Core Viewpoint - The company Beilingsong has been under scrutiny for its information disclosure practices, leading to a formal investigation by the China Securities Regulatory Commission (CSRC) due to suspected violations of disclosure laws [3][6]. Financial Matters - Beilingsong has received inquiry letters from the Shanghai Stock Exchange for three consecutive years since 2022, focusing on key financial issues such as revenue recognition, related party transactions, and capitalization of R&D expenses [2][5]. - On December 25, the company announced that it and its actual controller, Ma Xuejun, received a notice of investigation from the CSRC, which has escalated the regulatory concerns regarding its disclosure quality [3][6]. Shareholder Actions - Ma Xuejun sold 2,552,579 shares of the company on November 20, 2025, raising approximately 64.7 million yuan, which reduced his and his concerted parties' shareholding from 52.35% to 49.38% [4][5]. - The timing of this share reduction, occurring just one month before the formal investigation announcement, has raised questions about potential insider trading and the use of information advantages [5][6]. Legal Issues - On the same day as the investigation announcement, Beilingsong disclosed a significant lawsuit from Japan's Daido Electric Co., claiming infringement of patent rights and seeking 10 million yuan in damages [5]. - The company stated that the products involved in the lawsuit are not core or recently launched products, suggesting limited impact on its operations [5]. Governance Concerns - Ma Xuejun holds multiple roles as the actual controller, chairman, and general manager, leading to concerns about governance structure and potential conflicts of interest [7]. - The concentrated governance structure may result in insufficient decision-making transparency and compromised independence in information disclosure [7][8]. Market Implications - The series of events, including regulatory inquiries, share reductions, and lawsuits, highlight the challenges faced by companies in the fast-evolving market environment, particularly regarding compliance and governance [6][8]. - The case serves as a reminder of the importance of maintaining high standards of disclosure and transparency to protect investor trust and ensure long-term company stability [8].

Group 1 - The core issue revolves around two companies, Beiqingsong and Tiantie Technology, facing severe legal and operational challenges, leading to significant investor anxiety [1][3][5] - Beiqingsong, once a star stock, saw its share price plummet from a peak of 131 yuan to 26.5 yuan, an 80% decline, alongside fluctuating profits, including a net loss of 65.63 million yuan in the first three quarters of 2025 [3] - Tiantie Technology's controlling shareholder, Xu Jiding, was criminally detained, raising concerns about the company's governance structure, which is heavily family-oriented, and its financial performance, which has seen over 700 million yuan in cumulative losses from 2023 to the third quarter of 2025 [5] Group 2 - The A-share market is experiencing a surge in regulatory scrutiny, with 18 cases of forced measures against executives in the first seven months of 2025, a 25% increase year-on-year [7] - Common risks in the A-share market include information disclosure loopholes, moral hazards among controlling shareholders, and vulnerabilities in shareholder structures, particularly in companies with low institutional holdings and high pledge rates [8] - Investors are advised to be proactive in defense, monitoring for financial anomalies and governance issues, and to avoid blindly bottom-fishing in stocks that have been subject to legal investigations [10][11]

Core Viewpoint - The stock price of Beiqing Song, known as the "first stock of smart massage equipment," plummeted by 14.68% following the announcement of an investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1] Group 1: Company Investigation and Financial Issues - Beiqing Song and its actual controller, Ma Xuejun, received a notice of investigation from the CSRC due to suspected information disclosure violations, which has raised compliance concerns [1] - The company reported that its core business operations remain normal during the investigation period, and it will cooperate fully with the CSRC [1] - The investigation is linked to previous disclosures regarding Ma Xuejun's fund occupation, which included borrowing from employees and prepaying suppliers [2][3] Group 2: Financial Performance and Stock Market Reaction - Beiqing Song's market value has dropped to below 2 billion yuan, representing a loss of over 80% from its peak valuation [4] - The company experienced a significant decline in revenue and profit, with a 34.07% year-on-year drop in revenue to 552 million yuan and a net loss of 65.63 million yuan in the first three quarters of the year [6] - The decline in performance is attributed to a contraction in online revenue and inefficiencies in sales expenses, leading to an expanded loss [6] Group 3: Shareholder Actions and Legal Challenges - One month prior to the investigation notice, Ma Xuejun sold 2.55 million shares, raising approximately 64.71 million yuan, reducing his shareholding from 52.35% to 49.38% [5] - Beiqing Song is also facing a lawsuit from Da Dong Electric Industrial Co., Ltd., claiming patent infringement and seeking 10 million yuan in damages [6][7]

