Investment Rating - The report maintains an "Outperform" investment rating for the company [2][7]. Core Insights - The company's performance in Q3 2025 was below expectations, with total revenue of 552 million yuan, a year-on-year decline of 34%. The net profit attributable to the parent company was -66 million yuan, a significant drop of 601% year-on-year [7]. - The company is diversifying its sales channels, with the "Light Relaxation Moment" brand contributing to incremental growth. It is actively expanding in overseas markets and collaborating with major e-commerce platforms like Tmall and JD [7]. - The company has increased its offline presence, with 125 direct stores globally as of H1 2025, focusing on high-traffic areas. The "Light Relaxation Moment" brand aims to enhance service quality through a combination of smart devices and traditional therapies [7]. - The company has adjusted its profit forecasts downward due to rising expense ratios and lower-than-expected sales performance, projecting net profits of -27 million, 28 million, and 46 million yuan for 2025-2027 [7]. Financial Data and Profit Forecast - Total revenue for Q1-3 2025 was 552 million yuan, with a year-on-year decrease of 34.1%. The gross profit margin was 60.86%, down 5.94 percentage points year-on-year [6][7]. - The company recorded a net profit margin of -17.80% in Q3 2025, a decline of 12.21 percentage points year-on-year [7]. - The projected earnings per share for 2025 is -0.31 yuan, with a recovery expected in subsequent years [6][7].

Core Viewpoint - The company, Beiliang (688793), reported a narrowing loss in Q3 2025, with a focus on increasing R&D investment to enhance product offerings and market position [1][2] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 552 million yuan, with Q3 revenue at 167 million yuan [1] - The net profit attributable to the parent company in Q3 was a loss of 29.51 million yuan, showing improvement compared to Q2 [1] Group 2: R&D Investment - The company increased its R&D investment to 16.67 million yuan in Q3, a quarter-on-quarter growth of 21.05% [1] - R&D investment accounted for 7.92% of revenue in the first three quarters, with Q3's proportion reaching 10%, an increase of 3.23 percentage points year-on-year [1] - The company aims to optimize its product matrix through continuous R&D investment, enhancing product structure and diversity [1] Group 3: Market Strategy and Growth Opportunities - The massage service market in China is projected to exceed 600 billion yuan by 2029, with machine massage services expected to surpass 5 billion yuan, reflecting a compound annual growth rate of approximately 15.9% from 2025 to 2029 [2] - Starting in 2024, the company plans to launch a new business model combining "technology products + quick massage" and will introduce the "Easy Moment" health management brand in 2025 [2] - The new business model aims to generate revenue through self-developed technology products, combining manual techniques and moxibustion therapy to provide quick massage services and product sales [2] - As of October 28, the company has established 15 stores in cities including Shenzhen, Guangzhou, Xi'an, Chongqing, and Chengdu, indicating initial success [2] - The company is focused on leveraging R&D innovation and service expansion to seize opportunities in the health industry for long-term growth [2]

Core Viewpoint - The company, Shenzhen Beiqing Technology Co., Ltd., has ensured the authenticity, accuracy, and completeness of its quarterly report, taking legal responsibility for any false statements or omissions [2][8]. Financial Data - The third-quarter financial statements have not been audited [3]. - The report period refers to the three-month period from the beginning to the end of the quarter [3]. - The company has not identified any non-recurring gains or losses for the reporting period [4]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are to be disclosed [5]. - There have been no changes in the share lending situation of major shareholders due to transfer and financing activities [6]. Governance Updates - On October 27, 2025, the company held its 18th meeting of the sixth board of directors, where it approved amendments to certain governance systems to align with relevant laws and regulations [8]. - The revised governance systems have been published on the Shanghai Stock Exchange website [8].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the third quarter of 2025 compared to the previous year [1] Financial Performance - The company achieved total operating revenue of 552 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 34.07% [1] - The net profit attributable to shareholders of the parent company was -65.628 million yuan, compared to a net profit of 13.0998 million yuan in the same period last year [1] - The basic earnings per share were -0.79 yuan [1]

