倍轻松介绍，面对消费场景多元化趋势，倍轻松通过模式创新与跨界合作开拓新增长空间。2025年，公 司推出"轻松一刻"健康管理品牌，构建"自研科技产品+人工按摩+艾灸理疗"的复合型业务模式，以速效 按摩服务与产品销售转化相结合的方式培育新增长点。截至2025年10月30日，该品牌已在深圳、广州、 西安、重庆、成都等城市落地15家门店，成效初显。 在跨界合作领域，倍轻松把握新能源汽车产业机遇，聚焦车载健康场景布局，与比亚迪（002594）、奇 瑞集团等头部车企达成战略合作。依托个人健康领域的技术积累，系统性地拓展至移动出行空间，为自 身开辟出一条坚实而富有潜力的增长渠道。 倍轻松还积极响应社会老龄化趋势，前瞻布局银发经济赛道。公司已有13款产品入选深圳市民政局2024 年智能居家适老化改造消费提升专项活动产品清单。公司表示，未来将进一步深化适老化产品研发与创 新，打造更贴合老年人使用习惯的智能健康产品，为业绩增长注入新动能。 此外，通过与阿里云、百度等科技企业合作，倍轻松See5k系列、数字人交互等技术成果已实现落地， 有助于提升用户体验与按摩精准度。据了解，公司目前正与更多行业头部企业展开深度合作，持续引入 前沿 ...

Group 1 - The core viewpoint of the article highlights that Shenzhen Beilingsong Technology Co., Ltd. anticipates a net profit loss of 84 million to 105 million yuan for the fiscal year 2025, attributed to strategic adjustments and upgrades within the company [1] - The intelligent massage device industry is undergoing a critical period of high-quality transformation, facing intensified competition and evolving consumer demands towards efficacy and experience [1] - The company is focusing on a "Traditional Chinese Medicine × Technology" core strategy, emphasizing technological research and development, global expansion, and innovative business models to strengthen its development foundation [1] Group 2 - On the technology front, the company is concentrating on AI integration to build core competitiveness, upgrading its Traditional Chinese Medicine constitution identification model, and collaborating with major tech firms to enhance user experience and product precision [2] - The company is expanding its sales network in Southeast Asia and the Middle East, with plans to open 10 to 20 new stores in Southeast Asia by 2026, leveraging FDA-certified laser hair care technology to penetrate high-end markets in Europe and the U.S. [2] - The company is innovating its business model by launching the "Easy Moment" brand in 2025, which combines products with massage and moxibustion, and has already established 15 stores in various cities [2] Group 3 - The company is leveraging "Traditional Chinese Medicine × Technology" as a driving force, continuously broadening its growth boundaries and injecting momentum for long-term high-quality development [3]

Core Viewpoint - The company, Beiliang (688793.SH), anticipates a net profit attributable to shareholders of between -105 million to -84 million yuan for the fiscal year 2025, primarily due to strategic adjustments and upgrades in response to industry changes [1] Group 1: Industry Transition and Company Strategy - The smart massage device industry is undergoing a critical transition towards high-quality development, with intensified competition and evolving consumer demands focusing on efficacy and experience [1] - Beiliang's recent performance fluctuations reflect the objective realities of this industry transition, as the company actively adapts to both industry and operational changes [1] - The company is committed to its core strategy of "Traditional Chinese Medicine × Technology," focusing on technological research and development, global expansion, and innovative business models to enhance quality and efficiency [1] Group 2: AI Integration and Product Development - Beiliang is integrating AI as a core direction in product development, combining traditional wellness wisdom with modern technology [2] - The upgraded Chinese constitution identification model, along with AI analysis modules for tongue and pulse, will enable real-time constitution reports based on data from smart wearable devices [2] - Collaborations with tech giants like Alibaba Cloud and Baidu have led to the successful implementation of technologies that enhance user experience and massage precision [2] Group 3: Global Expansion and Brand Development - The company is advancing its globalization strategy by building a comprehensive sales network that integrates online and offline channels, focusing on Southeast Asia and the Middle East [3] - Plans for 2026 include opening 10-20 new offline stores in Southeast Asia, expanding successful models from Thailand to Indonesia and Vietnam [3] - Participation in international exhibitions, such as CES, showcases new products like the AIR3 smart massager and See7R eye massager, enhancing brand visibility and global market penetration [3] Group 4: Innovative Business Models and Growth Opportunities - Beiliang is launching the "Easy Moment" health management brand in 2025, combining self-developed technology products with manual massage and moxibustion therapy to create a hybrid business model [4] - Strategic partnerships with leading automotive companies like BYD and Chery are being formed to explore health solutions in the automotive sector, opening new growth channels [4] - The company is also addressing the aging population by developing products tailored for elderly users, with 13 products already included in a government initiative for smart home upgrades [4] Group 5: Long-term Development and Market Positioning - Through the integration of "Traditional Chinese Medicine × Technology" and diverse business models, Beiliang is continuously expanding its growth boundaries and strengthening its brand presence in both domestic and international markets [5]

