Bai Guo Yuan (02411) 2025 Annual Report Interpretation: Strategic Transformation Completed, Threefold Logic to Profit Turning Point

On March 26, 2026, the leading fruit retailer, Baiguoyuan (02411), released its annual performance report for 2025. This financial report shows a clear trend of "short-term pain, turning point emerging": the company achieved a total revenue of 8.17 billion yuan, a year-on-year decrease of 20.4%; and a net loss of 343 million yuan for the year, with the loss narrowing by 14%. In terms of structure breakdown, the losses were mainly concentrated in the first half of the year, while the company's operations improved in the second half of the year; the gross profit margin rose from a low of 5% in the first half of the year to 10%, indicating a clear trend of profit recovery. According to the company's performance report, with the end of the strategic adjustment, Baiguoyuan is about to enter a new development phase with turning losses into profits and overall growth as its core focus. 1. Performance "V-shaped" reversal: from stopping bleeding to hematopoiesis Baiguoyuan's performance curve in 2025 outlines a clear trajectory of "initial low, then high", marking the company's successful transition through the deep waters of transformation. On the revenue side, due to the impact of previous store closures, there was a certain degree of year-on-year decline in total revenue for the full year, but the decrease in the second half of the year was narrower than in the first half, showing a steady recovery trend. The performance on the profit side was even more remarkable. In the first half of the year, the company was still in the midst of strategic adjustment pain, with a net loss of 350 million yuan; while in the second half of the year, through optimizing product mix, improving efficiency of individual stores, and fine control of costs, the company completed the crucial transition from "stopping bleeding" to "hematopoiesis". The strong recovery of the gross profit margin is the most direct signal of this turning point in profitability.