证券研究报告 小家电Ⅲ 投资评级 买入-A 维持评级 6 个月目标价 37.62 元 股价 (2024-08-26) 31.49 元 交易数据 总市值(百万元) 2,706.42 流通市值(百万元) 2,706.42 总股本(百万股) 85.95 流通股本(百万股) 85.95 12 个月价格区间 25.0/39.69 元 升幅% 1M 3M 12M 相对收益 4.4 10.7 3.1 绝对收益 1.9 3.0 -7.3 李奕臻 分析师 相关报告 Q1 经营明显改善，业绩实现 扭亏 2024-04-25 [Table_Finance1] (亿元) 2022A 2023A 2024E 2025E 2026E 主营收入 9.0 12.7 13.4 16.8 20.3 净利润 -1.2 -0.5 0.7 1.3 1.7 每股收益(元) -1.45 -0.59 0.84 1.56 2.01 每股净资产(元) 5.50 4.71 5.79 6.88 8.29 公司快报 2024 年 08 月 27 日 倍轻松(688793.SH) Q2 经营效率提升，费用率下降 事件：倍轻松公布 2024 年半年度报告。公司 2024 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥603.53 million, representing a year-on-year increase of 0.69% compared to ¥599.40 million in the same period last year[14]. - The net profit attributable to shareholders of the listed company was approximately ¥26.13 million, a significant recovery from a loss of ¥25.35 million in the same period last year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥24.10 million, compared to a loss of ¥29.20 million in the previous year[14]. - The net cash flow from operating activities for the first half of 2024 was approximately ¥59.10 million, down 18.96% from ¥72.92 million in the same period last year[15]. - The total assets of the company at the end of the reporting period were approximately ¥791.61 million, an increase of 5.75% from ¥748.59 million at the end of the previous year[15]. - The net assets attributable to shareholders of the listed company decreased by 2.99% to approximately ¥392.56 million from ¥404.65 million at the end of the previous year[15]. - The company's operating costs decreased by 3.84% to approximately ¥230.41 million from ¥239.61 million in the previous year[60]. - Sales expenses decreased by 10.91% to approximately ¥296.07 million, down from ¥332.30 million in the same period last year[60]. - The company reported a basic earnings per share of ¥0.31 for the first half of 2024, compared to a loss of ¥0.30 per share in the same period of 2023[133]. - The total comprehensive income for the first half of 2024 was ¥26,074,518.32, a recovery from a loss of ¥25,162,931.58 in the same period of 2023[133]. Research and Development - The company's R&D investment accounted for 5.11% of operating revenue, an increase of 0.69 percentage points compared to the same period last year[16]. - The company achieved a total R&D investment of ¥30,857,435.91, representing a 16.53% increase compared to ¥26,479,522.56 in the same period last year[37]. - The company has accumulated a total of 1,868 intellectual property rights, including 842 authorized patents, with 189 invention patents and 373 utility model patents[30]. - The company has launched four major systems: Breo SuperBionic, Breo HyperMotion, Breo TCMDT, and Breo Pro-Health-M, enhancing its technological capabilities in the smart portable massager field[30]. - The company has implemented a new R&D management organization, focusing on rapid product development and market responsiveness to maintain its leading position[30]. - The R&D personnel count increased to 122, representing 12.60% of the total workforce, up from 10.75% in the previous year[43]. - The company invested a total of ¥28,598,527.43 in R&D projects during the first half of 2024, with a cumulative investment of ¥84,430,416.34 across all projects[42]. Market and Product Development - The global massage product market is expected to grow at a compound annual growth rate (CAGR) of 8.15% from 2021 to 2024, reaching nearly 23.6 billion USD by 2026[22]. - The Chinese massage product market is projected to reach 39.5 billion RMB by 2029, driven by rising disposable income and health awareness[24]. - The company focuses on the innovation of health products, particularly smart portable massagers that integrate advanced technologies with traditional Chinese medicine[19]. - The market for small massage devices is expanding rapidly, with a significant shift towards portable and flexible products that cater to younger consumers[20]. - The company is positioned to benefit from government policies promoting the development of smart health electronic products and the integration of new technologies in the health industry[21]. - The product matrix has been further enriched in 2024, with new products receiving positive market feedback, including the Scalp3 and iSee J plus, which ranked TOP1 in