Core Insights - The company has appointed Li Hua as the employee representative director of the sixth board, emphasizing its commitment to R&D and health technology [1] - The company is a leader in the smart portable massage device industry, focusing on "technology empowering health" and building a competitive advantage through a "hardware + service + ecosystem" model [1][2] - The company has a strong intellectual property portfolio with 1,919 patents and has received multiple awards for its products, indicating its innovation capabilities [2] - The company is actively expanding its market presence both domestically and internationally, with a focus on channel innovation and global layout [3][4] R&D and Product Development - The company invested 43.69 million yuan in R&D in the first three quarters of 2025, accounting for 7.92% of its revenue, highlighting its focus on maintaining competitiveness through innovation [2] - The introduction of the "Jiang Xiaozhu" series of smart moxibustion products combines traditional Chinese medicine with modern technology, addressing user pain points and enhancing customer retention [2] Market Strategy - The company is transforming its offline store model to a hybrid approach that combines technology products with effective massage services, launching the "Easy Moment" health management brand [3] - As of October 30, 2025, the company has established 15 "Easy Moment" stores across major cities, focusing on enhancing service offerings and expanding its market footprint [3] International Expansion - The company has been exploring overseas markets since 2010, establishing subsidiaries in Hong Kong, the United States, and Japan, and utilizing international platforms for online sales [4] - In 2024, the company achieved overseas revenue of 79.87 million yuan, a year-on-year increase of 9.49%, marking a new growth point for its performance [4]

Group 1 - The core viewpoint of the news is that Beilingsong's stock has experienced significant declines in both short-term and long-term performance, with a year-to-date drop of 25.70% and a recent 5-day drop of 16.64% [1] - As of December 29, Beilingsong's stock price is reported at 22.14 yuan per share, with a total market capitalization of 1.903 billion yuan [1] - The company has seen a net outflow of main funds amounting to 3.5541 million yuan, with large orders showing a buy of 8.7418 million yuan and a sell of 9.9411 million yuan [1] Group 2 - Beilingsong's main business involves the design, research and development, production, sales, and service of smart portable massagers, with revenue composition including 24.24% from other products, 22.03% from shoulder products, and 18.10% from head and scalp products [1] - For the period from January to September 2025, Beilingsong reported an operating income of 552 million yuan, a year-on-year decrease of 34.07%, and a net profit attributable to shareholders of -65.628 million yuan, a decrease of 600.98% [2] - The company has not distributed any dividends in the last three years, with a total payout of 66.941 million yuan since its A-share listing [3]

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].

登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 2025年12月26日，深圳市倍轻松（维权）科技股份有限公司（简称：倍轻松，代码：688793）发布《关 于收到中国证券监督管理委员会立案告知书的公告》。称因公司及实际控制人马学军先生涉嫌信息披露 违法违规，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决 定对公司及实际控制人马学军先生立案。 根据《民法典》、《证券法》及最高人民法院的关于虚假陈述民事赔偿司法解释的规定，上市公司、控 股股东、实际控制人、董监高人员及其中介机构等因虚假陈述等的证券欺诈行为导致证券投资者权益受 损的，应承担民事赔偿责任，赔偿范围包括：投资差额、佣金、印花税等。权益受损的证券投资者可以 向有管辖权的法院提起民事赔偿诉讼。 由于倍轻松涉嫌信息披露违法违规，被中国证监会立案调查，为维护证券投资者合法权益，上海汉联律 师事务所宋一欣律师向曾经购 ...

Core Viewpoint - Six listed companies, including ST HuLuWa, ST ChangYuan, ZhenLei Technology, PaiRui Co., and DaYe Intelligent, have been announced to be under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, marking a rare occurrence of multiple companies being investigated simultaneously [1][2][3]. Group 1: Companies Under Investigation - The companies involved are ST HuLuWa, ST ChangYuan, ZhenLei Technology, PaiRui Co., and DaYe Intelligent, all of which have been reported to be under investigation by the CSRC [1][2]. - ST HuLuWa has previously faced investor claims due to inaccuracies in its financial disclosures, particularly regarding its 2023 annual report, which indicated issues with revenue and profit reporting [2][5]. - PaiRui Co. disclosed that it received a notice from the CSRC regarding a sales contract in 2024, which had accounting errors related to revenue recognition [2][5]. Group 2: Legal Implications for Investors - Investors who purchased shares of the aforementioned companies before December 26, 2025, and sold or held them after December 27, 2025, may be eligible for compensation, pending the outcome of the CSRC's administrative penalties [3][6]. - The specific conditions for compensation will be determined after the CSRC issues its administrative penalties, and adjustments may be made based on court rulings [3][6].

Core Viewpoint - The introduction of domestic "trendy" brands into duty-free stores is a significant step towards promoting local brands on a global scale, enhancing their competitiveness and meeting domestic consumer demand for high-quality products [4][5][6]. Group 1: Policy and Implementation - The Ministry of Commerce has officially announced the first batch of 174 domestic "trendy" brands recommended for duty-free stores, covering 19 categories across 26 provinces [5][6]. - This initiative aims to facilitate the entry of quality domestic brands into duty-free channels, which is crucial for expanding domestic demand and boosting consumption [5][6]. - Shenzhen has established a three-dimensional operational model combining "duty-free + tax refund + taxable" to effectively address the operational challenges of domestic products entering duty-free channels [6]. Group 2: Market Impact and Brand Promotion - The duty-free stores serve as a vital platform for showcasing Shenzhen's manufacturing and design to the international market, with brands like Honor and Doctor Glasses demonstrating innovation and high-end appeal [7][8]. - The inclusion of traditional cultural products and time-honored brands revitalizes their market presence, with examples like Liu's bamboo weaving and Tianjin Seagull's mechanical watches highlighting the blend of technology and cultural aesthetics [7][8]. - The overseas retail channels for domestic brands have seen significant growth, with some companies reporting a threefold increase in overseas business compared to the previous year [8].

