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]

就在立案消息披露前一个月，马学军通过询价转让方式减持255.26万股，套现约6470万元。此次减持使其及其一致行动人持股比例由52.35%降至49.38%，虽 未影响控制权，但恰在减持完成后不久即遭立案，时间点引发市场高度关注。 255万股套现6470万，监管窗口期引质疑 2025年11月20日，倍轻松控股股东、董事长兼总经理马学军通过向特定机构投资者询价转让方式，减持2,552,579股公司股份，占总股本2.97%，转让价格为 25.35元/股，合计套现约6470万元。根据公司11月21日公告，本次转让后，马学军及其一致行动人合计持股比例由52.35%降至49.38%。 然而，值得注意的是，该次减持完成仅一个月后，公司即于12月25日公告被证监会立案。尽管公告未明确立案事项是否与此次减持直接相关，但市场普遍质 疑：在连续多年收到信披问询函的背景下，控股股东选择此时大规模套现，是否存在利用信息优势规避监管的风险？ 登录新浪财经APP 搜索【信披】查看更多考评等级 作者 胡群 12月26日，倍轻松（688793.SH）股价报收22.61元，单日下跌14.68%。此次剧烈波动源于前一日晚间公司发布的公告：12月2 ...

综合来看，作为智能便携按摩器领域的深耕企业，倍轻松凭借多年技术积累与全球化布局形成了自身业 务基础，当前虽面临监管调查，但各项经营活动正常推进。其在产品矩阵、技术研发及渠道建设等方面 的现有布局，构成了企业持续运营的核心支撑。 近年来，伴随消费升级与健康需求多元化趋势，倍轻松开启"AI+健康"战略布局，探索产品从单纯疲劳 缓解向健康管理方向转型。据企业公开信息，其通过组建专业研发团队、搭建多模态传感器矩阵，实现 压力、温度、生物电等多维度数据的采集与分析；旗下部分头皮按摩器产品已集成AI可视化检测功 能，可完成头皮健康状态评估并提供个性化护理建议，尝试构建"检测—分析—干预—验证"的健康服务 闭环。同时，该公司开发的"breo"APP已接入50余款智能产品，整合睡眠检测、心率检测等多项健康分 析功能，成为连接硬件设备、用户数据与健康服务的数字化载体。 渠道布局方面，倍轻松采用"线上+线下"融合的销售模式。线下端，该公司重点布局机场、高铁等流量 场景，并推出"轻松一刻"销服一体门店，通过"智能设备+人工手法+艾灸理疗"的组合模式提供健康护理 服务；截至2025年上半年，此类门店已覆盖深圳、广州、西安等核心城市， ...

12月25日晚间，"健康智能硬件第一股"、知名按摩器品牌倍轻松（688793.SH）披露公告，公司及实际控制人马学军于12月25日收到中国 证监会下发的《立案告知书》，因涉嫌信息披露违法违规，证监会决定对公司及马学军立案。 倍轻松方面表示，目前各项经营活动正常开展，在立案调查期间将积极配合相关工作。 同日，倍轻松还公告披露其与子公司北京倍轻松科技开发有限公司涉及一起专利侵权诉讼。原告大东电机工业株式会社已向北京知识产 权法院提起诉讼，要求停止制造、销售涉诉产品，销毁相关模具及库存，并索赔经济损失及合理费用共计1000万元。该案已立案，尚未 开庭。该公司表示，涉诉产品非近期核心产品，预计不会对日常经营造成重大影响。 12月26日，倍轻松股价大跌，截至发稿跌超14%。 实控人上月刚套现超6400万元 公司2021年登陆科创板 值得注意的是，就在此次立案告知书下达的一个月前，马学军刚刚完成了一笔股份转让。 根据倍轻松11月21日披露的《股东询价转让结果报告书》，马学军通过询价转让方式，减持了其持有的公司股份255.26万股，占公司总股 本的2.97%。 该次询价转让的价格为25.35元/股，据此计算，马学军通过此次 ...

倍轻松公告称，公司"研发中心升级建设项目"于2025年12月19日结项，该项目承诺使用募集资金 8801.08万元，实际使用7555.02万元，节余募集资金1921.04万元（包含利息674.98万元）。节余原因是 公司采取节约成本方案、加强费用管控及资金现金管理。公司拟将节余资金永久补充流动资金，此议案 已获董事会通过，无需股东大会审议。保荐机构认为该安排合理，无异议。 ...

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].

Group 1 - The core viewpoint of the news is that Beilingsong's stock performance and financial metrics indicate a challenging period, with significant declines in revenue and net profit, while financing activities show a relatively high level of engagement [1][2][3] Group 2 - As of October 9, Beilingsong's stock price increased by 0.87%, with a trading volume of 17.03 million yuan, and a net financing purchase of 557,100 yuan [1] - The total financing and securities balance for Beilingsong reached 77.95 million yuan, accounting for 3.02% of its market capitalization, indicating a high level compared to the past year [1] - For the first half of 2025, Beilingsong reported a revenue of 385 million yuan, a year-on-year decrease of 36.22%, and a net profit attributable to shareholders of -36.11 million yuan, a decline of 238.19% [2] - The number of shareholders increased by 10.36% to 4,835, while the average circulating shares per person decreased by 9.39% to 17,775 shares [2] - Since its A-share listing, Beilingsong has distributed a total of 66.94 million yuan in dividends, with no dividends paid in the last three years [3]

Group 1 - The company has 13 products listed in the Shenzhen Civil Affairs Bureau's 2024 Smart Home Adaptation Consumption Promotion Special Activity [1] - The aging population is increasing, leading to a rise in the silver economy, with a large elderly population and growing consumer demand [1] - The company plans to develop more elderly-friendly products to align with the trends of the silver economy [1] Group 2 - The company was the pioneer in the smart portable massager segment and was listed on the Shanghai Stock Exchange in July 2021 [1] - In the first half of 2025, the company reported revenue of 385 million yuan, a year-on-year decrease of 36.22% [1] - The company experienced a net loss of 36.11 million yuan, with the loss expanding by 238.19% year-on-year [1]

Core Viewpoint - The shareholder Wang Qiaoqing plans to reduce his stake in Beiqinglong by selling up to 859,500 shares, representing 1% of the company's total equity, between October 14, 2025, and January 13, 2026, through centralized bidding [1] Summary by Relevant Sections - **Shareholder Information** - Wang Qiaoqing currently holds 4.8115 million shares, which accounts for 5.6% of the total shares outstanding [1] - **Reduction Plan** - The planned reduction will occur 15 trading days after the announcement date, with the selling price determined by market conditions [1] - The shares to be sold were acquired prior to the company's IPO [1]