中新网北京12月26日电(记者 赵方园)"便携按摩器第一股"倍轻松，最近日子不太轻松。 12月25日，因涉嫌信息披露违法违规，倍轻松及其实际控制人、董事长马学军被证监会立案调查。当 晚，倍轻松发布公告确认此事，并表示公司目前各项经营活动正常开展，将积极配合调查并履行信披义 务。 消息一出，倍轻松12月26日早盘低开低走。截至当日收盘，其股价下跌14.68%，收报22.61元/股，总市 值报19.43亿元，较上市初期高位130.70元/股，股价已大幅缩水。 作为一家以按摩仪销售为主营业务的企业，倍轻松成立于2000年7月，2001年推出首台眼部按摩器产 品，正式进入按摩器具行业。2021年，头顶"便携按摩器第一股"的光环，倍轻松成功登陆科创板。然 而，上市之后，倍轻松的业绩就显出"难色"。 倍轻松2025年三季报显示，第三季度营收约1.67亿元，同比减少28.51%；归母净利润亏损约2951.33万 元。前三季营收约5.52亿元，同比减少34.07%；归母净利润亏损约6562.8万元，同比减少600.98%。 业绩压力背后，倍轻松也一直陷于"重营销、轻研发"的争议中。 WIND数据显示，2021年至2024年倍 ...

Core Viewpoint - Future Health, the parent company of the popular massage device brand SKG, is attempting to enter the capital market through the Hong Kong Stock Exchange after two failed attempts to list on the A-share market. The company has shown steady profit growth over the past three years, with a gross margin of around 50%, significantly higher than typical home appliances. However, concerns arise from its heavy reliance on marketing over research and development, as well as its financial practices of high dividends alongside increasing debt [1][2]. Group 1: Company Performance and Financials - Future Health was established in November 2007 and has made multiple attempts to list on the A-share market, including a withdrawal of its application in August 2023. The company plans to list on the North Exchange after being delisted from the New Third Board in November 2023 [2]. - The company reported revenues of 904 million yuan, 1.046 billion yuan, and 1.045 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 119 million yuan, 127 million yuan, and 135 million yuan for the same years. In the first nine months of 2025, it achieved revenue of 878 million yuan and a net profit of 106 million yuan [2]. - Future Health's gross margins for 2022, 2023, and 2024 were 50.4%, 49.1%, and 48.9% respectively, indicating strong profitability compared to other appliance categories [5]. Group 2: Marketing and R&D Strategy - The company has increasingly focused on marketing, with marketing expenses rising to 22.6% of total revenue by 2025, while R&D spending has decreased to 6.6% of revenue [1][7]. - Future Health's marketing strategy includes partnerships with celebrities and influencers, utilizing platforms like Douyin and Xiaohongshu to enhance user engagement and brand loyalty [6][8]. Group 3: Financial Practices and Governance - Prior to its IPO, Future Health distributed a total of 280 million yuan in dividends, which accounted for 74% of its net profit during that period. This included a significant dividend payout of 199.4 million yuan in the first nine months of 2025 [8]. - The company's debt increased from 94 million yuan at the end of 2022 to 204 million yuan by September 2025, raising concerns about its financial management practices, particularly the juxtaposition of high dividends and rising debt [8].

