Breo(SH:688793) Nan Fang Du Shi Bao·2025-12-26 12:29Core Viewpoint - Shenzhen Beiliang Technology Co., Ltd. (688793.SH) and its actual controller, Ma Xuejun, are under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a significant drop in the company's stock price by 14.68% to 22.61 yuan per share, with a total market value of 1.943 billion yuan [1]. Group 1: Regulatory Issues - The CSRC has issued a notice of investigation against the company and Ma Xuejun for information disclosure violations [1]. - The company has faced multiple instances of non-operational fund occupation by its actual controller, Ma Xuejun, totaling 12.0823 million yuan from October 2021 to 2022 [3]. - In July 2025, the company corrected its previous disclosures regarding non-operational fund occupation, revealing a total of 85.93 million yuan instead of the previously reported 54 million yuan [4]. Group 2: Financial Performance - The company reported a net profit loss of 50.8654 million yuan in 2023, following a significant loss of 124 million yuan in its first year post-IPO [6]. - For 2025, the company achieved a revenue of 552 million yuan in the first three quarters, a decline of 34.07%, with a net profit loss of 65.628 million yuan, marking a 600.98% increase in loss compared to the previous year [6]. - The third quarter of 2025 saw a revenue of 167 million yuan, down 28.51% year-on-year, with a net profit loss of 29.5133 million yuan [6]. Group 3: Shareholder Actions - In November 2025, Ma Xuejun sold 2.5526 million shares at a price of 25.35 yuan per share, raising approximately 64.7084 million yuan, reducing his shareholding from 40.48% to 37.51% [5]. - The shareholding of Ma Xuejun and his concerted actors decreased from 52.35% to 49.38% following the share transfer [5]. Group 4: Legal Risks - The company is facing a patent infringement lawsuit filed by Da Dong Electric Industrial Co., Ltd., seeking to stop the manufacture and sale of the disputed products and claiming damages of 10 million yuan [7].