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].

登录新浪财经APP 搜索【信披】查看更多考评等级 上海久诚律师事务所投资者索赔律师许峰提示，倍轻松（维权）（688793）涉嫌虚假陈述引发的投资者 索赔案已经启动。（许峰律师专栏） 除了倍轻松投资者索赔案启动，2025年12月29日，许峰律师代理的部分鹏博士（600804）投资者索赔案 再收到法院送达的调解书，投资者将调解获赔。 许峰律师代理的鹏博士投资者索赔案收到法院送达的一审判决书，投资者获得一定比例的胜诉。律师团 队目前还在继续推进后续案件的立案工作，还在继续接受其他投资者的索赔委托。 2024年8月16日晚，鹏博士公告收到证监会《行政处罚决定书》，经查明，当事人违法事实如下： 鹏博士2020-2022年每年年报均减净资产196，000，000.00元，占2020年末、2021年末、2022年末净资 产的比例分别为21.77%、14.27%、18.51%。 2017年-2018年，公司发行"17鹏博债"、"18鹏博债"。其中"17鹏博债"涉及2014年、2015年、2016年、 2017年一季度财务报表，2022年6月已如期兑付。"18鹏博债"涉及2014年、2015年、2016年、2017年三 季度财 ...

Core Viewpoint - The company,倍轻松, has experienced a significant decline in stock price and financial performance, indicating potential challenges in its business operations and market position [1][2]. Financial Performance - As of September 30, 2025, the company reported a revenue of 552 million yuan, a year-on-year decrease of 34.07% [2]. - The net profit attributable to shareholders was -65.628 million yuan, reflecting a substantial year-on-year decline of 600.98% [2]. - Cumulative cash dividends since the company's A-share listing amount to 66.941 million yuan, with no dividends paid in the last three years [3]. Stock Market Activity - On December 30, the stock price of 倍轻松 fell by 2.01%, trading at 21.94 yuan per share, with a total market capitalization of 1.886 billion yuan [1]. - The stock has declined by 26.38% year-to-date, with a 15.97% drop over the last five trading days and a 21.39% drop over the last 20 days [1]. - The company experienced a net outflow of 5.2368 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 4.92% to 5,073, while the average circulating shares per person decreased by 4.69% to 16,941 shares [2][3]. - Among the top ten circulating shareholders, the 宝盈核心优势混合A fund holds 1.7 million shares, unchanged from the previous period [3]. Business Overview - 倍轻松, established on July 5, 2000, and listed on July 15, 2021, is a high-tech enterprise focused on the innovation, research, development, production, sales, and service of health products, particularly portable smart massagers [1]. - The company's revenue composition includes various product segments: 24.24% from other products, 22.03% from shoulder massagers, 18.10% from head and scalp massagers, 13.08% from eye massagers, 11.99% from waist and back massagers, and 10.57% from neck massagers [1].

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！ 上海久诚律师事务所投资者索赔律师许峰提示，倍轻松（维权）（688793）涉嫌虚假陈述引发的投资者 索赔案已经启动。（许峰律师专栏） 2025年12月25日晚，倍轻松（688793）公告收到证监会下发的《立案告知书》，因公司及实际控制人马 学军涉嫌信息披露违法违规，根据《证券法》《行政处罚法》等法律法规，证监会决定对公司立案。 许峰律师认为，暂定在2025年12月26日买入倍轻松股票，并在2025年12月26日后卖出或持有股票的 投资者，目前已可准备发起索赔。（倍轻松维权入口） 除了倍轻松投资者索赔案启动，2025年12月29日，许峰律师代理的部分鹏博士（600804）投资者索赔案 再收到法院送达的调解书，投资者将调解获赔。 许峰律师代理的鹏博士投资者索赔案收到法院送达的一审判决书，投资者获得一定比例的胜诉。律师团 队目前还在继续推进后续案件的立案工 ...

12月25日，"便携按摩器第一股"倍轻松披露公告称，公司及实控人马学军因涉嫌信息披露违法违 规，于当日收到中国证监会下发的立案告知书。12月26日，倍轻松股价收跌14.68%，报22.61元/股，总 市值19亿元。 倍轻松成立于2000年，主要从事智能便携健康硬件的设计、研发、生产、销售及服务，产品涵盖眼 部、肩颈、头部等多类按摩设备。在全年龄段均注重"亚健康"问题的当下，因其秉承"古法中医×现代科 技"的融合理念，加上丰富的应用场景和产品体系而一度受到追捧。 倍轻松于2021年7月登陆科创板，从上市次年起，其业绩持续承压：2022年、2023年，倍轻松亏损 分别达1.24亿元、5086.54万元；2024年，公司短暂转亏为盈，实现净利润1025.32万元；今年前三季 度，其业绩进一步恶化，营业收入、归母净利润双双同比下滑，亏损金额超6500万元。 而最受市场关注的核心问题，还是倍轻松的内部治理问题。 《金融时报》记者注意到，倍轻松2022年至2024年披露的年报以及2025年披露的半年报，均收到了 交易所下发的监管问询函。除经营业绩下滑、业务模式受质疑外，倍轻松自2023年以来，持续存在的违 规担保、实控人 ...

