Breo(SH:688793) Sou Hu Cai Jing·2026-01-19 09:24Core Viewpoint - The competition between SKG and Beiliang has led to a significant divergence in their paths, with SKG preparing for an IPO while Beiliang faces regulatory scrutiny and investigation [1][5]. Company Comparison - SKG's parent company, Future Wear, submitted an IPO prospectus to the Hong Kong Stock Exchange, marking a new phase for the company [1]. - Beiliang, once a strong competitor, is now under investigation by the China Securities Regulatory Commission for information disclosure violations, highlighting a stark contrast in their trajectories [1][5]. - The two companies have historically competed closely in the smart massage device industry, but differing strategic choices have led to divergent outcomes [5]. Market Position and Financial Performance - Beiliang successfully went public in 2021, becoming the first stock in the health smart hardware sector, while Future Wear's IPO efforts have faced multiple setbacks, including a withdrawal of its A-share application in 2023 [6][8]. - After its IPO, Beiliang pursued aggressive expansion, opening numerous offline experience stores, but faced declining operational efficiency as the market matured [8]. - In contrast, Future Wear has maintained a strong profit margin, with a net profit margin of 12.45% in 2021, outperforming Beiliang by 4.7 percentage points [6]. Strategic Differences - Beiliang's strategy has been heavily marketing-focused, with sales expenses reaching 4.85 billion yuan, accounting for 40.75% of its revenue in 2021, which has proven detrimental in a shrinking market [9]. - Future Wear, under the leadership of founder Liu Jie, has prioritized research and development, increasing its R&D expense ratio from 2.87% to 7.05% between 2019 and 2021, and holding 1,376 patents by May 2022 [11]. - This focus on R&D has resulted in consistent profit growth for Future Wear, with a revenue of 878 million yuan in the first three quarters of 2025, a year-on-year increase of 16.22% [12]. Industry Trends - The smart massage device market is experiencing a period of adjustment, with increasing homogenization and a shift in consumer preferences towards practicality [13]. - SKG has successfully diversified its product offerings, launching fitness recovery devices and health smartwatches, while Beiliang struggles to adapt to these market changes [13][15]. - Beiliang's attempts to pivot by introducing traditional massage services have raised questions about their profitability and sustainability [15]. - The industry trend indicates that R&D and comprehensive supply chain capabilities are becoming core competitive advantages, with Future Wear poised to further distance itself from Beiliang if it successfully lists on the Hong Kong Stock Exchange [15].