Listed bakery companies still see first-half profit declines as the industry seeks breakthroughs through channel migration and product innovation

Earnings
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Summary · why it matters

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.

Impact on stocks 3

Others▼ · 3 stocks
Maiquer Group Co Ltd
002719
▼ NegativeDemandrelevance

Forecasts first-half loss of 45-50 million yuan, versus profit a year ago, amid industry challenges.

Ganso Co Ltd
603886
▼ NegativeDemandrelevance

Expects first-half net loss of 59.5-71.4 million yuan, swinging from profit, due to fierce competition and channel shifts.

Off-coverage companies 1

Grupo BimboPrivate▲ Positive
Demandrelevance

E-commerce channel grew over 35% and O2O channel over 30%, benefiting from channel migration trends.

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