Core Viewpoint - Baiguoyuan Group plans to raise approximately 300 million yuan to repay debts through a share placement, amid significant financial challenges and a decline in store numbers [1][2]. Financial Performance - In the past two years, Baiguoyuan has faced pressure on its performance, reporting a net loss attributable to shareholders of 386 million yuan last year, marking its first annual loss since 2019 [2]. - For the first half of this year, the company reported revenue of 4.376 billion yuan, a year-on-year decline of 21.8%, and a net loss of 342 million yuan, representing its first half-year loss since going public [2]. - The net loss margin for the group reached 8.1% in the first half of this year, compared to a profit margin of 1.5% in the same period last year [2]. Asset Structure - As of the first half of this year, Baiguoyuan's net asset value stood at 2.465 billion yuan, comprising current assets of 5.083 billion yuan and non-current assets of 2.201 billion yuan, with current liabilities of 4.093 billion yuan and non-current liabilities of 726 million yuan [2]. Store Count and Strategy - The number of Baiguoyuan stores decreased from 6,025 in June 2024 to 4,386 in June 2025, a reduction of 1,639 stores [2]. - The company is optimizing its retail store layout to improve operational efficiency, encouraging franchisees to reassess store locations and close underperforming outlets [2]. Controversies and Public Perception - Baiguoyuan faced controversy over high fruit prices, with Chairman Yu Huiyong stating that the company aims to educate consumers rather than cater to their ignorance, which sparked public backlash [3]. - Following these comments, Baiguoyuan's stock price fell by 0.57% to 1.74 HKD per share, with an intraday drop of 8% [3]. Future Outlook - Baiguoyuan plans to continue providing a diverse range of products and services while maintaining a focus on high quality and price competitiveness to strengthen brand value among core customers [3].