Core Viewpoint - The article discusses the transformation of the fruit retail market in China, highlighting the decline of high-end fruit retailers like Baiguoyuan amidst increasing competition and changing consumer preferences towards more affordable options [1][21]. Industry Overview - The concept of "fruit freedom" has emerged as consumers now have access to a wider variety of fruits at lower prices due to improved supply chain efficiency, expanded import trade, and the rise of fresh e-commerce [1][21]. - The China-ASEAN Free Trade Area negotiations have further intensified this trend, leading to an influx of tropical fruits into the market [1]. Company Performance - Baiguoyuan, once a leading fruit retailer, is facing unprecedented operational challenges, closing an average of 2.65 stores daily in 2024 and reporting a staggering pre-tax loss of 391 million yuan [1]. - The company's stock price has remained below 2 yuan, categorizing it as a "zombie stock" [1]. Financial Trends - Baiguoyuan's revenue growth rates have significantly declined from 16.22% in 2021 to just 0.7% in 2023, with net profit growth also plummeting from 369.49% to 11.9% during the same period [7]. - The average revenue per store has decreased from 884,500 yuan to 796,000 yuan from 2021 to the first half of 2023, with a significant portion of stores in major cities like Beijing and Wuhan operating at a loss [14]. Competitive Landscape - The rise of e-commerce platforms and new retail formats has intensified competition, with consumers increasingly preferring to shop at places like Sam's Club and Hema for their fruit needs [16][18]. - These new retail formats leverage their extensive product offerings and strong membership systems to negotiate better prices with suppliers, further eroding Baiguoyuan's market position [18]. Brand and Consumer Trust - Baiguoyuan's brand value has been severely impacted by quality control issues, including reports of selling substandard fruits, which have led to a loss of consumer trust [12][15]. - The company's shift to a "high cost-performance" strategy in 2024, aimed at lowering prices to attract customers, may not be sufficient to compete in the highly competitive low-price market [18][19]. Conclusion - The article concludes that Baiguoyuan's inability to maintain high quality while competing on price has left it in a precarious position, as the market shifts towards more affordable and fresher options [21][22].
水果越自由，百果园越危险
3 6 Ke·2025-06-12 04:29