Core Viewpoint - The company has developed a new business model that combines traditional massage product sales with massage services, enhancing consumer experience and brand loyalty [1] Group 1: Business Model Innovation - The company has created a new business model termed "technology products + quick-effect massage" [1] - This model aims to provide personalized quick-effect massage services, significantly improving consumer experience and meeting diverse needs [1] - The emotional connection between consumers and the brand is strengthened through frequent high-quality service interactions, leading to increased brand recognition and loyalty [1] Group 2: Brand Development - The company has established the "Easy Moment" health management brand under the new model [1] - The revenue model is based on self-developed technology products combined with manual techniques and moxibustion therapy, generating income through quick-effect massage services and product sales [1] - As of December 31, 2025, the company plans to establish 16 "Easy Moment" stores nationwide, indicating initial success [1]

本报讯(记者刘晓一)春节前夕，健康科技公司深圳市倍轻松科技股份有限公司(以下简称"倍轻松")推出 的"早睡娃娃"IP成为年货市场关注焦点。1月23日至25日，倍轻松全国巡展首站在深圳KKONE购物中心 举办，现场设置主题装置、限定周边产品及互动体验区。活动期间吸引数万人次到场，相关话题在社交 平台曝光量突破1亿次，产生UGC内容超万条。 "早睡娃娃"系列将传统养生理念与现代IP设计相结合，通过AI视频在社交媒体平台传播。倍轻松方面表 示，计划于2026年启动全球巡展，并将首站落地新加坡。 在国内业务稳步推进的同时，倍轻松全球化战略持续落地，线上线下（300959）渠道协同拓展海外市 场。线上渠道方面，相关产品已覆盖亚马逊、TikTok等全球主流电商及社交平台；线下渠道则采用"直 营+国代"相结合的模式。 值得一提的是，倍轻松正逐步拓展新能源车配套市场，与头部车企的合作持续突破。据悉，倍轻松主要 聚焦新能源汽车后装精品按摩产品的深度开发，已通过比亚迪（002594）供应商资质审核并达成深度合 作，另外还与奇瑞集团签订2026年度战略合作协议，计划围绕车载健康产品研发、供应链合作等方面推 进具体项目落地。公司亦与 ...

Investment Rating - The report maintains an "Outperform" investment rating for the company [2][7]. Core Insights - The company's performance in Q3 2025 was below expectations, with total revenue of 552 million yuan, a year-on-year decline of 34%. The net profit attributable to the parent company was -66 million yuan, a significant drop of 601% year-on-year [7]. - The company is diversifying its sales channels, with the "Light Relaxation Moment" brand contributing to incremental growth. It is actively expanding in overseas markets and collaborating with major e-commerce platforms like Tmall and JD [7]. - The company has increased its offline presence, with 125 direct stores globally as of H1 2025, focusing on high-traffic areas. The "Light Relaxation Moment" brand aims to enhance service quality through a combination of smart devices and traditional therapies [7]. - The company has adjusted its profit forecasts downward due to rising expense ratios and lower-than-expected sales performance, projecting net profits of -27 million, 28 million, and 46 million yuan for 2025-2027 [7]. Financial Data and Profit Forecast - Total revenue for Q1-3 2025 was 552 million yuan, with a year-on-year decrease of 34.1%. The gross profit margin was 60.86%, down 5.94 percentage points year-on-year [6][7]. - The company recorded a net profit margin of -17.80% in Q3 2025, a decline of 12.21 percentage points year-on-year [7]. - The projected earnings per share for 2025 is -0.31 yuan, with a recovery expected in subsequent years [6][7].

Investment Rating - The report maintains an "Outperform" investment rating for the company [2][7]. Core Insights - The company's performance in the first half of 2025 was below expectations, with a revenue of 385 million yuan, a year-on-year decline of 36%, and a net profit attributable to shareholders of -36 million yuan, indicating a significant downturn [7]. - The company is diversifying its sales channels, with the "Light and Easy" brand expected to contribute incremental revenue. The company has established 125 direct-operated stores globally, focusing on high-traffic areas [7]. - The gross profit margin improved to 64.09% in Q2 2025, up 3.17 percentage points year-on-year, primarily due to the higher margin from the "Light and Easy" stores [7]. Financial Data and Earnings Forecast - Total revenue projections for 2025 are set at 984 million yuan, with a year-on-year decline of 9.3%. The net profit forecast for 2025 is 49 million yuan, reflecting a significant recovery from the previous year's losses [6][9]. - The earnings per share (EPS) is expected to be 0.57 yuan for 2025, with a projected growth of 373.6% year-on-year [6][9]. - The company anticipates a gradual recovery in profitability, with net profits expected to reach 78 million yuan in 2026 and 93 million yuan in 2027 [6][9].

Investment Rating - The report maintains an "Outperform" investment rating for the company [2][7]. Core Views - The company's performance in H1 2025 was below expectations, with total revenue of 385 million yuan, a year-on-year decline of 36%, and a net profit attributable to shareholders of -36 million yuan, indicating a negative turnaround [7]. - The decline in performance is attributed to a drop in online revenue and decreased foot traffic in offline stores, coupled with high fixed costs [7]. - The company is diversifying its sales channels, with the "Light and Easy Moment" brand expected to contribute incremental growth, and is actively expanding into overseas markets [7]. - The gross margin improved to 64.09% in Q2 2025, up by 3.17 percentage points year-on-year, primarily due to the higher margin from "Light and Easy Moment" stores [7]. - The report slightly lowers the profit forecast for 2025-2027 but maintains a positive outlook with projected net profits of 49 million, 78 million, and 93 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 374%, 60%, and 20% [7]. Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 984 million yuan, with a year-on-year decline of 9.3% [6]. - The net profit for 2025 is projected to be 49 million yuan, a significant recovery from the previous year's loss [6]. - The earnings per share (EPS) for 2025 is expected to be 0.57 yuan, with a projected price-to-earnings (P/E) ratio of 62 [6]. - The company’s gross margin is forecasted to improve gradually, reaching 64.4% by 2027 [6].