Core Viewpoint - The company announced that Oriental Fortune and its concerted party, Oriental Fortune No. 2, will reduce their holdings by 3,433,526 shares, representing a decrease of 2.4525% from November 6, 2025, to January 6, 2026, which will bring their total shareholding below 5% [1] Shareholding Changes - Oriental Fortune and Oriental Fortune No. 2's shareholding will decrease from 10,433,430 shares to 6,999,904 shares [1] - The percentage of total share capital held by these entities will drop from 7.4525% to 4.9999%, thus no longer qualifying as shareholders with over 5% ownership [1] Impact on Company Structure - The reduction in shareholding does not involve any changes to the controlling shareholder or actual controller, and it will not affect the company's operations [1]

Group 1 - The small home appliance sector experienced a decline of 1.23% on January 7, with Beiyikang leading the drop [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] - Key stocks in the small home appliance sector showed mixed performance, with notable gainers including Lek Electric (+1.76%) and Biyi Co. (+1.26%), while Beiyikang fell by 4.71% [2] Group 2 - The small home appliance sector saw a net outflow of 76.92 million yuan from main funds, while retail funds experienced a net inflow of 140 million yuan [2] - Individual stock fund flows indicated that Stone Technology had a net inflow of 18.79 million yuan from main funds, while Beiyikang saw a significant outflow of 75.2 million yuan [3] - The overall market sentiment reflected a cautious approach, with retail investors withdrawing funds from several stocks, including Beiyikang and other small home appliance companies [3]

Group 1 - The core theme of the 2026 CES is "AI deeply integrated into life," showcasing the global attention on health technology, with the company Beike (stock code: 688793) presenting its innovative "Technology × Traditional Chinese Medicine" achievements and global strategy [1] - Beike's globalization journey began with a strategic entry point, opening its first overseas store at Singapore Changi Airport in November 2024, establishing a high-standard brand image and testing operational logic for overseas markets [2] - The company has successfully implemented a replicable and efficient "brand store dealership model" in Thailand, which has led to profitability in Singapore and Malaysia, marking a sustainable development phase and providing stable cash flow for regional expansion [2] Group 2 - As of December 2025, Beike has established a global retail network with 125 standard direct stores, 77 global franchise stores, and over 500 other sales points, creating a comprehensive layout for brand experience and localized service [3] - The introduction of the "Relaxation Moment" sales-service integrated store model has become a second growth engine, combining sales of technology products with massage services, thus transforming the company's identity from a hardware provider to a personalized health solution service provider [3] - The CES participation is a significant milestone for Beike's globalization strategy, showcasing its product strength and brand ambition, with two flagship products addressing global consumer health pain points [4] Group 3 - The management expressed confidence in the company's global leadership ambitions, highlighting the successful validation of the "Technology × Traditional Chinese Medicine" concept in Southeast Asia and the systematic operational capabilities demonstrated through their expansion efforts [6] - Analysts note three core advantages of Beike's globalization path: clear strategy and strong execution, validated profitability models in Singapore and Malaysia, and significant differentiation through the "Technology × Traditional Chinese Medicine" concept [6] - The CES exhibition is expected to enhance the company's brand valuation as a global health technology brand, injecting strong momentum for long-term growth [6]

Core Insights - The article highlights the participation of Chinese health technology leader Beike (stock code: 688793) at the 2026 International Consumer Electronics Show (CES), showcasing its innovative products and global brand strategy [1][5]. Group 1: Product Launch and Innovation - Beike unveiled two flagship products, the AIR3 smart massage device and the See 7R eye care device, emphasizing the integration of AI technology in health solutions [4]. - The AIR3 smart massage device features a unique 5-second quick storage system and AI algorithms for personalized support, redefining travel comfort with its multifunctional capabilities [4]. - The See 7R eye massage device addresses dry eye syndrome through a three-step bionic therapy model, combining advanced technology with professional care techniques [4]. Group 2: Strategic Global Expansion - Beike's presence at CES is a significant step in its global strategy, following its successful market entry in Southeast Asia, including Singapore and Malaysia, where it achieved profitability [5]. - The company plans to implement a "one country, one policy" strategy for market expansion, focusing on both direct sales and franchise models in various Southeast Asian countries [5]. - The CES participation serves as a global validation of Beike's "technology × traditional Chinese medicine" concept and signals its commitment to international growth [5][6]. Group 3: Market Trends and Future Outlook - Industry analysis suggests that Beike is well-positioned to capitalize on the dual trends of global health consumption and AI technology proliferation, with a clear global strategy and proven profitability model [7]. - The CES showcase not only demonstrates Beike's product and technological capabilities but also aims to enhance its brand valuation in the global health technology market [7]. - The ongoing CES event, which runs until January 9, is attracting attention from global partners, media, and consumers, accelerating Beike's journey in the health technology sector [7].

