登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 2025年12月26日，深圳市倍轻松（维权）科技股份有限公司（简称：倍轻松，代码：688793）发布《关 于收到中国证券监督管理委员会立案告知书的公告》。称因公司及实际控制人马学军先生涉嫌信息披露 违法违规，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决 定对公司及实际控制人马学军先生立案。 根据《民法典》、《证券法》及最高人民法院的关于虚假陈述民事赔偿司法解释的规定，上市公司、控 股股东、实际控制人、董监高人员及其中介机构等因虚假陈述等的证券欺诈行为导致证券投资者权益受 损的，应承担民事赔偿责任，赔偿范围包括：投资差额、佣金、印花税等。权益受损的证券投资者可以 向有管辖权的法院提起民事赔偿诉讼。 由于倍轻松涉嫌信息披露违法违规，被中国证监会立案调查，为维护证券投资者合法权益，上海汉联律 师事务所宋一欣律师向曾经购 ...

Core Viewpoint - Six listed companies, including ST HuLuWa, ST ChangYuan, ZhenLei Technology, PaiRui Co., and DaYe Intelligent, have been announced to be under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, marking a rare occurrence of multiple companies being investigated simultaneously [1][2][3]. Group 1: Companies Under Investigation - The companies involved are ST HuLuWa, ST ChangYuan, ZhenLei Technology, PaiRui Co., and DaYe Intelligent, all of which have been reported to be under investigation by the CSRC [1][2]. - ST HuLuWa has previously faced investor claims due to inaccuracies in its financial disclosures, particularly regarding its 2023 annual report, which indicated issues with revenue and profit reporting [2][5]. - PaiRui Co. disclosed that it received a notice from the CSRC regarding a sales contract in 2024, which had accounting errors related to revenue recognition [2][5]. Group 2: Legal Implications for Investors - Investors who purchased shares of the aforementioned companies before December 26, 2025, and sold or held them after December 27, 2025, may be eligible for compensation, pending the outcome of the CSRC's administrative penalties [3][6]. - The specific conditions for compensation will be determined after the CSRC issues its administrative penalties, and adjustments may be made based on court rulings [3][6].

Core Viewpoint - The introduction of domestic "trendy" brands into duty-free stores is a significant step towards promoting local brands on a global scale, enhancing their competitiveness and meeting domestic consumer demand for high-quality products [4][5][6]. Group 1: Policy and Implementation - The Ministry of Commerce has officially announced the first batch of 174 domestic "trendy" brands recommended for duty-free stores, covering 19 categories across 26 provinces [5][6]. - This initiative aims to facilitate the entry of quality domestic brands into duty-free channels, which is crucial for expanding domestic demand and boosting consumption [5][6]. - Shenzhen has established a three-dimensional operational model combining "duty-free + tax refund + taxable" to effectively address the operational challenges of domestic products entering duty-free channels [6]. Group 2: Market Impact and Brand Promotion - The duty-free stores serve as a vital platform for showcasing Shenzhen's manufacturing and design to the international market, with brands like Honor and Doctor Glasses demonstrating innovation and high-end appeal [7][8]. - The inclusion of traditional cultural products and time-honored brands revitalizes their market presence, with examples like Liu's bamboo weaving and Tianjin Seagull's mechanical watches highlighting the blend of technology and cultural aesthetics [7][8]. - The overseas retail channels for domestic brands have seen significant growth, with some companies reporting a threefold increase in overseas business compared to the previous year [8].

Core Viewpoint - The company Beiqing Song (倍轻松) is facing significant challenges, including a stock price drop of over 80% since its peak, ongoing financial losses, and a recent investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations [1][6][9]. Group 1: Company Performance - Beiqing Song's stock price fell by 14.68% to 22.61 CNY per share on December 26, following the announcement of the investigation [1][6]. - The company's stock peaked at 185.58 CNY per share on its debut on July 15, 2021, but has since seen a cumulative decline of over 80% [1][6]. - The company reported a net loss of 65.63 million CNY in the first three quarters of 2025, continuing a trend of financial difficulties with a total net loss of 139 million CNY since its listing [1][9]. Group 2: Research and Development - Beiqing Song's R&D investment has stagnated, fluctuating around 58 million CNY from 2022 to 2024, with a decrease to 43.69 million CNY in the first three quarters of 2025 [2][9]. - The company has faced a lawsuit for patent infringement, with claims amounting to millions, although it asserts that its core operations remain unaffected [2][9]. Group 3: Management and Ownership Changes - The actual controller, Ma Xuejun, and the company are under investigation by the CSRC for information disclosure violations, with the company stating that its business activities are still normal [3][6]. - Ma Xuejun recently sold shares worth approximately 64.71 million CNY, reducing his ownership stake from 52.35% to 49.38% [5][6].

