Core Insights - The event "I am a Shareholder" organized by China Merchants Securities allowed investors to visit the headquarters of Beiqing Song, showcasing the company's commitment to investor relations and market value management [1][2] - Beiqing Song integrates traditional Chinese medicine with modern technology, creating a differentiated barrier in the health technology sector [1] - The company is transitioning from hardware sales to a health technology ecosystem service model, focusing on "technology products + quick-effect massage" [1] Company Overview - Beiqing Song has developed four core technology systems: high bionic system, high power system, traditional Chinese medicine diagnosis system, and health management system [1] - The product line covers multiple body parts and extends to various applications, including moxibustion and massage seats for new energy vehicles [1] Business Strategy - The company is actively pursuing a global expansion strategy, accelerating its global offline layout through various models [1] - The vision is to become a global leader in intelligent health solutions, with the deep integration of "traditional Chinese medicine × technology" as the core path to achieve this goal [2] Investor Engagement - The event provided investors with hands-on experience with products like head and neck massagers, enhancing their understanding of the technology and application scenarios [1] - Investors recognized the potential for intelligent upgrades in the traditional health and wellness industry, reflecting the company's strong technical capabilities in the "traditional Chinese medicine × technology" field [2]

Group 1 - The core viewpoint of the articles highlights the increasing attraction of China as a shopping tourism destination, driven by policies such as the 240-hour visa-free transit and immediate tax refund upon departure [1] - The electronic products in China, particularly in Shenzhen's Huaqiangbei, are gaining popularity among foreign tourists, with many seeking to purchase items like smartphones, computers, and innovative gadgets [2][4][6] - The introduction of the "one form, one package" tax refund model in Shenzhen has streamlined the tax refund process for travelers, enhancing their shopping experience [14] Group 2 - Shenzhen has over 400 duty-free stores, with a growing proportion of tax refunds related to domestic technology products like smartphones and drones [16] - During the "May Day" holiday, domestic smartphones and drones accounted for 38% of all tax refund applications in Shenzhen, indicating strong demand for these products [18] - Foreign tourists, such as an Australian couple, are increasingly visiting Huaqiangbei, showcasing a trend where international visitors are specifically planning shopping trips to this electronic hub [20][22]

Investment Rating - The report does not explicitly state an investment rating for the home appliance industry or the specific company being analyzed [1]. Core Insights - The company is focusing on health technology, emphasizing a strategy of "technology empowering health" and is committed to continuous innovation [18]. - The company is collaborating with research institutions to develop a head massager that integrates brainwave detection and big data algorithms [18]. - The company expects to turn a profit in 2024 by implementing cost reduction and efficiency improvement measures, including adjusting sales strategies and product structures to enhance gross margins [19]. Summary by Sections 1. Basic Research Information - The research was conducted on March 6, 2025, focusing on the home appliance industry, specifically the company Beiqing Song [13]. 2. Detailed Research Institutions - The research involved institutions such as Guosheng Securities, Hongtu Innovation Fund, and Industrial Securities [14]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [16]. 4. Main Content Information - The company is leveraging advanced technologies to maintain its leading position in smart health hardware [18]. - The company has successfully reduced sales expenses and improved operational efficiency, contributing to its expected profitability in 2024 [19].