以下文章来源于灵兽 ，作者十里 灵兽 . 专注零售，聚焦消费。商业改变世界。你们负责改变世界，我们带你们改造商业。灵兽，零售消费行业 头部新媒体平台，为商业原创报道而生。投稿及合作：lingshouke@126.com 本文来自微信公众号： 灵兽 ，作者：十里，题图来自：AI生成 "我们不会去迎合消费者，我们在教育消费者成熟。" 不久前，百果园创始人余惠勇在一段视频中的"教育消费者"论，被推上了舆论的风口浪尖。在社交媒 体上，"月薪两万吃不起百果园"、"上一个这么说的是钟薛高"的调侃，迅速演变成激烈讨论。 争议的余温未散，市场的审判已然到来。 8月15日2025年8月15日，百果园发布中期业绩预警，预计上半年收入同比下降不超过25%，归母净 利润亏损约3.3亿至3.8亿元。后续披露显示，公司实际实现收入为43.76亿元，同比降低21.8%，净亏 损为3.42亿元，门店数量下降约27%，至4386家。 从消费者让利的无奈，到品牌教育消费者的傲慢，百果园的急速转向，折射出一个事实，当消费市场 的风向改变时，任何试图对抗趋势的品牌，都将付出高昂代价。 这不仅仅是一家公司的阵痛，更是整个高溢价消费赛道所面临的压力。一 ...

百果园管理层表示，门店网络优化已于今年上半年完成。由于当前门店毛利率及净利率已恢复至较健康 水平，加盟商盈利能力改善信心增强，此外，上半年部分闭店属临时性调整，目前正积极选址重启，同 时，公司推出多项门店支持政策，包括开业补贴、特许权使用费减免、开店成本压缩等，预计下半年有 望实现100家左右净开店。 财报显示，2025年上半年，百果园重新升级改造门店门头，突出"百果园"及IP形象，以提升消费者对公 司的品牌认知度。截至报告期末，百果园已在印度尼西亚开设七家门店，初步成功建立了区域市场布 局，为未来进一步拓展海外市场奠定了基础。 8月21日晚，百果园（02411.HK）发布2025年中期业绩。报告期内公司实现收入43.76亿元，同比下滑 21.8%，归母净亏损3.42亿元，毛利率跌至4.9%。截至报告期末，百果园门店数量为4386家，比上年同 期净减少1639家，收缩幅度达27%。 对此，百果园方面表示，2025年上半年，公司持续通过优化全国零售门店布局以提高零售门店的运营效 率，主动引导加盟商重新审视门店位置及所在商圈，搬迁或者关闭租金费用率高、人工费用高或者经营 业绩较差的劣势门店，更加专注于优势门店。 ...

| | 截至六月三十日止六個月 | | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | 同比參動 | | | 人民幣千元 | 人民幣千元 | Op | | 14 / (1) (2) | 4,375,873 | 5,594,124 | (21.8) | | 毛利 | AFF 221 | 618.508 | (65.1) | | 除所得税前(虧損)／利潤 | (352,966) | 99,263 | (455.6) | | 本公司所有者應佔(虧損)／利潤 | (342,053) | 88,506 | (486.5) | | 毎股基本及攤薄(虧損)／盈利 | | | | | (每股人民幣分) | (23.43) | 5.83 | (501.9) | | 图源：公司公告 | | | | 近期表态要"教育消费者"的百果园(02411.HK)，尽管已推出了极致性价比水果品类，却依然难掩落寞，捂紧口袋的消费者正越来越多。 董事长余惠勇的争议言论发出不到两周，百果园便披露了2025年上半年业绩报告，这份成绩单堪称惨烈。 半年亏超3亿，关店700余间 8月21日晚间披露的业绩报显 ...

