百果园集团二零二五年度报告

註 2025 目錄CONTENTS Company Introduction2Corporate Information5Definitions9Chairman’s Statement20Performance Review and Outlook22Management Discussion and Analysis41Biographies of Directors, Supervisors andSenior Management67Report of the Board of Directors83Report of the Board of Supervisors132Corporate Governance Report138Independent Auditor’s Report180Consolidated Statement of Profit or Loss189Consolidated Statement of ComprehensiveIncome190Consolidated Statement of Financial Position191Consolidated Statement of Changes in Equity193Consolidated Statement of Cash Flows194Notes to the Consolidated Financial Statements196Five-Year Financial Summary420 COMPANY INTRODUCTION OVERVIEW In2025,as China’s largest fruit retailer,we remained firmlyanchoredto our core strategy of“Expert and Leader inHigh-qualityand Cost-effective Fruit Industry”(),proactively optimizing our store networkand product mix, strengthening supply chain quality control andfruitgrading standards,and enhancing operational efficiencythroughthe upgrade of our digital and intelligent systems andworkforce optimization. While our overall performance remainedunder pressure during the Reporting Period due to the strategicadjustmentof our franchise store network and weak domesticconsumption, with the Group still recording a net loss for the fullyear, we achieved a positive turnaround in both operating andfinancial performance. We implemented a number of operationalinitiatives and delivered positive results, with our scale of lossesnarrowingcompared to the year of 2024,principally owing toprofitsgenerated in the second half of 2025,laying a solidfoundation for long-term sustainable development. 4,3864,46882POS2.0LLM95.3 In 2025, we continued to optimize the integration of stores andwarehousesnationwide and online-offline integrated network,refiningour store network by strategically guiding franchiseestore-evaluate store locations and their surrounding businessdistricts,relocating or closing underperforming stores withhighrental costs,elevated labor expenses or poor businessperformance, and redirecting resources to stores in advantageouslocationswith stronger customer traffic and more favorablerent-to-revenueratios.Upon the nearly two-year enhancementtoour store network,we have returned to a sustainable storeexpansionstrategy,with the total number of our retail storesincreasingfrom 4,386 as of June 30,2025 to 4,468 as ofDecember 31, 2025, representing a net increase of 82 stores andlaying a solid network foundation for further market share growth.Leveragingdigital upgrades of stores,including the intelligentwork platform “Baiguo Secretary” () for franchisees, a newgeneration of cash register system POS2.0, an AI-driven intelligentordering system, a store operation diagnosis system and a fruitindustry-specificlarge language model(LLM),we significantlyimprovedoperational efficiency while reducing labor costs.Weupheld rigorous freshness management and quality controlstandards,deepened the cultivation of our existing memberbaseof over 95.3 million members by providing differentiatedand tailored services and benefits based on members’ purchase COMPANY INTRODUCTION 50IP frequency,spending amount and other consumption profiles toimprove purchase volume and frequency, innovated consumptionscenariosthrough more than 50 themed store campaigns andscenario-baseddisplays,upgraded gift box products throughcooperationwith intangible cultural heritage projects andrenowned IPs, and reinforced consumer brand perception of highquality and cost-effectiveness, driving sustained improvement insingle stores’ profitability. 2250025• Simultaneously, we advanced a dual upgrade of product offeringsand in-store customer experience. We revamped product strategyandoptimized the product portfolio,including upgrading andrenewing gift product standards and packaging, and deepeningtheproduct portfolio strategy of“large single products withm a s s i v ec u s t o m e r f l o w ”()a n d“ s e a s o n a lproducts with the best value for money” (). Weimplementeddifferentiated pricing and marketing operations,and launched distinctive traffic-driving campaigns, including 22sessions of the “best fruit for you” () campaign featuringseasonalfruits such as Ponkan mandarins,blueberries andFeizixiao lychees at competitive prices, generating accumulatedsales of over RMB500 million and approximately 25 million orders,to boost in-store footfall. We also upgraded our service systems,including upgrading our long-standing return policy to the “Buywith Confidence, Return with Ease” (•) service andlaunchingthe“Hassle-Free Gift Delivery”()service.Members’purchase frequency and purchase volume wereimprovedthrough refined membership operations and WeChatcommunityengagement,thereby solidifying the core customerbase. 26300B2B+ Furthermore,by leveraging our established end-to-end supplychaincapabilities,supported by a nationwide network of 26distribution warehouses and a professional procurement team