Core Viewpoint - The recent controversy surrounding Baiguoyuan's pricing strategy and its CEO's comments has sparked significant public debate, highlighting the challenges faced by companies in balancing quality and consumer expectations [3][4]. Group 1: Baiguoyuan's Position and Strategy - Baiguoyuan's chairman, Yu Huiyong, stated that the company will not cater to consumer demands, emphasizing a commitment to high-quality fruits and consumer education [3]. - The company claims to have millions of members who recognize its value and are willing to pay for premium products, indicating a loyal customer base [3]. - However, the high pricing strategy has led to public backlash, with consumers expressing concerns over affordability and perceived value [3][4]. Group 2: Financial Performance and Market Challenges - Baiguoyuan reported a 9.8% year-on-year decline in revenue for 2024, marking its first net loss in five years, alongside a reduction in store numbers [4]. - The company's insistence on "educating consumers" raises questions about its understanding of market demands and consumer needs, especially in a competitive landscape [4]. - The current economic climate, where consumers prioritize cost-effectiveness, poses significant challenges to Baiguoyuan's high-price strategy [3][4]. Group 3: Industry Context and Comparisons - The situation with Baiguoyuan is reminiscent of the challenges faced by other companies like Zhong Xue Gao, which has recently encountered financial difficulties and public scrutiny over its pricing and product quality [5][6]. - Zhong Xue Gao's founder acknowledged operational issues leading to financial strain, reflecting broader industry challenges related to consumer perception and market positioning [10]. - The trend of companies attempting to "educate" consumers has often backfired, as seen in various cases within the industry, suggesting a need for a more consumer-centric approach [4][6].

Core Viewpoint - The chairman of Baiguoyuan, Yu Huiyong, responded to public criticism regarding high fruit prices, emphasizing the company's commitment to high-quality products and consumer education, rather than catering to perceived low-price demands [2] Financial Performance - Baiguoyuan reported a net loss of approximately 386 million yuan in 2024, marking its first net profit loss since 2020, with total revenue declining by 9.8% to 10.273 billion yuan [6] - The company's gross margin has been declining, dropping to 7.44% in 2024 from around 11% in previous years, attributed to the need for product optimization to meet consumer demands for high-quality and cost-effective products [5][6] - The number of retail stores decreased by 966, leaving a total of 5,127 stores by the end of 2024, as the company encouraged franchisees to relocate to more sustainable locations [6] Market Position and Strategy - Baiguoyuan's gross margin is significantly lower than competitors, such as Hongjiu Fruit, which maintained a gross margin above 15% from 2021 to 2023 [6] - The company's revenue is heavily reliant on fruit sales, with 97.1% coming from fruit and food sales, indicating a low-margin business model [6][7] - Experts suggest that Baiguoyuan's high-end pricing strategy could find a market among middle-income families willing to pay for quality, but the brand must enhance its overall positioning and consumer experience to justify high prices [7][8] Recommendations - It is recommended that Baiguoyuan optimize store locations to target high-frequency customer areas such as upscale communities and business districts [8] - The company could adopt a dual pricing strategy, offering both high-quality premium products and cost-effective seasonal fruits to attract a broader customer base [8]

2025.08.11 近日，面对网友吐槽"百果园水果太贵"，一段来源为"百果余惠勇"的视频显示，百果园董事长余惠勇回 应水果贵，表示"水果这个产品非常普通，但是真正了解水果的非常少，我们仍然会坚守做高品质 的""百果园这么多年来都走在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"。 截至发稿，百果园方面暂未对该言论作出回应。 8月11日港股开盘，百果园大幅低开，盘中跌幅一度扩大至近7%，截至发稿跌幅收窄至0.57%。 财报数据显示，百果园一直维持着较低的盈利水平。早在2019年和2020年，百果园的毛利率为9.8%和 9.1%，2021年，百果园向加盟商提高了商品售价，毛利率略有提升。2021年至2023年，百果园的毛利 率保持在11%左右。然而，2024年，百果园毛利率跌至7.44%。对此，公司在年报中表示，2024年下半 年采取措施优化毛利率较低的产品阵容，以满足消费者对高品质与高性价比产品的需求。由此看来，百 果园推出过性价比高的产品，但消费者觉得仍不够。 整体来看，百果园的毛利率比竞品洪九果品低不少。虽然后者在2023年已停牌，但此 ...

Core Viewpoint - Baiguoyuan is facing criticism for high fruit prices, with Chairman Yu Huiyong defending the company's commitment to high-quality products and consumer education, rather than catering to price sensitivity [3][4]. Financial Performance - Baiguoyuan's gross profit margin has been low, with figures of 9.8% in 2019, 9.1% in 2020, and around 11% from 2021 to 2023, but dropping to 7.44% in 2024. The company attributes this decline to the need for optimizing low-margin products to meet consumer demand for quality and value [5][6]. - In 2024, Baiguoyuan reported a net loss of 386 million yuan, with revenues of 10.273 billion yuan, a year-on-year decrease of 9.8%. The loss was attributed to property sales and impairments [5][6]. Store Operations - The number of retail stores decreased by 966 in 2024, leaving a total of 5,127 stores. This reduction is due to a strategy encouraging franchisees to relocate to more sustainable locations with lower rent-to-revenue ratios [6][7]. Business Model and Market Positioning - Baiguoyuan's revenue is heavily reliant on fruit sales, with 97.1% coming from this segment. The low gross margin is linked to the nature of the fruit business, which faces challenges such as high transportation costs and low standardization [7]. - Experts suggest that Baiguoyuan's high pricing strategy could find a market among middle-income families willing to pay for quality. However, the brand must ensure that its high prices are matched by perceived quality and service to avoid negative consumer sentiment [8]. Strategic Recommendations - It is recommended that Baiguoyuan optimize store locations in affluent areas and consider a dual pricing strategy to cater to both high-end and price-sensitive consumers, rather than solely focusing on high pricing [8].

