Ganso Co Ltd

Ganso Co., Ltd. released its 2026 interim report, showing total operating revenue of 749 million yuan, down 9.65% year-on-year. Net profit attributable to the parent company was a loss of 63.1969 million yuan, swinging from profit to loss, a decrease of 64.4314 million yuan compared with the same period last year, a decline of 5219.22%. Net cash inflow from operating activities was 40.8684 million yuan, down 71.24% year-on-year. The company's asset-liability ratio was 50.77%, gross margin was 61.31%, return on equity was negative 4.70%, and diluted earnings per share was negative 0.26 yuan.

China's bakery sector is growing overall, but listed companies continue to report falling profits. Ganso and Maiquer recently issued first-half earnings forecasts showing losses or a swing from profit to loss. Ganso expects a net loss attributable to shareholders of 59.5 million to 71.4 million yuan for the first half, compared with a profit of 1.235 million yuan a year earlier. Maiquer forecasts a loss of 45 million to 50 million yuan, versus a profit of 1.547 million yuan a year ago. Toly Bread saw first-quarter revenue decline 2.6 percent year on year, while net profit attributable to shareholders dropped 38.3 percent. The industry's overall retail scale has reached 662.15 billion yuan, but nearly 88,000 stores have closed on a net basis over the past year amid fierce competition and shifting channel structures. Zhang Li, general manager of Bimbo China, noted that consumers increasingly prefer healthier products, short-shelf-life fresh items, small packaging, and offerings that pair with coffee and tea. Traditional hypermarket channels are shrinking, while discount stores, instant retail, and membership stores have become high-growth new scenarios. Bimbo's e-commerce channel grew more than 35 percent, and its O2O channel grew over 30 percent. Companies like Ganso and Toly Bread are seeking new growth by optimizing supply chains, expanding diverse store formats, and stepping up community-based operations and instant delivery.

Ganso expects its net profit attributable to owners of the parent for the first half of 2026 to be between negative 71.4 million yuan and negative 59.5 million yuan, swinging to a loss compared with the same period last year. The company said that due to slowing consumer market demand and intensifying industry competition, revenue fell year on year, while rigid costs such as salary adjustments at existing stores, staffing for new stores, and increased promotional spending to attract customers rose, leading to a short-term profit loss. In addition, fair value changes in investment funds during the reporting period reduced gains by approximately 25.25 million yuan compared with the same period. Judging from the earnings forecast, Ganso may deliver its worst interim report since listing; the company had reported a net profit in every half-year period since 2017.