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 ...

Core Viewpoint - The recent comments by the chairman of Baiguoyuan, Yu Huiyong, regarding "educating consumers" and not catering to their demands have sparked significant public debate, particularly concerning the high prices of fruits sold by the company [1][10]. Pricing Strategy - Baiguoyuan's fruit prices are generally higher than those of ordinary fruit stores, with A-grade watermelon priced at 6.38 yuan per jin and A-grade imported bananas at 7.38 yuan per jin, compared to 3.99 yuan and 2.99 yuan respectively at nearby stores [4][5]. - The company employs a pricing strategy based on quality grading, with products categorized into different levels such as signature, A-grade, and B-grade, which influences pricing [4][5]. - The pricing is determined by the company and takes into account market prices from other supermarkets, ensuring that their prices do not deviate significantly from competitors [5][7]. Sales Performance - Baiguoyuan's sales costs for 2022 and 2023 were reported at 9.998 billion yuan and 10.076 billion yuan respectively, with the cost of sold inventory accounting for 95.2% and 95.4% of total sales costs [7]. - In the first half of 2024, this figure increased to 96.1%, indicating a rising cost structure [7]. Market Position and Customer Base - The company maintains a stable customer base, primarily targeting consumers aged 25-50 with a repurchase rate of nearly 40% [8]. - Despite recent controversies, the company believes that the impact on sales will be limited due to its established customer loyalty [8]. Operational Adjustments - Baiguoyuan has been closing underperforming stores to improve operational efficiency, with a reported gross margin of 32% in the Jinan region [10]. - The company has reduced its number of franchise stores by 965 in the past year, indicating a strategic shift to focus on more profitable locations [10].

Core Viewpoint - The introduction of the BLOF ecological planting technology by Baiguoyuan is expected to significantly enhance the quality and sustainability of the Xitian melon industry in Guangling County, leading to increased farmer income and the development of related industries [1][3]. Group 1: Industry Development - Guangling County has optimal conditions for Xitian melon cultivation, including an average of nearly 2800 hours of sunlight per year and a soil selenium content 1.8 times the national standard [3]. - The traditional Xitian melon industry faced challenges due to extensive "nomadic" farming practices, leading to soil degradation and pest issues when the same land was used for more than two consecutive years [3]. - The establishment of a large-scale year-round planting base using BLOF technology aims to improve the soil ecosystem and enable sustainable cultivation of Xitian melons [3]. Group 2: Economic Impact - The Xitian melon industry has already facilitated the development of nearly 100,000 acres of agricultural bases and has helped over 5,000 households achieve stable income growth [3][4]. - The BLOF technology has been successfully implemented in other key fruit production areas such as Ningxia, Jiangsu, and Yunnan, promoting a model of government-business cooperation for rural revitalization [4]. - The introduction of BLOF technology in Ningxia is projected to increase local farmers' income by 500 to 1,000 yuan per acre, demonstrating a sustainable model for ecological assistance to farmers [4]. Group 3: Future Prospects - The "Guangling model" of government and market collaboration is expected to be replicated across various core production areas for Xitian melons nationwide [4]. - Baiguoyuan's founder emphasized the importance of focusing on all key elements of the industry chain to achieve synergistic development [4].

文｜本原财经 "吃个破水果还被教育上了。" 百果园董事长余惠勇在小红书平台给自己做了一个IP，起号第一步自然是向流量看齐，自问自答"百果园水果太贵？董事长亲自回应！" 余惠勇说，百果园不会迎合消费者，绝不在品质上做让步；说商业模式只有两种，第一个利用消费者的无知，第二个教育消费者成熟。 黑红也是红，舆论旋风接踵而至，网友反击"上次那么猖狂的还是那个钟薛高""中年男老板这么喜欢爹味儿？"，还有细心的消费者发现，百果园2024 年财报里，"性价比"三个字出现了20余次…… 百果园是国内水果零售连锁企业的标杆，在全国有超5000家门店。老板余惠勇手拿400元从一个卖水果的打工仔，一跃成为营收百亿的企业家，堪称 草根逆袭的典范。 教育用户倒不是什么致命问题，苹果、华为等公司做产品其实也是在教育用户，不过公开说出来就有问题了。看似无脑之举，或许另有苦衷？ 01品牌该学学去爹味了 拿成功学"爹味"教育消费者的，上一个是"雪糕刺客"钟薛高，林盛当初说出那句"爱买不买"时，大概也没预料到钟薛高现在已经进入破产清算程序； 还有"月薪5000就不要吃火锅"的巴奴火锅老板杜中兵，将前一年800万赔偿买下的口碑逆转重新打入谷底；更早 ...

