The Book of European Marks by Ludwig Danckert shows this mark as "Gießhübel bei Buchau (Bohemia), Porzellanfabrik gegr. 1891". This can definitely not be right, as a factory in Gießhübel, which is in Bohemia, would hardly use "BAVARIAN CHINA" and "GERMANY" in its marks. Also, other sources describe the mark for the factory in Gießhübel as a depiction of Tetschen Castle and the Empress Elizabeth Chain Bridge, not this specific mark shown here (which remains unidentified).

M090636a
Crown above circular arranged "BAVARIAN CHINA" surrounding a castle, all placed above "GERMANY".
(Picture: Bill Panter)