起底百果园的资本之路，是消费者“不成熟”还是品牌溢价“爱”不起？

Core Viewpoint - The recent comments made by the chairman of Baiguoyuan, Yu Huiyong, regarding the company's high fruit prices have sparked significant public backlash, leading to discussions about the company's pricing strategy and market positioning [1][5][7]. Pricing Strategy - Baiguoyuan has positioned itself as a high-end fruit retailer, with prices significantly higher than competitors, such as 23.5 yuan for an apple and 90 yuan for a watermelon [7][8]. - A comparison of prices revealed that Baiguoyuan's Yaba Gan fruit was priced at 9.9 yuan per pound, while a nearby competitor sold it for 7.9 yuan, and a local store offered it for just 3.3 yuan [7][8]. - The company has been criticized for its pricing strategy, with consumers expressing disbelief that higher prices equate to better quality [5][7]. Brand Positioning - Since its inception in 2001, Baiguoyuan has branded itself as a "fruit expert," categorizing fruits into quality grades and emphasizing high standards [8][9]. - The company has implemented a "no reason" return policy to enhance customer loyalty, allowing refunds without the need for a receipt or proof of purchase [8][9]. Financial Performance - Following its IPO in January 2023, Baiguoyuan reported a significant decline in revenue and net profit, with a 9.8% drop in revenue to 10.273 billion yuan and a net loss of 391 million yuan in the first half of 2024 [16][17]. - The company has faced a store closure trend, with the number of retail outlets decreasing from 6,081 to 5,116, averaging nearly five closures per day [16][17]. Market Challenges - The rise of fresh e-commerce and community group buying has intensified competition, undermining Baiguoyuan's high-end market position [16][17]. - Competitors like Sam's Club and Hema have adopted aggressive pricing strategies, further challenging Baiguoyuan's pricing model [16][17]. Strategic Adjustments - In response to market pressures, Baiguoyuan is shifting its strategy to focus on both high quality and high cost-effectiveness, aiming to adjust its pricing structure and expand its mid-to-low-end product lines [17]. - The company is also considering closing underperforming stores as part of its strategic transformation [17].