北京商报讯(记者何倩)8月12日，山西省大同市广灵县政府联合百果园在京举办西甜瓜上市推介暨百果 园集团太阳热能结合堆肥处理改良土壤技术(BLOF技术)入选国家级农业主推技术发布会。 据了解，百果园已在宁夏、云南、浙江、海南、江西、山西、安徽、江苏等多个省区开展试验和推广。 截至2024年底，采用百果园集团BLOF技术改良土壤面积已经接近3万亩。 ...

Core Viewpoint - The chairman of Baiguoyuan, Yu Huiyong, defended the company's high fruit prices, stating that the company prioritizes quality over catering to consumer expectations, which has sparked controversy online [1][3][6]. Group 1: Consumer Reactions - Many consumers expressed dissatisfaction with Yu's comments, suggesting that the company should be more responsive to consumer needs [3]. - Some consumers argued that higher prices could be justified if the fruits are of superior quality [5]. Group 2: Quality Control Issues - Baiguoyuan claims to focus on quality through strict operational standards and cold chain management to ensure freshness [7]. - Despite this, the company has faced multiple quality complaints, including incidents of selling spoiled fruits and mislabeling fruit grades [8][11]. Group 3: Financial Performance - Baiguoyuan reported a revenue of 10.273 billion RMB in 2024, a decrease of 9.8% year-on-year, with a shift from profit to loss, recording a net loss of 3.86 billion RMB [14][16]. - The revenue from fruit and other food sales accounted for over 97% of total income, which also saw a decline of 9.6% in 2024 [14][16]. - The number of franchise stores decreased from 4,818 in 2023 to 4,039 in 2024, attributed to high rental costs and profitability issues for franchisees [17]. Group 4: Profitability Challenges - The company's net profit margin has declined from around 3% in previous years to 1.49% in the first half of 2024 [21]. - Despite a large network of stores and a premium pricing strategy, Baiguoyuan has struggled to achieve significant growth in performance [21].

Core Viewpoint - The founder of Baiguoyuan, Yu Huiyong, sparked widespread discussion with his comments on consumer education and pricing strategy, which led to a decline in the company's stock price and raised concerns about its quality and consumer trust [1][6][8]. Group 1: Company Performance - Baiguoyuan reported a net loss of 386 million yuan in 2024, marking its first annual loss since 2020 [4][12]. - The company's revenue for 2024 was 10.273 billion yuan, a year-on-year decrease of 9.81% [12]. - As of the end of 2024, Baiguoyuan had 5,127 stores, a net decrease of 966 stores from 2023, moving away from its goal of exceeding 10,000 stores [3][14]. Group 2: Market Reaction - On August 11, 2023, Baiguoyuan's stock opened lower, experiencing an intraday drop of 8%, ultimately closing with a decline of 0.57% [2][7]. - Since its IPO on January 16, 2023, at an issue price of 5.6 HKD per share, Baiguoyuan's stock has seen a maximum decline of 75.56%, closing at 1.74 HKD on August 11, 2025 [7]. Group 3: Consumer Trust and Quality Issues - Baiguoyuan was once regarded as a benchmark for quality fruit, but recent years have seen frequent quality issues, leading to a decline in consumer trust [8][10]. - Reports of selling substandard products, including overnight fruit cuts and spoiled fruit, have surfaced, damaging the brand's reputation [10][11]. - The company's strategy of educating consumers about fruit quality has been met with backlash, as many consumers feel that they should not need to be "educated" to purchase fruit [6][8].

Core Viewpoint - The chairman of the company, Yu Huiyong, stated that the company will not cater to consumers, which has sparked controversy and backlash on social media [1][4] Group 1: Company Response - The company clarified that the chairman's remarks were taken out of context to create conflict, denying any intention to educate consumers [4] - The company has faced ongoing controversies regarding its pricing and quality, including incidents of selling spoiled fruits and re-labeling overnight fruits [4] Group 2: Financial Performance - In 2024, the company experienced a significant store closure trend, with a net reduction of 965 stores, averaging 2.64 closures per day [4] - The company's revenue for 2024 was 10.273 billion yuan, a year-on-year decline of 9.8%, while gross profit fell to 760 million yuan, down 41.9% year-on-year [4] - The company's net profit turned from a profit to a loss, reporting a net loss of 386 million yuan [4] Group 3: Marketing Strategy - Despite the chairman's statement of not catering to consumers, the term "cost-performance ratio" appeared 24 times in the company's 2024 financial report [4] - Since August of the previous year, the company has been selecting 1-2 high-quality fruit products each month to offer at competitive prices, indicating a shift towards meeting consumer demand for lower prices [4]