Market Performance - The small home appliance sector increased by 0.5% compared to the previous trading day, with Lek Electric leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Lek Electric (603355) closed at 36.60, up 4.30%, with a trading volume of 52,700 shares and a transaction value of 190 million [1] - Other notable performers include: - Fuhua Co. (603219) at 18.15, up 2.60% [1] - Hongzhi Technology (920926) at 17.98, up 1.87% [1] - Liren Technology (001259) at 32.41, up 1.34% [1] - Xiaoneng Electric (002959) at 45.18, up 1.21% [1] - Ecovacs (603486) at 83.39, up 1.01% [1] Capital Flow Analysis - The small home appliance sector experienced a net outflow of 29.33 million from institutional investors and 43.37 million from retail investors, while retail investors saw a net inflow of 72.71 million [2] - Notable capital flows for specific stocks include: - Stone Technology (688169) had a net inflow of 24.03 million from institutional investors [3] - Lek Electric (603355) saw a net inflow of 19.94 million from institutional investors [3] - Fuhua Co. (603219) had a net inflow of 11.04 million from institutional investors [3]

哈喽，大家好，今天小墨这篇评论，主要来分析SKG与倍轻松的赛道之争，拆解差距拉大的核心逻辑。 2025年12月底，健康智能硬件赛道迎来两极分化的关键节点。SKG母公司未来穿戴正式向港交所递交IPO招股书，向资本市场发起新一轮冲击。 几乎在同一时间，其最大竞争对手倍轻松，因涉嫌信息披露违规，公司及实际控制人马学军被证监会立案调查。曾经势均力敌的两大深圳品牌，如今一个 奔赴新征程，一个深陷泥潭，差距已然拉开。 这对同城对手的较量，贯穿智能按摩仪行业的崛起全程。产品重叠、门店相邻、代言人对标，连上市计划都紧紧跟随，最终却因战略选择不同，走出了两 条截然不同的道路。 上市竞速 命运走向分岔 命运的天平却偏向了先上市的倍轻松。未来穿戴因时机不佳，历经两轮问询仍未叩开A股大门，2023年7月无奈撤回申请。之后公司尝试冲击北交所，新 三板挂牌、签署辅导协议均无疾而终，直到2025年8月转向港股。 倍轻松上市后拿到融资，却走上了激进扩张的道路。公司在机场、高铁站大规模开设线下体验店，重仓直营渠道，恰逢行业天花板显现，经营效率持续下 滑。2025年底信披违规被立案前，马学军已减持套现6400万元，引发市场诸多争议。 战略分野 ...

Market Overview - The small home appliance sector experienced a decline of 1.25% on January 15, with Beiyikang leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - The following stocks in the small home appliance sector showed notable performance: - ST Dehao (002005) closed at 2.94, up 1.73% with a trading volume of 192,900 shares and a turnover of 57.32 million yuan [1] - Lek Electric (603355) closed at 35.44, up 1.06% with a trading volume of 52,200 shares and a turnover of 184 million yuan [1] - Beiyikang (6610Z6) closed at 45.55, down 6.49% with a trading volume of 42,000 shares and a turnover of 198 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 202 million yuan from institutional investors, while retail investors had a net inflow of 201 million yuan [2] - The following stocks had significant capital flow: - Supor (002032) had a net outflow of 9.75 million yuan from institutional investors [3] - Rainbow Group (003023) had a net inflow of 6.16 million yuan from institutional investors [3] - Li Ren Technology (001259) experienced a net outflow of 2.42 million yuan from institutional investors [3]

国投证券股份有限公司 关于深圳市倍轻松科技股份有限公司 2025 年度持续督导工作现场检查报告 上海证券交易所： 国投证券股份有限公司（以下简称"国投证券"、"保荐机构"）作为深圳 市倍轻松科技股份有限公司（以下简称"倍轻松"或"公司"）持续督导工作的 保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股 票上市规则》等有关法律、法规的规定，对公司 2025 年 1 月至本次现场检查期 间（以下简称"本持续督导期间"）的募集资金事项进行了现场检查，现就现场 检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 （三）现场检查时间 2026 年 1 月 12 日-1 月 13 日 （四）现场检查人员 张双 （五）现场检查内容 倍轻松首次发行股票并在科创板上市项目于 2024 年 12 月 31 日法定持续督 导期结束，持续督导期届满，因存在募集资金尚未完结持续督导事项，保荐人就 相关事项继续履行督导义务，执行对募集资金事项的定期现场检查。 （六）现场检查手段 查阅上市公司募集资金专户银行对账单和募集资金使用明细账，并对大额募 集资金支付进行凭证抽查，查阅募集资金使用信息披露文件 ...