Core Viewpoint - The company announced the election of Mr. Li Hua as the employee representative director for the sixth board of directors during the employee representative assembly scheduled for December 26, 2025 [2] Company Announcement - The company will hold an employee representative assembly on December 26, 2025 [2] - Mr. Li Hua has been nominated and agreed to be elected as the employee representative director [2]

Core Viewpoint - Shenzhen Beiliang Technology Co., Ltd. (688793.SH) and its actual controller, Ma Xuejun, are under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a significant drop in the company's stock price by 14.68% to 22.61 yuan per share, with a total market value of 1.943 billion yuan [1]. Group 1: Regulatory Issues - The CSRC has issued a notice of investigation against the company and Ma Xuejun for information disclosure violations [1]. - The company has faced multiple instances of non-operational fund occupation by its actual controller, Ma Xuejun, totaling 12.0823 million yuan from October 2021 to 2022 [3]. - In July 2025, the company corrected its previous disclosures regarding non-operational fund occupation, revealing a total of 85.93 million yuan instead of the previously reported 54 million yuan [4]. Group 2: Financial Performance - The company reported a net profit loss of 50.8654 million yuan in 2023, following a significant loss of 124 million yuan in its first year post-IPO [6]. - For 2025, the company achieved a revenue of 552 million yuan in the first three quarters, a decline of 34.07%, with a net profit loss of 65.628 million yuan, marking a 600.98% increase in loss compared to the previous year [6]. - The third quarter of 2025 saw a revenue of 167 million yuan, down 28.51% year-on-year, with a net profit loss of 29.5133 million yuan [6]. Group 3: Shareholder Actions - In November 2025, Ma Xuejun sold 2.5526 million shares at a price of 25.35 yuan per share, raising approximately 64.7084 million yuan, reducing his shareholding from 40.48% to 37.51% [5]. - The shareholding of Ma Xuejun and his concerted actors decreased from 52.35% to 49.38% following the share transfer [5]. Group 4: Legal Risks - The company is facing a patent infringement lawsuit filed by Da Dong Electric Industrial Co., Ltd., seeking to stop the manufacture and sale of the disputed products and claiming damages of 10 million yuan [7].

Core Viewpoint - The stock price of Beiqing Song (688793.SH) dropped by 14.68% to 22.61 yuan following the announcement of an investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [2] Group 1: Investigation and Regulatory Concerns - Beiqing Song and its actual controller, Ma Xuejun, received a formal notice from the CSRC regarding an investigation due to suspected information disclosure violations [2] - The company has faced continuous scrutiny from the Shanghai Stock Exchange since 2022, receiving inquiries about key financial matters such as revenue recognition and related party transactions [2][4] - The investigation marks an escalation in regulatory attention, transitioning from inquiries to formal investigation [4] Group 2: Shareholder Actions and Market Reactions - One month prior to the investigation announcement, Ma Xuejun sold 2.55 million shares for approximately 64.7 million yuan, reducing his and his concerted parties' shareholding from 52.35% to 49.38% [3] - The timing of the share sale, shortly before the investigation, raised market concerns about potential misuse of information advantages [3][4] Group 3: Legal Issues and Governance Structure - On the same day as the CSRC investigation announcement, Beiqing Song disclosed a significant lawsuit from Japan's Daido Electric Co., claiming patent infringement and seeking 10 million yuan in damages [4] - The company's governance structure, with Ma Xuejun holding multiple roles as the actual controller, chairman, and general manager, raises concerns about decision-making transparency and potential conflicts of interest [5] - The CSRC's simultaneous investigation of both the company and Ma Xuejun suggests a focus on individual accountability in the information disclosure process [5] Group 4: Implications for Market and Compliance - The case of Beiqing Song highlights the challenges faced by companies in the Sci-Tech Innovation Board regarding governance and compliance amid rapid growth [6] - The situation underscores the necessity for higher levels of caution and transparency in the actions of actual controllers and management, particularly concerning share sales and information disclosure [6]

