Guangzhou Restaurant Group

Guangzhou Restaurant earns a far higher gross margin on its packaged food than Wufangzhai earns on mooncakes, on a much larger revenue base: its food manufacturing revenue was 3.754 billion yuan, up 5.16% year on year, at a gross margin of 38.30%, and its mooncake series revenue was 1.652 billion yuan, up 0.96% year on year, while Wufangzhai's mooncake revenue was 201 million yuan in 2025, down 15.03% year on year, with a gross profit margin that rose to 21.29%.

Guangzhou Restaurant produces food on contract for Sam's Club Walmart, Mars, Hema, White Swan Hotel, Alibaba, Chimelong Group, InterContinental Hotels Group, and Lingnan Group's Garden Hotel, Dongfang Hotel, and China Hotel.

Heritage Cantonese manufacturers differentiate through slow-cooked 100% pure white lotus paste and double-baked molten salted-egg-yolk custard centers that flow without microwave heating.

China's mooncake market contracted in 2025 — total sales fell 5.9% year on year to 28.24 billion yuan and output dropped 5.4% to 518,000 tons, the first decline in a decade — yet Guangzhou Restaurant Group's mooncake revenue still edged up 0.96% to 1.652 billion yuan, so the downturn shows up for the company as slower growth rather than falling sales. The company's food manufacturing revenue rose 5.16% year on year to 3.754 billion yuan at a 38.30% gross margin.

The contraction concentrated in premium gifting: sales volume of mooncake gift boxes priced above 1,000 yuan fell 76% year on year, the market share of boxes above 500 yuan dropped from 7.2% to 1.8%, and boxes priced between 68 yuan and 200 yuan captured more than 60% of the market. FMCG China's tracking of major retail outlets showed mooncake revenue down over 45% and gift-box sales down over 49% between August 14 and September 13 compared with the same period a year earlier.

In 2025, Wufangzhai recorded mooncake revenue of 201 million yuan, a 15.03% decline from the prior year, while its gross profit margin increased to 21.29%.

Guangzhou Restaurant's biggest food-manufacturing line is mooncakes, and a corporate buyer recently cut its mooncake budget, so this top product line faces demand risk. The firm's food manufacturing revenue totals 3.754 billion yuan, with mooncake series revenue at 1.652 billion yuan, frozen food revenue at 1.057 billion yuan and other product revenue at 1.045 billion yuan. An administration manager in Guangzhou stated that her company reduced its mooncake budget covering staff and clients this year amid more cautious discretionary spending by businesses.

Sales volume for mooncake gift boxes priced above 1,000 yuan declined 76% year on year, and the share of gift boxes above 500 yuan contracted from 7.2% to 1.8%. China's market regulation departments inspect enterprises, hotels, restaurants and e-commerce platforms involved in producing or selling mooncakes.