截至2025年12月26日收盘，倍轻松(688793)报收于22.61元，下跌14.68%，换手率8.1%，成交量6.97万 手，成交额1.61亿元。 当日关注点 12月26日公开信息显示，深圳市倍轻松科技股份有限公司及董事长马学军因涉嫌违反证券法律法规、信 息披露违规，被中国证券监督管理委员会立案调查。 公司公告汇总 关于收到中国证券监督管理委员会立案告知书的公告 深圳市倍轻松科技股份有限公司于2025年12月25日收到中国证券监督管理委员会下发的《立案告知书》 （编号：证监立案字007202528号），公司及实际控制人马学军先生因涉嫌信息披露违法违规被立案。 目前公司经营正常，将积极配合调查并履行信息披露义务。指定信息披露媒体为上海证券交易所网站和 《上海证券报》《中国证券报》《证券时报》《证券日报》。 交易信息汇总 股价提醒 12月26日倍轻松（688793）收盘报22.61元，跌14.68%，当日成交696.58万元。该股当年累计跌幅 34.48%。前10个交易日主力资金累计净流出95.64万元，股价累计下跌14.48%；融资余额减少191.87万 元，融券余量增加1.13万股。近90天内有4家机构评 ...

Core Insights - Shenzhen Beiliang Technology Co., Ltd. (referred to as "the company") held a staff representative conference on December 26, electing Li Hua, the deputy director of the R&D center, as a staff representative director for the sixth board of directors, with a term until the board's term ends [1] Group 1: Company Overview - The company is a leader in the smart portable massage device industry and a national high-tech enterprise, focusing on health technology for over 20 years, with a core philosophy of "technology empowering health" [1] - The company has built a competitive advantage through a "hardware + service + ecosystem" model, entering a new cycle of high-quality development [1] Group 2: Technological Advancements - As of December 2024, the company holds a total of 1,919 intellectual property rights, with products like SeeX3 and Neck5lite winning the 2024 Red Dot Award and iF Design Award [1] - The company integrates cutting-edge technologies such as laser hair care and traditional Chinese medicine AI models into its products, with R&D investment reaching 43.69 million yuan in the first three quarters of 2025, accounting for 7.92% of revenue [1] Group 3: Market Expansion and Growth Strategies - The company has launched the "Easy Moment" health management brand, upgrading stores to a "technology products + effective massage" model, establishing a three-in-one service system by October 30, 2025, with 15 stores in cities like Shenzhen, Guangzhou, and Xi'an [2] - The company has made significant progress in overseas market expansion, with 79.87 million yuan in overseas revenue in 2024, a year-on-year increase of 9.49%, leveraging platforms like Amazon and TikTok [2] - Despite operational pressures from consumer market conditions, the company is expected to stabilize and recover performance through new business models, overseas channel development, and product category expansion [2]

Core Viewpoint - The company Beilingsong (倍轻松) is under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations of information disclosure laws, which has led to a significant drop in its stock price and raised concerns about its financial stability [2][3]. Company Overview - Beilingsong is a high-tech enterprise focused on the innovation, research, and development of health products, primarily engaged in the design, production, and sales of smart portable health hardware [3]. - The company has a current market capitalization of 1.943 billion yuan [2][3]. Financial Performance - For the first three quarters of 2025, Beilingsong reported a revenue of 552 million yuan, with a net profit attributable to shareholders of -29.51 million yuan in the third quarter [4]. - The company’s actual controller, Ma Xuejun, recently reduced his stake by transferring 2.97% of the total shares, raising approximately 64.71 million yuan [4]. Recent Developments - On December 25, 2025, the CSRC issued a notice of investigation to Beilingsong and its actual controller Ma Xuejun for suspected information disclosure violations [2]. - In response to the investigation, the company stated that its business operations remain normal and it will cooperate with the CSRC [2]. - Prior to the investigation notice, Ma Xuejun executed a significant share sale, contrasting with another major shareholder, Wang Qiaoqing, who decided to terminate a planned share reduction, citing confidence in the company's long-term development [4]. Capital Needs - On December 23, 2025, just two days before the investigation notice, Beilingsong announced the completion of certain fundraising projects and the decision to permanently supplement its working capital with 19.21 million yuan from the remaining funds [5].