market share[51]. - The company is actively developing AI technology in traditional Chinese medicine, forming a "cloud-management-end-body" ecosystem for health monitoring and intervention[51]. - The company has established partnerships with research institutions and leading tech companies to accelerate core technology innovation and product development[30]. Financial Management and Risks - The company has outlined various risks and countermeasures in its report, emphasizing the importance of risk management in its operations[3]. - The report includes a forward-looking statement regarding the company's operational plans and development strategies, cautioning investors about potential risks[8]. - The company faces risks related to high sales expense ratios, which may impact operating performance if not managed effectively[54]. - The company is also at risk of declining gross margins due to potential increases in raw material prices and intensified industry competition[54]. - The company has not disclosed any plans for profit distribution or capital reserve transfer during this reporting period[4]. - There are no significant non-operating fund occupations by controlling shareholders or related parties reported[4]. Sustainability and Compliance - The company has established a reliable wastewater and waste gas treatment system, ensuring compliance with national and local environmental regulations without any exceedance of discharge standards[73]. - The company has implemented carbon reduction measures, including standardizing product packaging and streamlining internal components, achieving both environmental protection and cost reduction[75]. - The company has passed the ISO14001:2015 environmental management system certification, fulfilling its corresponding responsibilities according to the system standards[74]. - The management emphasized the importance of maintaining compliance with regulatory requirements during the expansion phase[84]. Shareholder and Governance - The company has committed to stabilizing its stock price and will take specific measures if the stock price falls below the audited net asset value per share for 20 consecutive trading days[85]. - The company will publicly explain the reasons for not taking stock price stabilization measures and apologize to shareholders if such measures are not implemented[86]. - The company will compensate investors for losses caused by any failure to fulfill public commitments related to stock price stabilization[88]. - The company has established a three-year plan for stock price stabilization following its initial public offering[85]. - The company committed to ensuring the accuracy and completeness of its IPO documents, with legal responsibilities for any misleading statements or omissions[89]. Legal and Regulatory Matters - The company has no major litigation or arbitration matters pending during the reporting period[101]. - The company has ensured compliance with relevant regulations regarding stock trading during the shareholding increase plan[99]. - The company has disclosed accurate and complete shareholder information in the issuance documents[98]. - The company has not engaged in any improper benefit transfers through its equity[99]. Future Outlook - The company provided guidance for the second half of 2024, expecting revenue to grow by an additional 20% compared to the first half[82]. - New product launches are anticipated to contribute an estimated 300 million RMB in additional revenue by Q4 2024[83]. - The company is actively pursuing market expansion strategies, targeting three new international markets by the end of 2024[95]. - A new marketing strategy is set to roll out in Q3 2024, aiming to increase brand awareness by 40%[82].

深圳市倍轻松科技股份有限公司 关于 2024 年半年度募集资金年度存放与使用情况的 专项报告 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管理 和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）和上海证券交易所印发 的《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》（2023 年 12 月 修订）的规定，将本公司 2024 年半年度募集资金存放与使用情况专项说明如下。 一、募集资金基本情况 金额单位：人民币万元 | 项 目 | 序号 | 金 额 | | --- | --- | --- | | 利息收入净额 | D2=B2+C2 | 789.83 | | 应结余募集资金 | E=A-D1+D2 | 10,135.83 | | 实际结余募集资金 | F | 10,135.83 | | 差异 | G=E-F | 0.00 | 根据《管理办法》，本公司对募集资金实行专户存储，在银行设立募集资金专户，并 连同保荐机构国投证券股份有限公司分别于 2021 年 10 月 28 日与建设银行罗湖支行、2021 年 7 月 12 日与民生银行桃园支行、202 ...

