New Stock News | Lemao IoT submitted its second application to the Hong Kong Stock Exchange this year, ranking first among all machine massage service providers in China.

According to the disclosure on July 25 by the Hong Kong Stock Exchange, Fujian Lemo IoT Technology Co., Ltd. (referred to as Lemo IoT) has submitted its application for listing on the main board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. International and Shenwan Hongyuan Group Hong Kong as its joint sponsors. This is the second time the company has submitted its application this year. According to the prospectus, Lemo IoT provides massage services through massage devices located in various public places with dense human traffic in China. According to data from Frost & Sullivan, for the three consecutive years from 2022 to 2024, the company ranked first among all machine massage service providers in China based on transaction volume, with market shares of 33.9%, 37.3%, and 42.9% respectively. In terms of revenue, in 2024, the company also ranked first in the Chinese machine massage market with a market share of over 50%. As of December 31, 2024, there were over 10,000 massage service providers in China, with over 50 being machine massage service providers. According to data from Frost & Sullivan, the market size of the Chinese machine massage service market in 2024 (RMB 2.7 billion) accounted for about 0.5% of the overall massage market in China in 2024 (RMB 536.2 billion) based on transaction volume. In terms of transaction volume and revenue, the Group's market share in the overall massage market in 2024 was about 0.2%. The company launched the "Lemo Bar" brand in 2016, dedicated to providing machine massage services to consumers in commercial complexes, cinemas, transportation hubs, and other consumption scenes. As of July 18, 2025, the company had established over 48,000 service points for machine massage services, deployed over 535,000 machine massage devices, covering 31 provincial-level administrative regions and 339 cities in mainland China. The company's service points expanded from 21,727 as of December 31, 2022 to 45,993 as of December 31, 2024, with a CAGR of about 45.49%. In terms of consumer coverage, the company has a solid market position, with over 165 million identifiable service users and over 3.2 million registered members as of July 18, 2025. The company has implemented an effective business expansion strategy, systematically expanding service points nationwide. The company's service points are distributed in various consumption scenes, including commercial complexes, cinemas, transportation hubs, and other scenarios. In commercial complexes, the company places service points for machine massage services in open operating areas such as courtyards and corridors. In cinemas, machine massage pads are installed on the seat backs in the cinema halls, or service points for machine massage services are placed in the waiting areas or ticketing areas. In transportation hubs, service points for machine massage services are placed in waiting lounges for arrivals or departures. According to a report from Frost & Sullivan, as of July 18, 2025, the company had achieved the following milestones in its service point network coverage: 5,132 commercial complexes with a GFA of over 30,000 square meters, accounting for about 69.0% of commercial complexes in China with a GFA of over 30,000 square meters; 1,237 cinemas with annual box office revenue exceeding RMB 5 million, accounting for about 55.0% of cinemas in China with annual box office revenue exceeding RMB 5 million; and 23 airports with annual passenger traffic exceeding 10 million, accounting for about 58.0% of airports in China with annual passenger traffic exceeding 10 million. Financially, the company achieved revenue of approximately RMB 330 million, RMB 587 million, RMB 798 million, and RMB 221 million in the years 2022, 2023, 2024, and the three months ending March 31, 2025, respectively. During the same period, the net profit and comprehensive income totaled RMB 6.481 million, RMB 87.34 million, RMB 85.807 million, and RMB 23.338 million respectively.