倍轻松头顶A股"健康智能硬件第一股"的光环登陆科创板，然而，上市次年就录得亏损。 实际控制人前脚刚套现6400万，后脚就因涉嫌信披违规被立案调查。 12月25日，智能按摩设备企业倍轻松（688793.SH）公告称收到中国证监会下发的《立案告知书》，实 际控制人马学军涉嫌信息披露违法违规，根据相关法律法规，中国证监会决定对公司及实际控制人马学 军立案。 26日，该公司股价大幅下跌14.68%，本周一倍轻松再度下挫，全天跌0.97%，报收22.39元/股。自今年6 月份以来，倍轻松股价震荡下行，年内股价下跌25%，120日跌幅近31%。 此番被立案调查并非毫无预兆，第一财经发现，倍轻松长期存在信息披露问题，曾连续4年收到交易所 发出的业绩报告信息披露监管问询函。 资金占用、违规担保，连续4年遭问询 公告显示，倍轻松连续4年收到交易所发出的业绩报告问询函。具体包括2022年年度报告信息披露监管 问询函、2023年度报告信息披露监管问询函、2024年度报告信息披露监管问询函以及2025年半年度报告 信息披露监管问询函等。 上述监管问询函反复指向倍轻松的经营业务、销售费用、客户与供应商、存货、往来款和内部控制、与 收入 ...

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 ...