Core Viewpoint - The actual controller and chairman of Beiqing Song, Ma Xuejun, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected market manipulation, which has raised concerns about the company's future performance and governance [1][2]. Group 1: Regulatory Investigation - Ma Xuejun received a notice from the CSRC on February 4, indicating that he is under investigation for suspected market manipulation, although the investigation is focused solely on him and not the company [1]. - The company stated that this investigation will not significantly impact its daily operations, and Ma Xuejun will continue to perform his duties while cooperating with the investigation [1]. Group 2: Company Performance and Stock Market Reaction - Beiqing Song's stock price fell by 14.68% following the announcement of the previous investigation in December, leading to a market capitalization drop below 2 billion yuan [1]. - The company went public on the STAR Market in July 2021, with an initial stock price of 160 yuan per share, a 484% increase from the issue price of 27.4 yuan, but has since seen its market value decline by over 80% to approximately 2 billion yuan [2]. Group 3: Financial Performance - The company reported a significant decline in financial performance, with a projected net loss for 2025 estimated between 105 million yuan and 84 million yuan, marking a sharp drop compared to the previous year's profits [3]. - The decline in performance is attributed to strategic adjustments, decreased revenue, and inefficiencies in sales expenses, leading to a substantial reduction in net profit [3].