Giant Group, the Taiwan-based bike manufacturer, has reported that its consolidated revenue for the 2025 second quarter amounted to NT$15.75 billion, a 25.6 percent decrease year-over-year (y/y). The company’s OEM business saw nearly 30 percent growth in the quarter, driven by recovering demand in Europe. Own-brand performance was said to be more conservative, influenced by a high base in the Chinese market the previous year.

Giant Group reports in New Taiwan dollars (NT$) currency.

In the U.S., consumer demand reportedly softened due to tariff policies and macroeconomic challenges. Europe showed signs of moderate recovery, with mixed performance across regions.

Profitability and Expenses Summary
Gross margin came in at 20.4 percent of sales, reportedly impacted by seasonal discounts and currency fluctuations.

Net profit before tax was NT$360 million, which was reportedly mainly affected by a foreign exchange loss of NT$230 million.

Net profit after tax was NT$190 million, or NT$0.48 per share. Excluding currency impacts, adjusted EPS would have been approximately NT$1.07.

The Group’s sponsored teams also achieved notable success at the 2025 Tour de France. Team Jayco AlUla rider Ben O’Connor won Stage 18 on Giant’s Propel bike with CADEX wheels. Liv AlUla Jayco also secured a Stage 2 victory, reinforcing the performance and reputation of the Group’s premium cycling products.

First Half 2025 Summary
Consolidated revenue for the first half of 2025 amounted to NT$32.61 billion, a 12.4 percent year-over-year (y/y) decline, which was attributed primarily to the appreciation of the New Taiwan dollar. First half 2025 gross margin was 19.1 percent of sales.

Net profit before tax totaled NT$850 million, and net profit after tax was NT$560 million, both representing a 66.7 percent decline from the previous year.

Earnings per share (EPS) stood at NT$1.42. The Group streamlined inventory levels, restoring inventory-to-asset ratios to healthy pre-pandemic standards and strengthening operational flexibility.

Shipments Continue to Fall
As previously reported by SGB Executive, the trend line for bike shipments has been negative for most of the first half, except for a big month for the manufacturer in February when shipment sales volume jumped 30 percent y/y, thought to be due primarily to pull-ahead shipments as the market reacted to tariffs that took effect in March as U.S. brands and factories across Asia moved shipments up to ensure pricing.

  • The sharp first-half decline came on top of a similar 12.5 percent decline in the 2024 first half.
  • Second-quarter shipments totaled NT$15.8 billion, a 25.6 percent decline year-over-year. The 2024 Q2 period was relatively stable, declining just 5.6 percent compared to the 2023 Q2 period before turning positive in Q3 2024.
  • First-quarter shipments totaled NT$16.9 billion, a 4.9 percent year-over-year increase, and outpaced a 20.3 percent decline in the 2024 first quarter.
  • June 2025 delivered the company’s worst monthly year-over-year bike shipment trend since October 2023 as sales fell 30 percent, the third consecutive double-digit decline.

“With manufacturing sites in Taiwan, China, the Netherlands, Hungary, and Vietnam, the Group leverages a globally diversified production network to ensure flexibility and resilience,” the company noted. “This setup enables rapid responses to shifting trade policies, tariffs, and regional market demands.”

Looking ahead, the Group said it remains focused on optimizing operations and adapting to external changes, driving sustainable growth and delivering high-quality products to consumers worldwide.

Image courtesy Giant Group