Giant Manufacturing Co., Ltd. (Giant Group) reported another double-digit decline in bicycle shipment revenue for January 2025 as the trend accelerated against the declines for full-year 2025, the 2025 fourth quarter, and roughly double the decline posted in December.

While the company has been on a downward trajectory since early 2023, any hopes of moving back into growth territory were dashed last September when the U.S. Customs and Border Patrol (CBP) cited the company for its labor practices at its factories in Southeast Asia. On September 24, 2025, CBP issued a issued a Withhold Release Order (WRO) on products manufactured at Giant Group’s Taiwan-based manufacturing factory, suspending the import of Giant-branded bikes, bike parts and components into the United States.

The surprising result was Giant posted one of its better quarters for the year in Q4 when measured by percentage growth or decline. The quarter was still the smallest quarter of the year, with shipment revenue declining 9.3 percent year-over-year (y/y) to NT$13.3 billion. The third quarter fell 25 percent y/y to NT$15.3 billion and the second quarter declined 25.6 percent to NT$15.8 billion. The first quarter was the lone growth period for the year due to a surge of shipments in February 2025 that pushed Q1 shipment revenue up 4.9 percent to NT$16.9 billion.

Total 2025 full-year shipment revenue declined 15.4 percent to NT$60.3 billion ($1.93 billion).

Giant Group reports in New Taiwan dollars (NT$). Conversions are based on the full year conversion rate of 31.17 NT$ = 1 US$.

The cadence for the year was explained in part to the uncertainty of U.S. tariffs which pushed Giant Group and other Asian factories to get as much goods in containers and on the water as they could before President Trump’s so-called Independence Day in early April.

For January 2026, Giant Group reported monthly revenue fell 21.6 percent to NT$3.7 billion, marking the company’s 11th consecutive decline (since February 2025). The sharp drop for the month was in sharp contrast to the 2.2 percent decrease posted in January 2025. In fact, the last January that Giant posted an increase was in 2022. The biggest came in the post-COVID era in January 2021 when shipment revenue jumped 38 percent y/y.

The NT$3.7 billion shipped in January 2026 was the smallest volume since SGB Analytics started tracking in 2015.

Image courtesy Giant Manufacturing Co., Ltd.