The delayed Mid-Autumn Festival has directly affected the third quarter performance of Ganso Co., Ltd. The company's Q3 report for 2025 reveals that revenue for the first three quarters reached ¥1.548 billion, a year-on-year decline of 18.62%, while net profit attributable to shareholders was ¥131 million, down 48.28%. Specifically, in Q3, revenue amounted to ¥719 million, declining 23.63%, with net profit at ¥130 million, a decrease of 41.09%. A closer look at the operating data shows that Ganso's main products, including cakes, Chinese and Western pastries, saw revenue drops of 17.73%, 20.28%, and 11.04%, respectively. Meanwhile, channel performance indicated a decline in offline and online sales revenue of 36.29% and 7.13%, respectively. In its financial report, Ganso attributed the performance changes to factors such as the delayed Mid-Autumn Festival and shifts in the market environment. Typically, the festival falls in September, but due to the leap month in 2025, it is pushed to October 6, which has caused a shift in the peak sales period for traditional seasonal products from Q3 to Q4.
Ganso, originally founded in Taipei in 1981 as a mochi brand, entered the mainland market in 1993 and was listed on the Shanghai Stock Exchange in 2016, becoming the "first stock in the bakery sector." Today, Ganso focuses on cakes and gift boxes featuring Chinese and Western pastries, including mooncakes and rice dumplings, positioning itself as a "brand of exquisite gifts" emphasizing celebratory gifting occasions.
The timing shift of the Mid-Autumn Festival significantly impacts Ganso due to its pronounced seasonal performance, with Q3 usually being a peak sales period for mooncakes and gift boxes, crucial to Ganso's annual performance. Recent financial data indicate that Ganso's Q3 revenue and net profit have typically outpaced other quarters within the same year. From 2022 to 2024, Ganso's Q3 revenue comprised roughly 42%, 41%, and 41% of annual revenue, while Q3 net profit accounted for about 89%, 92%, and 88% of the annual total, respectively.
Brand positioning expert Zhan Junhao stated that Ganso is heavily reliant on gift-giving scenarios during festivals, which faces multiple challenges in the current consumer environment, where needs are increasingly diversified and personalized. As demand for everyday baked goods rises, Ganso must expand its regular consumption scenarios and diversify its non-seasonal product lines to reduce dependence on seasonal cycles. Additionally, enhancing brand development and customer loyalty is essential.
Bai Wenxi, vice-chairman of the China Enterprise Capital Alliance, noted that while the overall market for seasonal foods is experiencing slower growth, it hasn't completely cooled down; rather, it represents structural adjustments amid consumer upgrades. It is expected that Ganso will see a sales rebound in Q4 due to the delayed Mid-Autumn Festival, but overall annual performance may still face pressure. To adapt better to market changes, Ganso needs to accelerate its transformation by developing low-sugar mooncakes and smaller-sized products to meet the needs of small families, in addition to strengthening its e-commerce channels.
Financial data indicates that in Q1 2025, Ganso's revenue reached ¥338 million, a year-on-year decline of 19.77%, with a net loss of ¥25.0165 million. In the first half of 2025, revenue was ¥491 million, down 8.97%, with net profit at ¥26.251 million, declining 36.6%. Regarding the impact of declining performance and expectations for Q4, press inquiries directed to Ganso have yet to receive a reply. To mitigate dependence on seasonal food, Ganso has set the goal of "becoming the leading cake brand" as a key strategic target since 2023, continuously weakening seasonal product proportions and enhancing cake brand recognition. For 2024, the company emphasized again its goal to "become the leading brand in the cake category," launching seasonal limited products in line with the “eat according to the seasons” concept, while deeply cultivating family consumption scenarios.
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