本公司监事会及全体监事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。 一、监事会会议召开情况 深圳市倍轻松科技股份有限公司（以下简称"倍轻松"或"公司"）第六届 监事会第三次会议于 2024 年 08 月 23 日在深圳市南山区创业路 1777 号海信南方 大厦 19 楼以现场表决方式召开，会议通知于 2024 年 08 月 09 日以邮件形式送达 公司全体监事。本次会议由监事会主席蔡金发先生召集并主持，会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集、召开符合《中华人民共和国公司法》 （以下简称《公司法》）等法律、法规和《深圳市倍轻松科技股份有限公司章程》 （以下简称《公司章程》）的有关规定，会议决议合法有效。 二、监事会会议审议情况 经全体监事表决，形成决议如下： （一）、审议通过《关于 2024 年半年度报告及其摘要的议案》 证券代码：688793 证券简称：倍轻松 公告编号：2024-034 深圳市倍轻松科技股份有限公司 第六届监事会第三次会议决议公告 具体内容详见公司于同日刊登在上海证券交易所网站（www.sse.com. ...

关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事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、准确性和完整性承担法律责任。 重要内容提示： 一、 回购审批情况和回购方案内容 公司于 2024 年 01 月 29 日召开第六届董事会第三次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》。同意公司使用自有资金或自筹资 金以集中竞价交易的方式回购公司股份，本次回购的股份将全部用于实施员工持 股计划、股权激励计划，回购的资金总额不低于人民币 2,500.00 万元（含），不 超过 5,000.00 万元（含），回购价格不超过 49.36 元/股（含），回购期限为自公 司董事会审议通过本次回购方案之日起 6 个月内。具体内容详见公司于 2024 年 01 月 31 日、2024 年 02 月 02 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于以集中竞价交易方式回购股份方案的公告》（公告编号：2024-006）、《关于以集 证券代码：688793 证券简称：倍轻松 公告编号：2024-033 深圳市倍轻松科技股份有限公司 | 回购方案 ...

非常感谢各位投资人对我们非轻松金融情况的高度的关注今天我是公司的财务总监财务组的人赵宏云我跟我们董事长今天就公司的一些近期情况做个交流首先是我简单介绍一下公司的一些情况也是有一些都是近期的近期的情况主要是2024年 上半年一些情况首先是公司在2023年应该说是取得了较好的成绩通过全体同仁的努力在营收利润增长利润大幅缩减亏损的情况下2024年一季度我们实现了业绩的快速增长三位数同时也实现了业绩的转正那么同时我们在 20年一季度我们从眼部头皮腰背肩部整体来看都实现了快速的增长尤其我们的肩部实现了升位数的增长占比整个销售总值达到了34.39%也就是我们出现了单品 同时我们在海外的销售来看我们的今年比去年同期开增长比例在一季度实现了42.89%的销售额增长但有整个的比例来看虽然不是很大但是已经相对于销售总额提升了一个点从去年的4%增加到了5% 这也是目前在海外销售市场是一个我们看到每个月都是一个快速增长的情况那么从主要产物数据和产品渠道来看我们的收入实现了稳增长实现了利润的转正充分利用新渠道合作增加收入以ROI为核心有效实现了利润的增加 加快了新品上市从数量和层次上满足不同渠道的需求那么线上和线下的加盟合作也在快速的 ...