"不会去迎合消费者，我们走在教育消费者的路上。"就在这段言论引发热议不到两周后，百果园（HK：02411）发布了2025年中期业绩。结果 显示，公司上半年亏损3.42亿元，门店数持续收缩，现金流也转为负数。 净亏3.42亿元、现金流转负，核心付费会员锐减33% 这份财报，也让董事长余惠勇的"教育消费者"言论更显尴尬。 百果园2025年上半年的财务表现出现了问题。这份最新的中期报告，详细记录了公司在经营层面的困境。 核心盈利能力大幅下降。报告期内，百果园总收入同比下滑21.8%，降至43.76亿元。更能反映整体业务规模的零售总额（GMV）也从去年同 期的67.48亿元降至57.11亿元。利润下滑更严重，毛利润从6.19亿元降至2.16亿元，降幅达65.1%，导致整体毛利率由11.1%降至4.9%。 最终，百果园录得归属于股东的净亏损3.42亿元，去年同期则为盈利8851万元。从投资者角度看，每股基本亏损为23.43分，而去年同期为每股 盈利5.83分，业绩出现急剧逆转。 同时，财务健康指标出现预警。关键的经营性现金流，由去年同期的净流入2.78亿元转为今年的净流出1.23亿元，显示公司自身"造血"能力出 现问题 ...

Core Viewpoint - The company, Baiguoyuan, has issued a profit warning, expecting a net loss of 330 million to 380 million yuan for the six months ending June 30, 2025, with revenue anticipated to decrease by no more than 25% year-on-year [2][3]. Group 1: Strategic Transformation - Baiguoyuan attributes its net profit loss to the phase impact of actively promoting strategic transformation and upgrading operational efficiency [3]. - The company continues to implement its "high-quality, high-cost-performance fruit expert and leader" strategy, which aims to optimize product mix and pricing mechanisms, leading to a deliberate reduction in gross margin to meet consumer demand for high-quality, cost-effective products [3][4]. - Baiguoyuan is optimizing its store network by guiding franchisees to reassess store locations and markets, resulting in a decrease in the number of stores from 6,025 as of June 30, 2024, to 4,386 as of June 30, 2025 [3]. Group 2: Financial Impact - Increased one-time non-cash expenses, such as asset impairment provisions and stock incentive expense allocations, have also negatively impacted the current profits [4]. - The "Good Fruit Repayment" campaign is designed to enhance price competitiveness by selecting a high-value fruit each month to sell at cost or minimal profit, aimed at increasing customer repurchase rates and brand recognition, although this strategy has pressured gross margins [4]. Group 3: Future Outlook - Despite the current strategic transformation causing short-term performance fluctuations, the company emphasizes that it aligns with its "high-quality, cost-effective" development path, with customer traffic showing a growth trend and sales stabilizing [4]. - Baiguoyuan plans to enhance overall profitability through measures such as diversifying product types, optimizing product mix, and expanding store scale, including exploring new store types to adapt to different markets and consumer preferences [4]. Group 4: Challenges - The company faces skepticism regarding its "high-end fruit" positioning, as complaints about product quality persist, indicating that the perceived quality does not support high pricing [5]. - The relationship between Baiguoyuan and its franchisees is described as precarious, with issues such as forced distribution and high spoilage rates impacting profitability and leading to widespread store closures [5]. - Baiguoyuan is currently experiencing a trust deficit, where the gap between brand narrative and actual product quality exacerbates the erosion of consumer confidence, highlighting the need to rebuild trust and support franchisees to navigate current challenges [5].

Core Viewpoint - The article discusses the challenges faced by Baiguoyuan, a fruit retail chain, highlighting its struggle to maintain a high-end image while dealing with declining sales, franchisee losses, and consumer dissatisfaction with pricing [4][5][21]. Summary by Sections 1. Consumer Perception and Pricing Issues - Baiguoyuan's chairman emphasized a commitment to quality over consumer preferences, which has led to backlash as consumers perceive the brand as overpriced [4][5]. - Despite a strategic focus on "high cost-performance" in 2024, the chairman's statements have undermined the company's efforts [4][5]. 2. Franchisee Challenges - Franchisees are facing significant difficulties, with many reporting losses and some choosing to close their stores due to high costs and low sales [7][13]. - The company's supply chain practices, including high inventory costs and rigid pricing, have made it difficult for franchisees to operate profitably [10][12]. 3. Historical Context and Expansion - Baiguoyuan initially thrived during China's economic growth by positioning itself as a high-quality fruit retailer, rapidly expanding to over 2,600 stores [8][22]. - The company adopted a franchise model that allowed for rapid growth, but this has led to issues with quality control and franchisee profitability [17][21]. 4. Supply Chain and Operational Inefficiencies - The company's centralized supply chain model has resulted in high inventory turnover days, indicating inefficiencies in inventory management compared to competitors [18]. - Franchisees have reported high spoilage rates due to overstocking, which has further strained their finances [10][20]. 5. Market Competition and Consumer Choices - The rise of alternative retail channels, such as community group buying and e-commerce, has provided consumers with more affordable options, leading to a decline in Baiguoyuan's customer base [23][24]. - Consumers are increasingly opting for lower-priced alternatives, diminishing the perceived value of Baiguoyuan's premium pricing strategy [25]. 6. Future Outlook and Strategic Shifts - Baiguoyuan is attempting to adapt by exploring new online business models and membership strategies, but these efforts have yet to resonate with franchisees and consumers [25]. - The company must shift its focus from "educating consumers" to better aligning with consumer preferences to survive in a competitive market [25].

