Breo(SH:688793) Xin Lang Cai Jing·2025-12-26 07:26Core Viewpoint - The company Beiqing Song (倍轻松) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which has led to a significant drop in its stock price and raised concerns about its financial health and governance practices [1][2][11]. Group 1: Regulatory Issues - On December 25, the company and its actual controller, Ma Xuejun, received a notice from the CSRC regarding the initiation of an investigation for suspected information disclosure violations [1][16]. - The company stated that its business operations are currently normal and that it will actively cooperate during the investigation [1][17]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 552 million yuan, a year-on-year decrease of 34.07%, and a net loss attributable to shareholders of 65.63 million yuan, a decline of 600.98% [11][25]. - As of June 30, 2025, the company had an undistributed profit loss of 41.20 million yuan, with total paid-in capital of 85.95 million yuan, indicating that the unremedied losses exceeded one-third of the total paid-in capital [11][25]. Group 3: Shareholder Actions - One month prior to the investigation notice, Ma Xuejun sold 2.55 million shares, representing 2.97% of the company's total shares, for approximately 64.71 million yuan, citing personal funding needs as the reason for the sale [4][5][20]. - In contrast, another major shareholder, Wang Qiaoqing, chose to terminate a planned share reduction just a week before the investigation notice, expressing confidence in the company's long-term development [6][20]. Group 4: Legal Challenges - The company is also involved in a patent infringement lawsuit filed by Da Dong Electric Industry Co., Ltd., which seeks to stop the production and sale of certain products and claims damages of 10 million yuan [1][17]. - The company indicated that the products in question are not core to its recent offerings and does not expect significant impact on its daily operations [1][17]. Group 5: Governance and Internal Control Issues - The company has faced scrutiny over internal control issues and financial mismanagement, with previous reports indicating that the actual controller had occupied company funds totaling 85.93 million yuan, significantly higher than previously disclosed [12][26]. - The company has received multiple regulatory letters due to these financial issues and has been under continuous scrutiny for its annual report disclosures over the past three years [14][26].