公司业绩再度巨亏，实控人两度被证监会立案调查，倍轻松深陷经营与合规双重泥潭。 2月26日晚间，深圳市倍轻松科技股份有限公司(以下简称"倍轻松"或"公司")发布2025年度业绩快报公告。公告显示，公司业绩再度巨亏，实现营业收入 7.71亿元，同比下降28.94%，归属于母公司所有者的净利润亏损8929.55万元，同比大幅下降970.90%，扣非后净利润亏损8796.65万元，同时公司总资产、 归母所有者权益均大幅缩水。业绩巨亏背后，是营收下滑、毛利下降叠加销售费用高企、刚性成本难降的经营困境，而更受市场关注的是，公司实控人马 学军在41天内两度被证监会立案调查，涉及信息披露违法违规及操纵证券市场。 公告披露，2025年度，公司实现营业收入77108.88万元，较上年同期下降28.94%；归属于母公司所有者的净利润-8929.55万元，较上年同期下降970.90%； 归属于母公司所有者的扣除非经常性损益的净利润-8796.65万元。 2025年末，公司总资产63,164.66万元，较报告期初下降22.15%；归属于母公司的所有者权益24,136.37万元，较报告期初下降34.77%，归属于母公司所有 者的每股净资 ...

Core Viewpoint - The company Beiqing Song (688793.SH), known as the "first stock of smart health hardware," has reported a significant turnaround in its 2025 annual performance forecast, shifting from a slight profit in 2024 to a substantial loss, with a year-on-year decline exceeding 900% [1][2]. Financial Performance - For 2025, the company expects a net profit loss attributable to shareholders of between 84 million and 105 million yuan, with a non-recurring net profit loss of between 71 million and 92 million yuan [2]. - In 2024, the company achieved a net profit of 10.25 million yuan, indicating a drastic decline in performance within a year [2]. - The company's revenue for the first three quarters of 2025 was approximately 552 million yuan, a significant decrease of 34.07% year-on-year, with a net profit loss of 65.63 million yuan, a year-on-year decline of 600.98% [6]. Marketing and Operational Challenges - The company's high marketing expenses, which accounted for nearly 60% of revenue, have not effectively driven revenue growth, leading to a significant squeeze on profit margins [7][9]. - In the first three quarters of 2025, the company spent approximately 316 million yuan on sales expenses, a reduction of 27.52% year-on-year, but this decrease was insufficient compared to the 34.07% drop in revenue [7]. - The proportion of sales expenses to revenue was 57.32% in the first three quarters of 2025, indicating that for every 100 yuan of revenue, nearly 60 yuan was spent on sales [7]. Management and Regulatory Issues - The actual controller of the company, Ma Xuejun, is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [10]. - There have been long-standing issues with fund occupation by Ma Xuejun, with a total of 12.08 million yuan occupied through various means, raising concerns about internal controls [12]. - The company has faced multiple regulatory inquiries and has received several regulatory letters due to these internal control issues and information disclosure inaccuracies [13].

Core Viewpoint - The company expects a significant decline in net profit for the year 2025, projecting a loss compared to the previous year's profit [1] Financial Projections - The company anticipates a net profit attributable to the parent company of between -105 million to -84 million yuan for 2025, compared to a profit of 10.25 million yuan in the same period last year [1] - The expected net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be between -92 million to -71 million yuan [1]

Company Overview - Shenzhen Beiliang Technology Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on July 5, 2000. The company went public on July 15, 2021. It focuses on the innovation, research, and development of health products, primarily engaged in the design, research, production, sales, and service of smart portable massagers [1]. Business Performance - As of January 6, the company's stock price decreased by 5.04%, reaching 23.72 CNY per share, with a trading volume of 64.6552 million CNY and a turnover rate of 3.10%. The total market capitalization is 2.039 billion CNY [1]. - The revenue composition of the company's main business includes: Other (24.24%), Shoulder (22.03%), Head + Scalp (18.10%), Eye (13.08%), Waist and Back (11.99%), and Neck (10.57%) [1]. Fund Holdings - According to data, one fund under Xinhua Fund holds a significant position in Beiliang. The Xinhua Small and Medium-sized Value Selection Mixed Fund (519097) held 27,600 shares in the third quarter, accounting for 1.28% of the fund's net value, making it the second-largest holding. The estimated floating loss today is approximately 34,800 CNY [2]. - The Xinhua Small and Medium-sized Value Selection Mixed Fund (519097) was established on January 28, 2011, with a latest scale of 64.4789 million CNY. Year-to-date returns are 1.09%, ranking 6060 out of 8816 in its category; the one-year return is 54.84%, ranking 1490 out of 8081; and since inception, the return is 368.71% [2]. Fund Management - The fund manager of the Xinhua Small and Medium-sized Value Selection Mixed Fund (519097) is Wang Yongming, who has been in the position for 8 years and 326 days. The total asset size of the fund is 331 million CNY. The best fund return during his tenure is 58.36%, while the worst return is -16.47% [3].

