证券研究报告 | 行业专题研究 gszqdatemark 2025 07 16 年 月 日 家用电器 新消费洞察系列一：关于新消费业态的思考 服务零售万亿蓝海、持续扩容。我国服务消费占比、发展水平相对较低，服务业拉 动就业规模大，在当前外需承压、内需不足的环境下，大力发展服务消费正当其 时。1）2024 年我国服务业增加值的 GDP 占比为 56.7%，远低于美欧日近年的 60%-80%的水平；2）2024 年中国的人均 GDP 对标日本 1985 年左右水平，此阶 段日本的服务型消费占比快速提升；3）与当年的美日韩市场不同的是，国内赶上 科技互联网的高速发展，服务零售的线上化重塑着人们的体验消费，有望衍生新 的消费业态。 线下零售的困境？受电商冲击，部分产品零售业态近年发展疲软，且线下零售面 临固定成本高（抗风险能力力）），产品服务同质化严重（抗以形成成实复购率）），营 销流量链路损耗大等问题。 我们认为，线下零售业态离不开单店模型——盈利力力、回本周期、进入壁垒。 盈利力力和回本周期决定了店力不力开起来，进入壁垒决定了回报和开店的可持 续性。我们认为成功的新消费业态具备：1）拥有高客单价、高毛利）的产品抗 ...

Core Viewpoint - After its IPO, the company "倍轻松" has experienced significant performance deterioration, raising concerns about the authenticity of its financials due to frequent changes in its CFO and substantial discrepancies in sales expenses before and after listing [1][3][5]. Group 1: Financial Performance - The company reported a drastic change in performance post-IPO, with continuous losses following a period of high revenue growth prior to listing [3][5]. - In 2022, 2023, and 2024, the company achieved revenues of 895 million, 1.275 billion, and 1.085 billion respectively, with net profits of -130 million, -55 million, and -3 million, marking three consecutive years of losses [5][6]. - The company's revenue peaked at 1.275 billion in 2023, but the first quarter of 2025 saw a 32.83% year-on-year decline in revenue [5]. Group 2: Sales Expenses and Employee Compensation - There is a notable discrepancy in sales expenses, with a significant increase in employee compensation post-IPO despite stable sales personnel numbers [19][21]. - The average salary for sales personnel rose from approximately 115,000 before the IPO to around 155,000 after, despite a decline in sales revenue [21][19]. - The company's sales expense ratio has increased dramatically, reaching as high as 54% post-IPO, compared to around 40% before [14][16]. Group 3: Marketing and Revenue Generation - The company has heavily invested in online marketing, with promotional expenses accounting for 64% of total sales expenses in 2023, raising questions about the sustainability of its business model [22][23]. - The online revenue constituted nearly 70% of total sales in 2023, but the high marketing costs have led to unprofitable operations [22][26]. - There are concerns about potential "fake orders" to inflate sales figures, as the company has reported significant promotional spending without corresponding profit [22][26]. Group 4: Corporate Governance and Control - The frequent turnover of the CFO raises red flags regarding corporate governance and financial oversight, with three CFOs in a short span [8][29]. - Allegations have emerged regarding the actual controller's potential misuse of company funds through suppliers, which could further undermine the integrity of financial reporting [29][30]. - The company has been scrutinized for its relationships with suppliers, where funds appear to be funneled to the actual controller, raising concerns about financial transparency [29][31].

证券代码：688793 证券简称：倍轻松 公告编号：2025-050 深圳市倍轻松科技股份有限公司 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： ? 大股东持有的基本情况 本次减持计划实施前，深圳市倍轻松科技股份有限公司（以下简称"公司" 或"倍轻松"）股东宁波倍松投资有限公司（以下简称"宁波倍松"）持有公司 首次公开发行前取得；1,558,714 股为资本公积转增股本所得。5,455,499 股股 份均已于 2024 年 7 月 15 日解除限售并上市流通。具体详见公司于 2024 年 7 月 市流通公告》（公告编号：2024-031）。 ? 减持计划的实施结果情况 股份计划公告》（公告编号：2025-013），宁波倍松作为倍轻松员工持股平台， 因员工个人资金需求，拟根据市场情况通过大宗交易的方式减持其所持有的公司 股份数量合计不超过 1,718,908 股，拟减持股份数量占公司总股本的比例不超过 公司于近日收到宁波倍松出具的《关于减持结果告知函》，截至 2025 年 7 月 10 日，宁波 ...