Core Viewpoint - The company Beiqing Song (倍轻松) is facing significant challenges, including a stock price drop of over 80% since its peak, ongoing financial losses, and a recent investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations [1][6][9]. Group 1: Company Performance - Beiqing Song's stock price fell by 14.68% to 22.61 CNY per share on December 26, following the announcement of the investigation [1][6]. - The company's stock peaked at 185.58 CNY per share on its debut on July 15, 2021, but has since seen a cumulative decline of over 80% [1][6]. - The company reported a net loss of 65.63 million CNY in the first three quarters of 2025, continuing a trend of financial difficulties with a total net loss of 139 million CNY since its listing [1][9]. Group 2: Research and Development - Beiqing Song's R&D investment has stagnated, fluctuating around 58 million CNY from 2022 to 2024, with a decrease to 43.69 million CNY in the first three quarters of 2025 [2][9]. - The company has faced a lawsuit for patent infringement, with claims amounting to millions, although it asserts that its core operations remain unaffected [2][9]. Group 3: Management and Ownership Changes - The actual controller, Ma Xuejun, and the company are under investigation by the CSRC for information disclosure violations, with the company stating that its business activities are still normal [3][6]. - Ma Xuejun recently sold shares worth approximately 64.71 million CNY, reducing his ownership stake from 52.35% to 49.38% [5][6].

截至2025年12月26日收盘，倍轻松(688793)报收于22.61元，下跌14.68%，换手率8.1%，成交量6.97万 手，成交额1.61亿元。 当日关注点 12月26日公开信息显示，深圳市倍轻松科技股份有限公司及董事长马学军因涉嫌违反证券法律法规、信 息披露违规，被中国证券监督管理委员会立案调查。 公司公告汇总 关于收到中国证券监督管理委员会立案告知书的公告 深圳市倍轻松科技股份有限公司于2025年12月25日收到中国证券监督管理委员会下发的《立案告知书》 （编号：证监立案字007202528号），公司及实际控制人马学军先生因涉嫌信息披露违法违规被立案。 目前公司经营正常，将积极配合调查并履行信息披露义务。指定信息披露媒体为上海证券交易所网站和 《上海证券报》《中国证券报》《证券时报》《证券日报》。 交易信息汇总 股价提醒 12月26日倍轻松（688793）收盘报22.61元，跌14.68%，当日成交696.58万元。该股当年累计跌幅 34.48%。前10个交易日主力资金累计净流出95.64万元，股价累计下跌14.48%；融资余额减少191.87万 元，融券余量增加1.13万股。近90天内有4家机构评 ...

Core Insights - Shenzhen Beiliang Technology Co., Ltd. (referred to as "the company") held a staff representative conference on December 26, electing Li Hua, the deputy director of the R&D center, as a staff representative director for the sixth board of directors, with a term until the board's term ends [1] Group 1: Company Overview - The company is a leader in the smart portable massage device industry and a national high-tech enterprise, focusing on health technology for over 20 years, with a core philosophy of "technology empowering health" [1] - The company has built a competitive advantage through a "hardware + service + ecosystem" model, entering a new cycle of high-quality development [1] Group 2: Technological Advancements - As of December 2024, the company holds a total of 1,919 intellectual property rights, with products like SeeX3 and Neck5lite winning the 2024 Red Dot Award and iF Design Award [1] - The company integrates cutting-edge technologies such as laser hair care and traditional Chinese medicine AI models into its products, with R&D investment reaching 43.69 million yuan in the first three quarters of 2025, accounting for 7.92% of revenue [1] Group 3: Market Expansion and Growth Strategies - The company has launched the "Easy Moment" health management brand, upgrading stores to a "technology products + effective massage" model, establishing a three-in-one service system by October 30, 2025, with 15 stores in cities like Shenzhen, Guangzhou, and Xi'an [2] - The company has made significant progress in overseas market expansion, with 79.87 million yuan in overseas revenue in 2024, a year-on-year increase of 9.49%, leveraging platforms like Amazon and TikTok [2] - Despite operational pressures from consumer market conditions, the company is expected to stabilize and recover performance through new business models, overseas channel development, and product category expansion [2]

Core Viewpoint - The company Beilingsong (倍轻松) is under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations of information disclosure laws, which has led to a significant drop in its stock price and raised concerns about its financial stability [2][3]. Company Overview - Beilingsong is a high-tech enterprise focused on the innovation, research, and development of health products, primarily engaged in the design, production, and sales of smart portable health hardware [3]. - The company has a current market capitalization of 1.943 billion yuan [2][3]. Financial Performance - For the first three quarters of 2025, Beilingsong reported a revenue of 552 million yuan, with a net profit attributable to shareholders of -29.51 million yuan in the third quarter [4]. - The company’s actual controller, Ma Xuejun, recently reduced his stake by transferring 2.97% of the total shares, raising approximately 64.71 million yuan [4]. Recent Developments - On December 25, 2025, the CSRC issued a notice of investigation to Beilingsong and its actual controller Ma Xuejun for suspected information disclosure violations [2]. - In response to the investigation, the company stated that its business operations remain normal and it will cooperate with the CSRC [2]. - Prior to the investigation notice, Ma Xuejun executed a significant share sale, contrasting with another major shareholder, Wang Qiaoqing, who decided to terminate a planned share reduction, citing confidence in the company's long-term development [4]. Capital Needs - On December 23, 2025, just two days before the investigation notice, Beilingsong announced the completion of certain fundraising projects and the decision to permanently supplement its working capital with 19.21 million yuan from the remaining funds [5].