Breo(SH:688793) Chang Jiang Shang Bao·2025-12-28 23:19Core Viewpoint - The company Beiqing Song (倍轻松) is facing significant challenges, including a stock price drop of over 80% since its peak, ongoing financial losses, and a recent investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations [1][6][9]. Group 1: Company Performance - Beiqing Song's stock price fell by 14.68% to 22.61 CNY per share on December 26, following the announcement of the investigation [1][6]. - The company's stock peaked at 185.58 CNY per share on its debut on July 15, 2021, but has since seen a cumulative decline of over 80% [1][6]. - The company reported a net loss of 65.63 million CNY in the first three quarters of 2025, continuing a trend of financial difficulties with a total net loss of 139 million CNY since its listing [1][9]. Group 2: Research and Development - Beiqing Song's R&D investment has stagnated, fluctuating around 58 million CNY from 2022 to 2024, with a decrease to 43.69 million CNY in the first three quarters of 2025 [2][9]. - The company has faced a lawsuit for patent infringement, with claims amounting to millions, although it asserts that its core operations remain unaffected [2][9]. Group 3: Management and Ownership Changes - The actual controller, Ma Xuejun, and the company are under investigation by the CSRC for information disclosure violations, with the company stating that its business activities are still normal [3][6]. - Ma Xuejun recently sold shares worth approximately 64.71 million CNY, reducing his ownership stake from 52.35% to 49.38% [5][6].