证券代码：688793 证券简称：倍轻松 公告编号：2025-071 深圳市倍轻松科技股份有限公司 关于修订公司部分治理制度的公告 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。 2025 年 10 月 27 日，深圳市倍轻松科技股份有限公司(以下简称"公司") 召开第六届董事会第十八次会议，审议通过了《关于修订公司部分治理制度的议 案》。具体情况如下： 为推动公司治理制度相关文件符合《中华人民共和国公司法》《上市公司章 程指引》《上海证券交易所科创板股票上市规则》及相关法律、法规、规范性文 件的要求，对公司部分治理制度进行修订，具体情况如下表所列： | 序号 | 制度名称 | 变更情况 | 是否需要股东会审议 | | --- | --- | --- | --- | | 1 | 内部审计制度 | 修订 | 否 | | 2 | 董事、高级管理人员所持本公司股份 | 修订 | 否 | | | 及其变动信息管理制度 | | | 上述治理制度已经公司第六届董事会第十八次会议审议通过，修订后的治理 制度全文已于同日刊登在上海证券交易所网 ...

Group 1 - The company Beilingsong (SH 688793) reported a revenue of approximately 552 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 34.07% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 65.63 million yuan, with basic earnings per share showing a loss of 0.79 yuan [1] - As of the report date, the market capitalization of Beilingsong is 2.6 billion yuan [2] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging driven by technology [2]

深圳市倍轻松科技股份有限公司 内部审计制度 深圳市倍轻松科技股份有限公司 内部审计制度 第一章 总 则 第一条 为了规范深圳市倍轻松科技股份有限公司（以下简称"公司"）内 部审计工作，明确内部审计机构和审计人员的责任，提高内部审计工作质量，强 化经营管理，提高经济效益，维护公司和全体股东的合法权益，根据《中华人民 共和国审计法》《审计署关于内部审计工作的规定》《上海证券交易所科创板股 票上市规则》《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》等有关法律、法规、规章及《深圳市倍轻松科技股份有限公司章程》（以下 简称"公司章程"）等的有关规定，结合公司实际情况，特修订本制度。 第二条 本制度所称内部审计，是指由公司内部机构或人员对内部控制的有 效性、财务信息的真实性和完整性以及经营活动的效率和效果等开展的一种独 立、客观的监督和评价活动。公司按国家规定建立内部审计制度，是公司建立自 我约束、自我完善机制的重要环节。 第三条 本规范所称内部控制，是由企业董事会、经理层和全体员工实施的、 旨在实现控制目标的过程。内部控制的目标是合理保证企业经营管理合法合规、 资产安全、财务报告及相关信息真实完整 ...

第二条 本制度适用于登记在公司董事、高级管理人员名下的公司股份及其 变动的管理。 第三条 公司董事、高级管理人员所持公司股份，是指登记在其名下的所有 公司股份或者其他具有股权性质的证券。公司董事、高级管理人员从事融资融券 交易的，还包括记载在其信用账户内的公司股份。 第四条 公司董事、高级管理人员可以通过上海证券交易所的证券交易卖出， 也可以通过协议转让及法律、法规允许的其他方式减持股份。董事、高级管理人 员减持股份，应当遵守法律、法规、规章、规范性文件、上海证券交易所业务规 则以及本制度规定。对持股比例、持股期限、减持方式、减持价格等作出承诺的， 应当严格履行所作出的承诺。 深圳市倍轻松科技股份有限公司 董事、高级管理人员所持本公司股份及其变动信息管理制度 深圳市倍轻松科技股份有限公司 董事、高级管理人员所持本公司股份及其变动信息管理制度 第一章 总则 第一条 为进一步规范深圳市倍轻松科技股份有限公司（以下简称"公司"） 对董事、高级管理人员持有及买卖公司股份的管理工作，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、《上市公司股东减持股份管理 ...

