Hong Kong – 20 March 2026 – Lemo Services Co., Ltd. (LEMO SERVICES) released its audited results for the year ended 31 December 2025.
Financial performance • Revenue climbed 13.63% to RMB 906.78 million, driven by network expansion and stronger transaction volumes. • Gross profit grew 6.10% to RMB 305.35 million; Group gross margin slipped to 33.67% (2024: 36.07%) as site fees, new‐equipment costs and staffing expenses outpaced turnover growth. • Profit attributable to equity shareholders rose 9.23% to RMB 93.73 million. • Adjusted net profit (excluding share-based payments and listing expenses) increased 10.07% to RMB 112.35 million. • Basic EPS reached RMB 1.86 (2024: RMB 1.72).
Segment highlights • Direct-Mode mechanical massage services contributed RMB 748.40 million, up 11.9%, accounting for 82.5% of total revenue. • Partner-Mode services delivered RMB 128.03 million, up 12.1%. • Other income streams – including sales of household massage devices, accessories, advertising and equipment sales to partners – doubled to RMB 30.35 million, representing 3.35% of turnover.
Operating metrics (as at 31 Dec 2025) • Installed massage equipment rose 10.0% to 539,443 units, comprising 100,302 chairs (+6.5%) and 439,141 cushions (+10.8%). • Points of service (POS) expanded 8.4% to 49,877 across 338 Chinese cities, with initial forays into Thailand, Indonesia and Hong Kong at pilot scale.
Cash flow and balance sheet • Net operating cash inflow increased 25.2% to RMB 240.84 million. • Year-end cash and cash equivalents surged to RMB 243.87 million (2024: RMB 19.68 million), supported by December’s HKEX listing, which raised net proceeds of HK$ 182.16 million (about RMB 187.08 million). • Net assets doubled to RMB 500.05 million; gearing ratio improved to 12.90% (2024: 26.61%). • Capital expenditure fell 22.9% to RMB 135.44 million, reflecting the equipment life-cycle shift.
Dividend The Board proposes a final dividend of RMB 0.506 per share, amounting to RMB 28.12 million, subject to shareholder approval at the AGM on 18 May 2026. Payment is scheduled for 15 June 2026. Withholding tax arrangements will follow PRC regulations.
Strategic outlook Management plans to deepen domestic capabilities through network optimisation, AI-driven operations, supply-chain enhancement and brand development, while formally launching a global expansion strategy focused on Southeast Asia and other overseas markets.
Regulatory and governance notes The results were reviewed by the Audit Committee and audited by KPMG. The company reported no material acquisitions, disposals or secured assets during the period and held no significant investments as at year-end.
Shares of Lemo Services (stock code 02539) began trading on the Hong Kong Stock Exchange on 3 December 2025. The company confirms compliance with the Hong Kong Corporate Governance Code and Model Code during the reporting period.
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