股东减持股份计划完成暨减持结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 证券代码：688793 证券简称：倍轻松 公告编号：2025-050 深圳市倍轻松科技股份有限公司 2025 年 3 月 25 日，公司披露了《深圳市倍轻松科技股份有限公司股东减持 股份计划公告》（公告编号：2025-013），宁波倍松作为倍轻松员工持股平台， 因员工个人资金需求，拟根据市场情况通过大宗交易的方式减持其所持有的公司 股份数量合计不超过 1,718,908 股，拟减持股份数量占公司总股本的比例不超过 2%。 公司于近日收到宁波倍松出具的《关于减持结果告知函》，截至 2025 年 7 月 10 日，宁波倍松累计已减持公司股份 1,228,228 股，占公司总股本比例为 1.43%，截至本公告披露日，本次减持计划已完成。 1 重要内容提示： 上述减持主体无一致行动人。 大股东持有的基本情况 二、减持计划的实施结果 本次减持计划实施前，深圳市倍轻松科技股份有限公司（以下简称"公司" 或"倍轻松"）股东宁波倍松投资有限公司 ...

Market Review - On July 10, the Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) closed down 0.40%, with major holdings such as Kexing Map leading the decline at 2.55% [1] - The Robot ETF (562500) also closed down 0.36%, with Zhongdali De leading the drop at 3.99% [1] - The trading volume for the day was 496 million yuan, making it the top ETF in terms of trading amount among similar products [1] - The Robot ETF saw a net inflow of 56 million yuan, with 7 out of the last 10 trading days showing net inflows totaling 391 million yuan, leading among comparable funds [1] Hot News - On July 10, XPeng Motors announced the full rollout of its AI Tianji system with new features aimed at enhancing driving experience and safety, including a custom parking function [2] - On the same day, Keling AI launched the Ketu 2.1 model, which significantly upgrades instruction-following capabilities and enhances text generation effects, available for free to all members for 7 days [2] - Tesla applied to operate robot taxis in Phoenix, Arizona, directly competing with Waymo, focusing on a camera-based approach for its autonomous vehicles [2] Institutional Views - According to招商证券, the global large model technology is entering a phase of deep competition, with differentiated development paths in China and the US [3] - Overseas giants like OpenAI, Google, and Anthropic focus on multimodal understanding and complex reasoning capabilities, supported by strong foundational research [3] - Domestic chip manufacturers are advancing the process of domestic substitution, with improvements in databases and development platforms for model training, indicating a positive industry outlook [3] Popular ETFs - The Robot ETF (562500) is the only fund in the market with a scale exceeding 10 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) captures the "singularity moment" of the AI industry with a 20% fluctuation limit and small to mid-cap elasticity [4]

Core Insights - The article highlights the 25-year journey of the company, Beiliqingsong, which has evolved from creating the first eye massager to becoming a leader in the smart portable massager industry, emphasizing the integration of traditional Chinese medicine and modern technology [2][3] Business Focus - The company has maintained a strong focus on the smart portable massager sector, continuously innovating in core technologies such as drive control, sensor interaction, and the Internet of Things, with over 1,000 patents, including nearly 200 invention patents [3] - The company underwent a pivotal transformation by narrowing its product line to portable massagers, which led to increased sales [3] - Beiliqingsong adopts a differentiation strategy rather than a cost-leadership approach, which has helped it avoid homogenization in a competitive market [3] Channel Strategy - The company has developed a comprehensive service system that includes 33 million global users, 6.6 million platform members, and 2.8 million private domain members, expanding from traditional retail to high-end venues and global networks [4] Iterative Innovation - Product iteration and innovation are central to the company's growth, having pioneered an online and offline dual-channel model as early as 2008 and launched the first smart eye massager in collaboration with Alibaba in 2019 [5][6] - The introduction of the "Relax Moment" model combines sales of technology products with immediate massage services, addressing the evolving needs of consumers [6] Collaborative Growth - The company emphasizes continuous product evolution every one to two years, integrating customer feedback to enhance product performance [7] - The company collaborates with medical experts and institutions to ensure that its products are designed based on traditional Chinese medicine principles, validated through extensive clinical trials [7] - The company aims to influence public health positively and maintain a commitment to health and wellness through its products and services [7]

