奥佳华公告，2025年上半年营业收入23.27亿元，同比增长5.65%。净利润2703.14万元，同比增长 14.01%。 ...

荣泰健康公告，2025年上半年营业收入8.1亿元，同比下降1.78%。净利润8533.69万元，同比下降 23.35%。 ...

公司公布1H25 业绩：1H25 营业收入3.85 亿元，同比-36%；归母净利润-3611 万元，同比-238%。对应 2Q25 营业收入1.88 亿元，同比-39%；归母净利润-3428 万元，同比-426%。公司1H25 业绩低于我们预 期，主要由于收入低于我们预期，且期间费用偏刚性拖累盈利。 发展趋势 营收阶段性承压：1H25 公司营收同比-36%，主要系线上渠道销售收入下降所致，根据久谦数据，1H25 倍轻松品牌线上渠道（天猫+京东）销售额同比下滑50%以上。分产品看，1H25 收入占比较高的肩部、 头皮+头部、眼部、腰背部按摩器收入同比都有较大幅度下滑。1H25 公司持续发布多款新品，包括姜 小竹A3、头部按摩器HAIR 3、脚部按摩器iFoot5、腰部按摩器Y3 pro、头皮按摩器Scalp 5、腿部按摩器 T1。我们认为创新和产品力向来是公司的竞争优势，我们期待类似2023 年Neck N5 Mini 一般的畅销产 品突围，带动公司经营改善。 财务分析：1H25 公司毛利率62.8%，同比+0.8ppt，我们估计主要是产品结构拉动，以及毛利率更高的 线下直销渠道经营改善。由于收入下滑但期间费用 ...

8月21日晚间，国内智能便携按摩器领域的领军企业倍轻松披露2025年半年度报告，上半年实现营业收入3.85亿元，同比下降36.22%；归母净利润亏损 3611.47万元，上年同期为2613.4万元，同比由盈转亏；扣非净利润亏损3701.19万元，同比由盈转亏。 倍轻松是一家专注于健康产品创新研发的国家高新技术企业，主要从事智能便携按摩器的设计、研发、生产、销售及服务。 公司自2024年推出"科技产品+速效按摩"的新模式，并在今年上半年推出"轻松一刻"健康管理品牌。截至上半年末，公司已在全国建成6家"轻松一刻"门 店，覆盖深圳、广州、西安等地区，成效初显。其中机场门店与社区门店表现突出。 截至上半年末，公司在全球范围内线下渠道共布局125家直营门店，店面开发主要聚焦于海内外重要城市的机场、高铁站以及高端购物中心等人流密集、 消费力强劲地区。倍轻松表示，下半年将加速门店拓展，重点增加广州、深圳地区门店密集度。未来还将根据情况增设更多门店。 根据国家统计局数据显示，近几年中国人均消费支出与人均医疗保健支出占比均呈动态上涨趋势。而据前瞻产业研究院数据，目前，中国已成为全球按摩 器具市场需求增长最快的国家/地区之一，预 ...

事件：公司发布2025 年半年度报告。公司2025H1 实现营业收入3.8 亿元，同比-36.2%，主要系线上渠 道销售收入下滑；实现归母净利润-0.4 亿元，同比-238.2%。扣非归母净利润-0.4 亿元，同比-253.6%。 单季度来看，2025Q2 实现营收1.9 亿元，同比-39.4%；归母净利润-0.3 亿元，同比-425.8%；扣非归母 净利润-0.3 亿元，同比-507.9%。 毛利率有所提升，销售费用率较高致盈利能力承压。毛利率： 25H1/25Q2 同比+0.8pct/+3.2pct 至62.6%/64.1%。毛利率有所优化或因线下服务类高毛利率业务占比提 升以及新品推出。费率端： 25H1 销售/管理/研发/财务费率同比+7.0pct/+3.0pct/+1.9pct/-0.3pct 至56.0%/7.9%/7.0%/-0.1% ； 25Q2 分 别同比+13.8pct/+3.5pct/+2.2pct/-0.7pct。销售费用率增加主因线上竞争加剧以及收入下滑较多。净利 率：25H1/25Q2 净利率同比-13.7pct/-21.6pct 至-9.4%/-18.2%。 期待新商业模式门店加 ...

据证券之星公开数据整理，近期倍轻松（688793）发布2025年中报。截至本报告期末，公司营业总收入 3.85亿元，同比下降36.22%，归母净利润-3611.47万元，同比下降238.19%。按单季度数据看，第二季度 营业总收入1.88亿元，同比下降39.42%，第二季度归母净利润-3428.22万元，同比下降425.76%。本报告 期倍轻松公司应收账款体量较大，当期应收账款占最新年报归母净利润比达435.34%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率62.63%，同比增1.31%，净利率-9.37%， 同比减316.49%，销售费用、管理费用、财务费用总计2.46亿元，三费占营收比63.78%，同比增 17.82%，每股净资产3.51元，同比减23.11%，每股经营性现金流-0.24元，同比减135.32%，每股收 益-0.43元，同比减238.71% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 6.04亿 | 3.85亿 | -36.22% | | 归母浄利润（元） | 2613.4万 ...