Core Viewpoint - The chairman of Baiguoyuan's comments on consumer education have sparked controversy, as the company struggles with high prices and declining sales, leading to a perception of being an "expensive fruit assassin" in a market that increasingly values cost-effectiveness [1][2][33]. Group 1: Company Challenges - Baiguoyuan's revenue decreased by 9.8% in 2024, marking its first net loss, alongside a decline in paid membership numbers [1]. - Franchisees are facing significant losses, with many choosing to close their stores due to high costs and low consumer traffic [2][4][15]. - The company's high pricing strategy is not resonating with consumers, leading to a drop in foot traffic and sales [15][21]. Group 2: Internal Issues - The company's supply chain management has been criticized for high inventory costs and waste, with some franchisees reporting spoilage rates as high as 15% [11][13]. - Baiguoyuan's centralized supply system restricts franchisees' ability to adjust inventory based on local demand, leading to excess stock and financial strain [12][24]. - The pricing structure for franchisees is problematic, as they purchase products at prices comparable to retail, making it difficult to compete with lower-priced alternatives [14][21]. Group 3: Market Position and Competition - Baiguoyuan was once a leader in the high-end fruit market, but competition from e-commerce and community group buying has eroded its market share [28][29]. - The company's rapid expansion has led to a dilution of its brand image, with increasing reports of quality issues among franchisees [21][24]. - Consumers are now more inclined to seek out cheaper alternatives, diminishing Baiguoyuan's appeal as a premium brand [31][32]. Group 4: Strategic Shifts - Baiguoyuan is attempting to pivot by exploring new online business models and membership strategies to regain consumer trust and market share [32][33]. - The company must adapt its approach to consumer education and pricing strategies to remain competitive in a rapidly changing market [33].

Core Viewpoint - The brand's success in a category is achieved through time, quality, efficiency, and consistency, rather than slogans or consumer education [1][5][6] Group 1: Brand Positioning and Strategy - The chairman of Baiguoyuan, Yu Huiyong, stated that the company will not cater to consumers but will educate them, which sparked public criticism and highlighted the tension between brand positioning and commercial execution [2][5] - Baiguoyuan's initial ambition to become a "big fresh produce" player has shifted to focusing on being a "high-quality fruit expert and leader" after facing challenges in expanding its product range [2][4] - The franchise model of Baiguoyuan, while allowing rapid expansion, poses challenges in maintaining quality control and brand standards, which are crucial for high-end fruit sales [3][4] Group 2: Challenges and Consumer Perception - The high-end positioning of Baiguoyuan has not translated into success, as evidenced by the planned closure of 966 stores in 2024 and a 27.1% drop in membership from 1.17 million to 854,000 within a year [4][5] - The dissatisfaction among franchisees regarding high commissions and inventory pressures has compounded the challenges faced by the brand, leading to a loss of consumer trust [4][5] - The reliance on consumer education as a strategy to reshape market perception is criticized as ineffective, with the article suggesting that true brand success comes from consistent quality and operational excellence over time [5][6]

