Core Viewpoint - The chairman of Baiguoyuan, Yu Huiyong, emphasized the company's commitment to high-quality fruits despite consumer concerns about high prices, aiming to "educate consumers" about quality differences [1][2]. Group 1: Business Strategy - Baiguoyuan maintains a high-price strategy, positioning itself in the mid-to-high-end market, with prices approximately 1.2 times higher than other channels, which has led to criticism from consumers [2][3]. - The company has a membership base of several million, which supports its business model and value proposition [1]. Group 2: Financial Performance - In 2024, Baiguoyuan reported a revenue of 10.273 billion, a year-on-year decline of 9.8%, marking the first net loss in five years with a pre-tax loss of 391 million [2][3]. - The number of retail stores decreased by 966 to 5,127 by the end of 2024, with franchise stores dropping from 6,081 to 5,116, indicating a significant contraction in its physical presence [3]. Group 3: Market Challenges - The competitive landscape in the fruit retail market is intensifying, with consumers increasingly sensitive to price and seeking better value, which poses challenges for Baiguoyuan's high-price strategy [2][3]. - The company's reliance on franchise sales and management fees has created profitability pressures for franchisees, complicating its business model [3]. Group 4: Future Outlook - Baiguoyuan is attempting to adjust its product mix and increase the supply of high-cost performance products to recover from its current challenges, but results have been limited so far [3]. - The company needs to balance quality and price while better understanding consumer needs to regain market favor and achieve sustainable growth [3].

Core Insights - The chairman of Baiguoyuan, Yu Huiyong, addressed concerns about high fruit prices, emphasizing the importance of quality over low cost and the need to educate consumers about the value of high-quality fruits [1][3] - Baiguoyuan reported a revenue decline of 9.8% year-on-year for 2024, with a significant drop in gross profit by 41.9%, resulting in a pre-tax loss of 391 million yuan, compared to a profit of 381 million yuan in the previous year [3] - The company faced challenges from increased competition in the fruit retail industry and changing consumer demands, alongside internal operational adjustments [3] Company Overview - Baiguoyuan, officially known as Shenzhen Baiguoyuan Industrial (Group) Co., Ltd., was established in 2001 and operates as a large-scale chain enterprise involved in various aspects of the fruit supply chain [3] - As of the end of 2024, Baiguoyuan had 5,127 retail stores, reflecting a net decrease of 966 stores compared to the previous year [3] Market Performance - The company experienced a surge in interest during the airing of the popular drama "The Lychee of Chang'an," which coincided with the fresh lychee season, leading to over 77 million yuan in sales for the lychee category alone [3] - Baiguoyuan's stock price saw a significant increase of over 20% on July 7, but subsequently faced volatility, closing at 1.75 HKD per share on August 8, with a total market capitalization of 2.694 billion HKD [3]

Core Viewpoint - The chairman of Baiguoyuan, Yu Huiyong, emphasized the company's commitment to high-quality fruits and stated that it will not compromise on quality to cater to consumer price sensitivity [2][4][5]. Company Performance - Baiguoyuan reported a revenue of 10.273 billion yuan for 2024, a year-on-year decline of 9.8% [6]. - The company's gross profit was 764 million yuan, down 41.9% year-on-year [6]. - The company faced a pre-tax loss of 391 million yuan, compared to a profit of 381 million yuan in the same period last year [6]. Market Challenges - The company cited intensified competition in the fruit retail industry and changing consumer demand as significant challenges [6]. - Baiguoyuan's retail store count decreased by 966 stores year-on-year, totaling 5,127 stores by the end of 2024 [6]. Stock Performance - As of August 8, Baiguoyuan's stock closed at 1.75 HKD per share, reflecting a 6.06% increase, with a total market capitalization of 2.694 billion HKD [6]. - The stock price experienced a notable rise of 13.73% on July 7, coinciding with the airing of a popular drama that featured fresh lychees [6].