Investment Rating - The report maintains an "Outperform" investment rating for the company [2][7]. Core Insights - The company's performance in the first half of 2025 was below expectations, with a revenue of 385 million yuan, a year-on-year decline of 36%, and a net profit attributable to shareholders of -36 million yuan, indicating a significant downturn [7]. - The company is diversifying its sales channels, with the "Light and Easy" brand expected to contribute incremental revenue. The company has established 125 direct-operated stores globally, focusing on high-traffic areas [7]. - The gross profit margin improved to 64.09% in Q2 2025, up 3.17 percentage points year-on-year, primarily due to the higher margin from the "Light and Easy" stores [7]. Financial Data and Earnings Forecast - Total revenue projections for 2025 are set at 984 million yuan, with a year-on-year decline of 9.3%. The net profit forecast for 2025 is 49 million yuan, reflecting a significant recovery from the previous year's losses [6][9]. - The earnings per share (EPS) is expected to be 0.57 yuan for 2025, with a projected growth of 373.6% year-on-year [6][9]. - The company anticipates a gradual recovery in profitability, with net profits expected to reach 78 million yuan in 2026 and 93 million yuan in 2027 [6][9].

Core Viewpoint - The traditional massage equipment industry in Fuan is evolving through innovation, aiming to explore new market opportunities and enhance product offerings to meet diverse consumer needs [1][4]. Industry Overview - Fuan has 253 massage equipment production and supporting enterprises, with 38 of them being large-scale companies. The total industry chain output value is projected to reach approximately 22 billion yuan in 2024, with large-scale enterprises contributing 1.699 billion yuan [1]. - The industry has established a complete supply chain from raw material procurement to product sales, with 80% of raw materials sourced locally. Products are exported to over 50 countries and regions, including Europe, Australia, South America, the Middle East, and Southeast Asia [4][7]. Company Innovations - Fujian Glory Health Technology Co., Ltd. is focusing on customized products for the U.S. market, enhancing precision and comfort compared to traditional massage devices. The company produces over 50 types of products, with an annual output of 300,000 massage chairs, aiming for a revenue of 277 million yuan in 2024 [2][4]. - The company is shifting from product-oriented to customer-oriented strategies, responding to market diversity and targeting the mid-to-high-end market [2]. Market Trends - The rise of the silver economy and increasing health consumption demands are driving some manufacturers to develop "age-friendly" products, including traditional Chinese medicine smart health equipment and rehabilitation aids [2][4]. - The industry is witnessing a significant focus on developing products with health and wellness features, particularly for the elderly population, which is seen as a new economic opportunity [4][7]. Technological Advancements - Fuan's massage equipment industry has over 2,200 effective patents, covering key technologies such as smart sensing, human-computer interaction, and health data analysis, enabling a comprehensive system from technology research to market application [7]. - The local government is promoting the transformation of the massage equipment industry towards high-end, intelligent, and standardized development through the establishment of industrial parks and supportive policies [7].

从资金流向来看，8月18日主力资金净流入572.13万元，近五日累计净流入3234.8万元，显示出一定的资 金关注度。 截至2025年8月18日收盘，奥佳华股价报6.92元，较前一交易日下跌0.01元，跌幅0.14%。当日成交量为 11.98万手，成交额达8300万元。 奥佳华主要从事按摩器具的研发、生产和销售，产品涵盖按摩椅、按摩小电器等健康产品。公司旗下拥 有"OGAWA"、"FUJIMEDIC"等多个自主品牌，其中Joypal也是其合并报表范围内的自主品牌之一。 公司近期在互动平台透露，其"基于中医穴位理论的智能推拿机器人"项目已于2024年顺利通过厦门市科 技局验收。该项目获得政府立项支持，体现了公司在智能健康领域的研发实力。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 ...

Core Insights - Shanghai Rongtai Health Technology Co., Ltd. has officially reached a strategic cooperation with Meituan for the physiotherapy robot project, aiming to explore an innovative model of "smart physiotherapy + platform traffic" [2] Group 1: Strategic Cooperation - The cooperation will leverage the strengths of both companies in health technology and local life services [2] - A three-phase strategy will be implemented: pilot stores, regional replication, and nationwide promotion [2] - The pilot stores will integrate three modules: smart device experience, health data management, and professional physiotherapy services [2] Group 2: Digital Service Integration - The first pilot stores will be located in key areas of Shanghai, allowing users to book appointments, customize plans, and track results through the Meituan app [2] - The collaboration aims to create a health service closed loop that combines online and offline services, enhancing consumer access to technology-driven health solutions [2] Group 3: Industry Impact - This strategic partnership is a significant step for Rongtai Health in its "smart health ecosystem" layout and provides an innovative model for the industry [2] - The collaboration establishes an ecological closed-loop model in the massage device industry, integrating hardware, platform, and services [2] - Meituan's user base of over 770 million annual active users, combined with Rongtai Health's 600+ technology patents and supply chain system, is expected to reshape the competitive landscape of the offline massage market [2]