1月27日，倍轻松(688793.SH)披露2025年度业绩预告，预计实现归属于母公司所有者的净利润为-10,500 万元到-8,400万元。据悉，短期业绩波动主要系其主动进行了战略调整与升级。当前倍轻松正锚定"中 医×科技"核心战略，持续加大研发与模式创新投入，为长期高质量发展夯实基础。 随着春节临近，倍轻松上线"早睡娃娃"IP系列产品。该系列以萌趣治愈的形象迅速占据社交平台热搜， 相关话题曝光量突破1亿次。线下层面，倍轻松同步启动全国巡展，首站落地深圳，掀起打卡热潮，现 场活动直接带动门店销售显著增长，验证了IP化营销的转化潜力。一系列线上线下联动的创新营销举 措，展现了倍轻松在健康个护领域强大的品牌塑造与市场影响力。 在加速品牌年轻化的同时，倍轻松也持续推动线下服务生态的升级。2025年推出的"轻松一刻"健康管理 品牌，创新性融合科技产品体验、人工按摩和传统艾灸理疗，在深圳、广州、成都等核心城市已快速落 地15家门店。据公开业务规划，倍轻松后续将延续"产品+服务"双轮驱动的发展路径，加速布局全国重 点城市，以巩固其在健康消费领域的领先地位。 ...

Core Insights - The event "Value Transmission, Trust Promotion, and Opportunity Sharing" was successfully held, showcasing the development achievements and strategic layout of the company Beiqing Song (倍轻松) [1][2] - The company has opened 15 "Relax Moment" stores across China, focusing on cities like Shenzhen, Guangzhou, Xi'an, Chongqing, and Chengdu, with plans for further expansion [1] - Technological innovation is the core driving force for the company's development, with a strong emphasis on integrating traditional Chinese medicine with modern technology [1][2] Company Development - As of October 30, 2025, Beiqing Song has achieved initial operational success with its store network, particularly in airport and community locations [1] - The company has established a robust online operation system covering major e-commerce platforms such as Amazon, Walmart, TikTok, and others, while also employing a dual-track model of direct sales and national agents for offline operations [2] - The company focuses on the design, research, development, production, sales, and service of smart portable massagers, aiming to provide users with convenient personal health care experiences [2] Future Outlook - Beiqing Song plans to enhance brand influence and market competitiveness through continuous expansion of domestic stores, deepening technological innovation, and steady overseas market development [2] - The company aims to lead the industry in technological advancements, particularly in portable massage devices and health data connectivity [1][2]

Core Insights - The event "I am a Shareholder" organized by China Merchants Securities allowed investors to visit the headquarters of Beiqing Song, showcasing the company's commitment to investor relations and market value management [1][2] - Beiqing Song integrates traditional Chinese medicine with modern technology, creating a differentiated barrier in the health technology sector [1] - The company is transitioning from hardware sales to a health technology ecosystem service model, focusing on "technology products + quick-effect massage" [1] Company Overview - Beiqing Song has developed four core technology systems: high bionic system, high power system, traditional Chinese medicine diagnosis system, and health management system [1] - The product line covers multiple body parts and extends to various applications, including moxibustion and massage seats for new energy vehicles [1] Business Strategy - The company is actively pursuing a global expansion strategy, accelerating its global offline layout through various models [1] - The vision is to become a global leader in intelligent health solutions, with the deep integration of "traditional Chinese medicine × technology" as the core path to achieve this goal [2] Investor Engagement - The event provided investors with hands-on experience with products like head and neck massagers, enhancing their understanding of the technology and application scenarios [1] - Investors recognized the potential for intelligent upgrades in the traditional health and wellness industry, reflecting the company's strong technical capabilities in the "traditional Chinese medicine × technology" field [2]

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]