Giant Manufacturing reported nine-month net income of NT$910 million ($29.4 million), down 60% from a year earlier, as the world’s largest bicycle maker continues grappling with subdued global demand. Earnings per share fell to NT$2.31 for the first three quarters.
Revenue declined 16.9% to NT$47.96 billion ($1.55 billion) in the period, reflecting persistent challenges across key markets. Third-quarter sales dropped 24.9% to NT$15.36 billion, though gross margin improved to 21.5% from 18.5% a year earlier as the company cleared inventory through promotional campaigns.
The Taichung-based manufacturer’s contract manufacturing business maintained nearly 20% growth through September, offsetting weakness in its own Giant-branded products. European demand showed tentative signs of recovery, though the U.S. market remained cautious due to tariff concerns and economic uncertainty.
E-bikes accounted for 25% of group revenue, down from prior-year levels despite unit sales growth—suggesting intensifying price competition. The company acknowledged China sales declined from elevated year-ago comparisons.
Giant faces headwinds from market overcapacity following pandemic-era overproduction across the industry. European bicycle sales have struggled with high inventory levels and discount pressure after the post-COVID boom faded, raising questions about the pace of normalization.
The company said it will adjust market strategies heading into year-end holiday selling season.
