Group 1 - The small home appliance sector increased by 0.35% on July 30, with Rainbow Group leading the gains [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] - Key stocks in the small home appliance sector showed varied performance, with Rainbow Group rising by 5.74% to a closing price of 28.17 [1] Group 2 - On the same day, the small home appliance sector experienced a net outflow of 72.98 million yuan from institutional investors, while retail investors saw a net inflow of 90.09 million yuan [2] - Notable net inflows from retail investors were observed in stocks like Covos and Rainbow Group, despite overall institutional outflows [2] - The data indicates a mixed sentiment among different investor types, with retail investors showing interest in certain stocks while institutional investors withdrew funds [2]

Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly highlighting the white goods segment as undervalued with high dividend yields and stable growth potential [5]. Core Insights - The report emphasizes the impact of government subsidies, with the third batch of 690 billion yuan allocated to support the consumption of old appliances, which is expected to stimulate demand in the home appliance market [4][11]. - The introduction of DJI's first robotic vacuum cleaner, ROMO, marks a significant entry into the market, indicating competitive dynamics in the home appliance sector [12]. - The report notes a general increase in sales volume across various appliance categories, with a particular focus on air conditioners and kitchen appliances, despite a decline in average selling prices [2][3][30][34][36]. Summary by Sections Air Conditioning Data - Online sales of air conditioners reached 9.18 million units in June 2025, a year-on-year increase of 27.9%, while offline sales were 1.032 million units, up 40.4% [2][30]. - The average online price decreased by 5.6% to 2,429 yuan per unit, and the offline average price fell by 2.5% to 4,031 yuan per unit [2][30]. Kitchen Appliance Data - Sales of range hoods increased, with online sales at 565,000 units (up 13.7%) and offline sales at 180,000 units (up 32.8%) in June 2025 [3][34]. - The average online price for range hoods decreased by 2.0% to 1,662 yuan, while the offline price increased by 4.8% to 4,674 yuan [3][34]. - Dishwasher sales also saw growth, with online sales at 192,000 units (up 8.9%) and offline sales at 49,000 units (up 24.3%) [3][36]. Industry Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with the sector index remaining flat while the CSI 300 rose by 1.7% [4][6]. - Key companies such as Marsman and Lek Electric showed significant gains, while others like Huaxiang and Supor faced declines [4][8]. Investment Highlights - The report identifies three main investment themes: 1. White goods benefiting from favorable real estate policies and government incentives [5]. 2. Export-oriented companies like Ousheng Electric and Dechang Co. that are seeing stable income growth [5]. 3. Core component manufacturers like Huaxiang and Sanhua Intelligent Control, which are expected to benefit from increased demand in the white goods sector [5].

Core Viewpoint - The company, Beiliang, is expanding its health management brand "Lighter Moment" to address the shortcomings of traditional massage products and offline experience stores, aiming to meet users' needs for quick relaxation through an innovative service model that combines technology and traditional Chinese medicine [1][2]. Group 1: Company Overview - Beiliang has established 6 "Lighter Moment" stores across major cities such as Shenzhen, Guangzhou, and Xi'an as of June 30, 2025, indicating initial success of the store model [1][3]. - The company plans to create more "Lighter Moment" stores in the future, enhancing its market presence and global influence by integrating technology with service advantages [1][3]. Group 2: Service Model - The "Lighter Moment" brand utilizes a three-in-one service system that combines smart devices, manual techniques, and moxibustion therapy, aiming to provide a comprehensive health management solution that emphasizes technology empowerment, professional service, and immediate experience [2].

