Science and Technology Innovation Board: there is no new R & D project in the past two years, and the product function may not meet expectations.

On July 15, 688793.SH, an intelligent portable massager enterprise, was officially listed on the Shanghai Stock Exchange's Kechuang Board and became the "first stock of healthy intelligent hardware" in China.

This listing is not the first time to land in the capital market easily.

According to the prospectus, it was listed for public transfer on the new third board as early as May 2016, but the listing was terminated in August 2017.

In June last year, he easily turned to Kechuang.

However, due to the high-profile sales promotion behavior in recent years, and slightly inferior R & D investment, since the reporting board, it has been criticized as "light R & D, emphasis on marketing", and its scientific innovation attribute has been frequently questioned.

The R & D investment falls short of the average level of the board, and there has been no increase in major R & D projects in the past two years.

Doukang, founded in July 2000, claims to be a "high-tech enterprise focusing on health product innovation and research and development", mainly engaged in the design, R & D, production, sales and service of intelligent portable massager.

In the past two years, he has made frequent marketing moves, not only sponsoring the fourth season of the popular variety show "Life of yearning," but also working with stars such as Weiya and Liu Tao. In May this year, Xiao Zhan, the star of official traffic, became his official spokesman. and widely sought after.

According to the prospectus, from 2018 to 2020, the sales expenses were 183 million yuan, 287 million yuan and 342 million yuan respectively, and the sales expense rates were 36.01%, 41.28% and 41.40%, respectively.

As of December 31, 2020, Pikang has a total of 165 offline stores.

However, compared with the high-profile sales behavior, the investment in R & D seems to be "low-key". Not only the total R & D investment in the three years is less than 13% of the sales investment, but also far from the average R & D investment level of Science and Technology Innovation Board's listed companies.

From 2018 to 2020, its R & D expenditure was 26 million yuan, 41 million yuan and 37 million yuan respectively, accounting for 5.04%, 5.86% and 4.46% of the revenue of that year, respectively.

The total R & D expenses accounted for 5.08% of the operating income within three years.

Li Weiyou, deputy director of the issuance supervision department of the CSRC, said in April that Science and Technology Innovation Board currently has more than 250 listed companies, with an average R & D investment accounting for 12 per cent of operating income.

Or because of the slightly meagre R & D investment, there has been almost no new R & D projects in recent years.

According to the prospectus of China Science and Technology News, the number of major R & D expenditure projects from 2018 to 2020 is 20, 19 and 9 respectively, and the number of projects is decreasing year by year.

Of the 19 R & D projects in 2019, only the "easy Cloud smartphone client Research and Development Project" is a new project, the rest are all uncompleted projects in 2018, and there are no new projects in 2020.

As for the purpose of this fund-raising, it is easy to spend 279 million yuan on marketing network construction projects, compared with only 88 million yuan for R & D center upgrading projects.

In recent years, with the aging of the population and the increase of sub-healthy people, the massage equipment market has developed rapidly. From 2010 to 2019, the market scale of massage equipment in China has increased from 4.9 billion yuan to 13.9 billion yuan.

With the rapid growth of the market, the competition in the industry is becoming increasingly fierce.

At present, there are more than 3000 manufacturers of massage appliances in China.

Traditional massager companies such as ao Jiahua and Rongtai Health have already laid out the field of portable massages. Internet giants such as NetEase Yan Xuan, Xiaomi Youpin, JD.com and other Internet giants have also flocked to the track to launch portable massager products.

These are not "easy" for major R & D projects that have not been added in the past two years.

It is also worth mentioning that the number of research and development personnel is 98, accounting for 11.10% of the total staff; the number of regular employees with master's degree or above is only 21, accounting for 2.38% of the total; the four core technical personnel are all bachelor's degree or vocational high.

Stone Technology, which is also a listed company in the field of intelligent hardware Science and Technology Innovation Board, has 382 R & D personnel, accounting for 55.85% of the total employees.

There are still deficiencies in product function or product research and development that fall short of expectations.

At present, the independent brand has "breo" and "easy" series of products, mainly including eye, neck, head and scalp four categories of intelligent portable massager, accounting for about 80% of the business income.

He said in his prospectus that he focuses on innovative research and development and continues to promote the organic combination of modern science and technology and traditional Chinese medicine theory.

However, according to the introduction of the prospectus, at present, the application of traditional Chinese medicine theory only stays in the effect of massage and massage, while other traditional Chinese medicine applications with high-tech attributes, such as "health couplet and big data health service technology", show that they are "under development".

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In terms of massage placement and massage effect, Pixuan said on its website that by combining the traditional Chinese medicine concept of "acupuncture and moxibustion sound" with intelligent technology, it can simulate manual massage on related acupoints, so as to create a massage experience for users.

Titanium media evaluated its eye massager iSee J plus in March this year, and the results show that it is not only difficult to achieve acupoint massage perception, but also difficult to find the location of acupoints.

The function of the product may need to be further improved.

In addition, it needs to be improved in terms of product performance and production quality.

In January 2019, the Guangzhou Consumer Council announced that it rated and evaluated the performance indicators of several brand massage equipment products, including operational intelligence, ease of use and ergonomics (comfort).

In this performance evaluation, the comprehensive evaluation score of the easy head massage product ranks the bottom, but the price is the highest.

On June 17, 2020, Zhengyi Intelligence, a subsidiary of Baikang, was punished by the Dongguan Municipal Market Supervision Administration because its "3D kneading and massage shawl" did not meet the national standards.

In fact, many additional features have been added to the product in the past two years, such as the eye massager.