TAIPEI, Taiwan (BRAIN) — Three Taiwanese publicly traded bike manufacturers released their full 2025 earnings reports this week, with all three reporting revenue declines in 2025, but two of them showing earnings improvements.
Giant Group
On Friday, Giant's board approved the company's previously released preliminary numbers. The company's 2025 revenue was NT$60.25 billion ($TK), a 15.5% decline from 2024. However, the group's gross margin improved to 19.8%, up from 19.0% last year. Net profit before tax reached NT$1.38 billion, compared to NT$1.26 billion in 2024. Earnings per share was NT$1.84, compared to NT$3.22 in 2024.
Giant's board also approved a cash dividend of NT$1.8 per share, which will be submitted for approval at the company's Annual General Meeting scheduled for June 18.
In Giant's fourth quarter, consolidated revenue was NT$12.29 billion, down 9.5% year over year. Gross margin in the quarter improved to 19.7% from 13.5% year-over-year. In a press statement, the company said the margin improvement was "mainly due to the absence of inventory write-downs recorded in the fourth quarter of 2024 and reduced discounting pressure following new products rollouts in 2025."
"In 2025, the Group’s OEM business demonstrated signs of stabilization, with its contribution rising from 26% in 2024 to 33% in 2025, reflecting the near completion of inventory adjustments among OEM customers. Full-year OEM revenue recorded modest growth. On the own-brand side, performance in China continued to soften due to a high base in the previous year, although the rate of decline 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," Giant said, apparently referring to the WRO order that has banned Giant from exporting products from its Taiwan factories to the U.S.
"Looking ahead, 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 said.
While the board approved the 2025 figures on Friday, preliminary revenue figures for January and February have already been filed with the Taiwan Stock Exchange. In the first two months of the year, the group's revenues were NT$6.9 million, down 31.5% from the same period in 2024. In February, Giant's sales were down 40.1% from the same month in 2024.
Ideal Bike
Ideal Bike reported 2025 revenue of NT$2.194 billion, down 17% from 2024’s revenue. Ideal had a net operating loss of NT$433 million, compared to a net operating loss of NT$283 million in 2024. Loss per share was NT$1.39, versus a loss per share of NT$0.74 in 2024. Ideal's gross profit margin was -3.02%, compared to 4.56% in 2024.
Preliminary January revenue figures show Ideal's revenue declined 53.2% in the first month, to NT$117.2 million.
Merida Industries
Merida Industries revenue in 2025 was NT$26.76 billion, down 9.7% from 2024. Net profit for the year was NT$1.2 billion, compared to a net loss of NT$699 million in 2024. Earnings per share was NT4.01, compared to a loss per share of NT$2.34 in 2024.
In preliminary revenue numbers from January, Merida's revenue was NT$1.39 billion, down 44.4% from the same month in 2024.
