筹集超3亿港元“还债”背后：百果园业绩承压

Core Viewpoint - The company is facing significant financial challenges, including an increase in losses and a substantial reduction in the number of stores, prompting a fundraising effort of approximately HKD 327 million to alleviate liquidity pressures and pay off trade payables and bank loans [1][2]. Fundraising - The company announced a placement agreement to raise funds by issuing 279.5 million shares at a price of HKD 1.17 per share, potentially generating around HKD 327 million [1]. - Approximately 61.5% of the raised funds will be used to pay trade payables, 30.8% for repaying bank loans, and 7.7% for general operational and administrative expenses [1]. Financial Performance - The company is projected to experience a revenue decline of 9.81% in 2024, with expected revenue of CNY 10.273 billion and a loss of CNY 386 million, marking its first loss since going public [2]. - In the first half of 2025, revenue is expected to drop by 21.78% to CNY 4.376 billion, with losses reaching CNY 342 million [2]. - The decline in revenue is attributed to reduced consumer spending and a strategic contraction of inefficient channels, leading to store closures and relocations [2]. Store Reduction - The company reduced its number of stores from 6,025 in the first half of 2024 to 4,386 by the first half of 2025, a decrease of 1,639 stores [3]. - The reduction is part of a strategy to optimize store locations and improve operational efficiency, focusing on high-potential locations [3]. - The closure of stores is also influenced by market demand and performance issues, with some stores unable to adapt to changing conditions [3]. Industry Competition - The fruit retail industry is experiencing intensified competition, with consumers now having access to various platforms offering fresh produce, often at lower prices and with faster delivery [4]. - The company faces competition not only from local fruit chains but also from e-commerce and emerging fresh supermarket channels [4]. - To maintain competitiveness, the company must optimize its product offerings and supply chain, potentially expanding into other product categories beyond fruits [4]. Future Development - The company is encouraged to enhance its product structure and supply chain efficiency to better compete on price and meet evolving consumer demands [4]. - Continuous cost control, operational efficiency improvements, and innovation are essential for the company to sustain its market position and achieve long-term growth [4].