Core Viewpoint - The company, 百果园, is facing significant criticism from consumers regarding high prices and perceived declining quality of its products, leading to a negative public perception and financial struggles [1][3][5]. Company Performance - 百果园 reported a revenue of 102.73 billion yuan in 2024, a year-on-year decline of 9.8%, and a pre-tax loss of 3.91 billion yuan, marking the first net loss in five years [11]. - The company experienced a drastic drop in net profit, with a decrease of 66.06% in the first half of 2024 compared to the previous year [11]. - The number of retail stores decreased by 966 year-on-year, with an average of nearly 5 stores closing daily, leaving a total of 5,127 stores [11]. Consumer Sentiment - Social media users have expressed frustration over the high prices of fruits at 百果园, with comments highlighting that even a modest purchase can exceed 100 yuan [3][5]. - The company's chairman, 余惠勇, acknowledged the complaints about pricing but emphasized the importance of quality and the need to educate consumers about the value of high-quality fruits [5]. Market Position - 百果园 has over 5,000 chain stores and more than 80 million registered members across over 190 cities in China [11]. - The company aims to maintain its focus on high-quality products rather than competing solely on price, despite the current market pressures [5].

Core Viewpoint - The chairman of the company, Yu Huiyong, emphasized that the company will not compromise on quality to cater to consumer demands, despite facing criticism for high fruit prices [1][3]. Company Performance - In 2024, the company reported a revenue of 10.273 billion yuan, a year-on-year decrease of 9.8% [5]. - The gross profit was 764 million yuan, down 41.9% year-on-year [5]. - The company faced a pre-tax loss of 391 million yuan, compared to a profit of 381 million yuan in the same period last year [5]. - The number of retail stores decreased by 966, totaling 5,127 stores by the end of 2024 [5]. Market Positioning - The company aims to educate consumers about the quality differences in fruits rather than exploiting their lack of knowledge for short-term gains [3]. - Yu Huiyong stated that the price difference for fruits of varying quality can be as much as four to five times, indicating a focus on high-quality products [3]. Stock Performance - As of August 8, the company's stock closed at 1.75 HKD per share, reflecting a 6.06% increase, with a total market capitalization of 2.694 billion HKD [5]. - The stock price had previously surged by 13.73% on July 7, coinciding with the airing of a popular drama that increased interest in the company's lychee products [5].

Core Viewpoint - The chairman of Baiguoyuan, Yu Huiyong, addressed concerns about high fruit prices, emphasizing the importance of quality over low cost and the need for consumer education regarding fruit value [2][5]. Group 1: Company Performance - Baiguoyuan's revenue growth has significantly declined, with a 0.69% increase in 2023 and a 9.8% decrease in 2024, marking the first net loss in five years with a pre-tax loss of 391 million yuan [5][7]. - The number of retail stores has decreased by 966, leaving a total of 5,127 stores, while franchise stores dropped from 6,081 to 5,116, indicating a closure of nearly five stores daily [7]. Group 2: Consumer Perception - Social media users have criticized Baiguoyuan for high prices, with comments like "too expensive" and "monthly salary of 20,000 can't afford it," reflecting a growing dissatisfaction among consumers [5][8]. - Despite the negative feedback, Baiguoyuan has a loyal customer base of several million members who recognize the company's value [2]. Group 3: Market Trends - The release of the popular drama "The Lychee of Chang'an" coincided with the fresh lychee season, leading to over 77 million yuan in sales for this fruit category, temporarily boosting Baiguoyuan's stock price by over 20% [7]. - Currently, Baiguoyuan's stock price is reported at 1.75 HKD, with a total market capitalization of 2.694 billion HKD [7].

Core Viewpoint - The chairman of Baiguoyuan, Yu Huiyong, addressed concerns about high fruit prices, emphasizing the importance of quality over low cost and the need for consumer education regarding fruit value [1][4]. Group 1: Company Performance - Baiguoyuan's revenue growth has significantly declined, with a reported revenue increase of only 0.69% and a net profit growth of 11.88% in early 2023 [4]. - For the first half of 2024, Baiguoyuan experienced negative growth in both revenue and net profit, with revenue down by 11% and net profit down by 66.06% [4]. - The company's 2024 financial report indicated a revenue of 10.273 billion yuan, a year-on-year decrease of 9.8%, and a pre-tax loss of 391 million yuan, marking the first net loss in five years [4][6]. Group 2: Market Dynamics - Consumer complaints about high prices have been prevalent on social media, with comments highlighting affordability issues and perceived declining quality [4]. - Baiguoyuan's retail store count has decreased by 966 stores year-on-year, leaving a total of 5,127 stores, with franchise stores also declining from 6,081 to 5,116 [6]. - Despite challenges, the company saw a surge in sales related to lychee during the airing of a popular drama, generating over 77 million yuan in sales for that category [6]. Group 3: Stock Performance - Baiguoyuan's stock price experienced volatility, with a peak increase of over 20% on July 7, followed by a decline, currently trading at 1.75 HKD per share, with a total market capitalization of 2.694 billion HKD [6].

