Shenzhen-headquartered massage-device maker Beiqingsong (倍轻松), listed on the STAR Market as 688793, reported a sharp deterioration in results for 2025 as revenue slid and the company swung into a significant net loss. In a late-February earnings bulletin the company disclosed operating revenue of 771 million yuan, a drop of nearly 29% year on year, and a net loss attributable to the parent of 89.30 million yuan — a decline quoted as 970.90% versus the prior year. The company said falling sales and a contraction in gross profit, combined with fixed costs and sales spending that did not fall in step with revenue, were the main drivers of the loss.
The balance sheet also weakened. Total assets at year-end stood at 631.65 million yuan, down 22.15% from the start of the year, while shareholders’ equity attributable to the parent shrank by 34.77% to 241.36 million yuan. Net assets per share fell to 2.81 yuan. Management highlighted that operating expenses and sales investments were insufficiently efficient relative to shrinking top-line performance, producing losses at the operating and net-profit levels.
The financial hit comes amid heightened regulatory scrutiny of the company’s founder and controlling shareholder, Ma Xuejun (马学军). The China Securities Regulatory Commission (CSRC) issued a notice on February 4 that it had opened a case against Ma for suspected market manipulation; the company said this investigation concerns Ma personally and would not materially affect daily operations. The notice is the second CSRC action involving Ma in just 41 days — a December investigation into alleged disclosure violations targeted both the company and Ma.
Ma has also been an active seller of shares. Company disclosures show that on November 20, 2025 he reduced his stake by transferring 2.55 million ordinary shares at 25.35 yuan a share for a total of 64.64 million yuan. After that sale and the positions of Ma’s related parties, their combined holding fell from 52.35% to 49.38%, reducing their controlling stake below the 50% threshold cited in the filing.
Beiqingsong, which listed in July 2021, builds smart portable massage devices — notably eye and neck massagers — and has often been described domestically as the first listed pure-play maker in China’s intelligent massage-equipment sector. The company’s troubles underscore two intersecting pressures facing small consumer-electronics specialists: softer consumer demand for discretionary wellness hardware after pandemic-driven spikes, and intensifying regulatory and governance scrutiny inside China’s capital markets.
For investors and industry watchers, the case raises immediate questions about corporate governance and succession of control if the founder’s influence is diminished, and about the company’s ability to right-size costs while re-stimulating sales. The combination of earnings weakness and an owner facing regulatory probes typically amplifies share-price volatility and can complicate refinancing or M&A options for a company that depends on steady consumer demand and channel partnerships.