Taiwan’s two largest bicycle manufacturers, Giant Group and Merida Industry, have released their financial results for the first three quarters of 2025, reflecting ongoing adjustments in global demand as the industry continues to recover from post-pandemic inventory corrections.
Giant Group: Revenue Declines, Margins Improve on Brand Strength
Giant Group reported consolidated revenue of NT$47.96 billion for the first three quarters of 2025, representing a 16.9% decline compared with the same period last year. The company’s gross margin stood at 19.8%, while pre-tax profit reached NT$1.43 billion and net profit after tax totaled NT$910 million, translating to earnings per share (EPS) of NT$2.31.
In the third quarter alone, Giant posted consolidated revenue of NT$15.36 billion, down 24.9% year on year. However, profitability improved, with a gross margin of 21.5%, up from 18.5% a year earlier — a gain attributed to strong seasonal promotions for its own-brand products and inventory recovery benefits. The quarter’s net profit after tax was NT$350 million, with EPS of NT$0.89.
The company noted that European demand has shown gradual recovery, supporting nearly 20% growth in its OEM business during the first three quarters. Giant’s own-brand sales in Europe also improved moderately, though performance varied across regions.
In contrast, U.S. sales were dampened by cautious consumer sentiment and trade policy effects, while China’s revenue declined due to a high base last year. The company expects stronger momentum in the year-end holiday season and plans to adjust marketing strategies flexibly to boost sales.
Sales of electric-assist bicycles (E-Bikes) accounted for 25% of Giant’s total revenue, slightly lower than last year’s proportion but with continued unit growth, reflecting a gradual market rebound. Giant emphasized that E-Bikes remain a key long-term growth driver and pledged continued investment in product innovation.
Looking ahead, Giant said it would focus on operational resilience and steady expansion across business lines, aiming to deliver consistent value creation for global consumers.
Merida: Stable Revenue, Lower Profit Amid Market Transition
Merida Industry Co., Ltd. (9914) announced its consolidated financial results after board approval on November 13, 2025. For the first to third quarters, consolidated revenue reached NT$21.8 billion, down 8.5% year on year. Net income attributable to the parent company stood at NT$1.44 billion, resulting in an EPS of NT$4.81, a decline of 18% from NT$5.89 a year earlier.
On a standalone basis, the parent company recorded NT$14.92 billion in cumulative revenue, marking a 13% increase from the same period last year. The growth was driven by a rebound in European and U.S. market demand and improved performance from equity-accounted investees.
Merida noted that despite softer overall profits, its diversified product lineup and strengthened overseas operations continue to provide solid fundamentals for sustainable growth.
Industry Outlook
Both Giant and Merida remain cautiously optimistic as the global bicycle market shows early signs of stabilization following two years of adjustment. Demand for E-Bikes and premium models is expected to drive recovery momentum into 2026, supported by consumers’ growing focus on sustainability, health, and urban mobility.
Giant President Young Liu (right) and Merida GM Vansen Tseng(left) are actively implementing ESG initiatives, pursuing sustainable corporate development.
