深圳商报记者 苑伟斌 倍轻松实际控制人马学军再遭立案调查。2月6日公告显示，马学军不足一个半月两度遭证监会立案，这 意味着马学军或涉多项罪名。 近期，深陷多重困境的倍轻松披露了2025年度业绩预告，公司预计实现归母净利润亏损约8400万元至 1.05亿元。从历史业绩来看，2022年倍轻松在上市次年就首度出现亏损，此后的4年中有3年公司净利润 都为负值。 实控人减持、监管立案、专利诉讼等，这家曾经的"健康智能硬件第一股"风波不断，究竟因何经营至 此？未来修复之路又在何方？ 销售费用占比接近六成 财报显示，2025年前三季度，倍轻松实现营业收入约5.52亿元，同比减少34.07%，同期归母净利润亏损 6562.8万元，大幅缩水600.98%。根据公司披露的预计数据，倍轻松在2025年第四季度归母净利润亏损 大约1827.2万元至3937.2万元，而2024年第四季度公司归母净利润亏损约284.66万元，亏损幅度明显扩 大。 令人费解的是，倍轻松毛利率长期维持在60%左右的高位，2025年前三季度毛利率高达62.1%，却始终 难以实现稳定盈利。这一背后是重营销、轻研发发展模式的长期积弊。数据显示，2022年-202 ...

（文章来源：证券日报） 证券日报网讯 2月12日，倍轻松在互动平台回答投资者提问时表示，公司诉讼情况请关注相关公告。 ...

Core Viewpoint - The company has established a comprehensive operational system for its overseas online business across multiple e-commerce platforms, focusing on high-growth potential markets in Southeast Asia and the Middle East [1] Group 1: Overseas Business Development - The company has built an operational system for overseas online sales that includes platforms such as Amazon, TikTok, AliExpress, Yami, Shopee, and Lazada [1] - The company operates overseas through a dual model of "direct sales and franchising," with strategic business areas covering Europe, the United States, Japan, South Korea, and Southeast Asia [1] - Currently, the company is focusing on high-growth potential regions, particularly Southeast Asia and the Middle East, utilizing a "retail + service" model for important overseas offline experiences [1] Group 2: Franchise and Localization Strategy - The company has opened three experience stores overseas to enhance its presence [1] - In the franchise aspect, the company has successfully developed a benchmark brand store distribution model in the Thai market, focusing on the Southeast Asian region [1] - The company implements localized operational strategies in key overseas business areas to empower its internationalization process comprehensively [1]

Core Viewpoint - The rapid rise and subsequent fall of Beilingsong and its founder Ma Xuejun illustrate the volatile nature of the capital market, where initial success can quickly turn into significant challenges and regulatory scrutiny [1][17]. Company Overview - Beilingsong, founded by Ma Xuejun, transitioned from a small health product company to a publicly listed entity on the STAR Market, achieving a market capitalization of over 100 billion yuan shortly after its IPO [7][10]. - The company initially focused on marketing, heavily investing in celebrity endorsements, which contributed to its rapid growth but also set the stage for future vulnerabilities [11][12]. Regulatory Issues - On December 25, 2025, Beilingsong announced that it and its actual controller Ma Xuejun were under investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations, leading to a 14.68% drop in stock price the following day [2][6]. - This was not the first time the company faced regulatory scrutiny; a self-inspection report revealed that Ma Xuejun had misappropriated 12.08 million yuan of company funds between 2021 and 2022 [4][5]. Financial Performance - Following its IPO, Beilingsong's financial performance deteriorated sharply, with a 24.7% decline in revenue in 2022, resulting in a net loss of 124 million yuan [13][14]. - Despite a revenue rebound to 1.275 billion yuan in 2023, the company continued to incur losses, with a projected net loss of 84 million to 105 million yuan for the entire year of 2025 [14][16]. Marketing Strategy - The company's aggressive marketing strategy, including high-profile endorsements from celebrities like Xiao Zhan and Yi Yang Qianxi, initially drove sales but later raised questions about sustainability and return on investment [11][12]. - Sales expenses remained disproportionately high, reaching 6.88 billion yuan in 2023, which accounted for 54% of revenue, indicating a troubling trend of high costs without corresponding revenue growth [14][16]. Challenges Ahead - As of early 2026, Beilingsong faced multiple challenges, including a significant drop in stock price (over 87% from its peak) and ongoing regulatory pressures [16]. - The company is attempting to pivot towards a new business model focused on "technology products + effective massage," but early results have shown a 34.07% decline in revenue for the first three quarters of 2025 [16].

