倍轻松发布业绩快报，2025年度公司实现营业总收入7.71亿元，同比下降28.94%；净利润亏损8929.55 万元，上年同期净利润为盈利1025.32万元。2025年末，公司总资产6.32亿元，较报告期初下降 22.15%；归属于母公司的所有者权益2.41亿元，较报告期初下降34.77%。公司营业收入较上年同期下 降，毛利额下降，经营端销售费用投入产出效能不足，固定支出和刚性成本短期内难以同步下降，导致 经营亏损。 ...

合合信息发布业绩快报，2025年营业收入18.1亿元，同比增长25.83%；净利润4.54亿元，同比增长 13.39%。报告期内，合合信息作为一家领先的人工智能产品公司，专注人工智能领域，以技术前沿趋 势和用户真实需求作为创新驱动，不断拓宽技术的应用边界，高效适配多元业务场景，为各领域客户提 供真有用、真好用的产品和服务体验。 ...

深圳商报记者 苑伟斌 倍轻松实际控制人马学军再遭立案调查。2月6日公告显示，马学军不足一个半月两度遭证监会立案，这 意味着马学军或涉多项罪名。 近期，深陷多重困境的倍轻松披露了2025年度业绩预告，公司预计实现归母净利润亏损约8400万元至 1.05亿元。从历史业绩来看，2022年倍轻松在上市次年就首度出现亏损，此后的4年中有3年公司净利润 都为负值。 实控人减持、监管立案、专利诉讼等，这家曾经的"健康智能硬件第一股"风波不断，究竟因何经营至 此？未来修复之路又在何方？ 销售费用占比接近六成 财报显示，2025年前三季度，倍轻松实现营业收入约5.52亿元，同比减少34.07%，同期归母净利润亏损 6562.8万元，大幅缩水600.98%。根据公司披露的预计数据，倍轻松在2025年第四季度归母净利润亏损 大约1827.2万元至3937.2万元，而2024年第四季度公司归母净利润亏损约284.66万元，亏损幅度明显扩 大。 令人费解的是，倍轻松毛利率长期维持在60%左右的高位，2025年前三季度毛利率高达62.1%，却始终 难以实现稳定盈利。这一背后是重营销、轻研发发展模式的长期积弊。数据显示，2022年-202 ...

（文章来源：证券日报） 证券日报网讯 2月12日，倍轻松在互动平台回答投资者提问时表示，公司诉讼情况请关注相关公告。 ...

Core Viewpoint - The company has established a comprehensive operational system for its overseas online business across multiple e-commerce platforms, focusing on high-growth potential markets in Southeast Asia and the Middle East [1] Group 1: Overseas Business Development - The company has built an operational system for overseas online sales that includes platforms such as Amazon, TikTok, AliExpress, Yami, Shopee, and Lazada [1] - The company operates overseas through a dual model of "direct sales and franchising," with strategic business areas covering Europe, the United States, Japan, South Korea, and Southeast Asia [1] - Currently, the company is focusing on high-growth potential regions, particularly Southeast Asia and the Middle East, utilizing a "retail + service" model for important overseas offline experiences [1] Group 2: Franchise and Localization Strategy - The company has opened three experience stores overseas to enhance its presence [1] - In the franchise aspect, the company has successfully developed a benchmark brand store distribution model in the Thai market, focusing on the Southeast Asian region [1] - The company implements localized operational strategies in key overseas business areas to empower its internationalization process comprehensively [1]

