The market thought it saw the worst of the shipment woes for Giant Manufacturing Co., Ltd. (Giant Group) in June 2025 as sales for the month fell the most at a year-over-year (y/y) rate since October 2023. Then came July 2025.
Giant Group monthly revenue fell 32.6 percent to NT$4.97 billion, the fourth consecutive double-digit decline and now last month now has the worst year-over-year decline since that October 2023 decline, a now owning the second worst y/y decline since the pandemic began. The company may be able to take some solace in the fact the 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.
The July revenue decline 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.
