百果园管理层表示，门店网络优化已于今年上半年完成。由于当前门店毛利率及净利率已恢复至较健康 水平，加盟商盈利能力改善信心增强，此外，上半年部分闭店属临时性调整，目前正积极选址重启，同 时，公司推出多项门店支持政策，包括开业补贴、特许权使用费减免、开店成本压缩等，预计下半年有 望实现100家左右净开店。 财报显示，2025年上半年，百果园重新升级改造门店门头，突出"百果园"及IP形象，以提升消费者对公 司的品牌认知度。截至报告期末，百果园已在印度尼西亚开设七家门店，初步成功建立了区域市场布 局，为未来进一步拓展海外市场奠定了基础。 8月21日晚，百果园（02411.HK）发布2025年中期业绩。报告期内公司实现收入43.76亿元，同比下滑 21.8%，归母净亏损3.42亿元，毛利率跌至4.9%。截至报告期末，百果园门店数量为4386家，比上年同 期净减少1639家，收缩幅度达27%。 对此，百果园方面表示，2025年上半年，公司持续通过优化全国零售门店布局以提高零售门店的运营效 率，主动引导加盟商重新审视门店位置及所在商圈，搬迁或者关闭租金费用率高、人工费用高或者经营 业绩较差的劣势门店，更加专注于优势门店。 ...

"不会去迎合消费者，我们走在教育消费者的路上。"就在这段言论引发热议不到两周后，百果园（HK：02411）发布了2025年中期业绩。结果 显示，公司上半年亏损3.42亿元，门店数持续收缩，现金流也转为负数。 净亏3.42亿元、现金流转负，核心付费会员锐减33% 这份财报，也让董事长余惠勇的"教育消费者"言论更显尴尬。 百果园2025年上半年的财务表现出现了问题。这份最新的中期报告，详细记录了公司在经营层面的困境。 核心盈利能力大幅下降。报告期内，百果园总收入同比下滑21.8%，降至43.76亿元。更能反映整体业务规模的零售总额（GMV）也从去年同 期的67.48亿元降至57.11亿元。利润下滑更严重，毛利润从6.19亿元降至2.16亿元，降幅达65.1%，导致整体毛利率由11.1%降至4.9%。 最终，百果园录得归属于股东的净亏损3.42亿元，去年同期则为盈利8851万元。从投资者角度看，每股基本亏损为23.43分，而去年同期为每股 盈利5.83分，业绩出现急剧逆转。 同时，财务健康指标出现预警。关键的经营性现金流，由去年同期的净流入2.78亿元转为今年的净流出1.23亿元，显示公司自身"造血"能力出 现问题 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Shenzhen Pagoda Industrial (Group) Corporation Limited 深 圳 百 果 園 實 業（ 集 團 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2411） 截至二零二五年六月三十日止六個月中期業績公告 財務摘要 下表載列本集團於所示期間的若干關鍵財務資料。 | | 截至六月三十日止六個月 | | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | 同比變動 | | | 人民幣千元 | 人民幣千元 | % | | 收入(1) (2) | 4,375,873 | 5,594,124 | (21.8) | | 毛利 | 215,551 | 618,508 | (65.1) | | 除所得稅前（虧損）╱利潤 | (352,966) | 99,263 | (455.6) | | 本公司 ...

Core Viewpoint - The recent comments from the founders of Aikang Guobin and Baiguoyuan have sparked public controversy, highlighting a disconnect between their business philosophies and consumer expectations [1][4]. Company Insights - Aikang Guobin's CEO Zhang Ligang questioned the effectiveness of low-cost health check-ups, suggesting that consumers should be prepared to spend significantly more for accurate diagnoses, which undermines the necessity of the health check-up industry [4][9]. - Baiguoyuan's Chairman Yu Huiyong stated that the company focuses on educating consumers rather than catering to them, implying a belief that consumers are often uninformed [1][5]. Market Dynamics - The comments from both executives reflect a misunderstanding of consumer behavior, as consumers are generally savvy and make purchasing decisions based on their own logic and needs [5][6]. - The success of companies like Pinduoduo and Mixue Ice City is attributed to their understanding of market demands and consumer price sensitivity, contrasting with the educational approach suggested by Baiguoyuan's leadership [6][7]. Financial Performance - Baiguoyuan is facing increasing operational pressure, with projected revenue and net profit declines surpassing previous years, indicating a challenging market environment [9]. - The upcoming half-year report for Baiguoyuan is anticipated to reveal whether the company's performance aligns with or deviates from market expectations, particularly in light of the controversial consumer education stance [9][10]. Consumer Sentiment - The public reaction to the statements from both companies suggests a potential backlash against their perceived elitism and disconnect from consumer realities, which could impact their market positions [4][8].