Core Viewpoint - The company Beilingsong has been under scrutiny for its information disclosure practices, leading to a formal investigation by the China Securities Regulatory Commission (CSRC) due to suspected violations of disclosure laws [3][6]. Financial Matters - Beilingsong has received inquiry letters from the Shanghai Stock Exchange for three consecutive years since 2022, focusing on key financial issues such as revenue recognition, related party transactions, and capitalization of R&D expenses [2][5]. - On December 25, the company announced that it and its actual controller, Ma Xuejun, received a notice of investigation from the CSRC, which has escalated the regulatory concerns regarding its disclosure quality [3][6]. Shareholder Actions - Ma Xuejun sold 2,552,579 shares of the company on November 20, 2025, raising approximately 64.7 million yuan, which reduced his and his concerted parties' shareholding from 52.35% to 49.38% [4][5]. - The timing of this share reduction, occurring just one month before the formal investigation announcement, has raised questions about potential insider trading and the use of information advantages [5][6]. Legal Issues - On the same day as the investigation announcement, Beilingsong disclosed a significant lawsuit from Japan's Daido Electric Co., claiming infringement of patent rights and seeking 10 million yuan in damages [5]. - The company stated that the products involved in the lawsuit are not core or recently launched products, suggesting limited impact on its operations [5]. Governance Concerns - Ma Xuejun holds multiple roles as the actual controller, chairman, and general manager, leading to concerns about governance structure and potential conflicts of interest [7]. - The concentrated governance structure may result in insufficient decision-making transparency and compromised independence in information disclosure [7][8]. Market Implications - The series of events, including regulatory inquiries, share reductions, and lawsuits, highlight the challenges faced by companies in the fast-evolving market environment, particularly regarding compliance and governance [6][8]. - The case serves as a reminder of the importance of maintaining high standards of disclosure and transparency to protect investor trust and ensure long-term company stability [8].

Group 1 - The core issue revolves around two companies, Beiqingsong and Tiantie Technology, facing severe legal and operational challenges, leading to significant investor anxiety [1][3][5] - Beiqingsong, once a star stock, saw its share price plummet from a peak of 131 yuan to 26.5 yuan, an 80% decline, alongside fluctuating profits, including a net loss of 65.63 million yuan in the first three quarters of 2025 [3] - Tiantie Technology's controlling shareholder, Xu Jiding, was criminally detained, raising concerns about the company's governance structure, which is heavily family-oriented, and its financial performance, which has seen over 700 million yuan in cumulative losses from 2023 to the third quarter of 2025 [5] Group 2 - The A-share market is experiencing a surge in regulatory scrutiny, with 18 cases of forced measures against executives in the first seven months of 2025, a 25% increase year-on-year [7] - Common risks in the A-share market include information disclosure loopholes, moral hazards among controlling shareholders, and vulnerabilities in shareholder structures, particularly in companies with low institutional holdings and high pledge rates [8] - Investors are advised to be proactive in defense, monitoring for financial anomalies and governance issues, and to avoid blindly bottom-fishing in stocks that have been subject to legal investigations [10][11]

Core Viewpoint - The stock price of Beiqing Song, known as the "first stock of smart massage equipment," plummeted by 14.68% following the announcement of an investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1] Group 1: Company Investigation and Financial Issues - Beiqing Song and its actual controller, Ma Xuejun, received a notice of investigation from the CSRC due to suspected information disclosure violations, which has raised compliance concerns [1] - The company reported that its core business operations remain normal during the investigation period, and it will cooperate fully with the CSRC [1] - The investigation is linked to previous disclosures regarding Ma Xuejun's fund occupation, which included borrowing from employees and prepaying suppliers [2][3] Group 2: Financial Performance and Stock Market Reaction - Beiqing Song's market value has dropped to below 2 billion yuan, representing a loss of over 80% from its peak valuation [4] - The company experienced a significant decline in revenue and profit, with a 34.07% year-on-year drop in revenue to 552 million yuan and a net loss of 65.63 million yuan in the first three quarters of the year [6] - The decline in performance is attributed to a contraction in online revenue and inefficiencies in sales expenses, leading to an expanded loss [6] Group 3: Shareholder Actions and Legal Challenges - One month prior to the investigation notice, Ma Xuejun sold 2.55 million shares, raising approximately 64.71 million yuan, reducing his shareholding from 52.35% to 49.38% [5] - Beiqing Song is also facing a lawsuit from Da Dong Electric Industrial Co., Ltd., claiming patent infringement and seeking 10 million yuan in damages [6][7]