Core Insights - The company aims to establish 16 "Relax Moment" stores nationwide by December 31, 2025, with a current focus on Shenzhen and expansion into cities like Guangzhou, Xi'an, Chongqing, and Chengdu [2] Group 1: Store Expansion - The company has successfully opened 16 "Relax Moment" stores across various cities, with notable performance in airport and community locations [2] - Future plans include further store expansion into more cities to promote brand growth [2] Group 2: Business Model and Services - The "Relax Moment" stores are utilizing a group buying model to enter the corporate service sector, providing quick massage services for employees [2] - This service aims to help employees relax during busy work schedules, indicating a strategic move towards enhancing employee wellness [2] Group 3: Business Growth Strategy - The company plans to align the "Relax Moment" services with product sales to drive business growth [2]

Core Viewpoint - The company has developed a new business model that combines traditional massage product sales with massage services, enhancing consumer experience and brand loyalty [1] Group 1: Business Model Innovation - The company has created a new business model termed "technology products + quick-effect massage" [1] - This model aims to provide personalized quick-effect massage services, significantly improving consumer experience and meeting diverse needs [1] - The emotional connection between consumers and the brand is strengthened through frequent high-quality service interactions, leading to increased brand recognition and loyalty [1] Group 2: Brand Development - The company has established the "Easy Moment" health management brand under the new model [1] - The revenue model is based on self-developed technology products combined with manual techniques and moxibustion therapy, generating income through quick-effect massage services and product sales [1] - As of December 31, 2025, the company plans to establish 16 "Easy Moment" stores nationwide, indicating initial success [1]

Core Viewpoint - The global massage equipment market is projected to grow from $11.17 billion in 2024 to $24.83 billion by 2032, with a compound annual growth rate (CAGR) of 10.50% during the forecast period [1] Group 1: Company Operations - The company has established a comprehensive online operational system across multiple e-commerce platforms, including Amazon, Walmart (US), TikTok, AliExpress, Yamibuy, Shopee, and Lazada [1] - The company operates in overseas markets through a dual model of direct sales and franchising, focusing on high-growth potential regions such as Southeast Asia and the Middle East [1] - As of now, the company has opened three experience stores overseas, enhancing its retail presence [1] Group 2: Market Strategy - The company has developed a benchmark franchise model in the Thai market, which serves as a successful example for its operations in Southeast Asia [1] - The company implements localized operational strategies in key overseas business areas to support its internationalization process [1]

Core Viewpoint - The actual controller of Beiliangong, Ma Xuejun, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected market manipulation, marking the second investigation within a month [2][5]. Group 1: Company Background - Beiliangong was established in 2001 and went public on the Sci-Tech Innovation Board in July 2021, focusing on the design, research, development, production, sales, and service of smart portable health hardware, including products like neck and eye massagers [2]. - Ma Xuejun has been leading the company since its inception and currently holds a direct shareholding of 37.51%, controlling a total of 49.38% of the company's shares [2]. Group 2: Regulatory Issues - Ma Xuejun has previously faced regulatory inquiries due to fund occupation issues, including the misappropriation of 16.69 million yuan through employee loans and transferring 54 million yuan via related enterprises [3]. - In 2024 alone, the total amount of funds occupied reached 85.93 million yuan, with some amounts still unpaid by the end of the period [4]. Group 3: Financial Performance - Beiliangong reported a revenue of 1.085 billion yuan and a net profit of only 10.25 million yuan in its 2024 annual report, while the 2025 Q3 report indicated total assets of 676 million yuan and liabilities of 398 million yuan, leaving shareholders' equity at 278 million yuan [4]. - The company has faced continuous losses, with a projected net profit loss of 84 million to 105 million yuan for the entire year of 2025, and has received performance inquiry letters from the Shanghai Stock Exchange for four consecutive years, highlighting ongoing issues with information disclosure compliance [4].

