Mar 13, 2026, The Giant Manufacturing Co., Ltd. (Giant Group) Board of Directors has approved the beleaguered bicycle manufacturer’s 2025 financial results, indicating consolidated revenue for 2025 reached NT$60.3 billion ($1.93 billion), a year-over-year decline of 15.5 percent. The Group reported a gross margin of 19.8 percent of net revenue for 2025, slightly higher than the 19.0 percent recorded in 2024.
Giant 2025 Financial Performance
Net profit before tax reached NT$1.38 billion ($44.3 mm) for the year, with net profit after tax amounting to NT$723 million ($23.2 mm) and earnings per share (EPS) of NT$1.84. The Board also approved a proposal to distribute a cash dividend of NT$1.8 per share, which will be submitted for approval at the Annual General Meeting scheduled for June 18.
Giant Group reports in New Taiwan dollars (NT$). Full-year conversions to U.S. dollar ($) currency were made at NT$31.17 to 1.00 US$.
In 2025, the Group’s OEM business demonstrated signs of stabilization, with its contribution rising from 26 percent in 2024 to 33 percent in 2025, reflecting the near completion of inventory adjustments among OEM customers. Full-year OEM revenue reportedly saw “modest growth” for the year.
Giant Group’s Business Segment
On the owned-brand side of the business, performance in China continued to soften due to a high base in the previous year, although the rate of decline reportedly narrowed in the fourth quarter.
Markets in Europe and the U.S. experienced mild declines, impacted by slower demand recovery and U.S.-bound shipment delays.
The company is still under a Withhold Release Order (WRO) issued by the U.S. Customs and Border Protection (CBP) Forced Labor Division and cannot ship into the United States until the WRO is released. The WRO went into effect in September 2025.
While the company has been on a downward trajectory since early 2023, any hopes of returning to growth territory were dashed last September, when the CBP cited the company for its labor practices at its factories in Southeast Asia. On September 24, 2025, CBP issued the 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. At issue was the treatment and compensation of foreign workers.
U.S. WRO Impact and Recovery Outlook
For the 2025 fourth quarter, consolidated revenue was NT$12.3 billion ($396 mm), down 9.5 percent year-over-year. Gross margin reportedly improved “significantly” to 19.7 percent of revenue in Q4 from 13.5 percent in the prior-year Q4 period, said to be mainly due to the absence of inventory write-downs recorded in the fourth quarter of 2024 and reduced discounting pressure following new product rollouts in 2025.
In the first quarter of 2026, Giant Group said it had officially launched the new-generation Giant Propel and Liv EnviLiv aerodynamic road bike series. Built on an integrated “speed system” that combines frame and component design, the new models further enhance aerodynamic efficiency and overall riding performance.
“As highly anticipated products, the new lineup received strong initial market response, and with deliveries now reaching global retail channels, it is expected to support a recovery in branded product sales,” the company said in its earnings release.
Looking ahead, Giant said the global bicycle market remains in a gradual recovery, with 2026 expected to mark a transition to a healthier, more stable market environment.
“Leveraging its strong brand foundation, continued product innovation, and comprehensive global market presence, Giant Group will continue to respond prudently to market changes, strengthen operational management, and advance its long‑term, sustainable growth,” the company concluded.
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Infomation Source: SGB Media
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