2025.12. 29 本文字数：1921，阅读时长大约3分钟 作者 | 第一财经 安卓 实际控制人前脚刚套现6400万，后脚就因涉嫌信披违规被立案调查。 12月25日，智能按摩设备企业倍轻松（688793.SH）公告称收到中国证监会下发的《立案告知 书》，实际控制人马学军涉嫌信息披露违法违规，根据相关法律法规，中国证监会决定对公司及实际 控制人马学军立案。 26日，该公司股价大幅下跌14.68%，本周一倍轻松再度下挫，全天跌0.97%，报收22.39元/股。 自今年6月份以来，倍轻松股价震荡下行，年内股价下跌25%，120日跌幅近31%。 此番被立案调查并非毫无预兆，第一财经发现，倍轻松长期存在信息披露问题，曾连续4年收到交易 所发出的业绩报告信息披露监管问询函。 资金占用、违规担保，连续4年遭问询 公告显示，倍轻松连续4年收到交易所发出的业绩报告问询函。具体包括2022年年度报告信息披露 监管问询函、2023年度报告信息披露监管问询函、2024年度报告信息披露监管问询函以及2025年 半年度报告信息披露监管问询函等。 上述监管问询函反复指向倍轻松的经营业务、销售费用、客户与供应商、存货、往来款和内部控制、 ...

Core Viewpoint - The company Beilingsong (倍轻松) and its actual controller Ma Xuejun are under investigation for suspected violations of information disclosure laws, following a series of financial irregularities and significant fund occupation by the controller since the company's IPO in 2021 [1][3][9]. Financial Irregularities - Ma Xuejun has continuously occupied company funds for four years, with the highest annual occupation reaching approximately 86 million yuan [3][4]. - The amounts occupied by Ma Xuejun from 2021 to 2024 were 4.15 million yuan, 7.93 million yuan, 11.23 million yuan, and 85.93 million yuan respectively, with all principal and interest now repaid [4][6]. - In 2023 and 2024, the company reported non-operating fund occupations of 5.45 million yuan and 25.1 million yuan, respectively, through early payments to suppliers and employee loans [4][6]. Stock Performance and Controller Actions - Following the announcement of the investigation, Beilingsong's stock price dropped by 14.68%, reaching a year-low of 22.01 yuan per share [3][9]. - Ma Xuejun recently sold shares worth approximately 64.7 million yuan at a price lower than the market value, reducing his stake from 52.35% to 49.38% [9][10]. Audit and Regulatory Oversight - Despite the financial irregularities, the company received standard unqualified audit opinions from Tianjian Accounting Firm for three consecutive years, indicating no significant issues were reported during audits [6][7]. - The company has faced regulatory scrutiny, receiving multiple regulatory letters from the Shanghai Stock Exchange since July 2025 [3][6]. Business Performance - Beilingsong's revenue peaked at 1.19 billion yuan in its first year but has since declined, with revenues of 896 million yuan, 1.275 billion yuan, and 1.085 billion yuan from 2022 to 2024, and a significant loss reported in 2025 [10][11]. - The company has faced over 200 consumer complaints regarding product quality and transparency in after-sales service [10][11]. Legal Challenges - Beilingsong is currently involved in a patent infringement lawsuit, facing a claim of 10 million yuan, although the company believes it will not significantly impact its operations [11].

倍轻松头顶A股"健康智能硬件第一股"的光环登陆科创板，然而，上市次年就录得亏损。 实际控制人前脚刚套现6400万，后脚就因涉嫌信披违规被立案调查。 12月25日，智能按摩设备企业倍轻松（688793.SH）公告称收到中国证监会下发的《立案告知书》，实 际控制人马学军涉嫌信息披露违法违规，根据相关法律法规，中国证监会决定对公司及实际控制人马学 军立案。 26日，该公司股价大幅下跌14.68%，本周一倍轻松再度下挫，全天跌0.97%，报收22.39元/股。自今年6 月份以来，倍轻松股价震荡下行，年内股价下跌25%，120日跌幅近31%。 此番被立案调查并非毫无预兆，第一财经发现，倍轻松长期存在信息披露问题，曾连续4年收到交易所 发出的业绩报告信息披露监管问询函。 资金占用、违规担保，连续4年遭问询 公告显示，倍轻松连续4年收到交易所发出的业绩报告问询函。具体包括2022年年度报告信息披露监管 问询函、2023年度报告信息披露监管问询函、2024年度报告信息披露监管问询函以及2025年半年度报告 信息披露监管问询函等。 上述监管问询函反复指向倍轻松的经营业务、销售费用、客户与供应商、存货、往来款和内部控制、与 收入 ...