Company Overview - Shenzhen Beiliang Technology Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on July 5, 2000. The company went public on July 15, 2021. It focuses on the innovation, research, and development of health products, primarily engaged in the design, research, production, sales, and service of smart portable massagers [1]. Business Performance - As of January 6, the company's stock price decreased by 5.04%, reaching 23.72 CNY per share, with a trading volume of 64.6552 million CNY and a turnover rate of 3.10%. The total market capitalization is 2.039 billion CNY [1]. - The revenue composition of the company's main business includes: Other (24.24%), Shoulder (22.03%), Head + Scalp (18.10%), Eye (13.08%), Waist and Back (11.99%), and Neck (10.57%) [1]. Fund Holdings - According to data, one fund under Xinhua Fund holds a significant position in Beiliang. The Xinhua Small and Medium-sized Value Selection Mixed Fund (519097) held 27,600 shares in the third quarter, accounting for 1.28% of the fund's net value, making it the second-largest holding. The estimated floating loss today is approximately 34,800 CNY [2]. - The Xinhua Small and Medium-sized Value Selection Mixed Fund (519097) was established on January 28, 2011, with a latest scale of 64.4789 million CNY. Year-to-date returns are 1.09%, ranking 6060 out of 8816 in its category; the one-year return is 54.84%, ranking 1490 out of 8081; and since inception, the return is 368.71% [2]. Fund Management - The fund manager of the Xinhua Small and Medium-sized Value Selection Mixed Fund (519097) is Wang Yongming, who has been in the position for 8 years and 326 days. The total asset size of the fund is 331 million CNY. The best fund return during his tenure is 58.36%, while the worst return is -16.47% [3].

Group 1 - The core viewpoint of the article is that the company, Beiliang, has confirmed that all its business operations are currently running normally [1]

Market Overview - The Shanghai Composite Index closed at 4018.63 points, above the five-day moving average, with an increase of 1.25% [1] - The total trading volume of A-shares reached 24,812.35 billion yuan [1] Stocks Performance - A total of 1,955 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - BeiYikang (18.85% deviation rate, 29.98% increase, latest price 44.96 yuan) [1] - WeiSi Medical (15.01% deviation rate, 20.00% increase, latest price 58.08 yuan) [1] - ChengYiTong (14.78% deviation rate, 19.98% increase, latest price 23.06 yuan) [1] Additional Notable Stocks - Other stocks with significant performance include: - GuanHao Biological (14.72% deviation rate, 20.00% increase, latest price 16.62 yuan) [1] - DiNaiKe (14.64% deviation rate, 20.00% increase, latest price 17.76 yuan) [1] - MeiHao Medical (14.46% deviation rate, 20.00% increase, latest price 28.86 yuan) [1] Trading Metrics - The trading turnover rates for the top performing stocks vary, with BeiYikang at 12.85% and WeiSi Medical at 7.20% [1] - The five-day moving average prices for these stocks range from 14.49 yuan to 282.35 yuan [1][2]

Group 1 - The company has faced significant financial decline, reporting a net profit loss of 65.628 million yuan in the first three quarters of 2025, a staggering year-on-year drop of 600.98% [2] - All three core fundraising projects have been delayed, with nearly 20 million yuan remaining unspent at the conclusion of the R&D center, and the marketing network construction falling short of expectations [2] - The number of offline direct stores has decreased from a peak of 186 to 125, with annual revenue per store halved compared to the 2019 high [2] Group 2 - The company's market value has plummeted, with its stock price dropping from a high of 185.58 yuan per share at the time of listing to 21.88 yuan by December 30, resulting in a cumulative decline of over 88% and a market capitalization of only 1.88 billion yuan, less than 20% of its peak [2] - The company is facing multiple crises, including a lawsuit for patent infringement from Japan's Daido Electric, which is seeking 10 million yuan in damages, alongside regulatory investigations and significant financial losses [2] - The company's high gross margin of over 60% is overshadowed by high expenses, with a sales expense ratio exceeding 60%, raising concerns about its sustainability [4]

