Ganso Foods: Online Sales Reached 40% of 2021 Revenue, but Only 3.6% of Net Profit

This is an English adaptation of a FoodBud historical article originally published on April 8, 2022.

In March 2022, Ganso Foods released its 2021 annual report. Full-year revenue was RMB 2.58 billion, up 12.2% year on year, while net profit was RMB 340 million, up 13.27%.

Revenue by Category

The company reported:

• Cake revenue: RMB 95.205 million
• Chinese and Western pastry gift boxes, including seasonal mooncake and zongzi products: RMB 1.46 billion
• Fruit business revenue: RMB 22.279 million
• Other revenue: RMB 57.728 million

Store Sales vs. E-Commerce

Offline stores generated RMB 1.46 billion in revenue, with a gross margin of 49.6%.

Online e-commerce revenue reached RMB 1.04 billion, up 61.55% year on year, with a gross margin of 76.95%.

Among Ganso Foods' major controlled and affiliated companies, Ganso E-commerce recorded net profit of RMB 13.24 million in 2021.

That means e-commerce contributed about 40% of total revenue, but only 3.6% of total net profit.

Breakage Income

In 2021, Ganso Foods recognized RMB 61.96 million in income from stored-value cards, seasonal vouchers, and similar items that were unused or expired.