证券代码:688793 证券简称:倍轻松 深圳市倍轻松科技股份有限公司 投资者关系活动记录表 编号:2024-003 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 ☑路演活动 活动类别 □现场参观 ☑其他:电话会议 参与单位 中加基金、泰信基金、山西证券、东方证券、中信保诚资产、弘 名称 毅远方基金、红杉资本、京管泰富基、才华资本、华安基 金、IGWT Investment、浙江国信投资、长江证券、国信证券、太 平洋证券、国泰君安证券、红塔证券、兴业证券、国元证券、华 安证券、广发证券、华西证券、东海证券、民生证券、德邦证 券、国联证券、信达证券、方正证券、海通证券、甬兴证券、玄 卜投资、上海骐邦投资、南京睿澜私募基金、北京和君咨询、鸿 运私募基金、厦门坤易投资、前海长和汇众基金、北京乐雪私募 基金、上海递归私募基金、天津和君企业管理咨询、磐厚动量(上 海)资本、海南羊角私募基金、复通(山东)私募投资基金、郑州云 杉投资、上海崇山投资、郑州智子投资、广州丹麓股权投资、永 1 安期货、平安银行、深圳市尚诚资产管理、上海呈瑞投资、深圳 市杉树资、深圳市九霄投资、上海利檀投资、海 ...

Financial Performance - The company reported no profit distribution for the fiscal year 2023, with no cash dividends or stock bonuses issued[5]. - The company has not achieved profitability since its listing, indicating ongoing financial challenges[4]. - The company's net profit attributable to shareholders of the listed company was CNY -50,865,435.56, while the net profit after deducting non-recurring gains and losses was CNY -55,993,394.93[21]. - Basic earnings per share for 2023 were CNY -0.60, and the diluted earnings per share were also CNY -0.60[22]. - The company reported a significant net loss in Q4 2023, with a net profit attributable to shareholders of CNY -34,534,074.24[24]. - The net profit for the company remains negative despite the revenue growth, indicating potential risks if market conditions do not improve[71]. - The company reported a total revenue of 84,000,000 RMB, with a year-on-year increase of 47,098,317 RMB, representing a growth of approximately 55.83%[66]. - The company reported a significant increase in revenue, achieving a total of 16 billion yuan for the fiscal year 2023, representing a growth of 12% year-over-year[139]. Revenue and Growth - The company's operating revenue for 2023 was CNY 1,274,798,202, representing a year-on-year increase of 42.3%[20]. - The company achieved a revenue of 1,274.80 million RMB in 2023, representing a year-on-year growth of 42.3%[31]. - The company’s total operating revenue reached CNY 1,273,211,785.52, an increase of 42.30% year-on-year[83]. - Domestic revenue grew by 46.98%, driven by increased sales of popular products in both online and offline channels[86]. - Shoulder product revenue surged by 438.85%, while head and neck products also saw significant growth[85]. - New product launches contributed to 30% of total sales, indicating strong market demand[134]. - The company plans to upgrade its AI health detection system and enhance its product offerings by integrating traditional Chinese medicine with technology[118]. Research and Development - Research and development expenses accounted for 4.59% of operating revenue, down from 6.40% in the previous year[22]. - The company achieved a total R&D expenditure of ¥58,506,327.92, representing a 2.06% increase from the previous year[58]. - The company has added a total of 63 new patents during the reporting period, including 8 invention patents and 34 utility model patents, reflecting its focus on intellectual property protection[49]. - The company is investing heavily in R&D, with a budget allocation of 1.5 billion yuan for new technology development in 2024[139]. - The company is committed to continuous product innovation and technology application to meet consumer demands for smart and portable products[72]. Market Position and Strategy - The company is positioned in the "C39 Computer, Communication and Other Electronic Equipment Manufacturing" industry, which has seen significant growth in recent years[36]. - The global massage device market is expected to grow at a compound annual growth rate (CAGR) of 8.15% from 2021 to 2024, reaching nearly $23.6 billion by 2026[40]. - The company is a leading player in the domestic smart portable massage device