Breo(SH:688793) Sou Hu Cai Jing·2025-11-16 00:17Core Viewpoint - The company Beiqingsong, primarily engaged in massage devices, is facing significant shareholder sell-offs, including a planned reduction by its actual controller Ma Xuejun, which raises concerns about the company's financial health and stock performance [1][4][11]. Group 1: Shareholder Actions - Ma Xuejun, the controlling shareholder and chairman, plans to reduce his holdings by 2.97%, amounting to approximately 7.8 million yuan based on the latest closing price, citing personal financial needs [1]. - Prior to Ma's announcement, other shareholders, including the fourth largest shareholder and employee stock ownership plans, have also initiated sell-off plans earlier this year [4][9]. - The company’s employee stock ownership platform, Ningbo Beirun, has terminated its agreement with Ma, allowing for potential future sell-offs without prior notice [4][11]. Group 2: Financial Performance - Beiqingsong went public on the Sci-Tech Innovation Board in July 2021 but has since experienced substantial losses, contrasting sharply with its previous high growth rates [4][25]. - The company reported a revenue decline of 24.69% in 2022, with a net loss of 124 million yuan, and continued losses in subsequent years, including over 60 million yuan in the first three quarters of 2025 [25][27]. - The stock price peaked on the first day of trading at 131.78 yuan but has since plummeted by approximately 81.75%, currently trading at 30.42 yuan, with a market capitalization of 2.614 billion yuan [28][31]. Group 3: Company Background - Beiqingsong specializes in the design, research, production, and sales of smart portable massage devices, claiming to be a leader in the domestic market [16]. - The company experienced rapid growth prior to its IPO, with revenues increasing from 229 million yuan in 2013 to 1.19 billion yuan in 2021, but has struggled to maintain this momentum post-IPO [25][26].