SHENZHEN, China (BRAIN) — Dahon reported first-half revenue increased 53.7% year-over-year in the first full year of the folding bike brand's listing of shares on the Hong Kong Stock Exchange.
Revenue was RMB489.7 million ($72.9 million) for the six months ending June 30. Dahon bike sales increased 54.1% from RMB312.9 million to RMB482.2 million compared with the same time last year. Accessories, apparel, and other related products accounted for RMB4.5 million, up from RMB1.8 million year-over-year. Licensing and royalty income was listed at RMB3 million.
Online direct sales increased 84.3%, from RMB78.2 million to RMB144.2 million. Off-shore sales were RMB38.6 million, compared with RMB20.7 million year-over-year.
"During the reporting period, demand for convenient and integrated mobility solutions continued to grow," according to Dahon. "With outstanding portability and advantage of storage, there is an increasing application of folding bicycles in various scenarios, including short-distance urban commuting, public transport connectivity and outdoor leisure activities."
Profit for the period increased 72.3%, from RMB38.8 million to RMB66.9 million. Earnings per share was RMB2.23, compared with RMB1.85 last year. The Board recommended the payment of an interim dividend of RMB1.224 per ordinary share (tax inclusive).
In the second half of the year, Dahon said it will advance its sub-brand Biceco. Targeted for the mass-market, Biceco's creation was announced during Taipei Cycle in March and will be priced about 15% lower in price than the Dahon series, CEO Dr. David Hon told BRAIN during the show.
"With Biceco complementing rather than competing with the premium positioning of the core brand, the two brands will achieve mutual synergies and empowerment under a two-pronged growth model covering both high-end and mass-market segments, thereby broadening the Group's market coverage and solidifying its foundation for growth," according to Dahon.