Group 1 - The company has faced significant financial decline, reporting a net profit loss of 65.628 million yuan in the first three quarters of 2025, a staggering year-on-year drop of 600.98% [2] - All three core fundraising projects have been delayed, with nearly 20 million yuan remaining unspent at the conclusion of the R&D center, and the marketing network construction falling short of expectations [2] - The number of offline direct stores has decreased from a peak of 186 to 125, with annual revenue per store halved compared to the 2019 high [2] Group 2 - The company's market value has plummeted, with its stock price dropping from a high of 185.58 yuan per share at the time of listing to 21.88 yuan by December 30, resulting in a cumulative decline of over 88% and a market capitalization of only 1.88 billion yuan, less than 20% of its peak [2] - The company is facing multiple crises, including a lawsuit for patent infringement from Japan's Daido Electric, which is seeking 10 million yuan in damages, alongside regulatory investigations and significant financial losses [2] - The company's high gross margin of over 60% is overshadowed by high expenses, with a sales expense ratio exceeding 60%, raising concerns about its sustainability [4]

Core Viewpoint - The stock price of Beiqing Song (688793.SH) dropped by 14.68% to 22.61 yuan following the announcement of an investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [2] Group 1: Investigation and Regulatory Concerns - Beiqing Song and its actual controller, Ma Xuejun, received a formal notice from the CSRC regarding an investigation due to suspected information disclosure violations [2] - The company has faced continuous scrutiny from the Shanghai Stock Exchange since 2022, receiving inquiries about key financial matters such as revenue recognition and related party transactions [2][4] - The investigation marks an escalation in regulatory attention, transitioning from inquiries to formal investigation [4] Group 2: Shareholder Actions and Market Reactions - One month prior to the investigation announcement, Ma Xuejun sold 2.55 million shares for approximately 64.7 million yuan, reducing his and his concerted parties' shareholding from 52.35% to 49.38% [3] - The timing of the share sale, shortly before the investigation, raised market concerns about potential misuse of information advantages [3][4] Group 3: Legal Issues and Governance Structure - On the same day as the CSRC investigation announcement, Beiqing Song disclosed a significant lawsuit from Japan's Daido Electric Co., claiming patent infringement and seeking 10 million yuan in damages [4] - The company's governance structure, with Ma Xuejun holding multiple roles as the actual controller, chairman, and general manager, raises concerns about decision-making transparency and potential conflicts of interest [5] - The CSRC's simultaneous investigation of both the company and Ma Xuejun suggests a focus on individual accountability in the information disclosure process [5] Group 4: Implications for Market and Compliance - The case of Beiqing Song highlights the challenges faced by companies in the Sci-Tech Innovation Board regarding governance and compliance amid rapid growth [6] - The situation underscores the necessity for higher levels of caution and transparency in the actions of actual controllers and management, particularly concerning share sales and information disclosure [6]

Core Viewpoint - The company Beiqingsong (688793.SH) is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, but its business operations remain normal [1][3]. Business Overview - Beiqingsong, established in 2000, focuses on the smart portable massager sector, integrating traditional Chinese medicine concepts with modern technology to provide health care solutions globally [1]. - The company has developed a product matrix that includes various categories such as head, eye, neck, scalp, and moxibustion products, and holds over 1,000 valid patents, including more than 200 invention patents [1]. Technological Development - The company has initiated an "AI + Health" strategy to transition from simple fatigue relief to health management, utilizing a professional R&D team and multi-modal sensor matrices for data collection and analysis [2]. - Some of its scalp massager products now feature AI visualization capabilities for health assessments and personalized care suggestions, aiming to create a closed-loop health service model [2]. Channel Strategy - Beiqingsong employs an "online + offline" sales model, focusing on high-traffic locations such as airports and high-speed rail stations, and has launched integrated service stores offering a combination of smart devices, manual techniques, and moxibustion therapy [2]. - As of mid-2025, the company has expanded its service stores to key cities like Shenzhen, Guangzhou, and Xi'an, while also establishing a dual service system for platform and private domain members, with over 6.6 million platform members and 2.8 million private domain members [2]. Operational Resilience - Despite facing regulatory scrutiny, Beiqingsong's long-standing technological foundation and global presence support its ongoing business operations, with established layouts in product matrix, technological R&D, and channel development [3].

