# smart massage devices

China’s Smart-Massage Pioneer Posts Large Loss as Regulator Opens Two Probes Against Its Owner

Beiqingsong (688793), a Shenzhen maker of smart portable massage devices, reported a 2025 revenue decline to 771 million yuan and a net loss of 89.3 million yuan after falling gross profit and persistent fixed costs. The company’s founder and controlling shareholder, Ma Xuejun, has been the subject of two CSRC investigations within 41 days, and his recent share sale reduced the group's holding below 50%, heightening governance and market-risk concerns.