Financial Performance - The company's revenue for the third quarter was ¥166,585,992.25, representing a decrease of 28.51% compared to the same period last year[4]. - The total profit for the quarter was a loss of ¥29,464,661.57, with a year-to-date loss of ¥64,593,386.76, reflecting a significant decline of 584.35%[4]. - The net profit attributable to shareholders for the quarter was a loss of ¥29,513,270.48, and a year-to-date loss of ¥65,628,018.70, marking a decrease of 600.98%[4]. - The basic earnings per share for the quarter was -¥0.36, and -¥0.79 year-to-date, reflecting a decrease of 593.75%[4]. - Net profit for the first three quarters of 2025 was a loss of ¥65,736,441.19, compared to a profit of ¥13,099,848.25 in 2024[20]. - Basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.79, compared to ¥0.16 in 2024[21]. - The company reported a comprehensive loss of ¥64,933,543.65 for the first three quarters of 2025, compared to a comprehensive income of ¥13,262,752.71 in 2024[20]. - The company reported a net profit loss of ¥32,100,916.40 for the current period, compared to a net profit of ¥878,512.50 in the same period last year[31]. - The company reported a total operating profit loss of ¥31,309,511.67, compared to a profit of ¥4,497,274.41 in the same period last year[31]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥28,099,557.89, a decline of 244.21% compared to the previous year[4]. - Cash inflow from operating activities for the first three quarters of 2025 was ¥673,967,797.90, a decrease of 32.1% from ¥992,643,672.21 in 2024[24]. - The company's cash flow from operating activities included ¥17,173,715.59 received from tax refunds, slightly down from ¥18,607,121.01 in 2024[24]. - The net cash flow from operating activities was negative at CNY -28,099,557.89, contrasting with a positive cash flow of CNY 19,484,658.69 in the previous year[25]. - Operating cash flow for the current period was negative at ¥8,755,983.08, an improvement from a loss of ¥75,097,759.72 in the previous year[34]. - Cash outflows from operating activities totaled ¥470,781,874.11, compared to ¥766,081,922.58 in the previous year[34]. - Financing activities generated a net cash inflow of ¥4,605,702.59, compared to an inflow of ¥14,293,887.15 in the same period last year[34]. - The company received ¥185,810,000.00 in cash from borrowings, an increase from ¥111,000,000.00 in the previous year[34]. Assets and Liabilities - Total assets at the end of the reporting period were ¥675,852,390.37, down 16.70% from the previous year[5]. - Total liabilities as of the end of the reporting period were ¥397,866,204.87, a decrease from ¥441,348,946.74 in the previous period[16]. - Total equity attributable to shareholders of the parent company was ¥276,622,842.11, down from ¥370,036,372.54 in the previous period[16]. - The total assets as of September 30, 2025, amounted to CNY 976,765,539.54, an increase from CNY 963,389,921.08 at the end of 2024[28]. - The company's total liabilities increased to CNY 538,991,304.73 from CNY 464,926,360.60, reflecting a rise of approximately 15.9%[28]. - The total equity decreased to CNY 437,774,234.81 from CNY 498,463,560.48, indicating a decline of approximately 12.2%[29]. Research and Development - Research and development expenses totaled ¥16,666,818.40 for the quarter, accounting for 10.00% of revenue, an increase of 3.23 percentage points year-on-year[5]. - Research and development expenses for the first three quarters of 2025 were CNY 38,944,485.01, slightly lower than CNY 41,369,609.69 in the same period of 2024[30]. Shareholder Information - Total shareholders of common stock at the end of the reporting period reached 5,073[12]. - The top 10 shareholders hold a combined 70.81% of the shares, with Ma Xuejun owning 40.48%[12]. Inventory and Receivables - Cash and cash equivalents decreased to ¥288,430,509.14 from ¥383,470,933.17, a decline of approximately 24.8%[14]. - Accounts receivable decreased to ¥40,982,788.87 from ¥53,728,033.90, a reduction of about 23.8%[14]. - Inventory decreased to ¥79,460,520.18 from ¥104,458,678.25, a decline of approximately 23.9%[14]. - The company’s inventory decreased to CNY 82,940,337.36 from CNY 99,101,558.35, reflecting a reduction of about 16.3%[27]. Other Financial Activities - The company reported non-recurring gains of ¥143,120.22 for the quarter, with a year-to-date total of ¥1,040,312.55[8]. - The company reported a net loss from investment activities of CNY -3,475,610.67, compared to a larger loss of CNY -59,657,198.95 in the previous year[25]. - Investment activities resulted in a net cash outflow of ¥2,618,065.60, an improvement from a loss of ¥25,742,661.71 in the previous year[34]. Company Strategy - The company is focused on expanding its market presence and developing new products and technologies[14].

Group 1 - Dahua Intelligent has achieved a four-day consecutive increase in stock price [1] - Rongji Software has reached the daily limit on its stock price [1] - Tax Friend Co., Kingsoft Office, Geer Software, Hehe Information, and Zhiyuan Interconnection have all seen stock price increases [1]