以下文章来源于中国经营报 ，作者钟楚涵 孙吉正 中国经营报 . 《中国经营报》由《中国经营报》社有限公司出版，与中国企业同步成长，对话商业领袖，传播商业理想，服务商业人群，掌控中国商界绝对话语权。 来源丨中国经营报 近日，百果园公告，将筹集约3.27亿港元资金，筹集资金的大部分将用来支付贸易应付款项以及银行贷款。而在此背后，百果园正面临着亏损扩大、 大量闭店的情况。 中国商业联合会专家委员会委员赖阳向《中国经营报》记者表示："随着高端水果市场竞争日益激烈，价格战加剧，消费者的价格敏感度显著上升， 导致百果园高价定位受到质疑和挑战，其产品在市场中的差异化优势逐渐被削弱。同时，高租金和盈利压力使得门店运营遇到瓶颈，传统经营模式难 以维持从前的增长态势。" 01 筹集资金 近日，百果园公告，与配售代理订立配售协议，配售代理将促使承配人以配售价每股H股1.17港元认购合共2.795亿股配售股份。假设所有配售股份 获悉数配售，配售事项所得款项总额估计约为3.27亿港元。 在筹集资金的用途上，百果园拟将所得款项净额的约61.5%用于支付一般业务过程中的贸易应付款项；约30.8%用于偿还银行贷款；约7.7%用作一 般营运资 ...

Core Viewpoint - The company is facing significant financial challenges, including an increase in losses and a substantial reduction in the number of stores, prompting a fundraising effort of approximately HKD 327 million to alleviate liquidity pressures and pay off trade payables and bank loans [1][2]. Fundraising - The company announced a placement agreement to raise funds by issuing 279.5 million shares at a price of HKD 1.17 per share, potentially generating around HKD 327 million [1]. - Approximately 61.5% of the raised funds will be used to pay trade payables, 30.8% for repaying bank loans, and 7.7% for general operational and administrative expenses [1]. Financial Performance - The company is projected to experience a revenue decline of 9.81% in 2024, with expected revenue of CNY 10.273 billion and a loss of CNY 386 million, marking its first loss since going public [2]. - In the first half of 2025, revenue is expected to drop by 21.78% to CNY 4.376 billion, with losses reaching CNY 342 million [2]. - The decline in revenue is attributed to reduced consumer spending and a strategic contraction of inefficient channels, leading to store closures and relocations [2]. Store Reduction - The company reduced its number of stores from 6,025 in the first half of 2024 to 4,386 by the first half of 2025, a decrease of 1,639 stores [3]. - The reduction is part of a strategy to optimize store locations and improve operational efficiency, focusing on high-potential locations [3]. - The closure of stores is also influenced by market demand and performance issues, with some stores unable to adapt to changing conditions [3]. Industry Competition - The fruit retail industry is experiencing intensified competition, with consumers now having access to various platforms offering fresh produce, often at lower prices and with faster delivery [4]. - The company faces competition not only from local fruit chains but also from e-commerce and emerging fresh supermarket channels [4]. - To maintain competitiveness, the company must optimize its product offerings and supply chain, potentially expanding into other product categories beyond fruits [4]. Future Development - The company is encouraged to enhance its product structure and supply chain efficiency to better compete on price and meet evolving consumer demands [4]. - Continuous cost control, operational efficiency improvements, and innovation are essential for the company to sustain its market position and achieve long-term growth [4].

Core Viewpoint - The article discusses the recent backlash against Baiguoyuan, highlighting the disconnect between the company's pricing strategy and consumer expectations regarding quality and value. The CEO's statement about not catering to consumer demands has sparked significant criticism, reflecting a broader sentiment of disappointment among consumers who feel let down by the brand's quality standards [5][10][42]. Group 1: Consumer Sentiment and Backlash - Baiguoyuan's chairman, Yu Huiyong, stated that the company will not cater to consumers, which led to widespread criticism on social media, with users expressing their dissatisfaction and disappointment [5][6][9]. - Consumers have voiced their frustration over the perceived decline in quality, with many sharing negative experiences related to spoiled or substandard products purchased from Baiguoyuan [20][22][24][28]. - The article emphasizes that consumers are willing to pay for quality but are resistant to being "educated" into purchasing expensive products that do not meet their expectations [10][28]. Group 2: Company Performance and Financials - Baiguoyuan's financial performance has deteriorated, with a reported revenue of 10.27 billion RMB in 2024, a decline of 9.8% from the previous year, and a pre-tax loss of 391 million RMB [34][35]. - The company has seen a significant reduction in its store count, closing nearly 1,000 locations in 2024, leaving only 5,127 stores operational [36]. - Membership numbers have also dropped, with a decrease of 317,000 paying members, representing a 27.1% decline from 2023 [38]. Group 3: Market Position and Competition - Baiguoyuan's market position has weakened, with its stock value plummeting by 71.5% since its IPO, reflecting a loss of investor confidence [41]. - The competitive landscape has intensified, with new players in the market offering fresh and affordable options, challenging Baiguoyuan's traditional business model [41][42]. - The article suggests that Baiguoyuan's refusal to adapt to consumer needs may lead to further losses in market share as consumers seek better value elsewhere [42][43].