Core Insights - The article emphasizes the strategic transformation of companies like Luckin Coffee and Baiguoyuan, focusing on the importance of "shrinking to grow" and enhancing core business profitability [1][2] Financial Performance - Baiguoyuan reported a GMV of 12.7 billion yuan and total revenue of 10.27 billion yuan for 2024, with a gross profit of 760 million yuan and a net loss of 386 million yuan [1] - The decline in revenue was primarily due to a reduction in store numbers, with same-store sales experiencing a double-digit decline in the first half of the year, but stabilizing in the second half [1][2] Strategic Focus - Baiguoyuan is implementing a "1212" category operation strategy starting August 2024, focusing on high-quality and cost-effective products to enhance customer retention and brand perception [3] - The strategy includes a unified pricing model for essential products, promotion of high-value seasonal fruits, and the introduction of a monthly featured product to attract customers [3] Product and Market Expansion - The company is diversifying its product offerings by introducing creative fruit gift packages, which led to a 21% increase in same-store sales during the 2025 Spring Festival [4] - The "Good Fruit Reward" initiative saw a significant increase in customer visits and sales, with total customer visits up by 534.1% and sales up by 388.4% [5] Operational Efficiency - Baiguoyuan is optimizing its store structure by closing underperforming locations and focusing on enhancing the efficiency of high-performing stores [6] - The company is leveraging technology to improve operational efficiency, including the implementation of digital systems for inventory and sales processes [6][7] Business Development - The To B segment of Baiguoyuan's business grew from 1.03 billion yuan to 1.25 billion yuan, reflecting a 22% year-on-year increase despite market challenges [8] - The company is also exploring international markets, establishing partnerships with suppliers in Thailand and New Zealand, and expanding its product offerings for export [8] Future Outlook - Baiguoyuan aims to continue its focus on single product strategies, brand development, and global supply chain expansion to unlock further growth opportunities [9] - The company's business model, centered around community stores and quality products, is expected to sustain its long-term value despite short-term challenges [10][11] Strategic Combination - The combination of focusing on high-quality products, optimizing store operations, and expanding into B2B and international markets is expected to drive Baiguoyuan's high-quality development and enhance its performance and valuation in the long run [12]
百果园(02411)：用“减法”换“乘法”效应，长期价值可期