sector, continuously innovating and optimizing product design based on traditional Chinese medicine and modern technology[44]. - The company has expanded its online sales channels, with Douyin channel experiencing explosive growth, leading to a significant increase in sales volume[31]. - The company is shifting towards a hybrid sales model, combining online and offline channels, and increasing its focus on international market expansion[119]. Corporate Governance - The company has established internal governance systems in accordance with the Company Law and relevant regulations, ensuring effective operation of the shareholders' meeting, board of directors, and supervisory board[123]. - The board of directors has set up specialized committees, including the strategy committee and audit committee, to enhance decision-making efficiency[123]. - The company has not reported any significant issues regarding independence from its controlling shareholders[123]. - The governance structure is compliant with the requirements for red-chip companies, ensuring proper oversight and management[129]. Sustainability and Social Responsibility - The company is committed to sustainable development and maintaining long-term shareholder interests[5]. - The management team emphasized the importance of sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[139]. - The company has actively engaged in social responsibility initiatives, including a donation of 200,000 CNY for a public welfare project in Yunnan[182]. - The company does not belong to the category of key pollutant discharge units and has implemented effective measures to manage waste and emissions[176]. Employee and Management - The total number of employees in the parent company and major subsidiaries is 987, with 271 in the parent company and 716 in subsidiaries[157]. - The company has a total of 646 sales personnel, 114 technical personnel, 33 financial personnel, and 106 administrative personnel[158]. - The company has established a comprehensive incentive mechanism since 2021 to encourage employee contributions and improve operational efficiency[195]. - The company has a clear profit distribution policy outlined in its articles of association, ensuring reasonable returns to investors[198]. Investor Relations - The company actively engages in investor relations, participating in events such as the Shenzhen-listed companies' online reception day on November 15, 2023[196]. - The company utilizes multiple channels for investor communication, as detailed in its records on the Shanghai Stock Exchange's "E Interaction" platform[200]. - The company has held three earnings conference calls in 2023, including annual and quarterly performance discussions[196].

证券代码：688793 证券简称：倍轻松 公告编号：2024-032 深圳市倍轻松科技股份有限公司 关于 2023 年年度报告的信息披露监管问询函的回复 公告 本公司董事会及全体董事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： 1、较高毛利率无法持续的风险 公司主营业务毛利率，主要受产品销售价格、原材料价格、用工成本、产品 结构以及行业环境变化等因素影响，2023 年公司主营业务毛利率仍然维持较高 水平。若未来行业竞争加剧导致产品销售价格下降；原材料价格上升，而公司未 能有效控制产品成本；公司未能及时推出新的技术领先产品有效参与市场竞争等 情况发生，公司毛利率将存在下降以及无法维持较高水平的风险，将对公司的经 营业绩产生不利影响。 2、销售费用率较高风险 公司销售费用率较高，且高于可比公司，主要系销售模式存在差异。公司直 销比例较大，在直销渠道下，公司线上平台的推广费和线下门店的租赁费、销售 人员的薪酬支出较大，销售费用率随之较高，而可比公司直销比例相对较低，销 售费用率也随之较低。随着公司线下直营门店数量的增多，线下门店的租 ...

目 录 | 一、关于主营业务 …………………………………………………第 | 1—11 | 页 | | --- | --- | --- | | 二、关于销售费用…………………………………………………第 | 11—21 | 页 | | 三、关于客户与供应商……………………………………………第 | 21—28 | 页 | | 四、关于存货………………………………………………………第 | 28—36 | 页 | | 五、关于往来款项…………………………………………………第 | 36—38 | 页 | | 六、关于募投项目…………………………………………………第 | 38—43 | 页 | | 七、附件……………………………………………………………第 | 44—47 | 页 | | （一）本所执业证书复印件………………………………………第 | 44 | 页 | | （二）本所营业执照复印件………………………………………第 | 45 | 页 | | （三）本所注册会计师执业证书复印件……………………第 | 46—47 | 页 | 问询函专项说明 天健函〔2024〕3-82 号 第 1 页 共 47 页 | 大类 | | ...