Core Viewpoint - The company, Beiliang (688793), is focusing on expanding its innovative health management brand "Qing Song Yi Ke," which combines smart devices, manual techniques, and traditional Chinese medicine to meet consumer demands for immediate relaxation and professional service [2][3]. Group 1: Business Model and Strategy - "Qing Song Yi Ke" aims to address the limitations of traditional massage products and offline stores by providing a comprehensive service system that integrates technology and traditional practices [2]. - As of June 30, 2025, the company has established six "Qing Song Yi Ke" stores across major cities like Shenzhen, Guangzhou, and Xi'an, with plans for further expansion based on market conditions [2]. Group 2: Financial Performance - In Q1 2025, the company reported a main revenue of 197 million yuan, a year-on-year decrease of 32.83%, and a net profit attributable to shareholders of -1.83 million yuan, down 111.74% [3]. - The company's debt ratio stands at 39.98%, with investment income of 479,200 yuan and financial expenses of 333,900 yuan, while maintaining a gross profit margin of 61.24% [3]. Group 3: Market Sentiment and Ratings - Over the past 90 days, six institutions have provided ratings for the stock, with one buy rating, four hold ratings, and one neutral rating [4]. - The stock has seen a net outflow of 17.63 million yuan in financing over the last three months, indicating a decrease in financing balance, while the short-selling balance has increased [5].

Core Viewpoint - The foot massage device industry is experiencing growth driven by increasing health awareness, an aging population, and technological advancements, with the market size expected to reach 446 million yuan in 2024, a year-on-year increase of 6.01% [1][11]. Industry Overview - Foot massage devices are designed to stimulate and relax foot muscles and acupoints, improving fatigue relief, sleep quality, and blood circulation [3][11]. - The industry is supported by a growing elderly population in China, providing a substantial user base for foot massage devices [1][11]. Market Dynamics - The rapid development of e-commerce has made online sales channels a significant direction for foot massage device sales, with platforms like JD.com, Tmall, and Douyin being major contributors [9]. - The e-commerce transaction volume in China is projected to grow from 33.87 trillion yuan in 2019 to 46.41 trillion yuan in 2024, benefiting the foot massage device industry [9]. Competitive Landscape - The foot massage device industry features a diverse competitive landscape, including international brands like Panasonic and domestic leaders such as Beileisong, Aojiahua, and Rongtai Health, alongside numerous small and medium enterprises [13][14]. Industry Chain - The industry chain consists of upstream suppliers providing components and materials, midstream manufacturers producing various types of foot massage devices, and downstream sales channels including online platforms and physical stores [6]. Development Trends - Future trends in the foot massage device industry include the integration of smart features for personalized health monitoring and remote medical guidance [18]. - Customization services are emerging to meet the diverse needs of different consumer groups, enhancing user satisfaction and product competitiveness [19]. Market Demand - There is a growing recognition of proactive health management, leading to increased demand for foot massage devices as tools for muscle relaxation and blood circulation improvement [21].

Investment Rating - The report rates the stock of Beilingsong as "Accumulate" with projected EPS of 0.12 in 2024 and increasing to 0.93 by 2027, indicating a significant growth potential [5]. Core Insights - The service retail sector in China is poised for substantial growth, with a market size reaching 7 trillion yuan, driven by digitalization and changing consumer preferences [21][26]. - The report emphasizes the necessity for offline retail to adapt to the challenges posed by e-commerce, highlighting the importance of unique value propositions and customer experiences [27][32]. - Successful new consumption models must focus on high customer unit prices and integrate products with services to enhance consumer engagement and brand loyalty [2][3]. Summary by Sections Service Retail: A Trillion-Yuan Blue Ocean - China's service retail development level is relatively low, with a GDP contribution of only 56.7% in 2024, compared to 60%-80% in developed countries [10][13]. - The per capita service consumption expenditure in China is projected to reach 46.1% of total consumption in 2024, indicating significant room for growth [10][21]. - The rise of digital platforms has transformed consumer experiences, leading to an exponential increase in service retail market size [25][26]. Offline Retail: Challenges and Breakthroughs - Offline retail faces significant challenges due to e-commerce competition, leading to high fixed costs and product homogenization [27][32]. - Retail models that can achieve high gross margins and customer loyalty are more likely to succeed in the current market [33][36]. New Players in Service Retail - New retail players are emerging by focusing on niche markets and addressing unmet consumer needs, such as the rise of beauty and wellness services [38][39]. - Companies like Xila and Beilingsong are leveraging standardized service models and clear franchise systems to facilitate rapid expansion [46][49]. Key Company Analysis - Beilingsong is transitioning its business model to include both technology products and quick-effect massage services, aiming to enhance customer experience and brand loyalty [4]. - Xila is expanding into scalp care, leveraging its strong brand and supply chain capabilities to become a preferred service provider for families [4].

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]