Core Viewpoint - The company Beiqing Song (倍轻松) and its actual controller Ma Xuejun are under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which has led to a significant drop in the company's stock price [1][3]. Group 1: Regulatory Investigation - On December 25, the CSRC issued a notice of investigation to Beiqing Song and Ma Xuejun for suspected information disclosure violations [1]. - The company stated that its business operations are currently normal and that it will actively cooperate during the investigation [2]. Group 2: Legal Issues - Beiqing Song is involved in a patent infringement lawsuit filed by Da Dong Electric Industrial Co., Ltd., seeking 10 million yuan in damages and the cessation of sales of the disputed products [2]. - The company indicated that the products in question are not core products and do not expect significant impact on daily operations [2]. Group 3: Financial Performance - For the first three quarters of 2025, Beiqing Song reported a revenue of 552 million yuan, a year-on-year decrease of 34.07%, and a net loss attributable to shareholders of 65.63 million yuan, a decline of 600.98% [8]. - As of June 30, 2025, the company had an undistributed profit loss of 41.20 million yuan, with total paid-in capital of 85.95 million yuan, indicating that the unrecouped losses exceeded one-third of the total paid-in capital [8]. Group 4: Shareholder Actions - One month prior to the investigation notice, Ma Xuejun sold 2.55 million shares, approximately 2.97% of the company, for about 64.71 million yuan, citing personal funding needs [5]. - In contrast, another major shareholder, Wang Qiaoqing, terminated a planned share reduction just a week before the investigation notice, expressing confidence in the company's long-term development [5]. Group 5: Financial Mismanagement - The company has faced scrutiny for previous financial mismanagement, including significant fund occupation by the actual controller, which was reported to be 85.93 million yuan after corrections [9]. - In 2024 alone, the actual controller's fund occupation through supplier channels reached 25.10 million yuan [10].

Core Viewpoint - The company announced the completion of its "R&D Center Upgrade Project" on December 19, 2025, with a commitment to use raised funds of 88.01 million yuan, of which 75.55 million yuan was actually utilized, resulting in a surplus of 19.21 million yuan, including interest of 6.74 million yuan [1] Fund Utilization - The actual fund usage was 75.55 million yuan, which is lower than the committed amount of 88.01 million yuan [1] - The surplus of 19.21 million yuan was attributed to cost-saving measures, enhanced expense control, and effective cash management [1] Future Plans - The company plans to permanently supplement its working capital with the surplus funds, a proposal that has been approved by the board of directors and does not require shareholder meeting approval [1] Endorsement - The sponsoring institution considers the arrangement reasonable and has no objections [1]

Core Viewpoint - The company Beiqingsong, primarily engaged in massage devices, is facing significant shareholder sell-offs, including a planned reduction by its actual controller Ma Xuejun, which raises concerns about the company's financial health and stock performance [1][4][11]. Group 1: Shareholder Actions - Ma Xuejun, the controlling shareholder and chairman, plans to reduce his holdings by 2.97%, amounting to approximately 7.8 million yuan based on the latest closing price, citing personal financial needs [1]. - Prior to Ma's announcement, other shareholders, including the fourth largest shareholder and employee stock ownership plans, have also initiated sell-off plans earlier this year [4][9]. - The company’s employee stock ownership platform, Ningbo Beirun, has terminated its agreement with Ma, allowing for potential future sell-offs without prior notice [4][11]. Group 2: Financial Performance - Beiqingsong went public on the Sci-Tech Innovation Board in July 2021 but has since experienced substantial losses, contrasting sharply with its previous high growth rates [4][25]. - The company reported a revenue decline of 24.69% in 2022, with a net loss of 124 million yuan, and continued losses in subsequent years, including over 60 million yuan in the first three quarters of 2025 [25][27]. - The stock price peaked on the first day of trading at 131.78 yuan but has since plummeted by approximately 81.75%, currently trading at 30.42 yuan, with a market capitalization of 2.614 billion yuan [28][31]. Group 3: Company Background - Beiqingsong specializes in the design, research, production, and sales of smart portable massage devices, claiming to be a leader in the domestic market [16]. - The company experienced rapid growth prior to its IPO, with revenues increasing from 229 million yuan in 2013 to 1.19 billion yuan in 2021, but has struggled to maintain this momentum post-IPO [25][26].