Core Viewpoint - The company, Baiguoyuan Group, announced a fundraising plan to repay debts, leading to a significant increase in its stock price by 20.69% on September 22, 2023 [1][3]. Fundraising and Debt Repayment - Baiguoyuan plans to raise approximately 300 million yuan to repay debts, with a share placement agreement signed on September 21, 2023, to issue 279.5 million shares at a price of 1.17 HKD per share [3]. - The placement shares represent about 19.2% of the total H shares and 18.2% of the total shares as of the announcement date [3]. - The estimated net proceeds from the placement are approximately 325 million HKD (around 298 million yuan), with 61.5% allocated for trade payables, 30.8% for bank loan repayment, and 7.7% for general working capital and administrative expenses [3]. Financial Performance - In 2024, Baiguoyuan reported a revenue of 10.273 billion yuan, a year-on-year decline of 9.8%, and a gross profit of 764 million yuan, down 41.9%, resulting in a net loss of 386 million yuan [4]. - For the first half of 2025, the company achieved a revenue of 4.376 billion yuan, a decrease of approximately 21.8% compared to the same period in 2024, with a gross profit of 216 million yuan, down 65.1%, and a net loss of 342 million yuan [5]. Operational Challenges - The company's gross margin has significantly declined, from 11.1% in the first half of 2024 to 4.9% in the first half of 2025, indicating challenges in maintaining profitability [5]. - Baiguoyuan's retail store count decreased by 1,639 stores, or about 27.0%, from 6,025 stores in June 2024 to 4,386 stores in June 2025, reflecting a contraction in market coverage and brand strength [7]. - The company's strategy of not catering to consumer price sensitivity has drawn criticism, suggesting a disconnect with market realities during economic downturns [7].
百果园筹钱还债：近两年业绩严重恶化，老板曾称不会迎合消费者
Guan Cha Zhe Wang·2025-09-22 10:27