百果园董事长“教育消费者”言论致股价大跌

Core Viewpoint - The recent controversy surrounding Baiguoyuan Group highlights the challenges the company faces due to high fruit prices and its refusal to cater to consumer demands, leading to significant stock price declines and operational struggles [1][3][5]. Company Performance - Baiguoyuan's revenue for 2024 was reported at 10.273 billion, a year-on-year decrease of 9.8%, marking the first net loss in five years with a pre-tax loss of 391 million [8][10]. - The company's gross margin fell from 11.5% to 7.4% over the same period, indicating a decline in profitability [10]. - The number of offline stores decreased from 6,093 in 2023 to 5,127 in 2024, with a significant acceleration in store closures in the second half of the year, averaging nearly five closures per day [8][10]. Market Position and Strategy - Baiguoyuan has positioned itself as a high-end fruit retailer, which has led to its products being perceived as overpriced by consumers, with examples of high prices shared on social media [5][7]. - The company has accumulated over 80 million registered members by February 2025, indicating a segment of consumers willing to pay for high-quality fruit [7]. - The competitive landscape has intensified with platforms like Hema and Meituan entering the fruit market, leveraging strong supply chains and diverse product offerings, which has pressured Baiguoyuan's high-margin strategy [10]. Franchisee Sentiment - Franchisees express concerns about profitability, with some reporting losses and a challenging operational environment, indicating a disconnect between the company's strategy and franchisee execution [10].