ESG解读｜百果园董事长“教育消费者”言论引争议，付费会员年减30余万

Core Viewpoint - The controversy surrounding the chairman of the company, Yu Huiyong's remarks about "educating consumers" rather than catering to them, has sparked significant public backlash, highlighting a disconnect between the company's product positioning and consumer perceptions [4][5]. Group 1: Consumer Relations and ESG Issues - The chairman's comments were perceived as arrogant, challenging the principle of consumer rights protection outlined in the company's ESG report [5]. - The 2024 ESG report emphasizes the establishment of a comprehensive quality control system, including expanding pesticide residue testing from over 200 to 300 items and conducting multiple food safety audits [5][6]. - Despite these initiatives, they are seen as reactive measures following previous quality control failures, including allegations of using spoiled fruit for products [6]. Group 2: Membership and Pricing Strategy - The company has seen a decline in paid membership numbers, dropping to 850,000, a decrease of 27.1% from the previous year, amid rising consumer sensitivity to high prices [9]. - In response to market pressures, the company shifted from a "high-end" to a "high cost-performance" strategy, leading to a significant drop in gross margin from 11.5% to 7.4% [9]. Group 3: Franchise Operations and Market Competition - The number of franchise stores decreased from 6,081 to 5,116, with a net reduction of 965 stores, indicating operational challenges [10]. - The company's revenue from franchise operations fell from 8.5 billion to 7.4 billion, with average annual revenue per store declining from 880,000 to 796,000 [10]. - Issues such as high inventory turnover days and unfavorable contract terms have strained franchisee profitability, contradicting the company's claims of supporting franchisees in its ESG report [11][12]. Group 4: Financial Performance and Market Reaction - The company reported its first loss in five years, with stock prices plummeting over 80% and market capitalization decreasing by nearly 8 billion HKD [12]. - Following the chairman's controversial remarks, the stock experienced a significant drop, reflecting investor concerns about the company's future [12].