Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the financial performance suggests a cautious outlook due to declining revenues and profits [1]. Core Insights - The company reported a revenue of 5.594 billion yuan for the first half of 2024, a year-on-year decrease of 11%, and a net profit of 0.089 billion yuan, down 66.1% year-on-year [1]. - The gross margin stood at 11.1%, a slight decrease of 0.3 percentage points, while the net margin was 1.5%, down 2.5 percentage points [1]. - The company had a total of 6,025 stores as of June 30, 2024, an increase of 67 stores compared to the same period last year, with franchise stores accounting for 6,011 of these [1]. - Membership numbers reached 84.74 million, an increase of 5.43 million from the end of the previous year, while paid members decreased by 70,000 to 1.07 million [1]. Business Performance Summary - The sales revenue from fruits and other food products contributed over 97% to total revenue, primarily benefiting from growth in the domestic and international B2B markets [1]. - Revenue from fruit and other food sales was 5.436 billion yuan, down 11.1% year-on-year, while franchise and licensing income fell by 31.8% to 0.067 billion yuan [1]. - Membership income decreased by 19.9% to 0.038 billion yuan, while other income rose by 72.1% to 0.053 billion yuan [1]. - Franchise store revenue was 4 billion yuan, down 15.22%, with average revenue per franchise store declining from 1 million yuan in the first half of 2023 to 900,000 yuan [1]. Strategic Direction - The company is focusing on a strategic upgrade to become a "high-quality fruit expert and leader," emphasizing brand strength and quality [1]. - The three main strategic battles for 2024 will focus on store renovations, enhancing fruit gift sales, and promoting signature fruit sales [1]. Financial Forecast - The company is expected to achieve revenues of 10.3 billion yuan, 10.9 billion yuan, and 11.7 billion yuan for the years 2024 to 2026, with year-on-year changes of -9.47%, +5.66%, and +7.34% respectively [2]. - The forecasted net profits for the same period are 0.135 billion yuan, 0.307 billion yuan, and 0.362 billion yuan, reflecting a significant decline in 2024 followed by recovery in subsequent years [2].
百果园集团：24H1点评：受消费力走弱及费用投放加大影响，24H1收入/净利分别同降11%/66%