近日，被称为“水果第一股”的中国水果零售企业——百果园（PAGODA）面临退市风险，引发市场广泛关注。作为国内首家在港交所上市的水果连锁品牌，百果园曾凭借其标准化供应链、全国门店网络和品牌影响力被誉为新消费领域的标杆企业。然而，近年来受消费疲软、成本上升及激烈市场竞争等多重因素影响，公司业绩持续承压，股价长期低于港交所规定的维持上市地位的最低门槛。根据港交所规则，若连续一段时间股价低于0.15港元，将触发强制退市机制。尽管百果园已采取包括优化门店结构、拓展线上渠道和提升运营效率等措施试图扭转局面，但市场信心仍未明显恢复。此次退市风波不仅反映了新消费企业在资本市场的脆弱性，也暴露出过度依赖规模扩张而忽视盈利质量的发展模式隐患。业内专家建议，未来水果零售企业需更加注重精细化运营与可持续盈利能力，而非单纯追求市场份额。百果园的命运或将为整个行业敲响警钟。
Recently, Pagoda Fruit, hailed as China’s ‘first fruit stock,’ is facing delisting risks, drawing widespread market attention. As the first fruit retail chain to list on the Hong Kong Stock Exchange, Pagoda once stood out as a benchmark in the new consumption sector thanks to its standardized supply chain, nationwide store network, and strong brand recognition. However, in recent years, the company has struggled under mounting pressures from weak consumer demand, rising costs, and intense market competition. Its share price has remained below the Hong Kong Exchange’s minimum threshold required to maintain listing status. Under HKEX rules, if the stock trades below HK$0.15 for an extended period, mandatory delisting procedures are triggered. Although Pagoda has implemented measures such as optimizing its store portfolio, expanding online channels, and improving operational efficiency, investor confidence has yet to rebound significantly. This potential delisting not only highlights the vulnerability of new-consumption companies in capital markets but also exposes the pitfalls of prioritizing scale expansion over profitability. Industry experts suggest that future fruit retailers must focus more on refined operations and sustainable profit models rather than merely chasing market share. Pagoda’s predicament may serve as a cautionary tale for the entire sector.
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