Core Viewpoint - The A-share AI application sector is experiencing a significant surge, driven by favorable policies and industry chain developments, leading to increased investment interest in AI applications [3][4]. Group 1: Market Performance - On December 31, A-share AI application stocks saw a strong performance, with companies like BlueFocus and Wanshili hitting a 20% limit up, while others like Nanjing Xingsheng and Zhangyue Technology also recorded significant gains [4]. - The overall market sentiment is positive, with multiple stocks in the AI sector showing robust growth, indicating a strong investor appetite for AI applications [4]. Group 2: Policy Support - The Chongqing Municipal Government has launched the "Starry Sky" action plan to enhance the software and information service industry, focusing on AI applications and intelligent agents to modernize urban governance [6]. - The Ministry of Education plans to advance AI in education, aiming to develop a future-oriented educational system that incorporates AI across various educational stages [7]. Group 3: Industry Developments - Meta has announced a multi-billion dollar acquisition of the parent company of AI application Manus, marking its third-largest acquisition to date, which underscores the growing importance of AI applications in the tech industry [8]. - Multiple brokerage firms are optimistic about the AI application sector's performance in 2026, highlighting the convergence of policy, technology, and demand as key growth drivers [9]. Group 4: Investment Opportunities - Analysts suggest that investment opportunities in the AI industry will expand from hardware to application sectors, with a focus on domestic large models making breakthroughs in various applications [3][9]. - There is a strong recommendation to invest in AI applications across various fields such as content creation, social media, search, proofreading, advertising, education, e-commerce, and finance, as commercialization is expected to accelerate [9]. Group 5: Future Projections - A survey by TechCrunch indicates that most venture capital firms expect an increase in corporate AI budgets by 2026, with a trend towards concentrated investments in fewer partnerships rather than widespread funding [10].

Core Viewpoint - The company Beiqing Song is under scrutiny due to its actual controller being investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a significant decline in its market value and financial performance since its IPO in 2021 [2][16]. Financial Performance - Beiqing Song's market capitalization has decreased to 1.88 billion yuan, down 46.05% from its peak within the year, and over 80% since its IPO [2]. - The company's recent financial reports indicate a revenue decline of 28.51% year-on-year, with a net loss of 29.51 million yuan, marking a 126.43% increase in losses compared to the previous year [17]. - Cumulatively, for the first three quarters, the revenue was 55.2 million yuan, down 34.07%, with a net loss of 65.63 million yuan, representing a 600.98% increase in losses [18]. Corporate Governance Issues - The actual controller, Ma Xuejun, has been involved in fund occupation totaling over 10.9 million yuan through various means, including employee loans and early payments to suppliers [4][7]. - Ma Xuejun also reduced his stake in the company by transferring approximately 2.97% of the total shares for 64.71 million yuan, indicating potential liquidity issues [8][10]. Project Delays and Financial Management - Beiqing Song's last fundraising project was concluded in December, with a remaining balance of 19.21 million yuan from an initial commitment of 88.01 million yuan, reflecting significant project delays and budget discrepancies [12][15]. - The company has faced multiple project delays, with some projects taking over two years longer than planned, and actual investments falling short of initial commitments [15]. Market Position and Strategy - The company has experienced a decline in both domestic and international sales, with revenue from various product lines dropping by over 20%, and shoulder products seeing a staggering 62% decline [19]. - Beiqing Song's strategy to expand its offline retail presence has faltered, with the number of direct stores decreasing from 186 to 125, attributed to declining single-store revenues [24]. - Despite a temporary surge in online sales, particularly through platforms like Douyin, the company has seen a subsequent decline in online direct sales revenue, primarily due to reduced promotional investments [26][27].