财报数据显示，百果园一直维持着较低的盈利水平。早在2019年和2020年，百果园的毛利率为9.8%和 9.1%，2021年，百果园向加盟商提高了商品售价，毛利率略有提升。2021年至2023年，百果园的毛利 率保持在11%左右。然而，2024年，百果园毛利率跌至7.44%。对此，公司在年报中表示，2024年下半 年采取措施优化毛利率较低的产品阵容，以满足消费者对高品质与高性价比产品的需求。由此看来，百 果园推出过性价比高的产品，但消费者觉得仍不够。 整体来看，百果园的毛利率比竞品洪九果品低不少。虽然后者在2023年已停牌，但此前的财报显示，洪 九果品的毛利率在2021年至2023年间稳定在15%以上。 截至2024年底，百果园的零售门店数量同比净减少966家，剩下5127家。 百果园（02411.HK）正处在舆论的风口浪尖。 近日，面对网友吐槽"百果园水果太贵"，一段来源为"百果余惠勇"的视频显示，百果园董事长余惠勇回 应水果贵，表示"水果这个产品非常普通，但是真正了解水果的非常少，我们仍然会坚守做高品质 的""百果园这么多年来都走在教育消费者成熟的路上，我们不会去迎合消费者，他并不清楚所谓的便宜 之类的，我 ...

Core Viewpoint - Recent product adjustments at Sam's Club have sparked widespread consumer concern, with members questioning the quality of selected products as popular items are being replaced with lower-rated alternatives [1][2]. Group 1: Product Changes and Consumer Reactions - Sam's Club has removed high-repurchase items such as sun cakes and low-sugar egg yolk pastries, replacing them with products like low-sugar Holi-Ryu pies, which have received significant negative feedback from consumers [1][2]. - The low-sugar Holi-Ryu pie, launched in June 2025, claims to reduce sugar by 80% and increase cocoa content by 30%, but has been criticized for its actual sweetness and controversial ingredients [2]. - The brand image of Holi-Ryu has been tarnished due to past controversies regarding ingredient transparency, leading to consumer skepticism despite official clarifications [2]. Group 2: Membership and Brand Positioning - Sam's Club's membership fee remains stable at 260 yuan for regular members and 680 yuan for premium members, a pricing strategy that has been in place since 2016 [4]. - The store's branding as a "middle-class supermarket" is challenged by recent product selections that align more closely with ordinary supermarkets, leading to a perception of decreased exclusivity [3][4]. - Despite the controversies, Sam's Club reported strong financial performance in Q1 2025, with net sales reaching $6.7 billion, a 22.5% year-on-year increase, and a 40% growth in membership numbers [5]. Group 3: Quality Control Issues - Sam's Club has faced multiple quality control issues over the past year, including reports of moldy cakes and spoiled milk, resulting in over 10,000 complaints on consumer platforms [6]. - The ongoing product selection controversy adds to the challenges faced by Sam's Club in maintaining its high-end positioning while expanding its membership base [6].

一个非典型"高端"美妆的生存法则。 作者 | 贺哲馨 编辑 | 乔芊 "不是我今天做一个低端品牌，想着市场变好了，做高端品牌能赚更多钱，就也变成做高端品牌。" 4月1日，毛戈平在交流会上这样回答投资者的关于品牌定位的疑问。去年年底，毛戈平顶着"国货高端第一股"登陆香港，前不久发布了收入盈利大增的 首份财报后，最终收盘113港元，也创下上市以来股价的最高点，比上市首日大涨了117%。 不过，一路上扬的股价也为这只消费牛股惹来不少争议。 有资深财经观察人士向36氪表示，部分投资者对毛戈平的质疑包括："公司个体的高增长与美 妆市场平价当道的现状有脱节，其次是我们会怀疑毛戈平本身的高端市场定位是不是能立得住。" 因此，本文试图探讨两个问题： 毛戈平所言的"高端"定位究竟该如何理解，它重要吗？以及，疯狂的股价上涨背后， 市场到底在为何买单？ 但毛戈平显然不属于此列。 一是它主攻的底妆品类价格高，但相较于护肤品类溢价空间更小，价格上限低； 二是与珀莱雅主打线上渠道不同，毛戈平一 直重点布局百货，这是一个没那么快看到成绩的渠道。 百货以中高收入人群为目标，对价格敏感度低，但渠道会收取较高的扣点（25%-40%为主），部分高 ...