Core Viewpoint - The rapid rise and subsequent fall of Beilingsong and its founder Ma Xuejun illustrate the volatile nature of the capital market, where initial success can quickly turn into significant challenges and regulatory scrutiny [1][17]. Company Overview - Beilingsong, founded by Ma Xuejun, transitioned from a small health product company to a publicly listed entity on the STAR Market, achieving a market capitalization of over 100 billion yuan shortly after its IPO [7][10]. - The company initially focused on marketing, heavily investing in celebrity endorsements, which contributed to its rapid growth but also set the stage for future vulnerabilities [11][12]. Regulatory Issues - On December 25, 2025, Beilingsong announced that it and its actual controller Ma Xuejun were under investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations, leading to a 14.68% drop in stock price the following day [2][6]. - This was not the first time the company faced regulatory scrutiny; a self-inspection report revealed that Ma Xuejun had misappropriated 12.08 million yuan of company funds between 2021 and 2022 [4][5]. Financial Performance - Following its IPO, Beilingsong's financial performance deteriorated sharply, with a 24.7% decline in revenue in 2022, resulting in a net loss of 124 million yuan [13][14]. - Despite a revenue rebound to 1.275 billion yuan in 2023, the company continued to incur losses, with a projected net loss of 84 million to 105 million yuan for the entire year of 2025 [14][16]. Marketing Strategy - The company's aggressive marketing strategy, including high-profile endorsements from celebrities like Xiao Zhan and Yi Yang Qianxi, initially drove sales but later raised questions about sustainability and return on investment [11][12]. - Sales expenses remained disproportionately high, reaching 6.88 billion yuan in 2023, which accounted for 54% of revenue, indicating a troubling trend of high costs without corresponding revenue growth [14][16]. Challenges Ahead - As of early 2026, Beilingsong faced multiple challenges, including a significant drop in stock price (over 87% from its peak) and ongoing regulatory pressures [16]. - The company is attempting to pivot towards a new business model focused on "technology products + effective massage," but early results have shown a 34.07% decline in revenue for the first three quarters of 2025 [16].

Core Insights - The company aims to establish 16 "Relax Moment" stores nationwide by December 31, 2025, with a current focus on Shenzhen and expansion into cities like Guangzhou, Xi'an, Chongqing, and Chengdu [2] Group 1: Store Expansion - The company has successfully opened 16 "Relax Moment" stores across various cities, with notable performance in airport and community locations [2] - Future plans include further store expansion into more cities to promote brand growth [2] Group 2: Business Model and Services - The "Relax Moment" stores are utilizing a group buying model to enter the corporate service sector, providing quick massage services for employees [2] - This service aims to help employees relax during busy work schedules, indicating a strategic move towards enhancing employee wellness [2] Group 3: Business Growth Strategy - The company plans to align the "Relax Moment" services with product sales to drive business growth [2]

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]

Core Viewpoint - The global massage equipment market is projected to grow from $11.17 billion in 2024 to $24.83 billion by 2032, with a compound annual growth rate (CAGR) of 10.50% during the forecast period [1] Group 1: Company Operations - The company has established a comprehensive online operational system across multiple e-commerce platforms, including Amazon, Walmart (US), TikTok, AliExpress, Yamibuy, Shopee, and Lazada [1] - The company operates in overseas markets through a dual model of direct sales and franchising, focusing on high-growth potential regions such as Southeast Asia and the Middle East [1] - As of now, the company has opened three experience stores overseas, enhancing its retail presence [1] Group 2: Market Strategy - The company has developed a benchmark franchise model in the Thai market, which serves as a successful example for its operations in Southeast Asia [1] - The company implements localized operational strategies in key overseas business areas to support its internationalization process [1]

Core Viewpoint - The actual controller of Beiliangong, Ma Xuejun, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected market manipulation, marking the second investigation within a month [2][5]. Group 1: Company Background - Beiliangong was established in 2001 and went public on the Sci-Tech Innovation Board in July 2021, focusing on the design, research, development, production, sales, and service of smart portable health hardware, including products like neck and eye massagers [2]. - Ma Xuejun has been leading the company since its inception and currently holds a direct shareholding of 37.51%, controlling a total of 49.38% of the company's shares [2]. Group 2: Regulatory Issues - Ma Xuejun has previously faced regulatory inquiries due to fund occupation issues, including the misappropriation of 16.69 million yuan through employee loans and transferring 54 million yuan via related enterprises [3]. - In 2024 alone, the total amount of funds occupied reached 85.93 million yuan, with some amounts still unpaid by the end of the period [4]. Group 3: Financial Performance - Beiliangong reported a revenue of 1.085 billion yuan and a net profit of only 10.25 million yuan in its 2024 annual report, while the 2025 Q3 report indicated total assets of 676 million yuan and liabilities of 398 million yuan, leaving shareholders' equity at 278 million yuan [4]. - The company has faced continuous losses, with a projected net profit loss of 84 million to 105 million yuan for the entire year of 2025, and has received performance inquiry letters from the Shanghai Stock Exchange for four consecutive years, highlighting ongoing issues with information disclosure compliance [4].