活动现场，投资者还在产品体验区近距离接触了头部按摩器、肩颈按摩器等产品，了解了相关产品的技 术配置与应用场景。 在座谈交流环节，倍轻松董事长、总经理马学军表示，公司的愿景是成为全球智能健康解决方案的引领 者，"中医×科技"的深度融合是实现这一目标的核心路径。 投资者表示，此次活动不仅体现了倍轻松高度重视上市公司市值管理工作、积极搭建与投资者的交流平 台，展现了公司在"中医×科技"领域的技术硬实力，更让市场看到了传统康养产业的智能化升级潜力。 中证报中证网讯（王珞）日前，在上海证券交易所、深圳市证券业协会的指导下，招商证券组织开 展"我是股东"走进上市公司活动，近二十名投资者实地调研参观了倍轻松总部。活动通过"技术拆解+产 品实测+高管对话"的沉浸式模式，为投资者搭建了深入了解企业的桥梁。 作为深耕行业近三十年的高新技术企业，倍轻松坚持构筑"中医×科技"差异化壁垒，将传统中医理论与 现代科技深度融合，形成了包括高仿生系统、高动力系统、中医诊疗系统和中医健康管理系统在内的四 大核心技术体系，产品线已覆盖头部、眼部、颈部、肩部、腰部、腿部等多部位，并延伸至艾灸、健康 礼品、新能源汽车座椅按摩等多个应用场景。 据倍轻 ...

Core Viewpoint - The recent financial report of Beiliang (688793) shows a significant decline in revenue and profit, indicating potential challenges in the company's business model and market performance [1]. Financial Performance - The total revenue for the first half of 2025 was 385 million yuan, a decrease of 36.22% year-on-year [1]. - The net profit attributable to shareholders was -36.11 million yuan, down 238.19% compared to the previous year [1]. - In Q2 2025, the revenue was 188 million yuan, a decline of 39.42% year-on-year, with a net profit of -34.28 million yuan, down 425.76% [1]. - The gross margin was 62.63%, an increase of 1.31% year-on-year, while the net margin was -9.37%, a decrease of 316.49% [1]. - Total expenses (selling, administrative, and financial) amounted to 246 million yuan, accounting for 63.78% of revenue, an increase of 17.82% year-on-year [1]. - Earnings per share were -0.43 yuan, a decrease of 238.71% year-on-year [1]. Accounts Receivable and Debt - Accounts receivable were significant, with the ratio of accounts receivable to net profit reaching 435.34% [1][12]. - Interest-bearing liabilities increased by 16.96% to 218 million yuan [1]. Business Model and Strategy - The company relies heavily on research and marketing for its performance, indicating a need for careful examination of these driving factors [11]. - The "Lightly Relaxed" health management brand aims to integrate smart devices, manual techniques, and traditional therapies to enhance customer experience [14]. - As of August 6, 2025, the company has established 8 "Lightly Relaxed" stores across major cities, with plans for further expansion [15]. New Product Launches - In July 2025, the company launched several new massage devices, including an upgraded version of the "Meridian Gun" and a smart abdominal massager [16]. - These products are designed to promote relaxation and health, aligning with the company's commitment to quality and innovation [17].

Fundraising Overview - The company raised a total of RMB 422.23 million through the issuance of 15.41 million shares at RMB 27.40 per share, with a net amount of RMB 358.91 million after deducting expenses [1][2] - As of July 31, 2025, the company has a surplus of RMB 25.51 million from the "Information Technology Upgrade Project" [1][2] Project Completion and Surplus Fund Usage - The "Information Technology Upgrade Project" was completed in 2024 and has met the expected operational status, with the surplus funds to be retained in a special account for future use [1][3] - The company plans to utilize the surplus funds for a new project focused on building a sensor matrix for interactive intelligence, which aligns with its strategic goals [3][4] New Project Details - The new project, titled "Research on Sensor Matrix for Interactive Intelligence," has a total investment of RMB 30 million and will run from July 2025 to June 2027 [4] - The project aims to develop a multi-modal sensor matrix to enhance data collection and improve user interaction with health products [4][5] Strategic Direction and Market Position - The company aims to transition from a single product manufacturer to a comprehensive health technology service provider, emphasizing a diversified business model [3][4] - The focus on interactive intelligence aligns with market trends towards smart and personalized health solutions, addressing competitive pressures from leading firms [5][6] Technological Development and Collaboration - The company has established partnerships with institutions like the Shenzhen Institute of Advanced Technology and the China Aerospace Shenzhen Institute to enhance its technological capabilities [6][7] - The development of a multi-sensor system is expected to improve product differentiation and market competitiveness [6][7] Regulatory Compliance and Governance - The usage plan for the surplus funds has been approved by the company's board and supervisory committee, adhering to relevant regulations and ensuring no adverse impact on operations [7][8] - The company has committed to maintaining strict oversight of the fund usage in accordance with regulatory guidelines [8]

Core Viewpoint - The report outlines the ongoing supervision and compliance issues faced by Shenzhen Beiqing Technology Co., Ltd. (倍轻松) under the guidance of Guotou Securities, highlighting significant financial irregularities and the company's efforts to rectify them. Group 1: Continuous Supervision - Guotou Securities has established a continuous supervision plan for Beiqing Technology, ensuring compliance with relevant regulations and agreements [1][2][3] - The company has been reported for providing guarantees for personal loans of its actual controller, Ma Xuejun, and for occupying 54 million yuan of company funds [2][10] - Guotou Securities conducted a special on-site inspection and urged the company to implement effective corrective measures [2][10] Group 2: Financial Performance - In 2024, the company reported a revenue of 1,085.12 million yuan, a decrease of 14.88% compared to 2023 [15] - The net profit attributable to shareholders was 1,025.32 million yuan, indicating a turnaround from previous losses [15][16] - The basic earnings per share increased to 0.12 yuan, a 120% rise year-on-year [16] Group 3: Core Competitiveness - The company has established a strong core competitiveness through technological innovation and a differentiated strategy combining traditional Chinese medicine with modern technology [17][19] - It has developed a comprehensive product line covering various body parts and has launched multiple innovative products in 2024 [18][22] - The company emphasizes a robust research and development framework, with a focus on user experience and safety [28][30] Group 4: Market Position and Global Strategy - Beiqing Technology has positioned itself as a leading player in the smart portable massager industry, with a strong brand presence both domestically and internationally [19][20] - The company has implemented a dual-driven overseas expansion strategy, resulting in significant growth in international revenue [21][22] - It has established a multi-channel sales network, integrating online and offline strategies to enhance customer engagement [21][22] Group 5: Compliance and Regulatory Issues - The company has faced scrutiny from regulatory bodies due to its financial practices, particularly concerning the personal loan guarantees and fund occupation [10][11] - Guotou Securities has reported that the company has rectified the identified issues, with the guarantees lifted and funds returned as of April 2025 [11][12] - The company has complied with fundraising regulations, ensuring proper use and disclosure of raised funds [32]