Group 1 - The core point of the article highlights that Shanghai Hehe Information Technology Co., Ltd. achieved a record trading volume of 3.612 billion RMB as of 14:42, marking the highest since October 9, 2024 [2] - The latest stock price increased by 1.79%, with a turnover rate of 10.88% [2] - The previous trading day recorded a total trading volume of 3.597 billion RMB [2] Group 2 - Shanghai Hehe Information Technology Co., Ltd. was established on August 8, 2006, with a registered capital of 140 million RMB [2]

Group 1 - The company is focused on the health technology sector and adheres to a "technology empowers health" strategy for continuous innovation [2] - The company maintains a leading advantage in smart health hardware through multiple cutting-edge technologies [2] - Investors are encouraged to pay attention to the company's operational updates through relevant announcements [2]

Market Performance - The small home appliance sector increased by 0.96% on January 12, with BeiYikang leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Stock Performance - BeiYikang (code: 6610Z6) closed at 56.16, rising by 11.89% with a trading volume of 84,900 shares and a transaction value of 459 million yuan [1] - LiRen Technology (code: 001259) closed at 30.68, up 5.61%, with a trading volume of 32,900 shares and a transaction value of 99.8 million yuan [1] - Other notable performers include JiZhi Technology (code: 920926) with a 3.23% increase, and JiuYang Co. (code: 002242) with a 2.96% increase [1] Capital Flow - The small home appliance sector saw a net inflow of 29.01 million yuan from main funds, while retail investors experienced a net outflow of 22.02 million yuan [2] - Main funds showed significant interest in BeiYikang, with a net inflow of 28.40 million yuan, representing 6.19% of its trading volume [3] - Stone Technology (code: 688169) experienced a net outflow of 1.08 billion yuan from retail investors, indicating a negative sentiment among smaller investors [3]

Core Viewpoint - The stock price of Beilingsong has experienced fluctuations, with a recent decline of 2.03% and a total market value of 1.993 billion yuan, indicating potential investor concerns about the company's performance and market position [1]. Group 1: Stock Performance - Beilingsong's stock has increased by 6.38% year-to-date, but has seen a decline of 14.96% over the past 20 days and 20.14% over the past 60 days [2]. - As of January 9, the stock price is reported at 23.19 yuan per share, with a trading volume of 38.8463 million yuan and a turnover rate of 1.92% [1]. Group 2: Financial Performance - For the period from January to September 2025, Beilingsong reported a revenue of 552 million yuan, a year-on-year decrease of 34.07%, and a net profit attributable to shareholders of -65.628 million yuan, representing a significant decline of 600.98% [2]. - The company has not distributed any dividends in the past three years, with a total payout of 66.941 million yuan since its A-share listing [3]. Group 3: Company Overview - Beilingsong, established on July 5, 2000, and listed on July 15, 2021, is based in Shenzhen, Guangdong Province, and specializes in the innovation, research, and development of health products, particularly portable smart massagers [2]. - The company's revenue composition includes various segments: other products (24.24%), shoulder (22.03%), head and scalp (18.10%), eye (13.08%), back and waist (11.99%), and neck (10.57%) [2]. - Beilingsong is categorized under the household appliances industry, specifically in small appliances and personal care devices, and is associated with concepts such as micro-cap stocks, ByteDance, Tencent, artificial intelligence, and DeepSeek [2].

Group 1 - The company is focused on the health technology sector and adheres to a "technology empowers health" strategy for continuous innovation [1] - The company leverages multiple cutting-edge technologies to maintain its leading position in the smart health hardware market [1]

Group 1 - The small home appliance sector increased by 0.55% on January 8, with ST Dehao leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - ST Dehao's closing price was 2.63, reflecting a rise of 5.20% [1] Group 2 - The small home appliance sector experienced a net outflow of 12.32 million yuan from main funds, while retail investors saw a net inflow of 21.18 million yuan [2] - The trading volume for ST Dehao was 270,400 shares, with a transaction amount of 17.01 million yuan [1] - The stock performance of other companies in the small home appliance sector included Rainbow Group at 23.11 with a 2.62% increase and Beikong at 56.69 with a 1.80% increase [1] Group 3 - Major net inflows were observed in companies like Fuhua Co. with 11.69 million yuan and Rainbow Group with 10.89 million yuan [3] - Conversely, significant net outflows were noted for companies like Lek Electric with -3.74% and Biyi Co. with -3.47% [2] - The overall market sentiment showed a mixed response, with retail investors actively participating despite the main funds' outflows [2][3]