深圳市倍轻松科技股份有限公司董事会 2025 年 12 月 27 日 附件： 李华先生简历 证券代码：688793 证券简称：倍轻松 公告编号：2025-083 深圳市倍轻松科技股份有限公司 关于选举第六届董事会职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《中华人民共和国公司法》(以下简称"《公司法》")《上海证券交易 所科创板上市公司自律监管指引第 1 号--规范运作》《上市公司章程指引》等法 律法规、规范性文件及《深圳市倍轻松科技股份有限公司章程》（以下简称"《公 司章程》"）的相关规定，深圳市倍轻松科技股份有限公司（以下简称"公司"） 设职工代表董事一名。 公司于 2025 年 12 月 26 日召开职工代表大会，会议的召开及表决程序符合 职工代表大会决策的有关规定，经民主讨论、表决，全体职工代表一致审议通过 了《关于选举公司第六届董事会职工代表董事的议案》，同意选举李华先生（简 历详见附件）为公司第六届董事会职工代表董事，任期自本次职工代表大会审议 通过之日起至公司第六届董事会任期届满之日止 ...

Core Viewpoint - The company has announced the appointment of a staff representative director in accordance with relevant regulations, with the election of Li Hua as the staff representative director of the sixth board of directors [1] Group 1 - The staff representative meeting will be held on December 26, 2025, where all staff representatives unanimously agreed to elect Li Hua [1] - Li Hua currently serves as the deputy director of the company's R&D center and is a core technical personnel [1] - As of the announcement date, Li Hua indirectly holds 6,076 shares of the company and meets the qualifications for the position without any disqualifying circumstances [1]

Market Overview - The small home appliance sector experienced a decline of 0.28% on December 26, with Beikong leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Stock Performance - Notable gainers in the small appliance sector included: - Feike Shiqi (603868) with a closing price of 41.32, up 4.05% and a trading volume of 61,800 shares, totaling 255 million yuan [1] - Lek Electric (603355) closed at 31.30, up 2.02% with a trading volume of 47,500 shares, totaling 149 million yuan [1] - Conversely, Beikong (688793) saw a significant drop of 14.68%, closing at 22.61 with a trading volume of 69,700 shares, totaling 161 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 87.84 million yuan from institutional investors, while retail investors contributed a net inflow of 44.81 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2] Individual Stock Capital Flow - Key stocks and their capital flow include: - Feike Shiqi (603868) had a net outflow of 18.42 million yuan from institutional investors, while retail investors contributed a net inflow of 169,570 yuan [3] - Lek Electric (603355) experienced a net outflow of 1.89 million yuan from institutional investors, with retail investors contributing a net inflow of 405,930 yuan [3] - The data reflects varying levels of investor confidence across different stocks within the sector [3]

Core Viewpoint - The company Beiqing Song (倍轻松) and its actual controller Ma Xuejun are under investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations, following a significant drop in net profit and stock price [2][6]. Group 1: Investigation Details - Beiqing Song announced on December 25 that it and Ma Xuejun are being investigated for information disclosure violations [2][6]. - Following the announcement, the company's stock price plummeted, causing losses for many investors [7]. - Ma Xuejun sold 2.97% of the company's shares (255.26 million shares) for approximately 64.64 million yuan just one month before the investigation was announced, reducing his stake below 50% for the first time [8]. Group 2: Financial Misconduct - The investigation is not unexpected, as there have been ongoing issues with the company's internal controls and frequent fund occupation by Ma Xuejun [8]. - A self-examination revealed that from 2021 to 2022, Ma Xuejun occupied company funds through employee loans totaling 4.08 million yuan [3][9]. - The company also made early payments to suppliers, with 8 million yuan identified as funds occupied by Ma Xuejun [9]. - The total amount of funds occupied by Ma Xuejun was revised from 54 million yuan to 85.93 million yuan, with significant amounts transferred through related companies [9]. Group 3: Investor Compensation - Over 5,000 investors are concerned about how to protect their rights following the investigation [10]. - A pre-registration for investor compensation has begun, allowing those who bought shares before December 25, 2025, and sold or still hold them after December 26, 2025, to claim losses [10].