What Ganso does

Ganso (上海元祖梦果子股份有限公司, stock code 603886) is a publicly listed Chinese bakery and pastry company founded in 1993 in Shanghai and headquartered in the Qingpu District. The company manufactures and retails fresh cream cakes, mousse cakes, ice cream cakes, Chinese and Western pastries, candies, and seasonal gift boxes organized around the 三节两季 (Three Festivals, Two Seasons) rhythm — Spring Festival, Dragon Boat Festival, Mid-Autumn Festival, and Cherry Blossom/Winter Supplement seasons. Its core technology revolves around food production processes such as multi-stage baking with precise temperature control, 100% animal cream formulations, and nationally distributed cold-chain logistics. Ganso emphasizes premium ingredients including New Zealand-imported dairy, French Kiri cheese, and non-heritage traditional cured egg yolks for branded storytelling.

Ganso operates a hybrid retail model: over 800 physical stores across mainland China and Taiwan (including company-owned and franchise locations) supplemented by an online stack spanning WeChat mini-program store, Ele.me, Meituan, JD.com, Tmall, and Douyin e-commerce. Revenue is generated primarily through one-time retail sales (62.24% online, 37.76% offline in 2024) plus franchise fees and prepaid vouchers. Pricing is unit-based across products (cakes ¥238-388), with ¥100 minimum for free local delivery within 7km and tiered fees out to 15km; nationwide shipping via SF Express/ZTO is offered on ¥100+ orders. The customer base is predominantly individual gift-buying consumers, supplemented by a corporate group-buying channel.

In 2024, Ganso generated ¥2.22B CNY in revenue (down 13.25% YoY) with offline store sales collapsing 34.82% while online grew 8.54%, signaling a defensive channel pivot. The company is actively restructuring: it established a wholly-owned food production subsidiary (Shanghai Ganso High-Tech Food) in March 2024, completed a full Board and Supervisory Board re-election effective January 17, 2025, and made multiple senior management changes in 2023-2024. Despite revenue contraction, Ganso maintains a 96.48% cash dividend payout ratio, indicating strong cash flow generation from its established brand and store base.

Name

Ganso

Legal name

上海元祖梦果子股份有限公司

Website

https://ganso.com.cn

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Ganso (元祖, SSE: 603886) is a publicly listed Shanghai-founded bakery and pastry manufacturer operating 800+ stores across mainland China and Taiwan. It sells premium cakes, Chinese/Western pastries, and seasonal gift boxes through hybrid online-offline channels to individual gift-buying consumers and corporate group customers.

Ownership category

akta.pro rank

Product category

Premium Bakery and Confectionery

NAICS

Retail Bakeries (311811), Bakeries and Tortilla Manufacturing (3118)

SIC

Bakery Products (2050), Retail-Food Stores (5400)

akta.pro primary industry

Cake Shops & Custom Celebration Cakes (THAFAFAC)

Keywords

• Chinese bakery products
• Fresh cream cakes
• Traditional pastries
• Festival gift boxes
• Premium bakery retail

Headquarters

HQ city

Qingpu

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Physical Store Retail Sales: Offline sales through company-owned and franchise stores. In 2024, offline sales reached 83,883.75万元, representing 37.76% of total revenue, a 34.82% decrease from 2023.
2. Online E-commerce Sales: Online sales through mini-program stores, third-party e-commerce platforms (JD.com, Tmall, Douyin), and delivery services. In 2024, online sales reached 138,244.96万元, representing 62.24% of total revenue, an 8.54% increase from 2023.
3. Franchise Fees: Revenue from franchise partners who operate Ganso stores under the company's brand and operational guidelines.
4. Prepaid Vouchers/Coupons: Sale of single-use prepaid cards and vouchers for products, allowing customers to redeem at stores or through online channels.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Ganso manufactures and retails premium Chinese and Western bakery products, including fresh cream cakes, mousse cakes, ice cream cakes, Chinese pastries, Western pastries, candies and beverages, and seasonal festival gift boxes aligned to the "Three Festivals, Two Seasons" product calendar. Products are sold through more than 800 company-owned and franchised stores and a multi-channel online presence (WeChat mini-program, Ele.me, Meituan, JD.com, Tmall, and Douyin), with nationwide cold-chain delivery for chilled items and courier delivery for ambient items.

Product overview

Ganso is a Chinese bakery and pastry company offering a diverse portfolio of fresh cream cakes, mousse cakes, ice cream cakes, Chinese and Western pastries, and seasonal gift boxes aligned with traditional Chinese festivals (Spring Festival, Cherry Blossom Season, Dragon Boat Festival, Mid-Autumn Festival, Winter Supplement Season). The company operates over 800 stores across mainland China and Taiwan, with products distributed through both offline retail stores and online e-commerce channels including their mini-program store, Ele.me, Meituan, JD.com, Tmall, and Douyin. Ganso positions itself as a 'premium gift specialist' with a product philosophy of healthy, delicious, and meaningful offerings.

Differentiator

Problem solved

Functional benefit

Brands

• 元梦丝巧: Co-branded ice cream and dessert product line featuring Magnum ice cream.
• 巴斯克风味

Products and services

• Fresh Cream Cakes (鲜奶蛋糕)

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Maxim's Caterers (美心): Hong Kong-based diversified F&B group with bakery operations including premium mooncakes (Maxim's Mooncakes). Shares festival gift-box premium positioning with Ganso, though operates as part of a much larger hospitality group.
• Paris Baguette (SPC Group): Korean bakery chain owned by SPC Group with growing Mainland China presence. Comparable in premium cake and pastry retail, though broader portfolio includes sandwiches and café items; competes in similar premium positioning.
• Toly Bakery (桃李面包): Largest packaged bread manufacturer in China, listed on Shanghai Stock Exchange. Comparable in bakery manufacturing scale and listed-company status, though focused on mass-market packaged bread rather than premium cake/gift category.

Direct peers

• Christine (克莉丝汀): Historically Hong Kong-listed Chinese bakery chain with similar cake and pastry offerings. Comparable product portfolio and target market, though operating under significant financial distress, providing useful benchmark on operational fragility.
• Holiland (好利来): Largest privately-held Chinese bakery chain with premium positioning and nationwide footprint. Closest direct competitor to Ganso in premium cake and Chinese pastry category, particularly in tier-1 and tier-2 cities.
• 85°C (85度C): Taiwan-origin bakery chain with extensive Mainland China store presence. Directly comparable to Ganso in combined cake/pastry offering, café-style retail, and Chinese-speaking market operations.
• Daoxiangcun (稻香村): Leading traditional Chinese pastry brand with deep festival gift heritage (especially mooncakes). Direct competitor in Chinese-style pastries and seasonal gift boxes, with similar target market of festival gift-buying consumers.
• BreadTalk (麦趣尔): Chinese listed bakery chain with similar product portfolio spanning cakes, pastries, and seasonal items. Closely comparable to Ganso in store-based retail bakery model, premium positioning, and Chinese domestic market focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ganso