Core Viewpoint - The company Future Health is attempting to go public on the Hong Kong Stock Exchange after unsuccessful attempts to list on the A-share market, highlighting concerns over its marketing-heavy strategy and low R&D investment [1][2]. Group 1: Company Performance - Future Health has shown steady net profit growth over the past three years, with high gross margins around 50%, significantly exceeding typical household appliance margins [1][5]. - The company's revenue for 2022, 2023, and 2024 is reported at 904 million, 1.046 billion, and 1.045 billion respectively, with net profits of 119 million, 127 million, and 135 million [2]. - In the first nine months of 2025, the company achieved a revenue of 878 million and a net profit of 106 million [2]. Group 2: Marketing and R&D Strategy - Future Health's marketing expenses have increased, accounting for 22.6% of revenue, while R&D investment has decreased to 6.6% [1][7]. - The company relies heavily on online sales channels, which contributed 60.2% of its revenue in 2022, decreasing to 49.3% by 2025 [6]. - The company employs various marketing strategies, including celebrity endorsements and social media engagement, with marketing expenses rising from 1.64 billion in 2022 to 1.98 billion in the first nine months of 2025 [6][7]. Group 3: Financial Practices and Concerns - Future Health has distributed a total of 280 million in dividends prior to its IPO, raising concerns about its financial practices, especially as it simultaneously increased its debt from 94 million to 204 million [8]. - The company's ownership structure is heavily concentrated, with the founders controlling over 85% of the voting rights, leading to questions about governance and financial transparency [8]. Group 4: Industry Context - The wearable health device market in China is projected to grow from 30.9 billion in 2019 to 61.5 billion by 2024, with a compound annual growth rate of 15.9% expected from 2024 to 2029 [3]. - Future Health is positioned as a leader in the smart wearable health device sector, holding a 21.5% market share in 2024 [2]. - The competitive landscape is characterized by a focus on technology and market segmentation, with leading companies holding over 25% of the market share [4].

Core Viewpoint - The company Future Health, the parent of the massage device brand SKG, has submitted a listing application to the Hong Kong Stock Exchange, marking its third attempt to enter the capital market after previous setbacks [1][6]. Company Overview - Future Health was established in 2007 by founder Liu Jie, who transitioned from the restaurant and coal mining industries to focus on small home appliances before pivoting to wearable health products in 2016 with the launch of a cervical massager [3][5]. - The company has successfully positioned its products as essential for urban consumers, particularly in office settings, leveraging microcurrent technology to simulate manual massage [5]. Market Position and Product Strategy - SKG has maintained the largest market share in China's smart wearable relaxation device sector, with a projected market share of 21.5% in 2024 [5]. - The product line includes various massage devices and health monitoring tools, targeting both everyday wellness and professional rehabilitation [5]. - The company employs a three-pronged strategy of technology-driven innovation, experiential marketing, and targeted product development to capture niche markets [5]. Financial Performance - Revenue figures from 2022 to 2024 show slight growth, with revenues of 904 million RMB, 1.046 billion RMB, and 1.045 billion RMB respectively, while profits increased from 119 million RMB to 135 million RMB [10]. - In the first three quarters of 2025, the company reported a revenue of 878 million RMB, a year-on-year increase of 16.22%, with profits rising by 24.92% to 106 million RMB [10]. Challenges and Strategic Concerns - The company has faced significant challenges in its IPO journey, including compliance issues that led to the withdrawal of its application in 2023 and a failed attempt to list on the Beijing Stock Exchange [6]. - Recent financial maneuvers, including aggressive dividend payouts totaling 280 million RMB, have raised questions about the company's long-term intentions and financial health [16]. - The company has been criticized for its heavy marketing expenditures, which significantly outpace its research and development investments, raising concerns about its commitment to innovation [21]. Industry Context - The global market for smart wearable health devices is projected to grow from 41.7 billion USD in 2024 to 79.5 billion USD by 2029, with a compound annual growth rate of 13.8% [22]. - The Chinese market for smart wearable health devices is expected to reach 128.3 billion RMB by 2029, growing at a compound annual growth rate of 15.9% from 2024 [22]. - The competitive landscape in the smart relaxation device market is fragmented, with increasing competition leading to product homogenization, necessitating continuous innovation and effective marketing strategies [22].

Core Viewpoint - The first "Fuqing Table Tennis Tournament" in Fuan City aims to integrate sports, culture, and tourism, enhancing local economic development and city image [3][8]. Group 1: Event Overview - The tournament opened on October 1, 2023, at the Fuan Sports Center, featuring over a thousand attendees, including world champions [1][3]. - The event includes various competitions from October 1 to 3, showcasing local teams and promoting community engagement [3][5]. Group 2: Cultural Integration - The event features cultural performances, such as the She ethnic dance and local songs, highlighting Fuan's rich cultural heritage [3][5]. - A "Fuqing Theme Carnival" is organized alongside the tournament, offering local delicacies and cultural experiences to visitors [5][7]. Group 3: Economic Impact - Fuan City has been recognized as a "National Advanced County for Sports," with numerous sports associations and events contributing to community fitness [7]. - Official data indicates that from January to June 2023, Fuan's tourism revenue reached 5.792 billion, a year-on-year increase of 11.3%, with visitor numbers growing by 13.6% [8].

