The market believed it had seen the worst of the shipment woes for Giant Manufacturing Co., Ltd. (Giant Group) in June 2025, as sales for the month declined at the most significant year-over-year (y/y) rate since October 2023. Then came July 2025.
Giant Group’s monthly revenue fell 32.6 percent to NT$4.97 billion, marking the fourth consecutive double-digit decline. This represents the worst year-over-year decline since October 2023, and it now owns the second-worst year-over-year decline since the pandemic began. The company may be able to take some solace in the fact that July 2025 cycled against a 16.6 percent increase in revenue in the July 2024 period, the first month this year that had to anniversary against a prior-year increase.
July revenue declined 30.0 percent y/y, pushing the seven-month year-to-date (YTD) period down 15.8 percent y/y to NT$37.7 billion. The decline further builds on a 30.0 percent y/y decline in June, a 29.3 percent y/y decline in May 2024, and a 17.1 percent y/y decline in April 2025.
The trend line has been negative for most of the YTD period, 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.
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$16.9 billion, a 4.9 percent year-over-year increase, and outpaced a 20.3 percent decline in the 2024 first quarter.
Giant Group reports in New Taiwan dollars (NT$).
Image courtesy Giant Manufacturing Co., Ltd.
