Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Views - The company reported a revenue of 5.594 billion yuan for H1 2024, a year-on-year decrease of 11.1%, and a net profit attributable to shareholders of 89 million yuan, down 66.1% year-on-year. Due to the overall weak consumption environment, the profit forecasts for 2024-2026 have been revised downwards [3][4]. - The company has a clear strategy focused on strengthening its core competencies in channels, supply chain, and brand image. It is expected that the optimization of franchise channels will gradually recover from 2024 onwards, and the ToB business is anticipated to open new growth opportunities [3][4]. Summary by Sections Financial Performance - In H1 2024, the company experienced a decline in revenue and net profit, with revenue from fruit and other food sales at 5.436 billion yuan (down 11.1%) and other income at 158 million yuan (down 10.6%). The company closed 68 stores in H1 2024, resulting in a total of 6,025 stores at the end of the period [4]. - The gross margin for H1 2024 was 11.1%, a decrease of 0.3 percentage points. The expense ratios for sales, management, R&D, and finance were 5.3%, 3.0%, 1.2%, and 0.4%, respectively, showing increases in sales and management expenses [4]. Business Segments - The retail segment faced challenges, while the ToB segment performed well, achieving sales revenue of 713 million yuan (up 30.0% year-on-year) [4]. - The sales of signature and A-grade fruits accounted for 64.0% of total retail sales, while self-owned brand fruit sales made up 16.0% [4]. Strategic Direction - The company aims to enhance operational efficiency and high-quality growth in its retail business, optimizing the franchise model and strengthening support. The ToB business will continue to follow a "buy global, sell global" strategy [5].
百果园集团：港股公司信息更新报告：上半年水果零售业务有所承压，2B事业群表现良好