Core Viewpoint - The recent comments by the chairman of Baiguoyuan, Yu Huiyong, regarding "educating consumers" have sparked significant public backlash, highlighting a crisis of consumer trust that is more severe than mere financial losses [2][4][5]. Company Overview - Baiguoyuan, once labeled as a "fruit assassin," is now facing its toughest survival challenge since its listing, with a notable decline in consumer trust and market share due to rising competition from community group buying and fresh e-commerce platforms [2][9]. - Despite a trend of "consumption downgrade," Baiguoyuan maintains its high pricing strategy, which has led to increasing consumer dissatisfaction and negative discussions about its fruit quality and pricing [2][4]. Financial Performance - Baiguoyuan's financial results reveal a significant downturn, with 2024 revenue at 10.273 billion yuan, a decrease of 9.8% year-on-year, and a net loss of 386 million yuan, marking a 206.7% decline compared to a profit of 362 million yuan in 2023 [10][12]. - The company's gross margin has dropped to single digits, from 11.5% in 2023 to 7.4% in 2024, indicating a severe compression of profit margins [10]. Market Dynamics - The competitive landscape is increasingly challenging, with traditional retail being pressured by low-cost fruit vendors and online platforms offering faster delivery services, leading to a decline in Baiguoyuan's customer traffic and average transaction value [9][10]. - The number of Baiguoyuan stores has decreased significantly, with a net reduction of 966 stores from the end of 2023 to the end of 2024, averaging 2.6 store closures per day [10]. Consumer Sentiment - The backlash against Baiguoyuan's "educational" stance has alienated consumers, who feel patronized and are increasingly vocal about their dissatisfaction with the brand's perceived arrogance and quality issues [4][5][14]. - The company's attempts to position itself as a high-end fruit provider are undermined by repeated quality control failures and negative consumer experiences, leading to a loss of trust [7][14]. Strategic Challenges - Baiguoyuan's ambition to achieve 100 billion yuan in revenue and expand its store count to over 10,000 is now in jeopardy due to the current crisis [11]. - The company's reliance on a franchise model complicates quality control, and its high pricing strategy is increasingly at odds with consumer expectations for value [12][14].

Core Viewpoint - The market does not reward "educators," but respects "service providers," highlighting the challenges faced by Baiguoyuan in maintaining consumer trust amidst rising competition and internal issues [2][21]. Group 1: Consumer Trust Crisis - Baiguoyuan is experiencing a severe trust crisis among consumers, which is more challenging than mere performance losses [2][8]. - The company's high prices remain despite a trend of "consumption downgrade," leading to dissatisfaction among consumers who feel the quality does not match the price [2][11]. - Negative discussions about Baiguoyuan's inconsistent fruit quality and high prices are prevalent on social media, damaging its brand image [2][6]. Group 2: Leadership Statements and Market Response - Chairman Yu Huiyong's comments on "educating consumers" have sparked backlash, positioning the company in opposition to its customer base [3][5]. - The company's stock price fell by 6.86% following the controversial statements, resulting in a market capitalization drop to 26.17 billion HKD, over 70% lower than its peak [7][11]. - Baiguoyuan's attempts to justify high prices through quality claims are undermined by systemic quality control issues [7][19]. Group 3: Financial Performance and Store Closures - Baiguoyuan reported a revenue of 10.273 billion CNY in 2024, a 9.8% decrease year-on-year, with a net loss of 386 million CNY compared to a profit of 362 million CNY in 2023 [11][12]. - The company's gross margin has dropped to single digits, from 11.5% in 2023 to 7.4% in 2024 [11][15]. - The number of Baiguoyuan stores decreased by 966 from the end of 2023 to the end of 2024, averaging 2.6 closures per day [12][13]. Group 4: Competitive Landscape and Market Trends - The retail environment is becoming increasingly competitive, with community group buying and fresh e-commerce platforms eroding Baiguoyuan's market share [10][11]. - The overall retail sales growth rate slowed to 3.1% in 2024, impacting discretionary spending on products like fresh fruits [10][11]. - Baiguoyuan's high pricing strategy is being challenged by the availability of cheaper alternatives, leading to reduced customer traffic and sales [11][12]. Group 5: Future Outlook and Strategic Considerations - Baiguoyuan's ambition to reach 100 billion CNY in revenue and expand its store count to over 10,000 is now under threat due to recent setbacks [13][21]. - The company must shift from a condescending "education" narrative to a more consumer-friendly approach to rebuild trust and address quality concerns [20][21]. - The ongoing challenges highlight the need for Baiguoyuan to balance its high-end positioning with consumer expectations and market realities [21].