Breo(SH:688793) Sou Hu Cai Jing·2025-12-29 09:37Core Viewpoint - The company Beilingsong (倍轻松) and its actual controller Ma Xuejun are under investigation for suspected violations of information disclosure laws, following a series of financial irregularities and significant fund occupation by the controller since the company's IPO in 2021 [1][3][9]. Financial Irregularities - Ma Xuejun has continuously occupied company funds for four years, with the highest annual occupation reaching approximately 86 million yuan [3][4]. - The amounts occupied by Ma Xuejun from 2021 to 2024 were 4.15 million yuan, 7.93 million yuan, 11.23 million yuan, and 85.93 million yuan respectively, with all principal and interest now repaid [4][6]. - In 2023 and 2024, the company reported non-operating fund occupations of 5.45 million yuan and 25.1 million yuan, respectively, through early payments to suppliers and employee loans [4][6]. Stock Performance and Controller Actions - Following the announcement of the investigation, Beilingsong's stock price dropped by 14.68%, reaching a year-low of 22.01 yuan per share [3][9]. - Ma Xuejun recently sold shares worth approximately 64.7 million yuan at a price lower than the market value, reducing his stake from 52.35% to 49.38% [9][10]. Audit and Regulatory Oversight - Despite the financial irregularities, the company received standard unqualified audit opinions from Tianjian Accounting Firm for three consecutive years, indicating no significant issues were reported during audits [6][7]. - The company has faced regulatory scrutiny, receiving multiple regulatory letters from the Shanghai Stock Exchange since July 2025 [3][6]. Business Performance - Beilingsong's revenue peaked at 1.19 billion yuan in its first year but has since declined, with revenues of 896 million yuan, 1.275 billion yuan, and 1.085 billion yuan from 2022 to 2024, and a significant loss reported in 2025 [10][11]. - The company has faced over 200 consumer complaints regarding product quality and transparency in after-sales service [10][11]. Legal Challenges - Beilingsong is currently involved in a patent infringement lawsuit, facing a claim of 10 million yuan, although the company believes it will not significantly impact its operations [11].