Core Viewpoint - The Shanghai Stock Exchange issued a regulatory letter to Beilong Technology, addressing compliance issues related to the company and its key stakeholders, emphasizing the importance of governance and transparency [1][2]. Group 1: Regulatory Actions - On July 4, the Shanghai Stock Exchange sent a regulatory letter to Beilong Technology, involving the company, its board members, senior management, controlling shareholders, and related intermediaries [1][2]. - The regulatory letter aims to ensure compliance with relevant laws and regulations, promoting corporate governance and transparency [2]. Group 2: Financial Reporting Corrections - Beilong Technology announced a correction to its 2024 annual report on July 4, revealing inaccuracies in the disclosures regarding its top five customers and suppliers, as well as issues related to the actual controller's fund occupation [2]. - The company stated that the corrections would not impact its operating performance for the 2024 fiscal year [2]. Group 3: Internal Control Issues - Beilong Technology disclosed additional information regarding fund occupation and related party borrowing, indicating that there were instances of non-operational fund occupation and violations related to guarantees [3][4]. - The internal control audit report for 2024 identified two significant deficiencies: non-operational fund occupation and improper guarantees [4].

Core Viewpoint - Shenzhen Beiliang Technology Co., Ltd. has transformed from a single massage equipment manufacturer to a health technology ecosystem service provider, establishing a comprehensive health management system covering prevention, detection, intervention, and management [1] Group 1: Business Model and Strategy - The "Relax Moment" project aims to address the limitations of traditional massage products by integrating technology and professional services, creating a new sales and service model that combines smart devices, manual techniques, and traditional Chinese medicine [1][2] - The company plans to pilot the new model of "technology products + quick massage services" in its direct stores starting in 2024, with positive market feedback already observed [2] Group 2: Market Expansion - The company has opened six "Relax Moment" stores across Shenzhen, Guangzhou, and Xi'an by mid-2025, with plans for rapid expansion in the latter half of the year [2] - The overseas market has shown promising results, with the first international store opened in Singapore's Changi Airport in November 2024, and plans to expand into Indonesia and Vietnam, aiming to create a scalable and chain-like brand presence in Southeast Asia [2]

特此公告。 深圳市倍轻松科技股份有限公司董事会 | 证券代码：688793 证券简称：倍轻松 公告编号：2025-049 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 深圳市倍轻松科技股份有限公司 | | | | | | | | 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 | | | | | | | | 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 | | | | | | | | 重要内容提示： | | | | | | | | 本次会议是否有被否决议案：无 | | | | | | ? | | 一、 会议召开和出席情况 | | | | | | | | （一） 股东会召开的时间：2025 年 7 月 | 4 日 | | | | | | | 19 （二） 股东会召开的地点：深圳市南山区创业路 | | 1777 | 号海信南方大厦 | | 楼 | | | （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 | | | | | | | | 其持有表决权数量的情况： | | | | | ...

Group 1 - The legal opinion letter confirms the legality of the convening and holding procedures of the 2025 Second Extraordinary General Meeting of Shenzhen Beiliang Technology Co., Ltd. [1][2] - The meeting was convened by the company's board of directors, with a notice published on June 18, 2025, detailing the time, location, and agenda of the meeting [2][3] - The meeting utilized a combination of on-site and online voting, with specific time slots for voting outlined [3][4] Group 2 - A total of 34 shareholders and their representatives participated in the meeting, holding 44,049,337 shares, which accounted for 52.9544% of the total voting shares [3][4] - The on-site attendees included 3 shareholders representing 43,896,631 shares, or 52.7708% of the voting shares, while 31 shareholders participated via online voting, holding 152,706 shares, or 0.1836% [4][5] - The qualifications of all attendees were verified and deemed valid according to relevant regulations [4][5] Group 3 - The voting process was conducted in accordance with the rules, with no objections raised regarding the results of the on-site voting [5][6] - The voting results showed that the proposal received 44,015,513 votes in favor, representing 99.9232% of the valid votes cast [6] - The meeting's resolutions were passed with more than half of the valid voting shares, confirming the legality of the decisions made [6]