Core Viewpoint - The controversy surrounding the high prices of fruits at Baiguoyuan has highlighted significant operational challenges faced by the company and its franchisees, leading to the first loss since its IPO and a substantial reduction in store numbers [1][8]. Financial Performance - Baiguoyuan reported a revenue of 10.273 billion yuan in 2024, a decrease of 9.8% year-on-year, with a net loss of 386 million yuan, marking the company's first loss since going public [8]. - The sales revenue from franchise stores amounted to 7.4 billion yuan, accounting for 99.5% of the total revenue, with the franchise fee contributing only 0.8% of total revenue [7]. Franchisee Challenges - Franchisees have expressed difficulties in managing operational pressures and losses, with many opting to exit the business due to unsustainable conditions [1][4]. - The average gross margin for franchise stores is around 25%, leading to low net profit margins and potential losses if sales do not improve [3][4]. - Franchisees reported that the company imposes excessive inventory (referred to as "压货"), which disrupts their sales rhythm and increases financial risk [5][6]. Store Operations and Management - The total number of stores decreased from 6,093 in 2023 to 5,127 in 2024, with a net reduction of 966 stores, primarily due to the evaluation of store profitability [8][9]. - The company has adopted a strong control franchise model, balancing quality control with allowing franchisees some operational autonomy [8]. Market Positioning - Baiguoyuan has positioned itself as a high-end fruit retailer, but the market acceptance of high-priced fruits remains low, complicating sales efforts [3][4]. - The company's strategy includes optimizing product structure and adjusting store layouts to address consumer fatigue and improve profitability [8].

Group 1 - Baiguoyuan Group (02411.HK) expects a revenue decrease of no more than 25% for the first half of 2025 compared to RMB 5,594.1 million in the same period of 2024 [1] - The company anticipates a loss attributable to shareholders of approximately RMB 330 million to RMB 380 million for the first half of 2025, compared to a profit of RMB 88.5 million in the same period last year [1] - The expected decline in revenue and profit is attributed to the company's strategic transformation and operational efficiency upgrades, including a focus on high-quality, cost-effective products and optimizing store networks [1] Group 2 - Despite short-term impacts on revenue and profit, the company's store quality is improving under the "high-quality, cost-effective fruit expert and leader" strategy, with an upward trend in customer traffic and stabilization in sales [2] - The company plans to enhance its overall profitability through measures such as diversifying product types, optimizing product mix, and expanding store scale [2] - Specific actions include enriching product categories to meet market demands, optimizing high-margin and traffic-driving products, and exploring new store types to adapt to different consumer preferences [2]

Core Viewpoint - The profit warning from Baiguoyuan indicates a potential short-term setback due to strategic adjustments, but it may also reveal overlooked investment opportunities as the company aligns with industry trends and consumer demands [1][3][4] Group 1: Company Performance and Forecast - Baiguoyuan expects a revenue decline of up to 25% year-on-year for the first half of 2025, with a net loss attributable to shareholders estimated between 330 million to 380 million yuan [1] - The company's recent strategic shift focuses on high-quality and cost-effective products, which has led to a temporary decrease in profit margins as it lowers prices to attract consumers [3] - Despite the current challenges, recent reports indicate that customer traffic and gross margins are beginning to recover, suggesting that the company's strategic initiatives are starting to yield positive results [3] Group 2: Industry Trends and Market Conditions - The overall consumer market is showing signs of recovery, with a GDP growth of 5.3% in the first half of the year and a significant contribution from consumer spending [2] - The retail sector is experiencing innovation, with new business models emerging, such as discount snack stores, which align with Baiguoyuan's focus on enhancing customer service and product offerings [2] - The B2B segment of the fruit market presents substantial growth potential, characterized by a fragmented competitive landscape, which Baiguoyuan is well-positioned to exploit through new channels and partnerships [4] Group 3: Strategic Initiatives and Future Outlook - Baiguoyuan has completed a network optimization by closing over 700 underperforming stores, which is expected to enhance overall operational efficiency [3] - The company plans to expand its product range and store footprint in the second half of the year, aiming to improve profitability and explore new market opportunities [4] - Current low valuation metrics suggest that as the company recovers and its performance improves, there may be new investment opportunities arising from a potential revaluation [4]

