年1月1 5 日 ，乐摩 吧覆盖 4,757个GFA超过30,000平方米的商业综合体，约 占 中 国所有GFA超过30,000平方米商业综合体的70% ；覆盖 1,281个 年票房超过 5 00万的电影院， 约 占 中国年票房超过 5 00万的电影院的50%以上 ；覆盖 20个年客流量超过 1 000万的机场，约 占 中国年客流量超过 1 000万的机场的50%以上。 此外，乐摩吧在2024年年初还创造性地推出了"智能按摩空间"概念——智能按摩空间是针对不同消 费情境，集先进智能按摩设备提供的定制化按摩服务与放松休闲体验场景打造于一体的多维智能按摩 专区。这样的创新源于：传统的设备型按摩服务依赖于按摩设备，仅为消费者提供标准化和碎片化的 休息体验。根据弗若斯特沙利文的报告，随着健康意识的增强和生活水平的提高，定制化健康管理的 需求正在增长。2023年和20 ...