Core Viewpoint - The controversy surrounding the high prices of fruits at Baiguoyuan has highlighted significant operational challenges faced by the company and its franchisees, leading to the first loss since its IPO and a substantial reduction in store numbers [1][8]. Financial Performance - Baiguoyuan reported a revenue of 10.273 billion yuan in 2024, a decrease of 9.8% year-on-year, with a net loss of 386 million yuan, marking the company's first loss since going public [8]. - The sales revenue from franchise stores amounted to 7.4 billion yuan, accounting for 99.5% of the total revenue, with the franchise fee contributing only 0.8% of total revenue [7]. Franchisee Challenges - Franchisees have expressed difficulties in managing operational pressures and losses, with many opting to exit the business due to unsustainable conditions [1][4]. - The average gross margin for franchise stores is around 25%, leading to low net profit margins and potential losses if sales do not improve [3][4]. - Franchisees reported that the company imposes excessive inventory (referred to as "压货"), which disrupts their sales rhythm and increases financial risk [5][6]. Store Operations and Management - The total number of stores decreased from 6,093 in 2023 to 5,127 in 2024, with a net reduction of 966 stores, primarily due to the evaluation of store profitability [8][9]. - The company has adopted a strong control franchise model, balancing quality control with allowing franchisees some operational autonomy [8]. Market Positioning - Baiguoyuan has positioned itself as a high-end fruit retailer, but the market acceptance of high-priced fruits remains low, complicating sales efforts [3][4]. - The company's strategy includes optimizing product structure and adjusting store layouts to address consumer fatigue and improve profitability [8].
投资8万4年剩5000！百果园加盟商吐槽：进货价高还被压货，草莓一天卖200却被塞1600元的货！