Core Viewpoint - The profit warning from Baiguoyuan indicates a potential short-term setback due to strategic adjustments, but it may also reveal overlooked investment opportunities as the company aligns with industry trends and consumer demands [1][3][4] Group 1: Company Performance - Baiguoyuan expects a revenue decline of no more than 25% year-on-year for the first half of 2025, with a projected net loss of 330 million to 380 million yuan [1] - The company's recent strategic shift focuses on high-quality and cost-effective products, which has led to a temporary decrease in profit margins as it lowers prices to attract consumers [3] - The company has closed over 700 underperforming stores to enhance operational efficiency, contributing to the decline in both revenue and profit [3] Group 2: Industry Trends - The retail sector is experiencing a revival, with a 5.3% year-on-year GDP growth and a 52% contribution from consumer spending, indicating strong domestic demand [2] - Offline consumption has shown significant recovery, with a 25.5% increase in the second quarter's offline consumption heat index year-on-year [2] - New retail formats, such as discount snack stores, are emerging, and traditional supermarkets are optimizing their product offerings and service experiences to attract more customers [2] Group 3: Strategic Outlook - Baiguoyuan's strategic transformation is expected to yield positive results in the long term, as recent reports indicate a recovery in single-store traffic and gross margins [3] - The company is exploring new growth avenues in the B2B market, which has substantial potential for consolidation due to its fragmented nature [4] - Future initiatives include expanding product types, optimizing product combinations, and reopening expansion efforts, which may lead to a recovery in profitability [4]

Core Viewpoint - The company, Baiguoyuan Group, anticipates a significant decline in profits and revenue for the first half of 2025 due to strategic transformation and operational efficiency upgrades, which are expected to impact short-term financial performance [1][2] Group 1: Financial Performance - The company reported a profit attributable to owners of approximately RMB 88.5 million for the same period last year [1] - The expected loss for the first half of 2025 is projected to be between RMB 330 million to RMB 380 million, with revenue anticipated to decrease by no more than 25% compared to RMB 5,594.1 million in the same period of 2024 [1] Group 2: Strategic Initiatives - The company is implementing a "high-quality, high-cost-performance fruit expert and leader" strategy, which involves optimizing product mix and pricing mechanisms to lower gross margins in response to consumer demand [1] - The store network optimization strategy has led to a reduction in the number of stores from 6,025 as of June 30, 2024, to 4,386 by June 30, 2025, focusing on relocating or closing underperforming stores [1] - The company is facing increased one-time non-cash expenses related to asset impairment provisions and share-based payment allocations [1] Group 3: Future Outlook - Despite short-term impacts on revenue and profit, the company expects improved store quality, with an upward trend in customer traffic and stabilization in sales [2] - The company plans to enhance overall profitability through measures such as diversifying product types, optimizing product mix, and expanding store scale [2] - Future initiatives include improving store profitability by optimizing the structure of high-margin and traffic-driving products, enhancing service standards, and exploring new store types to adapt to different market environments [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Shenzhen Pagoda Industrial (Group) Corporation Limited 深 圳 百 果 園 實 業（ 集 團 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2411） 1 儘管本公司短期收入和利潤受到影響，在「高品質高性價比水果專家與領導者」戰 略下，門店質量進一步優化：客流呈現增長趨勢，銷售額亦企穩回升。董事會認 為門店網絡優化已在二零二五年上半年完成，後續會通過豐富產品類型、優化產 品組合以及拓展門店規模等積極主動措施提升本公司的整體盈利水平。本公司已 採取╱將採取以下措施以改善其經營及財務表現：(i)為滿足各類市場需求並擴 大銷售規模，本公司積極豐富其產品種類及市場渠道，如水果零食化、水果禮品 化；(ii)為提升門店盈利能力，本公司將持續優化門店高毛利品和引流品結構，並 提升門店服務標準，為消費者提供愉快的購物體驗；及(ii ...