Core Viewpoint - Shenzhen Beiqing Technology Co., Ltd. (referred to as "Beiqing") is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which has led to a significant drop in its stock price and raised concerns about its internal governance and financial practices [1][3][7]. Group 1: Company Operations and Financial Performance - Beiqing's business operations are reported to be normal despite the ongoing investigation, and the company is committed to cooperating with the CSRC and fulfilling its disclosure obligations [3]. - The company went public on the STAR Market in July 2021, with a first-day surge of over 340%. In its first year, it achieved a revenue of 1.19 billion yuan, a year-on-year increase of 43.93%, and a net profit of 91.86 million yuan, up 29.92% [4]. - However, Beiqing has faced continuous financial pressure since its second year post-IPO, reporting losses of 124 million yuan in 2022 and 50.87 million yuan in 2023. In 2024, it briefly returned to profitability with a net profit of 10.25 million yuan, but the first three quarters of 2025 saw further deterioration, with losses exceeding 65 million yuan [4]. Group 2: Marketing and R&D Expenditure - Beiqing has been criticized for its heavy focus on marketing over research and development (R&D). From 2021 to 2025, R&D expenses as a percentage of revenue were only 3.97% to 7.02%, while sales expenses accounted for 40.75% to 56.03% of revenue [5]. - The company has invested heavily in advertising, with over 50% of sales expenses attributed to this area. Additionally, over 60% of its workforce is dedicated to sales, significantly higher than the industry average of less than 24% [5]. Group 3: Quality and Customer Complaints - Beiqing's focus on marketing has led to issues with product quality and after-sales service, resulting in numerous consumer complaints regarding product defects and poor service [6]. - The company is currently involved in a patent infringement lawsuit, with a claim amount of 10 million yuan, although it asserts that the products in question are not its core offerings [6]. Group 4: Internal Governance and Financial Issues - Beiqing has faced scrutiny for internal governance issues, including violations related to guarantees and the misuse of funds by its controlling shareholder, Ma Xuejun. Notably, there were instances of fund occupation amounting to 54 million yuan in 2024 [7][8]. - The company has acknowledged these issues and has implemented internal management measures to prevent recurrence. However, further inquiries from the stock exchange have raised questions about the effectiveness of these measures [8]. - In November 2025, Ma Xuejun sold shares worth over 64.7 million yuan, reducing his ownership stake from 40.48% to 37.51%, which has raised additional concerns about the company's governance [9].

Core Viewpoint - After its IPO, the company "倍轻松" has experienced significant performance deterioration, raising concerns about the authenticity of its financials due to frequent changes in its CFO and substantial discrepancies in sales expenses before and after listing [1][3][5]. Group 1: Financial Performance - The company reported a drastic change in performance post-IPO, with continuous losses following a period of high revenue growth prior to listing [3][5]. - In 2022, 2023, and 2024, the company achieved revenues of 895 million, 1.275 billion, and 1.085 billion respectively, with net profits of -130 million, -55 million, and -3 million, marking three consecutive years of losses [5][6]. - The company's revenue peaked at 1.275 billion in 2023, but the first quarter of 2025 saw a 32.83% year-on-year decline in revenue [5]. Group 2: Sales Expenses and Employee Compensation - There is a notable discrepancy in sales expenses, with a significant increase in employee compensation post-IPO despite stable sales personnel numbers [19][21]. - The average salary for sales personnel rose from approximately 115,000 before the IPO to around 155,000 after, despite a decline in sales revenue [21][19]. - The company's sales expense ratio has increased dramatically, reaching as high as 54% post-IPO, compared to around 40% before [14][16]. Group 3: Marketing and Revenue Generation - The company has heavily invested in online marketing, with promotional expenses accounting for 64% of total sales expenses in 2023, raising questions about the sustainability of its business model [22][23]. - The online revenue constituted nearly 70% of total sales in 2023, but the high marketing costs have led to unprofitable operations [22][26]. - There are concerns about potential "fake orders" to inflate sales figures, as the company has reported significant promotional spending without corresponding profit [22][26]. Group 4: Corporate Governance and Control - The frequent turnover of the CFO raises red flags regarding corporate governance and financial oversight, with three CFOs in a short span [8][29]. - Allegations have emerged regarding the actual controller's potential misuse of company funds through suppliers, which could further undermine the integrity of financial reporting [29][30]. - The company has been scrutinized for its relationships with suppliers, where funds appear to be funneled to the actual controller, raising concerns about financial transparency [29][31].

Core Viewpoint - The company reported a decline in revenue for 2024 but achieved profitability in net profit, indicating a shift in financial performance despite challenges in sales [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.085 billion yuan, a year-on-year decrease of 14.88%, while net profit attributable to shareholders was 10.2532 million yuan, marking a turnaround from losses [1][2]. - The gross profit margin for 2024 was 60.51%, an increase of 1.83 percentage points compared to the previous year [1][2]. - In Q1 2025, revenue fell by 32.83%, with both net profit and non-recurring net profit being negative [1][2]. Group 2: Cost and Expense Analysis - The total operating costs for 2024 were 1.105 billion yuan, down 16.83% from the previous year, with a significant reduction in sales expenses [2][3]. - Sales expenses decreased primarily due to lower promotional and advertising costs, with promotional expenses amounting to 192.378 million yuan, accounting for 35.34% of total sales expenses [3][4]. - The company reported an increase in other income, including a VAT software tax refund of 25.8921 million yuan in 2024, up from 12.8320 million yuan in 2023 [3][4]. Group 3: Product and Market Strategy - The company maintained a high gross profit margin due to brand and technology advantages, centralized procurement, and a strong market positioning strategy [6][7]. - The sales model analysis showed that all channels experienced an increase in gross profit margins, with offline direct sales achieving a margin of 73.80% [7]. - The company focused on high-margin products and adjusted its sales strategy to enhance operational efficiency and reduce costs [12][13]. Group 4: International Revenue - The company reported overseas revenue of 79.8705 million yuan in 2024, a year-on-year increase of 9.49%, with a gross profit margin of 60.72% [13][14]. - The increase in overseas revenue was primarily driven by growth in online direct sales, which rose by 9.8009 million yuan [14][15]. - The company emphasized the importance of maintaining effective internal controls for overseas operations to ensure revenue recognition aligns with cash receipts [13][14].