“傲慢”董事长坑惨百果园？钟薛高创始人发话了 || 深度

Core Viewpoint - The controversy surrounding the high prices of fruits at Baiguoyuan has escalated, with the chairman's comments on "educating consumers" leading to significant backlash and a sharp decline in stock prices, reflecting a disconnect between the company's ideals and market realities [2][9][20]. Group 1: Company Performance and Market Reaction - Baiguoyuan's stock price dropped by 8% on August 11, closing at 1.74 HKD per share, which represents a 72% decline from its historical high at the beginning of 2023 [2][9]. - The company reported a revenue of 10.273 billion CNY in 2024, a year-on-year decrease of 9.8%, with a gross profit of 764 million CNY, down 41.9% [9]. - Baiguoyuan experienced a net loss of 391 million CNY in 2024, contrasting with a profit of 381 million CNY in the previous year [9]. Group 2: Consumer Sentiment and Complaints - There were 3,091 complaints registered on the Black Cat Complaints platform regarding Baiguoyuan, with issues including quality problems, false advertising, and spoiled fruits [5]. - Consumers expressed dissatisfaction with the chairman's high-handed approach, questioning the company's right to "educate" them while facing quality issues [6][7]. Group 3: Business Model and Challenges - Baiguoyuan's business model heavily relies on franchise stores, which account for over 99% of its outlets, leading to challenges as franchisees report unprofitability [11][12]. - The number of retail stores decreased by 966 year-on-year, with franchisees struggling to meet the company's profitability expectations [12][13]. - The company's practice of "pressing goods" and high thresholds for reporting spoiled products have contributed to franchisee dissatisfaction and operational challenges [14][16]. Group 4: Market Position and Consumer Trends - Baiguoyuan's positioning as a high-end fruit retailer is increasingly misaligned with current consumer preferences, which favor cost-effectiveness and value [19][20]. - The number of paid members dropped from 1.171 million at the end of 2023 to 854,000 by the end of 2024, indicating a significant loss of consumer loyalty [20]. - Competitors like Sam's Club and Hema are gaining market share by offering better quality fruits at lower prices, further challenging Baiguoyuan's market position [20].