Core Viewpoint - The company Beike (688793.SH) is under investigation by the China Securities Regulatory Commission (CSRC) for market manipulation, involving its actual controller and chairman, Ma Xuejun, who has been investigated twice in a short period for various financial misconducts [1][2]. Group 1: Company Background - Beike was established in 2001 and went public on the Sci-Tech Innovation Board in July 2021, focusing on the design, research, development, production, sales, and service of smart portable health hardware, including products like neck and eye massagers [1]. - Ma Xuejun has been the main operator since the company's inception, holding a direct stake of 37.51% and controlling a total of 49.38% of the shares, giving him absolute control over the company [1]. Group 2: Financial Misconduct - Ma Xuejun has been involved in various financial misconducts, including the misappropriation of company funds totaling 16.69 million yuan through employee loans, transferring 54 million yuan via related companies, and prepaying suppliers, with a total of 85.93 million yuan misappropriated in 2024 alone [2]. - The company has also failed to disclose 30 million yuan in illegal guarantees, raising further concerns about its governance [2]. Group 3: Financial Performance - In 2024, Beike reported revenues of 1.085 billion yuan and a net profit of only 10.25 million yuan. By the third quarter of 2025, the company's total assets were 676 million yuan, liabilities were 398 million yuan, and shareholders' equity was reduced to 278 million yuan, with a negative cash flow from operating activities of 28.1 million yuan [3]. - As of February 6, 2026, the company's stock price was 22.71 yuan per share, reflecting a decline of approximately 81.5% from its peak market value, with a total market capitalization of 1.952 billion yuan [3]. Group 4: Regulatory Response - The company stated that the investigation pertains to Ma Xuejun personally and is not expected to significantly impact its daily operations, with Ma continuing to fulfill his duties and the company pledging to cooperate with the regulatory investigation [3].

Core Viewpoint - The A-share market experienced a general decline this week, with the Sci-Tech 50 index falling by 5.8%, while the Northern Securities 50 index saw a smaller decline of 0.7%. The overall performance of the Sci-Tech sector indices was below the weighted median [1][4]. Group 1: Major Events in the Sci-Tech Board - One IPO occurred this week: Shenzhen Beixin Life Technology Co., raising 999 million [11]. - There were 13 new merger and acquisition developments, including the acquisition of 100% equity of Jingyi Integration by Jinghe Integration and the planned capital increase acquisition of Lingming Photon by Zhiyang Innovation [11][35]. - The chairman of Beiqi Technology (688793) received a notice from the CSRC regarding a market manipulation investigation, marking the second time in two months [26]. Group 2: Industry Performance - The internal performance of the Sci-Tech board showed divergence, with the chip design and AI sectors at the bottom, while the new energy sector was one of the few with positive returns [2][28]. - The top ten weight companies on the Sci-Tech board showed mixed results, with Cambrian (688256) dropping by 17.6%, while Zhongwei Company was the only one with positive returns [30]. Group 3: Stock Performance - The top gainers this week included: - Olay New Materials (688530) with a gain of 32.25% - JinkoSolar (688223) with a gain of 31.60% - Hexin Instruments (688622) with a gain of 30.46% [32]. - The top losers included: - Aerospace Hongtu (688066) with a loss of 33.82% - Kaipu Cloud (688228) with a loss of 32.80% - Jucheng Shares (688123) with a loss of 20.26% [33]. Group 4: Trading Volume - The top ten companies by trading volume included: - Cambrian (688256) with a trading volume of 633 million - Lanke Technology (688008) with a trading volume of 464 million - Zhongwei Company (688981) with a trading volume of 272 million [33]. Group 5: Recent Unlocking of Shares - Recent unlocking of shares includes: - Mylan (688273) with an unlocking amount of 2.7 billion on February 11 - Longxun Shares (688486) with an unlocking amount of 4.3 billion on February 24 - Haohan Depth (688292) with an unlocking amount of 1.6 billion on February 24 [34]. Group 6: Fund Analysis - There are over 40 public funds related to the Sci-Tech board, with a total scale exceeding 140 billion, primarily categorized into three types: tracking the Sci-Tech 50 index, tracking the Double Innovation 50 index, and tracking the Sci-Tech board's sub-industry indices [37]. - The largest funds by scale include: - Sci-Tech 50 ETF (588000) with a scale of 76 billion - Sci-Tech Board 50 ETF (588080) with a scale of 70.6 billion [37].