Core Viewpoint - Future Health, the parent company of SKG, has officially terminated its IPO plans on the Beijing Stock Exchange due to strategic development needs, following a series of challenges in its previous IPO attempts [2][4]. Group 1: Company Overview - Future Health was established in 2007 and has evolved into a high-tech enterprise providing smart wearable health products, with its main brand being SKG, focusing on products like neck and eye massagers, and health watches [2][3]. - As of September 2023, over 80% of the company's revenue comes from wearable health products, with neck and waist massagers being the most significant product lines [3]. Group 2: Financial Performance - Future Health's revenue from 2021 to 2024 was as follows: 1.054 billion, 904 million, 1.046 billion, and 1.048 billion yuan, while net profits were 131 million, 119 million, 127 million, and 135 million yuan respectively [3]. - The company has faced scrutiny regarding its high cash dividends, which were 155 million and 160 million yuan in 2020 and 2021, exceeding its net profits for those years [5]. Group 3: IPO Journey - Future Health's IPO journey has been tumultuous, with multiple attempts and rejections, including a failed application for the ChiNext board in 2022 and a subsequent withdrawal of its application in July 2023 [4][6]. - The company had initially aimed to raise 1.6 billion yuan but later reduced its target to 1.29 billion yuan [4]. Group 4: International Expansion - In recent years, Future Health has focused on expanding its international presence, particularly through its SKG brand, which has increased investments in cross-border e-commerce platforms [7]. - The company signed a strategic investment agreement with Morgan Stanley, securing a significant investment to accelerate its overseas expansion [7]. - Despite increased marketing expenditures, the company's overseas revenue saw a decline of 14.18% in the first half of 2024, amounting to approximately 28.54 million yuan [8].

Core Insights - The massage device industry in China is experiencing significant growth, driven by increasing health awareness and the rising prevalence of spinal diseases among the population, particularly among young adults aged 25-39 [1][6][12] - The market size of the massage device industry is projected to reach 460 billion yuan in 2024, with a year-on-year growth of 9.5%, and is expected to exceed 500 billion yuan by 2025 [1][12] - The small massage device segment, including neck and lumbar massagers, eye massagers, and fascia guns, is particularly strong, with a compound annual growth rate (CAGR) of 9.7% from 2018 to 2024 [1][14] Industry Overview - Massage devices are designed to simulate manual massage techniques through mechanical vibrations, rolling, tapping, or heat application, aiding in muscle relaxation and blood circulation [2] - The industry is characterized by a shift from passive treatment to proactive health management, with modern devices integrating AI and biofeedback technologies [12][22] Development Background - The aging population and the increase in sub-health individuals are long-term drivers for the massage device industry, with over 310 million people aged 60 and above in China by 2024 [4] - The prevalence of lumbar diseases has become a significant public health issue, with over 200 million patients nationwide, particularly affecting the working population [6][8] Market Characteristics - Consumer preferences vary by age group, with younger individuals favoring portable and stylish devices, while older adults prefer simple and safe options [8][9] - The middle-aged demographic is focused on professional therapeutic products for chronic pain management, indicating a diverse market segmentation [8][9] Industry Chain - The massage device industry chain consists of upstream raw material suppliers, midstream manufacturers, and downstream application scenarios and sales channels [10] - The manufacturing sector is highly competitive, with a focus on technological innovation and cost control [10] Competitive Landscape - The industry is dominated by local brands such as Aojiahua, Rongtai Health, and Beiqingsong, which hold over 25% of the market share [18][20] - Competition is shifting from price wars to technological advancements and ecosystem integration, with a focus on enhancing consumer experience [18][20] Future Trends - The industry is moving towards intelligent technology integration, with AI and IoT driving personalized health management solutions [22][23] - There is a growing trend towards multi-scenario applications, with products being used in homes, vehicles, and medical settings [24] - Chinese brands are expanding globally, with exports expected to exceed 12 billion USD in 2024, targeting emerging markets with localized products [25]