Core Viewpoint - The rising prices of fruits at Baiguoyuan have led to customer dissatisfaction, with many expressing that the costs are unaffordable for average salaries, while the company maintains its commitment to high-quality products despite the price increases [1][3][7]. Company Performance - Baiguoyuan's revenue growth has significantly declined, with a reported revenue growth rate of only 0.69% in 2023 and a net profit growth rate of 11.88%. In the first half of 2024, both revenue and net profit experienced negative growth, with revenue down by 11% and net profit down by 66.06% [16]. - The company's 2024 financial report indicated a revenue of 10.273 billion yuan, a year-on-year decrease of 9.8%, and a pre-tax loss of 391 million yuan, marking the first net loss in five years [16]. Store Operations - Baiguoyuan operates over 5,000 chain stores and has more than 80 million registered members across over 190 cities. However, the number of retail stores has decreased by 966 year-on-year, leaving only 5,127 stores by the end of 2024 [16]. - The number of franchise stores also declined from 6,081 to 5,116, averaging nearly five store closures per day [16]. Customer Perception and Strategy - The chairman of Baiguoyuan, Yu Huiyong, acknowledged customer complaints about high prices but emphasized the importance of educating consumers about the value of quality fruits. He stated that the company aims to avoid compromising on quality for lower prices [9][11]. - Yu also highlighted the company's strategy of either optimizing costs to lower prices or maintaining quality, indicating that the focus will not shift towards cheaper, lower-quality products [11].

据东方财经报道，8月8日，百果园董事长余惠勇发视频回应水果贵，相关话题登上热搜。 视频中，余惠勇表示："水果这个产品非常普通，但是真正了解水果的呢，非常少，我们仍然会坚守做高 品质的。我要想给顾客留下一个便宜的印象是很容易的，因为它不同的品质差别太大了，哪怕外观同样的 水果，有的时候差到四五倍。而且便宜的水果呢供大于求，但真正的好水果是供不应求的，也是它贵的一 个原因。我们一方面呢，可以听到百果园太贵了的声音，但另外一方面呢，我们百果园有几千万的会员， 如果没有一批真正认识到百果园价值的顾客，那百果园也就不复存在。" 此外，余惠勇还提到："我认为商业就两种，第一个利用消费者的无知，第二个教育消费者成熟，像百果 园这么多年来都走在一个教育消费者成熟的路上。我们不会去迎合消费者，他并不清楚的所谓的便宜之类 的，我们想告知消费者，最后是消费者自己的选择。但是如果消费者不知情的时候，实际上他是无从选择 的，他只能选择便宜，只能看价格。一方面我们认为还有空间在成本上继续去优化，能否再低一点的价格 供应给我们顾客，但是我绝不在品质上做让步，除非我直接换品相，把品质做差一点、价格便宜点，但这 不是我们要走的路。" 根据报道 ...

Core Viewpoint - The chairman of Baiguoyuan, Yu Huiyong, addressed concerns about high fruit prices, emphasizing the importance of quality over low prices and the need for consumer education regarding fruit value [1][4]. Group 1: Company Performance - Baiguoyuan's revenue growth has significantly declined, with a growth rate of only 0.69% in 2023 and a net profit growth rate of 11.88% [4]. - In the first half of 2024, Baiguoyuan experienced negative growth in both revenue and net profit, with revenue down by 11% and net profit down by 66.06% [4]. - The company's 2024 financial report indicated a revenue of 10.273 billion yuan, a year-on-year decrease of 9.8%, and a pre-tax loss of 391 million yuan, marking the first net loss in five years [4]. Group 2: Market Presence - Baiguoyuan's retail store count has decreased by 966 stores year-on-year, leaving a total of 5,127 stores by the end of 2024 [6]. - The number of franchise stores dropped from 6,081 to 5,116, averaging nearly five store closures per day [6]. - The company had previously aimed for revenue to exceed 100 billion yuan and to have over 10,000 physical stores within ten years, but these goals appear increasingly unattainable [6]. Group 3: Consumer Perception - There has been significant consumer backlash on social media regarding high prices, with comments such as "too expensive" and "monthly salary of 20,000 yuan can't afford it" [4]. - Some consumers have expressed dissatisfaction with the perceived decline in quality despite rising prices [4].